How not to do Disaster recovery ?

Found this as advise under internet for “Disaster Recovery Plan Goals and Objectives”

  1. Reduce Overall Risk
  2. Maintain and Test Your Disaster Recovery Plan
  3. Alleviate Owner and Investor Concerns
  4. Restore Day-to-Day Operations
  5. Comply with Regulations
  6. Rapid Response

People have completely got it mixed up with Business Continuity and Disaster Recovery. Will write blogs in the coming week about the difference between both.

May be this is partially a good pic to start.

Does Enterprise India care for whisteblowers ?

India has thought about it

but implementation ? who cares…

Following are some key highlights of changes in clause 49 and its differences from requirements of Companies Act 2013. Overall framework for Corporate Governance Revised clause 49 lays down overall framework or objectives of requirements of clause 49 and companies are expected to interpret and apply those provisions in alignment with the principles. Key components of those framework are

  •  Rights of Shareholders
  •  Role of stakeholders in Corporate Governance
  •  Disclosure and transparency
  •  Responsibilities of board and other responsibilities.

Many of the principles laid down in this framework are aligned with powers, duties and expectation from various stakeholders especially directors and management in the Companies Act 2013.

The “Role of stakeholders in corporate governance” reads as below in the government gazette (page7, Chapter 2, 4d): The listed entity shall recognise the rights of its stakeholders and encourage co-operation between listed entity and the stakeholders, in the following manner:

(i) The listed entity shall respect the rights of stakeholders that are established by law or through mutual agreements.

(ii) Stakeholders shall have the opportunity to obtain effective redress for violation of their rights.

(iii)Stakeholders shall have access to relevant, sufficient and reliable information on a timely and regular basis to enable them to participate in corporate governance process.

(iv)The listed entity shall devise an effective whistle blower mechanism enabling stakeholders, including individual employees and their representative bodies, to freely communicate their concerns about illegal or unethical practices.

 SEBI does take cognizance of complaints and incrimination information against entities violating securities laws, through its SCORES (SEBI COmplaints REdress System) platform and otherwise.

For instance, Tata Steel is starting to reward all its employees, including contract workers, as much as Rs.1 lakh for whistleblowing, said Tripti Roy, ethics counsellor at Tata Steel. Indian enterprises need to establish whistleblower/hotline for reporting of HR/ non-compliance/ fraud to report into top audit committee of the organization. It will continue remain a dream in India as the checks and balances are not there. Dont expect things will change for next decade.

“Hide those whining under carpet” will not work anymore

Started the day with this news about a great multi billion $ data center and hosting company Equinix.

Equinix CEO Resigns Following Mishandling of “Employee Matter”

Redwood City, Calif. – Equinix, a Redwood City-based owner and operator of data centers in 48 markets, said that Steve Smith has resigned as its CEO after “exercising poor judgment with respect to an employee matter.” The company did not elaborate on the specific incident.

Executive Chairman Peter Van Camp has been named interim CEO while the company searches for a permanent successor. Smith had led the company since 2007. “The board gave this matter the deepest consideration and recognizes the many contributions Steve made over the past 11 years,” said Van Camp.

“I also want to emphasize that this action was not related to the company’s operational performance or financial condition, both of which remain strong.” Van Camp previously served as the company’s CEO from 2000-2007, and has since served as its executive chairman.

Fraud Management System, Whistleblower is a must of have for all organizations.

If you want SaaS based whistleblower at 30$/user/month, high time you must write to sales@FixNix.co

We can figure out and assist how many passive, occasional employees who may be the end user of the system and help you start immediately within a day.

Don’t continue crib or try to hide those as water cooler talk as petty whining under the carpet.

Wake UP !!! is the only piece of advise we have for you

What America says about whistleblower ?

What America says about whistleblower ?

The Dodd-Frank Wall Street Reform and Consumer Protection Act
of the United States came up with a 
whistleblower program to be overseen by the U.S. Securities and Exchange Commission (SEC) in 2010 post Enron and many other shocks the american corporate world went through.

The relevant norms, inter alia, make it a violation of law to take any action to impede an individual from communicating directly with the SEC about a possible securities law violation, including enforcing, or threatening to enforce, a confidentiality agreement.

https://www.sec.gov/ocie/announcement/ocie-2016-risk-alert-examining-whistleblower-rule-compliance.pdf

The SEC’s whistleblower program envisages paying awards to whistleblowers that provide the SEC with credible information about a securities law violation that leads to a successful SEC enforcement action resulting in monetary sanctions over $1 million – the award can range between 10% and 30% of the amount recovered in the enforcement
action.

The SEC Annual Report 2016 states that SEC has, since the inception of its whistleblower program, levied over $500 million worth of enforcement actions based on information received from whistleblowers, and
awarded over $100 million to credible whistleblowers.

During FY 2017, acting on recommendations by enforcement staff, the Commission authorized 446 stand-alone enforcement actions, 196 follow-on proceedings and 112 delinquent filing proceedings.

The SEC obtained judgments and orders for over $3.8 billion in penalties and disgorgement, returned a record $1.0 billion to harmed investors, ordered over $50 million in payments to12 individual whistleblowers, suspended trading in the securities of 309 issuers to combat market manipulation and microcap fraud, and obtained favorable verdicts in federal district court. The SEC’s enforcement actions during the year spanned the entire spectrum of the securities industry.

In FY 2017, SEC received over 4,400 tips, an increase of nearly 50 percent since FY 2012, the first year for which we have full-year data.

Since the agency issued its first award in 2012 through the end of September 2017, the program has awarded approximately $160 million in whistleblower awards to 46 individuals whose information and cooperation assisted the agency in bringing successful Commission enforcement actions and related actions brought by non-SEC enforcement authorities.

Clearly, Benjamin Franklin, the founding father of the United States, said something which appears to resonate with the SEC:

“An investment in knowledge pays the best interest.”

Cost of MisTrust : Crypto Currency is the new mantra

“Here’s to the crazy ones.

The misfits.

The rebels.

The troublemakers.

The round pegs in the square holes.

The ones who see things differently.

They’re not fond of rules. And they have no respect for the status quo. You can quote them, disagree with them, glorify or vilify them.

About the only thing you can’t do is ignore them. Because they change things.

They push the human race forward. And while some may see them as the crazy ones, we see genius.

Because the people who are crazy enough to think they can change the world, are the ones who do.”

The cost of MisTrust on Crypto currency is really steep. If we have invested 1000$ in crypto currency since the launch of it, how much it would be. For 7 years, 10 months. Alternatively 2,870 days of MisTrust of 1000$ costs 5,712,000,000$ ( 5 billion and 712 million)

To get the whole file of the cost of misTrust on all crypto currencies, not only on Bitcoin, all other altcoins like NXT, IOTA, click here

We see a demand spike in all new age FinTech companies going towards ICO itself looking forward for a RegTech automation suite to keep their basic government, KYC compliance clean.

Architecting the FreshGRC.com platform payment integration through our own coin managed by BaaS (Blockchain as a service) from Azure along with architects from Microsoft. Along with the platform launch by Feb-24, planning to initiate the ICO process. Discussing with few ICO as a service firms in Japan, Swiss, Los Angels on the program management aspects.

Highly experienced General Counsel out of NYC Capital markets has joined FixNix to initiate & take care of ICO processes.

If you want to be kept posted about FixNix ICO process of world’s 1st SaaS regTech platform by Q1-2018, please write to investor@FixNix.co to get yourself added.

More Info from Startup Grind on ICO (Initial Coin Offering), crowd sourcing money through crypto currency offering equity or services.

1. Coins or Cryptocurrencies

These are digital currencies like Bitcoin in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. They are operating independently of a central bank.

Soon every fiat currency may become a cryptocurrency, in that case operating with central banks. This is what Singapore has started with their Ubin project.

2. Utility tokens

The utility tokens are services or units of services that can be purchased. As describes in Balaji S. Srinivasan post, these tokens can be compared to API keys, used to access the service.

They are a way to fund projects of shared infrastructure that couldn’t be funded before. To enable such ecosystems to be built some tokens can be “pre-mined” in addition to be sold in “crowd-sales” during tokens launches.

3. Tokenised securities:

Tokens are representing shares of a business. In addition, considering the SEC announcement any token that can’t pass the Howey test should be considered as a security and fall under the 1934 Security Exchange Act.

The Howey test consists of the following:

  • Is it an investment of money or assets?
  • Is the investment of money or assets in a common enterprise?
  • Is there an expectation of profits from the investment?
  • Does any profit come from the efforts of a promoter or third party?

The Howey test consists of the following:

  • Is it an investment of money or assets?
  • Is the investment of money or assets in a common enterprise?
  • Is there an expectation of profits from the investment?
  • Does any profit come from the efforts of a promoter or third party?

The final factor of the Howey Test concerns whether any profit that comes from the investment is largely or wholly outside of the investor’s control. If so, then the investment might be a security.

This is what brings confusion and in a way makes any utility token potentially a security since they can be traded on third party platforms. Utility tokens that a startup would issue to finance future customer’s purchases should not be securities, since their purpose is to facilitate the purchase.