Financial services Definitions

  • A

    agreed-upon procedures (AUP)

    Agreed-upon procedures are the standards a company or client outlines when it hires an external party to perform an audit on specific tests or business process and then report on the results.

  • Altman Z-score

    The Altman Z-score is a statistic that is useful for evaluating the financial health of a publicly traded manufacturing company. 

  • B

    Basel Committee on Banking Supervision (BCBS)

    The Basel Committee on Banking Supervision (BCBS) is a group of international banking authorities who work to strengthen the regulation, supervision and practices of banks and improve financial stability worldwide.

  • C

    compliance audit

    A compliance audit is a comprehensive review of an organization's adherence to regulatory guidelines. Independent accounting, security or IT consultants evaluate the strength and thoroughness of compliance preparations. Auditors review security polices, user access controls and risk management procedures over the course of a compliance audit... (Continued)

  • compliance validation

    In compliance, validation is a formal procedure to determine how well an official or prescribed plan or course of action is being carried out. Continued...

  • Credit CARD Act (Credit Card Accountability, Responsibility, and Disclosure Act of 2009)

    The Credit CARD Act is legislation governing the behavior of credit card companies in the United States. The self-stated purpose of the Act is "To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes." The Act is more formally known as the Credit Card Accountability, Responsibility, and Disclosure Act of 2009.

  • E

    Event log management software (ELMS)

    Event log management software (ELMS) is an application used to monitor change management and prepare for compliance audits at enterprises.

  • event log manager (ELM)

    An event log manager (ELM) is an application that tracks changes in an organization's IT infrastructure.

  • F

    Fair Credit Reporting Act (FCRA)

    The Fair Credit Reporting Act (FCRA) is United States federal legislation that promotes accuracy, fairness and privacy for data used by consumer reporting agencies.

  • FASAB (Federal Accounting Standards Advisory Board)

    The Federal Accounting Standards Advisory Board (FASAB) is an advisory committee that develops accounting standards for U.S. government agencies.

  • Financial Industry Regulatory Authority (FINRA)

    The Financial Industry Regulatory Authority (FINRA) is an independent regulator securities firms doing business in the United States. Securities are financial instruments, such as stocks or bonds, that can be traded freely on the open market. 

  • FPCA (Foreign Corrupt Practices Act)

    The Foreign Corrupt Practices Act (FCPA) is a federal U.S. law aimed at preventing the bribery of foreign government officials in an effort to obtain or retain business.

  • FTC (Federal Trade Commission)

    The FTC (Federal Trade Commission) is a United States federal regulatory agency designed to monitor and prevent anticompetitive, deceptive or unfair business practices.

  • I

    International Accounting Standards Board

    The International Accounting Standards Board is the independent standard-setting body of the IFRS Foundation.

  • IT controls

    An IT control is a procedure or policy that provides a reasonable assurance that the information technology (IT) used by an organization operates as intended, that data is reliable and that the organization is in compliance with applicable laws and regulations. Continued...

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