In compliance data, quality rivals quantity

Energy companies eye compliance monitoring; panel advises close ties with businessPosted by Paul Campbell, Principal, Deloitte & Touche LLP and Howard Friedman, Director, Deloitte & Touche LLP

“Our best metric is still a gut feel.” That’s how one panelist summed up his company’s approach to making sure its compliance program provides the most useful feedback.

That comment was part of a panel discussion on compliance data benchmarks we facilitated on October 2, 2014 as part of Deloitte’s Dodd-Frank Compliance Leadership Academy. The participants were eager to get in front of compliance trends so they could apply the indicators today they’ll need to report on tomorrow. And while many of those indicators arise directly from the compliance function, we found it’s just as important to keep abreast of operations-related data, such as the management of physical assets.

But first, back to that “gut feel.” One theme that ran through our discussion was the need to take a broad view of what constitutes useful compliance data.

Continue reading “In compliance data, quality rivals quantity”

2014 Compliance Trends Survey Report

2014 Compliance Trends Survey ReportPosted by Tom Rollauer, Executive Director, Center for Regulatory Strategies, Deloitte & Touche LLP

Deloitte and Compliance Week magazine recently released a joint survey report on key compliance trends in 2014. The annual survey, which is in its fourth year, included 209 responses representing a wide range of industries from America and around the world. Questions focused on three major issues:

  • Do compliance executives have the appropriate authority and resources to do their jobs?
  • Are compliance executives addressing the right risks?
  • Do compliance executives use the right metrics to measure progress?

This year’s survey found some level of improvement in all three areas; however, the results were a mixed bag and overall there is still a burning need for organizations to improve how they handle their compliance activities — particularly in light of today’s increasingly demanding compliance environment and the complex new requirements associated with laws such as the Dodd-Frank Act and Affordable Care Act.

Continue reading “2014 Compliance Trends Survey Report”

Responding to Medicare’s New Short Stay Rules

Responding to Medicare's New Short Stay RulesPosted by Kelly Sauders, Partner, Deloitte & Touche LLP

The issue of short inpatient stays is probably the biggest Medicare challenge that hospitals currently face. This issue has been an ongoing challenge for years, but until now many hospitals didn’t know how to tackle it ¬ or didn’t think they had to. That all changed on October 1, 2013, when the Centers for Medicare & Medicaid Services’ (CMS) new ‘2 midnight rule’ went into effect. Now, it’s clear that a hospital stay must include two midnights in order for associated services to be classified as inpatient. This rule change has tremendous financial and operational implications and should be addressed immediately. Hospitals that continue to ignore the problem are at significant risk of facing more and more Medicare denials. Here are five steps hospitals can consider taking to help address this risk:

Continue reading “Responding to Medicare’s New Short Stay Rules”

CFTC commodity market moves take commercial end-users into account

CFTC commodity market moves take commercial end-users into account

Commissioners are not only signaling greater cooperation with the congressional intent of Dodd-Frank; they’re also cooperating with one another and with industry to get things done. Part of the collaborative mindset owes to the way new CFTC Chairman, Timothy Massad, has guided the business of the commission as he also works on the international scene to seek agreement on challenges involving OTC derivatives and the location of clearinghouses. The new era of cooperation could signify a big plus for the markets, in that it can help eliminate lingering questions and move regulatory matters in a direction that’s sensitive to the needs and the burdens of industry. And as the CFTC extends its cooperative approach directly toward industry, opportunities open up for more organizations to engage in discussions directly with commissioners. Of particular note are two recent proposals that the commission has addressed with a sympathetic ear toward commercial end-users in commodity markets.

Continue reading “CFTC commodity market moves take commercial end-users into account”

Regulators Propose New Reporting Requirements for Home Mortgages

Regulators Propose New Reporting Requirements for Home Mortgages

On July 24, 2014, the Consumer Financial Protection Bureau (CFPB) proposed amendments to the Home Mortgage Disclosure Act (HMDA), including new and clarified reporting requirements that could have a major impact on financial services firms. Although the CFPB hinted that a new rule was forthcoming, the size and scope of the proposed changes took many industry observers by surprise.

A detailed document that includes all 573 pages of the proposed rule can be downloaded from the CFPB website; however, the key changes can be summarized and grouped into five broad categories:

Continue reading “Regulators Propose New Reporting Requirements for Home Mortgages”

Dodd-Frank Four Years Later

Dodd-Frank Four Years Later

The fourth anniversary of the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) is a perfect opportunity to reflect on the progress that has been made since the Act’s passage in 2010 and to look forward to the required regulations that have to be implemented. The law was a direct response to the financial downturn, and was specifically designed to prevent a similar crisis from happening again. So how are things going so far?

Overall, it’s a mixed bag. Considerable progress toward implementation and reform has been made in some areas, while others are just getting warmed up.

Continue reading “Dodd-Frank Four Years Later”