What does Sarbanes-Oxley, Dodd-Frank and Hedging FOREX (derivatives) in a recessionary economy have

The topic aims to address and compare the requirements of SOX against the Dodd-Frank legislation and contrast how they differ clearly in purpose and objectives. The perception is that they are similar and overlap whereas on the contrary they
 
March 23, 2012 - PRLog -- The topic aims to address and compare the requirements of SOX against the Dodd-Frank legislation and contrast how they differ clearly in purpose and objectives. The perception is that they are similar and overlap whereas on the contrary they are distinct, unique and targets areas, risk management and internal controls that corporate management has for far too long not adequately addressed considering their fidicuary responsibilities. Boards frequently target EPS or bottom-line and short-term objectives as being a priority for shareholders and owners of such entities. The latter, unfortunately, trust management and are neither informed nor educated on risk management issues. Foreign Exchange management (derivates/hedging) are also misunderstood and receive negative/uninformed press coverage quite frequently and yet FX management has a critical role to play that impacts all areas of an organisation and interestingly embrace both SOX and Dodd-Frank.


Areas Covered in the Session:


Sarbanes-Oxley


Dodd-Frank Legislation


Foreign Exchange management


Risk Management


Board of Directors


Why should you attend:


The subject of risk compliance and 'are you prepared' is being discussed far more frequently (using platforms like webinars and white-paper downloads) than a few years ago and especially prior to the mortgage crisis and the subsequent global economic meltdown. Sarbanes-Oxley (SOX) evolved towards attempting to create an internal control structure that would effectively protect the issuance of financial statements from major miss-statements and economic misrepresentation. SOX was never really intended to cover the operational risk-factors of an entity and whether sub-units within an organization (making sub-optimal decisions and/or ignoring the emergence of negative factors impacting other areas) which, if unchecked, could ripple across and potentially bring down the entity and (in the case of financial services) create global macro-economic repercussions. The identification of where within an entity risk factors exist (requiring a need to define) and then creating benchmarks or indicators that can forewarn that action is needed becomes critical to damage prevention. These concepts are imbedded within the Dodd-Frank approach vis-à-vis, risk committees and appointment of qualified individuals capable of overseeing all risk considerations and monitoring corrective action if needed. Though D-F (extremely detailed and complex) may naturally be directed towards financial services, any organization needs to adopt a similar approach if it is to prevent and mitigate uncontrolled and unidentified risks creeping into the entity. Many entities continue to operate in a silo mentally and that along with politics and a lack of a board-level corporate overseer is part and parcel of why risk compliance and risk management are so crucial today as organisations and the economy attempt to recover. The status quo clearly demonstrated serious short-falls in risk management and board-level oversight of operations and given the severity of the current recession, e.g., high unemployment/foreclosures; public sympathy towards repeats will be severely lacking.  Finally, FX or foreign-exchange (derivate-hedging) and its management, is the perfect example of how to implement and apply strong risk management principles. FX issues cross the entire organization and FX rates reflect in a single-number the status of global economies. As FX rates move in any direction, this can have major repercussions on corporate decisions from purchases and sales to M&A activities and all boards must monitor and build plans/strategies under varying scenarios based on probability concepts and build a consensus on anticipated directional change.

Who will benefit: (Titles)

CFO

Controllers

Assistant Controllers

Auditors (external and internal)

Treasury staff

Board Members

CEO

Risk Compliance Officers



About Speaker

Peter Welch, CEO and founder of Sox International Inc., is a senior global financial accounting consultant, a highly experienced educational/training expert, senior financial manager/interim CFO, accountant and entrepreneurial development specialist as well as a Sox 404 compliance expert. He has worked in Egypt, Bermuda, India, Puerto Rico, UAE, Georgia and Bosnia as well as Japan, Sudan, Iraq, Afghanistan and

South Africa. His 30 years of experience spans assisting organizations with multibillion dollar budgets to small startups, implementing changes to financial systems including PPP, public, private and NFP organizations. CCFOSox is the premier U.S. provider for educational services towards the adoption and implementation of IFRS. CCFOSox also specializes in CFO Rental services, Econometric modeling/5-Year Business Plans, FASB Codification and documentation issues, IFRS Taxonomy / XBRL technology, financial report processes, and process reengineering/process flow mapping. In addition to the University of Southern New Hampshire and Golden Gate University, California, Mr. Welch has taught accounting in Dubai (UAE), Egypt (Cairo) and South Africa. His teaching focuses on the fundamentals of accounting and financial theory, the economic-analysis of businesses, asset/liability matching (CAPM/NPV) and bank gap analysis/liquidity-risk, forensic accounting and the criticalness of financial transparency with respect to capital sources/derivatives and the investor community. Mr. Welch is an InterimCEO.com Platinum member, an active member of the Financial Executives International (FEI) and has served on
The Private Company Standards Subcommittee and Program Subcommittee. Recently he has launched a LinkedIn group, ‘IFRS Implementations’ and already has gained 750+ senior financial members.
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Tags:Sarbanes-Oxley, Forex, Eps, Ias, Ifrs, U.S. GAAP
Industry:Accounting, Financial
Location:Houston - Texas - United States
Subject:Services
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