Understanding Risk Management and Compliance - March 2012 (178 A4 pages)

Understanding Risk Management and Compliance - March 2012 (178 A4 pages)

by George Lekatis

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Understanding Risk Management and Compliance - March 2012 (178 A4 pages) by George Lekatis

Welcome to the March 2012 edition of the International Association of Risk and Compliance Professionals (IARCP) newsletter

International Association of Risk and Compliance Professionals (IARCP)
1200 G Street NW Suite 800 Washington, DC 20005-6705 USA
Tel: 202-449-9750


Do you want to register a domain ending in ‘.bank’ or ‘.fin’?

You can forget it, according to the European Banking Authority (EBA) because of “great potential for misuse by unscrupulous individuals”

[Note: Unscrupulous = lack of moral standards or conscience. The
unscrupulous person is without scruples of conscience, and disregards, or
has contempt for, laws of right or justice with which he or she is perfectly
well acquainted, and which should restrain his or her actions].

Ok, I can think of some persons that are just like that.

Can you imagine some guys that manage to register domains with names
that could belong to a well-known bank … from countries where
trademark protection is not a priority… and the lawyers that travel first
class to fight this?

Comments of the European Banking Authority (EBA) to the Internet Corporation for Assigned Names and Numbers (ICANN) on the planned Top Level Domain Names .bank and .fin, 23 February 2012:

In June 2011, the ICANN Board of Directors approved a ‘New Generic Top Level Domain Programme’ that allows the implementation of additional generic top-level domains (gTLDs).

[Note: A generic top-level domain (gTLD) is one of the categories of top-level domains (TLDs) maintained by the Internet Assigned Numbers Authority (IANA) for use in the Domain Name System of the Internet.

The core group of generic top-level domains consists of the com, info, net, and org domains.

Historically, the group of generic top-level domains included domains, created in the early development of the domain name system, that are now sponsored by designated agencies or organizations and are restricted to specific types of registrants.

Thus, domains edu, gov, int, and mil are now considered sponsored top-level domains, much like the many newly created themed domain names (e.g., jobs).

The entire group of domains that do not have a geographic or country designation (see country-code top-level domain) is still often referred to by the term generic TLDs.]

Under this programme new gTLDs such as ‘.bank’ and ‘.fin’ could be established and assigned to companies or individuals claiming to be financial intermediaries or banks. The EBA has had the opportunity to examine the issue of the envisaged new Top Level Domains (TLDs) ending in ‘.bank’ and ‘.fin’ in detail and to discuss it in the latest meeting of its Board of Supervisors in December 2011.

It has come to the conclusion that there are many supervisory concerns surrounding the operation of the proposed TLDs by the ICANN, relating mostly to the great potential, according to the EBA view, for misuse by unscrupulous individuals, and that, therefore, any plans for their operation should ideally be discontinued.

It is the view of the EBA that potential mitigating measures such as those which, we understand, are envisaged by the ICANN (creation of separate entity for the registration and control of these TLDs, or other technical ways to ensure the security of the system) do not necessarily mitigate the financial supervisors’ concerns.

The potential for consumers of financial services to over-rely on what might be perceived as ‘regulatory endorsement’ of the companies operating under such TLDs is immense, and the risk for new types of fraud and ‘phishing’ can be enormous.
The same can be said of the danger for confusion regarding the operation of legitimate websites by ‘true’ financial institutions and regulated entities.

This could lead to the need for them to establish costly and complex legal or commercial initiatives in order to safeguard their trademarks from frauds and abuses.

Product Details

BN ID: 2940014334013
Publisher: Compliance LLC
Publication date: 03/11/2012
Sold by: Barnes & Noble
Format: NOOK Book
Pages: 178
File size: 976 KB

About the Author

George Lekatis is the General Manager and Chief Compliance Consultant of Compliance LLC, a leading provider of risk and compliance training and executive coaching in 36 countries.

George has more than 17,000 hours experience as a professional speaker and seminar leader. He has worked for more than 16 years as a management consultant and educator and has demonstrated exceptional presentation and communication skills.

George is the president of the Basel ii Compliance Professionals Association (BCPA, http://www.basel-ii-association.com), the largest association of Basel ii professionals in the world, and the Basel iii Compliance Professionals Association (BiiiCPA, http://www.basel-iii-association.com), the largest association of Basel iii professionals in the world.

George is also president of the Sarbanes Oxley Compliance Professionals Association (SOXCPA, http://www.sarbanes-oxley-association.com), the largest Association of Sarbanes Oxley professionals in the world.

George is now developing the International Association of Risk and Compliance Professionals (IARCP) that already has many thousands of members (http://www.risk-compliance-association.com)

The Certified Risk and Compliance Management Professional (CRCMP) distance learning and online certification program of the IARCP is a preferred certificate, in order to find a job in companies like IBM, Accenture etc. You may find more if you search (CRCMP preferred certificate) using any search engine.

George is an expert witness, qualified to investigate and testify about risk and compliance management standards, policies, procedures, best practices, due care and due diligence.

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