IIA-CIA-Part3 exam Dumps Source : Certified Internal Auditor - fraction 3, trade Analysis and Information Technology
Test Code : IIA-CIA-Part3
Test appellation : Certified Internal Auditor - fraction 3, trade Analysis and Information Technology
Vendor appellation : IIA
: 1770 existent Questions
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(MENAFN - Dubai PR network)
Dubai, December 30, 2018: The UAE inside Auditors association (UAE IAA) has performed a brand original success in working towards and qualifying Emiratis to drudgery in the internal auditing area. With the percentage of UAE nationals, both men and women, within the association reaching over 22% by conclusion of 2018 and their numbers are anticipated to double within the coming years.
At a ceremony in Abu Dhabi, the affiliation had honoured graduates of the eighth batch of HASAAD, an intensive two-and-a-half month training programme in inside auditing dedicated to UAE nationals. The IIA's strategic companions, Protiviti and PRC, had been represented via their senior officials.
Abdulqader Obaid Ali, Chairman of the UAE internal Auditors association, offered certificates to the graduates who achieved their practising and are actually able to sit for an accredited internal Auditor Certification examination. He published plans to open the HASAAD programme for non-Emirati auditors dwelling within the country within the coming length.
'This, he observed, 'indicated the initiatives of the affiliation's to widen its regional attain and international role as the biggest association for interior auditors within the core East and North Africa (MENA) location. there's an expanding exact by inside auditors within and out of doors the nation because of the becoming magnitude of inner auditors in each the success and governance of agencies, principally due to the speedy adjustments remodeling the international economic climate with greater digitization and wise solutions increasing their presence.
below the wise leadership of the rulers in UAE, UAE IAA efficaciously confirmed its skill to host the world's greatest interior auditors' convention in may additionally 2018 with the participation of three,500 delegates from more than eighty two countries. In 2015, the affiliation launched the HASAAD Programme in accordance with the ‘Absher' initiative launched by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of UAE, with the purpose to invoke the internal Audit charter launched by means of His Highness Sheikh Mohammed bin Rashid Al Maktoum, vp and top Minister of UAE and Ruler of Dubai, to qualify extra Emiratis working in the executive sectors and provide them with the necessary management competencies within the box of inside auditing.
The UAE IAA Chairman introduced: 'The HASAAD programme is the core of an gigantic global educational initiative that they map to invoke in the coming length. They hope that UAE will become a global academy for inner auditing and a destination for expertise-seekers during this container, which is witnessing exquisite construction recently because of the entry of digitization, Blockchain and synthetic Intelligence (AI) into this vital sector, which is the core of extreme economic and progress sectors.
Ahmed Bassiouni, Managing Director of Protiviti, stated his company's sponsorship of this specialised programme comes within the framework of its corporate sociable responsibility (CSR) and perpetual usher for this sector. The enterprise has been working in the UAE for more than 10 years and is regarded as one of the crucial biggest businesses in the inner audit and random consultancy sector. He recommended the participation of adult females in the programme and referred to that women occupy strongly entered the inner audit occupation extreme over the eventual few years.
Waddah Halak, knowledgeable construction supervisor at PRC, talked about: 'The interior auditing occupation has witnessed outstanding traits over the eventual two a long time worldwide. when you account that 2010, UAE has witnessed a ample soar in this box and has received wonderful scientific advantage.
The eighth version of the Programme included seven manful and feminine individuals from various entities who efficiently passed the programme. The graduates praised the HASAAD programme, which brings collectively a group of lecturers, experts and experts within the sphere from inner and outdoors the nation, and combines scientific, purposeful theories and the life experiences of their future careers and the impact of these on how to expand the trend of their professional performance.
one of the vital programme graduates, Sheikha Al Nuaimi from First Abu Dhabi monetary institution, spoke of: 'during the HASAAD programme, which is stirring within the place, I even occupy been briefed on the newest world tendencies in the container, which can moreover breathe utilised and transferred to my banking box.
Noura Al Bastaki from Mubadala funding company, stressed that she has acquired a protracted taste in a short time via researching from leaders during this container, and realized through them the challenges and alternatives in this field, which enables her to stronger apparatus-up for the longer term, especially given the quick technical developments in response to ersatz Intelligence and the Blockchain.
Myriam Al Khatiri, moreover from Mubadala funding business, noted: 'The Programme mentioned a couple of key considerations together with the independence of interior auditors and the integral characteristics interior auditors should silent possess, such as neutrality, privacy insurance policy, evaluation and scientific comparison, in addition to strengthening the nice expert scepticism impute of extreme worker's during this container.
Launched via UAE-IAA in 2015, HASAAD goals to support trainees' advantage, aid their knowledgeable abilities and establish together them to deal with greater expert tasks and challenges within their organisations.
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When telecommunications provider IDT decided to switch auditors from Ernst & immature to grant Thornton in early 2008, the “driving coerce was to deliver money,” says CFO Bill Pereira. It worked. fraction of a companywide application to reduce corporate overhead, the meander prick IDT’s $4.3 million audit bill almost in half. Although initially “we were fearful of leaving the ample Four,” says Pereira, “in retrospect, they are really jubilant with the decision.”
In fact, the switch went so smoothly that IDT declined to publish the renewal of grant Thornton’s contract in its most recent proxy — because IDT was open to switching again. “We knew there had been changes in the market and they wanted to evaluate where fees stood,” says Pereira. “We didn’t just acquire the automatic assumption that we’d stick with grant Thornton. They felt it was their responsibility to attain their homework.” (IDT eventually did renew with grant Thornton — and prick its bill by nearly another million dollars, to $1.42 million eventual year.)Recommended Stories:
Welcome to the original auditor-client relationship. In the wake of the Sarbanes-Oxley Act of 2002, audit fees soared, auditors dumped risky clients by the hundreds, and “value-added” services extreme but vanished under the weight of original independence rules. Today, the reverse is true. Audit fees occupy been dropping across the board since 2007. In 2004, more than a third of auditor changes were the result of audit firms walking away from clients. eventual year, 82% of auditor changes were because companies fired their auditors (among the ample Four, the number was 90%). And companies aren’t just negotiating lower fees; they are moreover demanding more value — read “services” — covering everything from corporate-board education to competitive intelligence.
No More Sticker Shock
In 2000, the Securities and Exchange Commission required that companies launch disclosing extreme payments made to their auditors. Prompted by the 1998 merger of charge Waterhouse and Coopers Lybrand, the rule was intended to shine a light on potential independence problems created by nonaudit work. But it moreover seemed likely that, in a run-of-the-mill market, such transparency would influence the charge of audits.
Alas, the ensuing decade proved anything but normal. That ample Six merger was followed quickly by histrionic audit failures that culminated in the Enron and WorldCom debacles, the implosion of Arthur Andersen, and the Sarbanes-Oxley Act and its infamous Section 404, creating the most turbulent era in the history of auditing. “From 2000 to 2007, there was one shock after another, so there really wasn’t run-of-the-mill pricing during that period,” observes associate professor Scott Whisenant of the University of Houston, who studies audit fees.
It is silent a acerbic irony for finance executives that Sarbox — much of it aimed squarely at Arthur Andersen’s failings as auditor to Enron and WorldCom — turned into a bonanza for surviving audit firms. Between 2004 and 2006, internal-control audits created fierce auditor shortages, which rippled through the market, affecting companies not even required to comply with Section 404. The supply-versus-demand spot combined with original auditing requirements and auditor risk aversion drove costs skyward during those years.
That has now changed markedly. “We occupy seen charge competition recrudesce in 2007 and 2008,” observes Whisenant. Not only occupy fees been falling, but they occupy fallen for companies of extreme sizes, including those not directly affected by 404. Companies with revenues between $100 million and $250 million saw an mediocre 8% drop in fees from 2007 to 2008, while those with revenues of $250 million to $500 million saw them drop 5%, according to a CFO analysis of data provided by Audit Analytics (see “Fees plunge Everywhere,” below).
Chalk up much of that change to a long-delayed reaction to the fee transparency ushered in by the SEC’s 2000 decree. When fee disclosure was first proposed, some experts theorized that it would actually result in higher fees, in that audit firms would no longer proffer a discount in the early years of an tryst to win original clients. On the contrary, says Whisenant, “fee disclosure probably gave auditors more information to underbid existing audits.”
But, he adds, it now appears that the larger impact of charge transparency is its potential to abet clients control their costs once an tryst is under way. “After the second or third year, when the fee starts to revert to a run-of-the-mill level, then the clients occupy the advantage, because they can start benchmarking.”
In other words, clients are wising up to initial discounting and are leveraging the original transparency not only to abet select a original auditor, but to rebuff fee increases in subsequent years.
While Sarbox may occupy been a windfall for auditors in its early days, it is actually driving fees down now for several reasons. Fee disclosure was intended to shed light on potential conflicts when auditors acted as consultants, but Sarbox went further and outlawed many types of auditor consulting altogether. It moreover emphasized a relatively straightforward “check-the-box” review of controls. Both aspects of the law acquire it harder for audit firms to differentiate their services.
“Let’s visage it,” says Eric Davis, CFO of SunOpta, “auditing, especially within the ample Four, is a bit of a commodity perquisite now, as long as you’ve got a solid that has the scale and scope to handle your needs.”
SunOpta, a client of PricewaterhouseCoopers (and Coopers & Lybrand) since 1975, switched to Deloitte & Touche at the quit of 2008. Davis says the natural and organic food company suspected the fees it was paying PwC were “really at the lofty end.” The company initially asked PwC to provide a fee benchmark and then, based on the results, decided to prefer a harder, independent eye at its fees. “That’s when they realized that, hey, they are overpaying these guys for what we’re getting and they should establish it out to tender,” Davis says.
Publicly traded companies solitary spent $16 billion on audit and audit-related fees in 2008, with nearly 7,000 companies paying more than $100,000 each year, and 2,585 paying more than $1 million, according to CFO’s analysis of data from Audit Analytics. miniature surprise, then, that half of extreme CFOs now enlighten they regularly (at least every two years) benchmark what their company pays its external auditor against what their peers pay, according to the latest Duke University/CFO Magazine Global trade Outlook Survey.
The rehearse seems only likely to grow in the current economy. “It wouldn’t amaze me that audit firms are to a inescapable degree ending up with lower realization rates in order to hold their clients,” says IDT’s Pereira. “There has been a lot of pressure over the eventual 18 months or so for companies to prick their costs, whether for audit firms or other service providers.”
Like IDT, shipping company OSG decided to examine audit costs as fraction of a review of extreme of its professional-services contracts. The company switched to PwC in 2009 after 40 years as an Ernst & immature client, and saw its $2 million audit cost drop by a third. “We were looking at every line item of expense,” explains CFO Myles Itkin, though when it comes to OSG’s lengthy audit engagement, he adds drily, “after 40 years, everything should breathe establish out to rebid.” Itkin says the meander was one of many cost-saving measures that helped drop OSG’s SG&A from $144 million in 2008 to $120 million eventual year.
Itkin is quick to point out that savings were only fraction of the capitalize for OSG, noting that “certain inefficiencies gain built into the process” on both sides during such a long relationship. He estimates that roughly 10% of OSG’s savings came from improvements in the pass OSG uses its own internal-audit team to prepare for the audit. The degree to which auditors from PwC would reckon on that drudgery then became fraction of the overall negotiation.
IDT’s Pereira, likewise, says the second fee reduction IDT negotiated with grant Thornton depended in great fraction on IDT’s own efforts to streamline and simplify its operations, which in spin allowed the company to bicker that its audit had moreover become simpler.
SunOpta’s Davis says fee negotiations — which now prefer site annually, if not continuously — focus less on the hourly rate charged than on how much Deloitte & Touche will reckon on drudgery done by the internal-audit department. “We try to acquire confident the controls and binder reviews are done preaudit,” Davis explains, “so that when they attain arrive in they are going through more of their drudgery rather than trying to reinvent something.”
That’s a common refrain among CFOs, who silent witness surprising variations in the pass each solid audits specific finance processes. “There’s no question auditors occupy gotten more cozy with 404 and how to attain it, which has allowed them to reduce the fee,” says journeyman CFO Ken Goldman of Fortinet, who sits on several boards and is moreover former finance chief of such companies as Siebel Systems, Sybase, and Cypress Semiconductor. “Having said that, I’ve seen the different tendencies of different auditing firms, and how they charge and charge, and I silent account there’s scope for better cost efficiency in running audits overall.”
Thanks again in fraction to Sarbox, audit committees are moreover paying attention to fees, both because many audit committee monetary experts occupy day jobs as CFOs and because the audit relationship is the ultimate control check. “The audit committee has the responsibility to hire, fire, and evaluate the independent auditor,” notes the most recent copy of the American Institute of Certified Public Accountants’s Audit Committee Toolkit.
Included in the Toolkit’s checklist of questions audit committees should ask: “Was the fee honest and reasonable in relation to what audit committees know about fees charged to other companies, and in line with fee benchmarking data the audit committee might occupy available to it?”
How Low Should You Go?
Of course, neither CFOs nor audit committees should simply hunt the lowest workable cost. While recent trends insinuate that now is a capable time to benchmark audit fees, that doesn’t signify lowballing your auditor is a capable idea. “You occupy to breathe careful that you don’t establish so much pressure on your auditors that they underaudit,” notes the University of Houston’s Whisenant.
Unusually low or lofty fees both can signal trouble: infirm audits for the former and potential conflicts of interest for the latter. “Companies paying the highest fees [may attain so to gain] more flexibility and aggression in accounting,” says Whisenant. He has done studies that insinuate that fees that are unexpectedly lofty or low “can both lead to conditions where the shareholders attain not benefit.”
Take, as an extreme case, Fannie Mae, which in 2003 paid a surprisingly low $2.7 million for its audit by KPMG. An accounting scandal the following year subsequently caused the company’s audit bill to soar to $203 million (paid to Deloitte & Touche after KPMG was dismissed).
More recently, in building its case against David Friehling, auditor of Bernie Madoff’s Ponzi scheme, the SEC charged him with raking in “substantial fees.” But, in fact, the contradictory is true: that Madoff’s multi-billion-dollar fund paid the tiny audit solid of Friehling & Horowitz a mere $186,000 per year should occupy been a glaring red flag.
CFOs fondness to control costs, but when it comes to audits, they moreover want to acquire confident they are getting the most they can out of their auditor. Itkin says OSG’s RFP was initially driven by a cost-reduction strategy, but proved “most effective” in securing more services.
Among the services Itkin says he negotiated were international tax planning, director education for both the audit committee and the board as a whole, and access to PwC’s industry specialists. “The relationship has become so much more interactive,” he says, with OSG receiving “on a consistent and frequent basis the insights [the firm] has into changes in accounting policy, major accounting issues impacting their industry or likely to impact their industry, perception as to where the SEC is moving, and a clearer awareness of SEC observation letters [sent to their competitors.]”
And what about the perennial CFO complaint that audits too often consist of recent college graduates camping out in a conference scope where they learn to “tick and tie” on their client’s dime? Itkin says OSG has two partners and a senior manager on the account, “each of whom has material industry taste and is [frequently] present here. To us, the commitment and availability of that resource was an principal criteria in the selection.”
In the end, says Itkin, “I was interested in securing the same smooth of service at a lower cost, and they ultimately achieved a higher smooth of service and a lower cost.”
Auditing your auditor, it seems, is an tryst well worth undertaking.
Tim judgement is editorial director of CFO.
Custom Audit Fee Benchmarks
Do you know how your audit fees compare with those of companies fondness yours? A original online application from the editorial team of CFO provides a expeditiously and accurate pass to benchmark your audit fees against what your peers paid, over a three-year period.
Type in your company appellation (or industry and revenue size) to generate a peer group and, for a fee, the CFO Audit Fee Report will generate a customized, downloadable analysis. The CFO Audit Fee Report automatically identifies outliers that can skew results and are normally hidden among multiple filings, including restatements, management- or auditor-reported control failures, and auditor changes.
The report allows you to view the full list of companies and auditors in your peer group before you finalize your purchase. The final report includes the following:
Provides an immediate benchmark of what your company pays and how it compares with your selected peer group
Adjustments for Outliers
Analyzes how outlier events influence audit fees within your industry and peer group; provides a summary of outliers within your peer group; and allows you to exclude or comprise outliers from your overall analysis
Analyzes what each auditor charges the companies in your peer group and how much those fees varied; estimates what each solid hypothetically would saturate your company; and shows you each auditor’s market participate within your peer group
Provides a complete list of the companies in your peer group, their individual audit firms, fees, and additional data used in the report analysis. CFO sources its data from Audit Analytics, a leading provider of audit-fee information.
To generate your report, or view a sample, click here.
In a robust and open conversation, the insurance legend provides unique insights into global trade, his past battles and what the future holds for the industry and his company.
In 1960, Maurice “Hank” Greenberg was hired as a vice president of C.V. Starr & Co. At age 35, he had already accomplished a noteworthy deal.
He served his country as fraction of the Allied Forces that stormed the beaches at Normandy and liberated the Nazi death camps. He fought again during the Korean War, earning a Bronze Star. He held a law degree from original York Law School.
Now he was ready to acquire his notice on the trade world.
Even C.V. Starr himself — who hired Mr. Greenberg and later hand-picked him as the successor to the company he founded in Shanghai in 1919 — could not occupy imagined what a notice it would be.
Mr. Greenberg began to build AIG as a Starr subsidiary, then in 1969, he took it public. The company would, at its peak, achieve a market cap of some $180 billion and cement its site as the largest insurance and monetary services company in history.
This month, Mr. Greenberg travels to China to celebrate the 100th anniversary of C.V. Starr & Co. That visit occurs at a prickly time in U.S.-Sino relations, as the Trump administration levies tariffs on hundreds of billions of dollars in Chinese goods and China retaliates.
In September, Risk & Insurance® sat down with Mr. Greenberg in his Park Avenue office to hear his thoughts on the centennial of C.V. Starr, the dynamics of U.S. trade relationships with China and the future of the U.S. insurance industry as it faces the challenges of technology progress and talent recruitment and retention, among many others. What follows is an edited transcript of that discussion.
R&I: One hundred years is quite an impressive milestone for any company. Celebrating the anniversary in China signifies the second and longevity of that relationship. Can you expound us more about C.V. Starr’s history with China?
Hank Greenberg: We occupy a long history in China. I first went there in 1975. There was miniature there, but I had trade throughout Asia, and I stopped there extreme the time. I’d halt there a couple of times a year and build relationships.
When I first started visiting China, there was only one state-owned insurance company there, PICC (the People’s Insurance Company of China); it was tiny at the time. They helped them to grow.
I moreover received the first outlandish life insurance license in China, for AIA (The American International Assurance Co.). To date, there has been no other outlandish life insurance company in China. It took me 20 years of arduous drudgery to gain that license.
We moreover introduced an agency system in China. They had none. Their life company employees would gain a salary whether they sold something or not. With the agency system of course you gain paid a commission if you sell something. Once that agency system was installed, it went on to create more than a million jobs.
R&I: So Starr’s success has meant success for the Chinese insurance industry as well.
Hank Greenberg: That’s partly why we’re going to breathe celebrating that anniversary there next month. That celebration will occur alongside that of IBLAC (International trade Leaders’ Advisory Council), an international trade advisory group that was establish together when Zhu Rongji was the mayor of Shanghai [Zhu is since retired from public life]. He asked me to start that to attract outlandish companies to invest in Shanghai.
“It turns out that it is harder [for China] to change, because they occupy one leader. My guess is that we’ll drudgery it out sooner or later. Trump and Xi occupy to meet. That will result in some agreement that will gain to them and they will occupy to finish the leisure of the negotiations. I believe that will happen.” — Maurice “Hank” Greenberg, chairman and CEO, C.V. Starr & Co. Inc.
Shanghai and China in universal were just coming out of the doldrums then; there was a want of outlandish investment. Zhu asked me to chair IBLAC and to abet gain it started, which I did. I served as chairman of that group for a couple of terms. I am silent a fraction of that board, and it will breathe celebrating its 30th anniversary along with their 100th anniversary.
We occupy a capable relationship with China, and we’re candid as you can expound from the op-ed I published in the Wall Street Journal. I’m told that my op-ed was received quite well in China, by both Chinese companies and outlandish companies doing trade there.
On August 29, Mr. Greenberg published an view piece in the WSJ reminding Chinese leaders of the productive history of U.S.-Sino relations and suggesting that Chinese leaders prefer pragmatic steps to ease trade tensions with the U.S.
R&I: What’s your outlook on current trade relations between the U.S. and China?
Hank Greenberg: As to the current environment, when you are in negotiations, every leader negotiates differently.
President Trump is negotiating based on his well-known approach. What’s different now is that President Xi (Jinping, universal Secretary of the Communist Party of China) made himself the emperor. extreme the past presidents in China before the revolution had two terms. He’s there for life, which makes things much more difficult.
R&I: confident does. You’ve got a one- or two-term president talking to somebody who can wait it out. It’s definitely unique.
Hank Greenberg: So, clearly a lot of change is going on in China. Some of it is good. But as I said in the op-ed, China needs to breathe treated fondness the second largest economy in the world, which it is. And it will breathe the number one economy in the world in not too many years. That means that you can’t employ the same terms of trade that you did 25 or 30 years ago.
They want to occupy access to their market and other markets. Fine, but you occupy to occupy reciprocity, and they occupy not been very capable at that.
R&I: What stands in the pass of that happening?
Hank Greenberg: I account there are several substantial challenges. One, their structure makes it very difficult. They occupy a senior official, a regulator, who runs a division within the government for insurance. He keeps that job as long as he does what leadership wants him to do. He may not breathe confident what they want him to do.
For example, the president made a speech many months ago aphorism they are going to open up banking, insurance and a couple of additional sectors to outlandish investment; nothing happened.
The judgement was that the head of that division got changed. A original administrator came in who was not confident what the president wanted so he did nothing. Time went on and the international community said, “Wait a minute, you promised that you were going to attain that and you didn’t attain that.”
So the structure is such that it is very difficult. China can’t react as expeditiously as it should. That will change, but it is going to prefer time.
R&I: That’s interesting, because during the monetary pass in 2008 there was talk that China, given their more centralized authority, could react more quickly, not less quickly.
Hank Greenberg: It turns out that it is harder to change, because they occupy one leader. My guess is that we’ll drudgery it out sooner or later. Trump and Xi occupy to meet. That will result in some agreement that will gain to them and they will occupy to finish the leisure of the negotiations. I believe that will happen.
R&I: Obviously, you occupy a very unique perspective and taste in China. For American companies coming to China, what are some of the current challenges?
Hank Greenberg: Well, they very much want to attain trade in China. That’s due to the sheer size of the country, at 1.4 billion people. It’s a very ample market and not just for insurance companies. It’s a entire scope of companies that would fondness to occupy access to China as easily as Chinese companies occupy access to the United States. As I said previously, that has to breathe resolved.
It’s not going to breathe easy, because China has a history of not being treated well by other countries. The U.S. has been pretty capable in that way. They haven’t taken advantage of China.
R&I: Your op-ed was very enlightening on that topic.
Hank Greenberg: President Xi wants to rebuild the “middle kingdom,” to what China was, a noteworthy country. fraction of that was his takeover of the South China Sea rock islands during the Obama Administration; they did nothing. It’s a miniature late now to try and attain something. They promised they would never militarize those islands. Then they did. That’s a existent problem in Southern Asia. The other countries in that region are not jubilant about that.
R&I: One thing that has differentiated your company is that it is not a public company, and it is not a mutual company. They account you’re the only great insurance company with that structure at that scale. What advantages does that give you?
Hank Greenberg: Two things. First of all, we’re more than an insurance company. They occupy the traditional investment unit with the insurance company. Then they occupy a divide investment unit that they started, which is very successful. So they occupy a source of income that is diverse. They don’t occupy to underwrite trade that is going to lose a lot of money. Not knowingly anyway.
R&I: And that’s because you are a private company?
Hank Greenberg: Yes. They attract a different character of person in a private company.
R&I: attain you account that enables you to react more quickly?
Hank Greenberg: Absolutely. When they left AIG there were three of us. Myself, Howie Smith and Ed Matthews. Howie used to Run the internal financials and Ed Matthews was the investment guy coming out of Morgan Stanley when I was putting AIG together. They started with three people and now they occupy 3,500 and growing.
“I account technology can play a role in reducing operating expenses. In the eventual 70 years, you occupy seen the expense ratio of the industry rise, and I’m not confident the industry can afford a 35 percent expense ratio. But while technology can help, some additional fundamental changes will moreover breathe required.” — Maurice “Hank” Greenberg, chairman and CEO, C.V. Starr & Co. Inc.
R&I: You being forced to leave AIG in 2005 really was an injustice, by the way. AIG wouldn’t occupy been in the position it was in 2008 if you had silent been there.
Hank Greenberg: Absolutely not. They had extreme the perquisite things in place. They met with the monetary services division once a day every day to acquire confident they stuck to what they were supposed to do. Even Hank Paulson, the Secretary of Treasury, sat on the stand during my ordeal and said that if I’d been at the company, it would not occupy imploded the pass it did.
R&I: And that fateful decision the AIG board made really affected the course of the country.
Hank Greenberg: So many people lost extreme of their net worth. The original management was taking on billions of dollars’ worth of risk with no collateral. They had decimated the internal risk management controls. And the government takeover of the company when the monetary pass blew up was grossly unfair.
From the time it went public, AIG’s value had increased from $300 million to $180 billion. Thanks to Eliot Spitzer, it’s now worth a fraction of that. His was a extreme misuse of the Martin Act. It gives the Attorney universal the power to investigate without probable judgement and bring fraud charges without having to prove intent. Only in original York does the law grant the AG that much power.
R&I: It’s especially frustrating when you account the quality of his own character, and the scandal he was involved in.
In early 2008, Spitzer was caught on a federal wiretap arranging a meeting with a prostitute at a Washington Hotel and resigned shortly thereafter.
Hank Greenberg: Yes. And it’s been successive. eye at Eric Schneiderman. He resigned earlier this year when it came out that he had abused several women. And this was after he came out so strongly against other men accused of the same thing. To me it demonstrates hypocrisy and maltreat of power.
Schneiderman followed in Spitzer’s footsteps in leveraging the Martin Act against numerous corporations to generate multi-billion dollar settlements.
R&I: Starr, however, continues to thrive. You said you’re at 3,500 people and silent growing. As you continue to expand, how attain you deal with the challenge of attracting talent?
Hank Greenberg: They did something eventual week.
On September 16th, St. John’s University announced the largest gift in its 148-year history. The Starr Foundation donated $15 million to the school, establishing the Maurice R. Greenberg Leadership Initiative at St. John’s School of Risk Management, Insurance and Actuarial Science.
Hank Greenberg: They occupy recruited from St. John’s for many, many years. These are immature people who want to breathe in the insurance industry. They don’t gain into it by accident. They study to become expert in this and they occupy recruited some very qualified individuals from that school. But they moreover recruit from many other universities. On the investment side, outside of the insurance industry, they moreover recruit from Wall Street.
R&I: We’re very interested in how you and other leaders in this industry view technology and how they’re going to employ it.
Hank Greenberg: I account technology can play a role in reducing operating expenses. In the eventual 70 years, you occupy seen the expense ratio of the industry rise, and I’m not confident the industry can afford a 35 percent expense ratio. But while technology can help, some additional fundamental changes will moreover breathe required.
R&I: So as the pre-eminent leader of the insurance industry, what attain you see in terms of where insurance is now an where it’s going?
Hank Greenberg: The country and the world will always exigency insurance. That doesn’t signify that what they occupy today is what we’re going to occupy 25 years from now.
How quickly the change comes and how far it will meander will depend on individual companies and individual countries. Some will breathe more heroic than others. But change will prefer place, there is no doubt about it.
More will meander on in space, there is no question about that. We’re involved in it perquisite now as an insurance company, and it will gain broader.
One of the things you occupy to worry about is it’s now a nuclear world. It’s a more perilous world. And again, they occupy to find some pass to deal with that.
So, change is inevitable. You exigency people who can deal with change.
R&I: Is there anything else, Mr. Greenberg, you want to observation on?
Hank Greenberg: I account I’ve covered it. &
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ISC2 [6 Certification Exam(s) ]
ISEB [24 Certification Exam(s) ]
Isilon [4 Certification Exam(s) ]
ISM [6 Certification Exam(s) ]
iSQI [7 Certification Exam(s) ]
ITEC [1 Certification Exam(s) ]
Juniper [64 Certification Exam(s) ]
LEED [1 Certification Exam(s) ]
Legato [5 Certification Exam(s) ]
Liferay [1 Certification Exam(s) ]
Logical-Operations [1 Certification Exam(s) ]
Lotus [66 Certification Exam(s) ]
LPI [24 Certification Exam(s) ]
LSI [3 Certification Exam(s) ]
Magento [3 Certification Exam(s) ]
Maintenance [2 Certification Exam(s) ]
McAfee [8 Certification Exam(s) ]
McData [3 Certification Exam(s) ]
Medical [69 Certification Exam(s) ]
Microsoft [374 Certification Exam(s) ]
Mile2 [3 Certification Exam(s) ]
Military [1 Certification Exam(s) ]
Misc [1 Certification Exam(s) ]
Motorola [7 Certification Exam(s) ]
mySQL [4 Certification Exam(s) ]
NBSTSA [1 Certification Exam(s) ]
NCEES [2 Certification Exam(s) ]
NCIDQ [1 Certification Exam(s) ]
NCLEX [2 Certification Exam(s) ]
Network-General [12 Certification Exam(s) ]
NetworkAppliance [39 Certification Exam(s) ]
NI [1 Certification Exam(s) ]
NIELIT [1 Certification Exam(s) ]
Nokia [6 Certification Exam(s) ]
Nortel [130 Certification Exam(s) ]
Novell [37 Certification Exam(s) ]
OMG [10 Certification Exam(s) ]
Oracle [279 Certification Exam(s) ]
P&C [2 Certification Exam(s) ]
Palo-Alto [4 Certification Exam(s) ]
PARCC [1 Certification Exam(s) ]
PayPal [1 Certification Exam(s) ]
Pegasystems [12 Certification Exam(s) ]
PEOPLECERT [4 Certification Exam(s) ]
PMI [15 Certification Exam(s) ]
Polycom [2 Certification Exam(s) ]
PostgreSQL-CE [1 Certification Exam(s) ]
Prince2 [6 Certification Exam(s) ]
PRMIA [1 Certification Exam(s) ]
PsychCorp [1 Certification Exam(s) ]
PTCB [2 Certification Exam(s) ]
QAI [1 Certification Exam(s) ]
QlikView [1 Certification Exam(s) ]
Quality-Assurance [7 Certification Exam(s) ]
RACC [1 Certification Exam(s) ]
Real-Estate [1 Certification Exam(s) ]
RedHat [8 Certification Exam(s) ]
RES [5 Certification Exam(s) ]
Riverbed [8 Certification Exam(s) ]
RSA [15 Certification Exam(s) ]
Sair [8 Certification Exam(s) ]
Salesforce [5 Certification Exam(s) ]
SANS [1 Certification Exam(s) ]
SAP [98 Certification Exam(s) ]
SASInstitute [15 Certification Exam(s) ]
SAT [1 Certification Exam(s) ]
SCO [10 Certification Exam(s) ]
SCP [6 Certification Exam(s) ]
SDI [3 Certification Exam(s) ]
See-Beyond [1 Certification Exam(s) ]
Siemens [1 Certification Exam(s) ]
Snia [7 Certification Exam(s) ]
SOA [15 Certification Exam(s) ]
Social-Work-Board [4 Certification Exam(s) ]
SpringSource [1 Certification Exam(s) ]
SUN [63 Certification Exam(s) ]
SUSE [1 Certification Exam(s) ]
Sybase [17 Certification Exam(s) ]
Symantec [134 Certification Exam(s) ]
Teacher-Certification [4 Certification Exam(s) ]
The-Open-Group [8 Certification Exam(s) ]
TIA [3 Certification Exam(s) ]
Tibco [18 Certification Exam(s) ]
Trainers [3 Certification Exam(s) ]
Trend [1 Certification Exam(s) ]
TruSecure [1 Certification Exam(s) ]
USMLE [1 Certification Exam(s) ]
VCE [6 Certification Exam(s) ]
Veeam [2 Certification Exam(s) ]
Veritas [33 Certification Exam(s) ]
Vmware [58 Certification Exam(s) ]
Wonderlic [2 Certification Exam(s) ]
Worldatwork [2 Certification Exam(s) ]
XML-Master [3 Certification Exam(s) ]
Zend [6 Certification Exam(s) ]