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
So it has come to this: Effective compliance now depends on marketing your program to regulators, who hopefully will buy that you're doing everything you can possibly do on this front.
Fingerprint authentication hit the mainstream in a big way as part of the latest iPhone launch, but already some are pronouncing it dead as an enterprise tool. The Chaos Computer Club wasted no time in compromising the system, even issuing a press release that touted it "successfully bypassed the biometric security of Apple's TouchID using easy everyday means. A fingerprint of the phone user, photographed from a glass surface, was enough to create a fake finger that could unlock an iPhone 5s secured with TouchID. This demonstrates – again – that fingerprint biometrics is unsuitable as access control method and should be avoided."
When people think about XBRL, they think about the filing of financial statements with the SEC. To be sure, the larger success of XBRL in this vein has been the subject of lots of debate, with more than a few voicing disappointment that the promised benefits to companies and the investor community haven't quite materialized. Many companies regard the filing standard quite cynically, a sham requirement.
Are there times when disclosure is not enough? Of course there are. And for a glimpse of the issues, we can turn to Gulfport Energy, which allowed its former chairman to earn equity stakes in quite a few of the companies that do business with the Oklahoma energy concern. These stakes, worth millions, raised some suspicions, as some, notably Reuters, questioned their propriety.
If you are brought into an organization as a compliance executive, the expectations will always be high. If you have a big name, the expectations will be even higher. Which means that if you stumble, it will be all the more noteworthy.
Beginning soon, FierceComplianceIT will assume a new identity as FierceCFO, an essential publication for all CFOs and financial professionals.
JPMorgan has announced, via a letter to employees, a massive overhaul in its GRC operations. In 2013 alone, it has hired 3,000 for GRC-oriented purposes. When all is said and done, the bank will have added 4,000 for these critical functions, spanning risk, compliance, legal, finance, technology, oversight and control and audit.
The 5th anniversary of the collapse of Lehman Brothers has produced a cornucopia of media analyzing every aspect of the historic event and how it has led the financial services industry to where it is now. Much of the GRC-oriented coverage has related to JPMorgan Chase, which (ever media savvy) has sought to make clear to the world that it has turned a new leaf.
There are plenty of options. You might argue that cloud computing represents the biggest challenge; same goes for BYOD and mobile issues. How about network security or advance persistent threats?
We've suggested that the frenzy to embrace a variety of mobile technologies has run ahead of the compliance effort. These programs were often rolled out so fast, to the applause of employees, that in more than a few cases they let compliance and security go lacking.