Protiviti Launches Global Regulatory Reform Task Force to Help Guide Financial Services Institutions As They Tackle Dodd-Frank Act Compliance

Federal Reserve veteran Robert McTeer joins the task force

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Sep 28, 2010, 01:00 ET

MENLO PARK, Calif., Sept. 28 /PRNewswire/ -- As financial institutions and businesses work to address the new rules, studies and reports set into motion by the Dodd-Frank Act, Protiviti (www.protiviti.com), a global business consulting and internal audit firm, announces the formation of a team of advisors to help organizations tackle the process. The Protiviti Financial Regulatory Reform Task Force is composed of global experts -- including Robert McTeer, former president of the Federal Reserve Bank of Dallas -- who can deliver cross-disciplinary, cross-industry insight for those who must comply with Dodd-Frank.

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"Businesses thought Sarbanes-Oxley was a massive undertaking; but while SOX called for the government to pass a mere 16 regulations, Dodd-Frank requires more than 300 regulations. There's no question that the industry is still facing uncertainty in light of the need for so many new regulations, but on several fronts the intent of the legislation is clear and compliance will be daunting for many institutions," said Carol Beaumier, a Protiviti executive vice president and leader of the Financial Regulatory Reform Task Force. "The members of Protiviti's new task force bring diverse experience, in both industry and discipline, to help our clients understand what the act really means to organizations and to create a strategy for compliance."

Coordinated by the firm's global financial services industry and risk management and compliance leaders, Protiviti's Financial Regulatory Reform Task Force will work with clients on key components of the act, including compliance with consumer protection laws; additional oversight by the Financial Stability Oversight Council and the Federal Reserve; new supervision for thrifts; restrictions imposed by the Volcker Rule; and restrictions on derivatives and swaps activities. The task force will provide clients with both the strategic counsel and resources from its pool of specific subject-matter experts -- including technology support -- to develop and execute compliance plans. And the task force will keep clients ahead of the curve on emerging Dodd-Frank issues via regular insight and briefings, such as its latest thought leadership publication: Regulatory Reform in the United States -- New Rules, Many Questions

Federal Reserve System veteran Robert McTeer, who is also a member of Protiviti's Advisory Board, will serve as an advisor to the Protiviti Regulatory Reform Task Force. McTeer spent 36 years with the Federal Reserve System, including 14 years as president of the Federal Reserve Bank of Dallas and as member of the Federal Open Market Committee. He is currently a Distinguished Fellow at the National Center for Policy Analysis (NCPA) covering macro-economic issues, including monetary, fiscal, tax and education policy, and has written and commented extensively on regulatory reform.

"While it will be a year or more before the regulations required by Dodd-Frank will all be issued, the legislation's impact on the governance and business of financial institutions is already being felt," McTeer said. "To address the challenges ahead, financial institutions will need to examine their strategic plans as well their operating and governance models. Many organizations will want or need trusted advisors who can help them thoughtfully and objectively consider their options. The role of Protiviti's Financial Regulatory Reform Task Force is to ensure organizations have the guidance and support they need not only to approach Dodd-Frank compliance with greater confidence and efficiency, but also to ensure that they are positioned to perform successfully in the future."

For additional information about the Protiviti Financial Regulatory Reform Task Force or the Dodd-Frank Act, please visit www.protiviti.com/reformtaskforce; this web page will be updated regularly with new data and insights as Dodd-Frank evolves.

About Protiviti

Protiviti is a global business consulting and internal audit firm composed of experts specializing in risk, advisory and transaction services. The firm helps solve problems in finance and transactions, operations, technology, litigation, governance, risk, and compliance. Protiviti's highly trained, results-oriented professionals provide a unique perspective on a wide range of critical business issues for clients in the Americas, Asia-Pacific, Europe and the Middle East.

Protiviti has 60 locations worldwide and is a wholly owned subsidiary of Robert Half International Inc. (NYSE: RHI). Founded in 1948, Robert Half International is a member of the S&P 500 index.

Protiviti is not licensed or registered as a public accounting firm and does not issue opinions on financial statements or offer attestation services.

SOURCE Protiviti