The Dodd-Frank Act was a piece of legislature passed by the Obama administration in 2010. This act is formally known as the Dodd-Frank Act Wall Street Reform and Consumer Protection Act. This piece of legislature was a response to the financial crisis of 2008. The Dodd-Frank Act at the time of passing consisted of 2,307 pages, 16 titles and 540 sections of law. This piece of legislation was named after Senator Christopher J. Dodd and Representative Barney Frank who had endorsed this act.
This legislature created two separate entities which are the FSOC and the CFPB. The FSOC’s, or the Financial Stability Oversight Council, main purpose was to monitor the financial stability of major companies which have a direct impact to the economy if they …show more content…
What is now called the, “Great Recession of the late 2000’s” led way to the Dodd-Frank Act coming into law. The major difference between before and after the Dodd-Frank Act was not the technology but more of how to refine the tools we have and have better processes in place to help compliance with these new rules and regulations. This was enacted to be a sweeping overhaul of the United Stated financial regulation system and to transform this area of the American economy. Some major provisions included in this act are, according to …show more content…
These plans must be rapid and orderly after the financial institution declares bankruptcy. These plans will further help regulators understand the structure of the particular financial institution and will serve as a map if the institution does go under. Information and Technology Auditors must review and check for adequacy and completeness of this plan and all other contingency plans that must be executed by IT Upper Management.
The Dodd-Frank Act also now put more stress on the role Information and Technology Auditors conducted their work. There are some new rules implemented by the Dodd-Frank Act that have a direct impact on what Information and Technology Auditors must do when conducting their work. According to ISACA.com these bullet points are just a few of the ways the role of an IT Auditor has changed:
• Corporate Governance
• Confusion as to Governmental
This legislature created two separate entities which are the FSOC and the CFPB. The FSOC’s, or the Financial Stability Oversight Council, main purpose was to monitor the financial stability of major companies which have a direct impact to the economy if they …show more content…
What is now called the, “Great Recession of the late 2000’s” led way to the Dodd-Frank Act coming into law. The major difference between before and after the Dodd-Frank Act was not the technology but more of how to refine the tools we have and have better processes in place to help compliance with these new rules and regulations. This was enacted to be a sweeping overhaul of the United Stated financial regulation system and to transform this area of the American economy. Some major provisions included in this act are, according to …show more content…
These plans must be rapid and orderly after the financial institution declares bankruptcy. These plans will further help regulators understand the structure of the particular financial institution and will serve as a map if the institution does go under. Information and Technology Auditors must review and check for adequacy and completeness of this plan and all other contingency plans that must be executed by IT Upper Management.
The Dodd-Frank Act also now put more stress on the role Information and Technology Auditors conducted their work. There are some new rules implemented by the Dodd-Frank Act that have a direct impact on what Information and Technology Auditors must do when conducting their work. According to ISACA.com these bullet points are just a few of the ways the role of an IT Auditor has changed:
• Corporate Governance
• Confusion as to Governmental