Biography for Jim Kim
Jim Kim is the editor-in-chief of FierceFinance and has covered financial-related topics for many years for a range of publications. In addition, he spent several years as a content director for a financial-services Web start up and as a communications manager at an association of large software companies. His views of the finance industry, from the inside and the outside, make him the ideal editor for FierceFinance, a position he has held from the start of the publication. Jim is a graduate of Duke University. Jim can be reached at email@example.com.
Articles by Jim Kim
In our industry, people have become accustomed to the ever-raging ERM vs. GRC debate. The conflict rears its head often, with partisans spewing a fair amount of vitriol. But if you were to pin down executives and ask what the distinction really is, you would end up with a lot of muddled answers.
As the GRC mandate spread throughout enterprises, many pondered the exact role of the CFO, the General Counsel, the Chief Risk Officer and the Chief Security Officer, not to mention the Chief Compliance Officer, all in relation to the board of directors and the CEO.
The conventional wisdom holds that the offices of the General Counsel and the office of the Chief Compliance Officer should be separate. That's the clear preference of regulators, and it makes a lot of sense. Internally, people get that there's a difference between the two offices, though the distinctions are often unclear and driven by some stereotypical thinking.
Compliance Week offers an interesting metaphor for GRC processes set up to grapple with AML concerns: "Who knew that the art of anti-money laundering (AML) compliance had so much in common with the science of spotting fake paintings?"
Former Forrester Research analyst Michael Rasmussen -- who coined the term GRC for governance, risk management and compliance back in 2002 -- offers a short history of the movement from his perspective.
Ex-Enron CEO Jeff Skilling, the poster child of corporate fraud and the de facto father of Sarbanes-Oxley, has never given up his fight to get out of jail. That long, expensive effort, which saw him take his case all the way to the Supreme Court, has finally paid off.
Fake press release continue to be problem, especially as media outlets continue to run with stories without checking releases for veracity.
The conventional wisdom lately has been that we live in a Golden Era for whistleblowers. We've seen some huge rewards handed out.
An FCPA investigation is no trivial matter, and you can bet the audit committee will be working overtime. And the extra work, in the mind of the Walmart board anyway, deserves extra compensation.
When it comes to assessing the state of the GRC market, it's tempting to call the glass three-fourths full.