- TU-K Events and Notices | The Technical University of Kenya
- Compliance by role
- TU-K Events and Notices
- Bank Compliance Training
Persistently low interest rates in the major advanced economies generallyencourage capital flows to fast-growing emerging market economies andput upward pressure on emerging market exchangerates. This can complicatetheabilityof emergingmarket central banks topursuetheir stabilisationgoals. On the onehand, if central banksin emergingmarketskeep policy ratesvery low,capital inflowswouldbe discouraged, but domesticcreditgrowthwouldbe encouraged. If, on the other hand, theyraisepolicyrates,the risksof destabilisingcapital flowswouldrise. Sofar, wehave been seeinga combination of theseforcesat work.
Despitesome slowingof capital flowsover thepast year, private sectorcredit and propertypriceshave been surgingin a number of theseeconomies,aswell asin someopen advanced economies. Finally, prolonged accommodation raisesriskstocentral banksthemselves. P a g e 19If economies remain weak and structural problems unresolved despiterepeated rounds of further monetary stimulus, the credibility of centralbanksmay suffer, and credibilityisimportant for effectiveness.
Let me insist here that resultsin the real economy will depend on theextent that needed repair and reformsare carried out. Resultswill dependtoa largeextent on factorsthat are not under centralbanks control. Aviciouscircle can develop, with awideninggapbetweenwhat centralbanksare expectedtodeliver and what theyactuallycan deliver.
This may ultimatelyunderminetheir credibility and, withit, theirlegitimacyand effectiveness. All this underscores the importance of being prepared for the eventualexit from the extraordinarily accommodative monetary conditions thathaveprevailed for thepast several years. While central bankssurelyhaveall the toolsavailableto technicallyengineeran exit, it cannot be taken for granted that it will be smooth.
Theglobal bond market crash of is a cautionarytaleof the risksinvolved in exitingfrom a prolongedperiod of low interestrates. At the same time, wealsohave to recognise that the situation today israther different from back then in at least one critical dimension:centralbanksare much more transparent about their policy intentionsnow andtheir communication is much better. This should reducethe risk of major policysurprises. That said, thepolicy environment central bankshave to grapplewithtodayis alsomuch more complex in some important dimensions. Recordlevelsof debt have been issued at very lowinterest rates.
P a g e 20Central banks,at leastfor now,areplaying animportant, if notdominant, rolein keyfinancial market segments. So, asinterestratesrise and central bankspare back and eventuallyreverselarge-scaleasset purchases, financial marketswill have much todigest. Different national conditionswill require unsynchronised exits,whichmay raise additional complexities. Even in the current environment of enhanced central bank transparencyand credibility, a choppyexit isa material risk. It goeswithout saying that I wouldlovetobe proven wrongaboutthis, and that a lot of work is beingdonetoreduce exit risks.
Monetary policy and the financial cycleAswepeer furtherintothefuture, onekeychallengecentralbanksfaceishowtobetter integrate financial stabilityconsiderationsintotheirmonetarypolicy frameworks. Theeconomicand social damage of therecent crisishaspainfullyshownwhat is at stake. And central banksmust reflect on how they can forgea new consensusabout the wayforward. This is not just a narrow operational issue, for exampleabout how torespond to credit and asset priceboomsand busts. It raises the much broader conceptual question of how to shift ourtraditional purely macroeconomic perspective towards a new, fullyintegratedmacro-financial perspective.
As I seeit, thecrisishasnot discredited thecore elementsof pre-crisismonetarypolicy frameworks. P a g e 21The credibility of central banks as guarantors of price stability has beeninstrumental in anchoring inflation expectations, on both the downsideandtheupside, during the crisisand itsaftermath. Astrong, credibleanchor helpsto counteract thedestabilisingforceshittingthe economyand financial markets. At the same time, the pre-crisismonetary policy frameworksdid notprevent the crisis from happening. Theexperiencein therun-up suggeststhat central banksneed to betterappreciatetheir rolein influencingthe financial cycle.
For thispurpose, byfinancial cycle I refer tothe combined endogenousbehaviourof credit and asset prices, particularlyhouseprices. Regulatoryreform obviouslyplays a keyrolein mitigatingfinancialcycles,and wehavealready seen significant progressin this area: betterandhigher buffers, the introduction of countercyclical capital buffersunder thenew Basel III frameworkand the development ofmacroprudential frameworksand tools.
Tobe sure, prudential and macroprudential measuresareclearlynecessary. But theyalonewill not be enough and can alsobecircumventedbyregulatoryarbitrage. This is whymonetary policy hasa complementaryroletoplay. Thepolicyrate representsthe universal price of leveragein a givencurrencyand cannot be bypassed easily. In thisrespect, central banks will need toreflect onhow best to respondtofinancial stability concernsin the future.
Thecrisishasclearlyshownthat financial stabilityis essential for lastingprice stability. P a g e 22Onelessonis that monetary policymay need to respond moresymmetricallytothefinancial cycle than in the past - tighteningmorestronglyin boomsand easinglessaggressively, andpersistently, in busts. In practice,thismeanspaying moreattentiontopolicychallengesbeyondtheconventional policy horizonsof twoor soyears. When financial stabilityconcernsgrow, policyhorizonsneed to belengthenedtotake accountof the fact that the financial cycle isconsiderably longer than the businesscycle. Analytical frameworksalsoneed tobetter reflect the characteristicsoffinancial cyclesand their interactionswithfinancial and macroeconomicstability.
Central banks pre-crisis workhorsemodels generallyassignednomeaningful roleto macro-financial linkages. Thefinancial crisishasdemonstratedthat suchanalytical perspectivesare woefullyinadequate. Another dimension along whichcentral banksneedtoreflect is a betterappreciationof global monetary policy spillovers. Global feedbackeffectsamplified thepre-crisisfinancial boom, and wemight be seeingthis mechanismat workagain. In a highly globalisedworld, keepingones ownhouse in order surelyisnot enough.
What doesthis mean in practice? It doesnot require central banksto coordinate their policies closely. But, at a minimum, it doescall for them toappreciate better the globalsideeffectsandfeedbacksthat arisefromtheir monetarypolicydecisions. P a g e 23Thisisineachcentralbanks owninterest, especiallyif thespillovershavethepotential tofosterregionalfinancialinstabilitythat endsincrisis,withsignificant global repercussionsthat swingback tothe originatingcountries,like a boomerang.
Aprecondition for this shift in perspectiveis a more global analyticalapproachthat factorsin interactionsand feedbacksappropriately. Finally,I donot want toleaveyou withtheimpressionthat fiscalpolicyisirrelevant in this discussion. Indeed, fiscal policy plays an important role in financial stability, too. Thefinancial crisishasdemonstratedtheimportanceof having the fiscalcapacityto support thefinancial sectorthrough bank rescuepackagesandthe real economy through fiscal buffers.
But the financial crisishaspushed fiscal policy in many economiesontoan unsustainablepath. This is a lesson that wehave tokeep in mind for thefuture. Accumulatingbudgetsurplusesin goodtimesprovidesgovernmentswiththeabilityto respond flexiblyto a financial crisiswithout putting fiscalsustainability at risk. In other words,governmentsneed tofactor in the financial cycle and tobuild up additional fiscal buffers during good timesthat can be drawndownto providesupport in bad times.
Summing upLet me sum up. There is littledisagreement that thepast five yearshavebeen unusuallychallenging. Central bankshaveplayed a critical rolein managing the crisis and itsaftermath. P a g e 24Theyare now under huge pressuretopromote a sustainablerecoveryunder difficult circumstances. And, lookingahead, they will continue to find themselvesconfrontingmajor challenges. I have suggestedthat monetary historyprovidesa valuablecompasstonavigatethesetrickywaters:aclearfocusonlastingpricestability, amoresymmetrical approach tothe financial cycle, and abetter appreciationofglobal spillover effects- thesewouldappear tobe the key elementsofstronger monetary policy frameworks.
At the current juncture, there is alsoa premium on central bankcommunication. Central banksneedtoclearlycommunicate the limitsof monetarypolicy, both to the public and toother policymakers. The private sector and policymakers, who have been facing their own setof daunting challenges in extraordinarily difficult times, will have to playa larger rolein thenext legof theglobal recovery.
Crucially, thiswouldalsoallowcentral bankstonormalise monetarypolicy in a manner consistent with a return to sustainableand balancedgrowth. Thank you. NIST is makingthisinitial analysisavailable asa statusupdate and tohelpprovidebackground for a workshoplater thismonth to discussthecybersecurity framework.
TheExecutiveOrder callsfor NIST towork with industrytodevelop avoluntary frameworkto reducecybersecurity riskstothenations criticalinfrastructure, whichincludespower,water, communication and othercritical systems. Thefirst step towarddraftingthe frameworkwassolicitinginformationon current risk management policies,existingstandardsandguidelines,and specific industrypracticesfrom stakeholdersthrough aRequestfor Information RFI.
ThesecommentsweredueApril 8, NIST received more than responsesand posted them publicly. In additiontoidentifying and describing thecommon themes,this paperprovidesquestionsfor stakeholdersto consider. TheFrameworkwill consistof standards, guidelines,and best practicestopromotethe protection of critical infrastructure.
Theprioritized, flexible,repeatable,and cost-effectiveapproachof theframeworkwill help ownersand operatorsof critical infrastructuretomanagecybersecurity-related risk while protectingbusinessconfidentiality, individual privacyand civil liberties. TheFrameworkwill be developed by ongoingengagement with, andinput from, stakeholdersin government, industry, andacademia, includingan open public review and commentprocess, workshopsand other meansof engagement.click here
TU-K Events and Notices | The Technical University of Kenya
P a g e 27Todevelop the Framework,N IST will use a Request for Information RFI and ongoing stakeholder engagement to: i identify existingcybersecurity standards, guidelines,frameworks,andbest practicesthat areapplicabletoincreasethe security of criticalinfrastructuresectorsand other interestedentities; ii specifyhigh-priority gapsfor whichnew or revised standardsareneeded;and iii collaborativelydevelop action plansby whichthesegapscan beaddressed.
TheFrameworkwill seekto promote thewideadoption of practicestoincreasecybersecurity acrossall sectorsand industry types. It willseek toprovideownersandoperatorsaflexible,repeatableandcosteffectiverisk-basedapproachtoimplementingsecuritypracticeswhileallowingorganizationsto expressrequirementstomultipleauthoritiesandregulators.
Thepurposeofthispaper istodescribethemethodologyusedtoperformtheinitial analysis of thesubmitted responses, and toidentify anddescribethe Cybersecurity Frameworkthemesthat emerged asa part oftheinitial analysis. This initial analysiswill serveasthe basisfor additional discussion andstudyat the Cybersecurity Framework Workshop 2 tobe hosted atCarnegie MellonUniversity in Pittsburgh, Pennsylvania on May , Theresultingcategorizationwasthenusedtoidentify commonalitiesandrecurringthemes.
Identification of Commonalities and Recurring ThemesCommonlyused termsand phrasesidentified during theRFI responsecategorizationhelped identify commonalitiesand recurringthemesamongresponses. Due to thevariancein terminologyand nomenclature acrosssectors,NIST identifiedand normalizedtermsthat expressed keypoints.
- The Solitary Farm.
- Teaching Mia (Nights in Madrid Book 1).
- Youre The Wrong Color!;
For example, thetermssecurityrequirement, security measure, andsecurity control wereoftenused interchangeably. Tocorrelate these terms, NIST selectedthe term security control to labelthisconcept. Theselected term allowsfor consistencyin nomenclature. P a g e 31Theresultsof theinitial analysis of RFI responses,includingthedescription of each Cybersecurity Framework theme, identificationofassociated keytermsand phrases,summary statistics, examplesof RFIresponses,and representativequestionsare included in the followingsections. This information representsan initial, high-level analysisof the inputsNIST hasreceived toassist withthedevelopment of the Framework.
P a g e 32through theRFI, and assistin thoseareaswhereadditional stakeholderengagement will be needed to develop a sufficientlyrobust Framework. Toassist, NIST hasprovided a seriesof representativequestionstoencouragediscussionon thesekey themes. Goodmorningeveryone, and welcometotheSecuritiesand ExchangeCommissionsCredit Ratings Roundtable, whichI havebeen verymuch lookingforwardtoandwhichwill addressa rangeof criticalsubjects. Thank you for takingtime from your hectic schedulestospeak toustoday. Thank you alsoin advancetoour distinguishedpanelistsfor contributingyour time and knowledgeto this roundtable.
There aremany questionsabout the appropriateroleof credit ratingsinour financial marketplacegenerally. We take all thequestionsseriously. But today, our discussionswill center on whether and how to change theagency assignment system and alternatives to the compensation modelsnow in use. P a g e 34It alsonoted thesystemic importanceof credit ratingsand that creditratingagenciesare central tocapital formation, investor confidence,andtheefficient performanceof theU.
Congressalsocitedthe adverse impact on the economy of inaccurateratingsassignedtostructuredfinanceproductsduringthefinancialcrisis. And it noted that in certain activities — particularly advising arrangers ofstructured financial products on potential ratings — rating agencies faceconflictsof interestthat need to be recognizedand carefullymonitored. As a result, the Commission wascharged withstudying thecredit ratingprocessfor structured productsand the conflictsof interest associatedwith the issuerpay and subscriber payrating agencymodels. We alsowereinstructedtoexaminethefeasibility of establishinganassignedratingssystem and alternatemeanstocompensateNRSROs.
When reportingto Congress,wewererequired tosubmitrecommendationsfor regulatory or statutorychangesthat wouldbeneeded to implement our findings. TheCommissionrequestedpubliccomment and, in preparingthereport, the Commissions staff carefullyreviewedeach of the commentlettersreceivedaswellasstudies,articles,and testimonyregardingpotential conflictsof interestand alternatecompensation models. Relying on theinformation gathered from theseefforts, the staff reportdescribedpotential benefitsandconcernswiththesystemsproposed, andidentifiedpotential regulatory or statutorychangesthat could beundertaken with respect to eachproposal.
Thestaff report wasfiledwithCongressin December P a g e 35Given the complex issuesthe studybrought to our attentionand thevarying and sometimesconflictingviewpointsexpressed, theCommissionsstaff recommended conveninga roundtablededicated tothesetopicsduring whichall sidescould discussthe issuesand thepotential actionsthestudy addressed.
Todayis the day for that discussion. As I said, I am verymuch looking forwardto hearingtheexchangeofideasbytodays speakersand panelists,andusingwhat welearntodayasweconsider approachesand appropriateresponses. BeforeI turn thefloorback toTom Butler directorof theSECs Office ofCredit Ratings , I wouldlike tothank him and all of the staff from acrosstheCommission whoprovided help and assistancein organizingthisroundtable.
It wastheir tirelesseffort and coordinated activitiesthat made todaysextremelyimpressive assemblageof speakersand panelistspossible. Thank you all. Good morning. I am very pleased tobe here attheRoundtable on Credit Ratings. Before I begin, however, let me issuethestandard disclaimer that theviewsI expresstodayaremy own, anddonot necessarilyreflecttheviewsof the U. It isclearthat theroleplayed bycredit ratingagenciescanhaveanimpacton the integrityof our marketsand investor confidence.
Compliance by role
A number of studies have concluded that inflated credit ratings, amongother factors, contributed to the financial crisis by masking the true riskof manymortgage-relatedsecurities. Amajorityof the productsreceivedAAA and other investment-gradecredit ratingsdespitetheir risky features. Thismodel allowstheparty planningon issuinga financial instrument topayan NRSRO for assigningthe rating. Anumber of commentatorshaveargued that this businessmodelencouragesratingsshopping bytheissuersand investment bankssellingthesecurities,and resultsin undue pressure for NRSROs togivefavorableratingstoattract business.
Asaresult, therecanbeagreatdealofincentivetohaveaproduct ratedatinvestment grade level. P a g e 38Therefore, it is important to establishprocessestoensure that a productreceivethe appropriate ratinglevel. Afaulty system of assigning credit ratingscan devastate the best financialplanning and destroy financial security, particularly for investors that areretired or nearing retirement.
Given the importanceof credit ratings,it is criticalthat credit ratingsbeissuedwith integrityand transparency. It is clearthat thepast cannot be repeated. It washere in Kuala Lumpur 10years agothat wewitnessedthemomentousoccasion of the IFSB inauguration, that wastheculminationof international collaborationamong the founding member countrieswiththesupport of several keyinternational and multilateral institutions. Its landmark establishment in astheinternational prudentialstandardsettingbodyfortheIslamicfinancemarkedamajor milestoneintheeffort to strengthen the international infrastructure for theIslamicfinancialsystem, steeringthepathforitssuccessful integrationasaviablecomponent of the global financial system.
Adecadeon, the work of the IFSB in ensuring a cohesivecross-borderregulatoryframeworkandtheinternationalbest practicesthat are attunedtothe intrinsiccharacteristicsand peculiaritiesof Islamic financialintermediation, haveserved to underpin the development of a sound andInternational Association of Risk and Compliance Professionals IARCP www. P a g e 40stableIslamic financial system, usheringin a phaseof rapid growthandgreater internationalizationof the industry.
Indeed, 10 years since the founding of the IFSB have been a period ofsignificance, during which the Islamic financial services industry hasgrownimpressivelywith itslandscapedramaticallyevolved. This growthaccelerationhasbeen accompanied by the wideningof itsgeographical reachtranscendingitstraditional bordersin Muslimmajoritycountriestothe more establishedfinancial centres. In addition, Islamicfinancehasevolved asa comprehensivesystem ofintermediationservicingall segmentsof society, includinggovernments,businessesand householdsregardlessof scaleofbusinessesand income levels.
In this decade, Islamic financehasalsoevolved from beingdomestic-centric tobecome increasinglyinternationalized,intermediating funds across borders and becoming a new vehicle thatbridges economies and fostering closer financial linkages, particularlyamongemerging and developing markets. As a form of financial intermediationthat is well anchoredtoservetherealeconomy, Islamicfinanceoffersdistinctpotentialtoachievethegoalsof inclusivegrowthand financial stability.
Combined withcontinuouscapacitybuildinginitiativesand institutionaldevelopment, it hasresultedin the opportunityto achievescaleand hasallowedthe Islamic financial servicesindustry totransition intoadynamic, fast growingand competitive form of financial intermediationfor the global community. Anew growthand development agenda isunfoldingbeforeus. Given the severe damage and devastation caused by theglobal financialcrisisand the ensuingeconomicdownturns, theroadto anenduringrecoveryand lastingprosperitydemandsa global policy responsethatbrings about a new economictrajectorybuilt on a strong, more inclusiveandmore sustainablegrowthpath.
Common challengesthat have alsocome to the forefront, such aspoverty, increasinginequalityand the imperativefor greater socialcohesion, have alsocalledfor theconstruction of policy objectivesandstrategiesthat can enhancestability, social well beingand environmentalsustainability. In the wakeof theglobal financial crisis, there is consensuson the needfor a return tofinancial systemsthat serve the real economy, and thedemandsfor more responsiblefinancial practicesfrom the financialsector, that alsoincludesthecommitment toachievesocio-economicgoals.
In response,theinternationalcommunityisprioritizingfinancialstabilitybystrengthening financial regulation. This includesfinancial reforms aimed at protectingdepositorsfromexcessiverisk-taking, over-leveragingand unfetteredinnovation. Thereform initiativeshave alsofocused on enhancingcapital andliquiditystandards, reinforcedby movestostrengthen themacro-prudential orientation of regulationto complementmicro-prudential supervisionto managetherisksarisingfrom theinterdependencieswithin the financial system. Whilst thebreadth of regulatory changesbeingconsideredcollectivelyendeavorto strengthen financial system resilience,the key challengeforInternational Association of Risk and Compliance Professionals IARCP www.
P a g e 42policymakers and regulatorsgoing forwardis alsotoachieveinclusiveandmore sustainablegrowth, whilst ensuring financial stability. Whilst Islamicfinancehasbenefitedfrom a well-developed, morecompetitiveand well regulatedeco-system, it needsto build on andreinforcethesolid foundationsthat hasbeen achieved in this decade.
As the industry transitionsintoa new eraof growthand development inthispost-crisisworld, thecompetitive financial landscapeis beingredrawnby theevolving international regulatory reforms, changingoperatingmodels, risingconsumer expectationsand increasedcompetition. In this more challengingenvironment, the successof sustainingthemomentum of Islamic financeasatransformative agent for theeconomy, will hingeon the abilityto keep raisingthe bar in thepursuit ofaneffectivefunctioningand sound Islamicfinancial system.
Post-crisis,theincreasedemphasisfor inclusiveandsustainableproductsaswell asresponsiblecorporate behavior providesclear potential forIslamic financial players to demonstrateleadershipby capitalizingoncore valuepropositionsof Islamicfinancial intermediation. Thereisalsoscopeforgreaterleverageontheadvancesoftechnologyandnew institutional arrangementsthat can enhanceoperationalexcellence,particularlydistribution channels for extendingoutreach totherangeof usersfrom householdsto microenterprisesand small andmedium scaleenterprises.
In addition, innovations in Islamic financial solutionswill need to takeinto account the higher regulatory expectations for moretransparency, and the need for the effective management of risks andcapital. This involvesstrengtheningthe resilienceof theIslamicfinancial systemin alignment withtheevolving international regulatory developmentsthusraisingthebar of industry performance. P a g e 43reviewspecific measuresput forwardbytheBaselCommitteeforpossibleadoption in Islamic finance. Further tothis is theimperativeto cultivate a strong risk culture withininstitutions. Reinforced by a robust shariahgovernance framework, it will ensure thatinnovationfor furthering thedevelopment of Islamicfinanceisharnessedwithinthe boundariesof the Shariah, which wouldavert overzealousinnovativeactivitiesthat could underminefinancial stability.
Let me concludemy remarks. Muchhasbeenachieved, bothin termsof theroleand contributionof theIFSB, and the advancement made by Islamic financein this recentdecade. This hasbeen an outcome of cumulativeeffortsto strengthen thefoundationsof the Islamic financial system. As the industry gearsitself for the next phaseof growth in themorechallengingenvironment, our commitment and strategiesto keep raisingthebar tobring Islamicfinancetoanewlevel will enhanceitsprospect tocontributeto achievingour shared vision of inclusivegrowthin anenvironment of financial stability.
It fixed some mistakes and pretty much washed the rest away. Ponding was not an issue as the rain cut its own ditches out of the field. Widespread flooding in the bottoms also was common. Not a great ending to our first good week of planting, but at least it was good practice. We finished corn and started planting soybeans. Corn planting is probably percent complete and beans are approximately a third to half done.
Wheat in the area looks good. A few have been complaining of disease and other things, but the wheat crop seems pretty good for now. Time will tell. Everyone have a safe planting season. Same ole, ole, ole, story. We got one day of planting in and then Monday night, May 20, another 1. Of course, many places got less. At this rate, we will finish up by about Labor Day.
Those in the area that have dodged the rains are done, or nearly done, planting corn. Those in the wet areas are still fighting it. Wheat is mostly all headed out and looks good. Randy Anderson, Galatia, Saline County: Since my last report, we closed in on about 90 percent of corn planted, and the county is 75 to 80 percent done. As far as soybeans go, the county is around 20 percent. I will start as soon as we have some dry ground. For the past week, I received around 1.
On a political note, I hope everyone called our senators and expressed to them that some things need to be left alone with the farm bill! More light showers came on Thursday. Hopefully, the planters were able to return to the fields last Friday. A few farmers have finished planting corn while others have not been able to start.
The majority is somewhere in between. Some of the corn has emerged, otherwise field preparations continue with application of preplant anhydrous, dry fertilizer, and chemicals. The second application of fungicide and insecticide has been applied to the wheat. So far, the wheat looks good. Hopefully, planting continued through the weekend even though there was a chance of showers.
Friday morning we woke up to degree temperatures. We had about 2 inches total. Before the rain, we managed to get down to about 70 acres of corn left to plant. These basically are fields in the creek bottoms that are going to be too wet to plant for awhile. We were hoping it dried out enough so we could start planting soybeans Saturday. We have not planted any soybeans yet. Please take time to be careful in this busy season.
Due to the compressed spring, the application of all phenoxy and benzoic acid herbicides ie, 2,4-D and dicamba should be carefully considered. Depending on the exact product and for mulations of these herbiBarry Nash cides, planting restrictions to both corn and soybeans could range from seven to 30 days after application. Both the phenoxy and benzoic herbicides degrade rapidly due to microbial degradation under warm soil temperatures. H owe ve r, t h e d e g r a d a t i o n process can be considerably delayed under cool, wet soil conditions such as what was experienced earlier this spring.
Additionally, soil saturation also can impact degradation of these herbicides. Our experience suggests that both corn and soybean burndown herbicide programs should be void of products containing 2,4-D and dicamba. The chances of extended residual. In corn, these herbicides generally will result in corkscrewed mesocotyls and leaves unfurling underground, as well as swollen hypocotyls and considerable root inhibition in soybeans.
It also is critical to maintain your weed management system. Reports received Friday morning. Expanded crop and weather information available at FarmWeekNow. Experience sug gests that years such as this generally result in corn and soybeans being planted in less-than-ideal conditions. It also may seem compelling to omit your residual herbicide program in order to save time. We highly discourage this. Also, Palmer Amaranth can easily grow twice as fast and produce twice as many seeds as.
These are two key reasons why we need to maintain our weed management system. The bottom line? It is critical that you contact your FS crop specialist prior to planting to ensure that you have the right weed management system in place — including burndown and residual weed control. Best of luck to you during this planting season. His email addr ess is bnash growmark.
The crop as of the first of last week was rated 75 percent good to excellent, 22 percent fair, and 3 percent poor.
- Monday May 28 - Top 10 risk and compliance management related ne…;
- Upcoming Events.
- Collected Poems (Wesleyan Poetry Series);
- 1 - Last Night in Arcadia (Stories of Atlas).
- Seven Man-Made Wonders for Kids.
Wheat tour participants last week scouted fields in 16 wheatproducing counties in Southern Illinois. Yield estimates ranged from 40 bushels per acre in a field in Macoupin County to A challenge for crop scouts this year is development of the wheat crop which last week. Participants of the tour, which is hosted annually by the Illinois Wheat Association, projected an average state yield of Photo by Daniel Grant. It might be Wheat acres in Illinois this year, ,, are up 26 percent from a year ago.
Harvest this year is expected to begin by the second or third week of June. A broad collection of U. Salmonsen said. Meanwhile, Japan, South Korea, Mexico, Taiwan, and Canada have affirmed the safety of meat from ractopamine-fed animals. By July, USB hopes to be able to offer foreign buyers a sustainability certificate.
Because some 95 percent of U. Covert said she is hopeful U. Proposed U. An estimated 44 percent of Illinois soybeans move into export channels. Covert argues genetic crop improvements have helped intensify minimum and no-till conservation practices by alleviating weed pressures through use of safer pesticides. While the biotech approval process continues to grind slowly in the EU, U. TPA, which expired in , holds Congress to a straight upor-down vote on U. TPA provides for increased congressional input and requires administration consultation with lawmakers throughout negotiations.
Those jobs are distributed among farms, factories, and large and small companies throughout the state. Canada, Mexico, and China are top customers. Illinois ranks second nationwide in corn and soybean sales.
TU-K Events and Notices
Illinois Agriculture in the Classroom IAITC is prepared to help teachers and students with new education learning standards, Kevin Daugherty, Illinois Farm Bureau education director, told about 80 ag literacy coordinators last week. Daugherty said during a coordinator meeting in Bloomington.
The state will use new education standards for students in kindergarten through high school. Daugherty said. He offered ideas on how existing IAITC materials and education kits could be applied to teach subject concepts that are specified in each grade standard. For example, an existing education kit about the seasons could be used to help kindergarteners understand how sunlight heats the earth.
He challenged the coordinators to think of other ideas and to share them with each other. Daugherty showed the educators online materials being used to promote and outline the new standards. The materials included several images of students studying chicks, plants, and other ag-related items. He speculated IAITC resources and materials will be even more important because NGSS will require science to be taught in every grade from kindergarten through high school.
In addition, school districts face tighter budgets. Teresa Sanford, left, Knox County ag literacy coordinator, and Marcia Delp, Edgar County ag literacy coordinator, examine dissected parts of a corn kernel during an Illinois Agriculture in the Classroom meeting last week in Bloomington. Photo by Kay Shipman. Daugherty quipped. Educators are preparing for new state standards that specify what concepts and skills students will be expected to have gained in each grade level, starting with kindergarten.
The Common Core State Standards, commonly referred to as common core, address math, English, and language arts standards for students in kindergarten through high school. The hands-on activity may be used to teach students a cheese-making lesson. NGSS will set science standards that are to build comprehensively from one grade to the next.
Wild horse adoption set June 22 The U. Bureau of Land Management will host a wild horse and burrow adoption from 8 a. A preview of animals will be from 2 to 7 p. June Animals may be adopted for a nominal fee. The center is located about 20 miles south of Mt. Vernon at Sheep Farm Road, Ewing.
For more information, call Roughly kindergarten through third grade students from North Greene School District visited the Chad Schutz farm in rural White Hall earlier this month. Children learned about hogs, cattle, and horses. North Greene FFA members assisted with horse and wagon rides. This is the fifth year the Schutzes have hosted the students at their farm. He is an Illinois Farm Bureau director from District Photo by Dee Dee Gellerman, Region 3 manager.
The large jump in crop plantings a week ago was a relief for many farmers but temporarily bearish for crop markets. Darrel Good, University of Illinois ag economist, agreed the big boost in crop plantings took some pressure off the markets. Illinois farmers from May 13 to May 20 planted 57 percent of the corn crop, a new single-week record.
- AML/CFT FAQs | FMA?
- Compliance Standards?
However, the late start to the. Illinois from May 1 to May 21 received 3 to 6 inches of rain in the southern two-thirds of the state, with a patch of 6 to 8 inches in the southwest. Northeastern Illinois during that time was a little drier with 1. As for new crops, Klump suggested farmers wait for pricing opportunities. Decatur soybean basis during a one-week period this month declined 35 cents.
This year marks the 25th anniversary of the annual event. More than commercial exhibits will be on display from 8 a. June and from 8 a. There also will be business seminars at the event. Conversation — not debate — remains key when Paul and Donna Jeschke welcome visitors to their Grundy County farm near Mazon. Donna added. The field moms particularly were interested in biotechnology.
Those messages resonated with two field moms who. Photos by Cyndi Cook. The Jeschkes encouraged other farmers considering hosting similar urban visitors not to believe they have to convince. Illinois Far m Families is a coalition of commodity groups for beef, corn, soybeans, pork, and the Illinois Farm Bureau. We shop at the same places. Just those simple kinds of things. Auction Calendar Fri. LaSalle Co. Land Auc. Piatt Co.
Hertz Real Estate Services. Summer Consignment Auc. Canning Auction Service. Personal Property Auc. Rediger Auction Service. Equipment Auc. Farm Eq. Barnard Auctions. Farm machinery. Jamie Scherrer Auction Co. Consignment Auc. Powers Auction Service. Benton Co. Schrader Real Estate and Auc. Livingston Co. Immke and Bradley Auction Service. Vermilion Co. Bureau and Lee Co. Lorena Wallace Est. Wallace Land Co. Edgar Co. Farmland Auc. Halderman Real Estate Services. Ogle Co. Loren and Elsie Richolson Est.
Lenny Bryson and Todd Wills, Auctioneers.
Bank Compliance Training
The air bag is designed to lift 70 tons and is used to free individuals from machinery and fallen trees. More than students pre-K through fourth grade from public and private schools in the county participated. The students had 10 different safety stations they could attend. Severe storms last Sunday and Monday May 19 and 20 damaged some Western and Northwestern Illinois farm structures but caused no human injuries.
Heavy storms and a tornado hit Hannibal, Mo. Additional damage was reported in the Adams County area. Country Financial reported 96 claims in the Quincy area. Cropwatcher Leroy Getz at Savanna in Carroll County reported tornadic winds destroyed several farm buildings and downed trees and power lines but caused no injuries.
Any county or group of counties within a multi-county unit may seek approval from the county Extension director to use the 4-H clover and name for youth livestock auction promotions. State 4-H office authorization is required when the counties involved in the auction are part of different multi-county units. Friday, June 14, at Modern Woodmen Park. Tickets may be purchased through the River Bandits box office or by calling the Farm Bureau office at Call the Farm Bureau office at to register by June All proceeds will benefit the Farm Bureau Foundation. Friday, Aug. Call the Farm Bureau office or a foundation director to purchase tickets.
Coalition will co-sponsor a farm safety training from 1 to 5 p. Call the Farm Bureau office at by June 24 to register. Thursday, June Call by June 17 for reservations or more information. Call the Farm Bureau office at to purchase tickets or for more information. Saturday at the Farm Bureau building. Call the Farm Bureau office at or email fultonfb att. Rae Payne, Illinois Farm Bureau senior director. The family has brought several younger family members into the operation and now processes its milk into ice cream and highquality artisan cheeses.
Temple Grandin, professor of animal science at Colorado State University, spoke to a group at the dairy. She was hosted by the Illinois Agri-Women organization and spoke later at Greenville College at a fundraiser to assist adults with disabilities integrate into daily life in downstate Illinois. Photo by Jim Fraley. Call the Farm Bureau office at for reservations. EE — Farm Bureau will sponsor a marketing workshop at 7 p. Wednesday, June 19, at the Dixon Comfort Inn. Call or email leecfb comcast.
Call or email livcfbmgr yahoo. Children entering grades three to six in the fall are eligible to attend. Call the Farm Bureau office at , email livcfbmgr yahoo. Discounted tickets will be available to members for the truck and tractor pulls. Gates open at p. Call to register. If you have an event or activity open to all members, contact your county Farm Bureau manager.
Other topics of discussion include Defining, measuring and monitoring risk appetite and The role of stress testing in supporting enterprise risk management. Asian Bankers Summit The Summit is considered to be the leading forum for engaging on global themes, bringing together the likes of Industry Specialists and Global Thought Leaders. The Asian Banker Summit is several conferences put in one. The Asian Banker Summit comprises of several complementary dialogues and panel discussions that reflect the complexity of today's industry dynamics.
The conference will bring together professionals to share best-practices on the key challenges and concerns related to the healthcare sector. The event will bring together financial risk professionals from leading organizations to exchange ideas on current risk management challenges and will highlight tactics to combat these. The discussion will focus on the key challenges to effectively run a risk management process and will also highlight the ways to combat the emerging operational risks through industry best practices.
The sessions will also address concerns related to customer relationships, impact of quality as a whole and process improvement strategies. MetricStream will also present its comprehensive Regulatory and Corporate Compliance solutions at the conference. This conference will provide insights to assess and manage the critical risks will be facing in our ever-changing risk environment.
The conference will highlight insights on fraud and regulation, best practices and industry hot topics. The conference has dedicated tracks to address the challenges, gaps and concerns for an active risk framework necessary for enterprises. The session will throw light on the methods to integrate supplier and risk based programs with strategic approaches to ensure control at both the sourcing and procurement level for better social performance. The conference will bring together internationally acclaimed audit experts to exchange ideas on a resilient internal audit program necessary for enterprises to achieve organizational goals.
The sessions will also highlight the emerging regulatory and legislative issues of the internal audit function. The conference brings together a group of experts to share insights on the methods to leverage product safety best practices. It will also explore supply chain and safety management tools in order to build a strong compliance program. MetricStream will highlight the benefits of deploying its solutions to manage multiple governance, risk and compliance initiatives across the organization with practical examples and case studies. The conference has dedicated tracks to address the law enforcement on the energy programs, NERC cyber security compliance along with third party risk management.
It will also focus on the concept of sustaining an effective compliance and ethics program with ways to implement and manage an effective anti-corruption compliance program. The conference will focus on the current challenges and risks for health plans along with the issues related to the general healthcare reforms and its effect on the industry as a whole. MetricStream will showcase its product safety and regulatory compliance solutions at the conference. MetricStream will also present its integrated portfolio of Governance, Risk and Compliance solutions at the meet.
The conference will witness professionals from the legal, compliance and regulatory background exchange ideas on the role of compliance within the enterprise. MetricStream will also showcase its solutions for risk and compliance management at the summit. The event will bring together experienced professionals in the fields of energy risk and compliance to share insights on best practices and industry hot topics. The conference will highlight insights on leadership and governance, fraud and regulation, best practices and industry hot topics, and the role of technology.
The event focuses on the common challenges of cybersecurity , risk management and compliance and will highlight the methods to better understand and manage such issues. The event focuses on the common challenges faced by the Internal audit partners in addressing the Risk-compliance, Risk Management and Finance issues on the value offered by Internal audit along with some of the pertinent regulatory issues for audit professionals.
Metric Stream, will also showcase its integrated GRC solutions at the event. MetricStream will also showcase how organizations are using advanced capabilities such as risk calculators and risk heat maps for risk analysis and monitoring at the event. West Marine annual VIV Social Responsibility committee meeting. MetricStream to showcase its Social compliance, Regulatory compliance, traceability and conflict minerals solutions at the AAFA Annual traceability conference.
Annual tractability conference. Environmental Committee Meeting. Join us as we bring together experts from the GRC community to collectively bring to life our vision of Preserve. The summit will feature over 60 inspiring speakers and 50 sessions covering the latest trends and opportunities in GRC. The MetricStream GRC Summit will bring together thought leaders, analysts, partners, and customers who have embarked on a Journey towards Pervasive GRC, with the goal of achieving superior business performance.
The summit is designed to help organizations chart their own journey towards Pervasive GRC, and create a blueprint for success by distilling the best practices and insights derived from GRC journeys undertaken by leading organizations around the world. Pervasive GRC is MetricStream's vision for the future, representing our desire to help organizations build compliant, well-governed, risk-aware cultures, and to ultimately enable individuals, businesses, societies, and governments to thrive on risk.
GRC Journey is MetricStream's vision for the future, representing our desire to help organizations build compliant, well-governed, risk-aware cultures, and to ultimately enable individuals, businesses, societies, and governments to thrive on risk. This event that will bring together GRC practitioners, analysts, thought leaders, consultants, and partners to share their perspectives and experiences.
At our London Roadshow industry experts explain how to adopt a risk framework that incorporates non-financial risks into business decisions and how to set risk appetites and socialize them with the business within this framework. Roadshow Europe. Roadshow Asia Pacific. Roadshow Americas. Roadshow Africa. Roadshow Middle East. We are actually able to close out most of our supplier risk within 30 days".