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NEWSLETTER: If we ever needed a reminder of just how much we’re reliant on technology, the recent CrowdStrike global IT outage is a sharp reminder of what can go wrong. Boards play a crucial role in managing technology related risk, and our well-timed article gives plenty of food for thought.
The most recent news worth noting brought the limitations of the SEC’s rulemaking authority into focus, with the Fifth Circuit court’s decision to vacate the Private Fund Adviser Rule, eliminating the requirements that were initially laid out in the rule like side letter disclosure, quarterly reporting, and restricted activities. For now, we await the SEC’s response, but wouldn’t be surprised to see some form of appeal to the Supreme Court. Alongside growing investor expectations around transparency and fairness, it’s worth reviewing the spirit of the rules, and questioning your approaches and practices.
Despite setbacks elsewhere, the regulator continues to flex its muscles in the fight against fraud. The biggest news comes in the form of charges against Silvergate Capital. Stemming from their exposure to cryptocurrency and the impact of FTX’s collapse, the firm, former CEO and former CRO have all been charged by the regulator for misleading investors about the strength of their compliance arrangements. It serves as yet another example of what can go wrong when good culture falls by the wayside.
To end on a more positive note, we’re thrilled to announce the launch of the 2024 Risky Women Writing Competition in partnership with Risky Women, a network dedicated to amplifying female voices in Governance, Risk, and Compliance. The competition offers a platform for women in GRC to showcase their expertise, be recognised by peers and if that’s not incentive enough, there are cash prizes!
Do let us know if you’ve got any burning questions, and we hope you enjoy what remains of summer.
Rebecca Thorpe, Global Head of Regulatory Consulting and Aron Brown, Global Head of Regulatory & Compliance
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