All articles by Aaron Nicodemus – Page 60
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ArticleReport: Average data breach costs public companies $116M
An Audit Analytics report on cyber-security breaches at public companies found the sensitivity of customer information stolen—along with length of time it took companies to report breaches—greatly affected the financial damage the breaches caused.
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ArticleWestpac outlines compliance failures that led to AML breaches
An internal report outlining compliance failures by Australia-based financial institution Westpac that led to 23 million breaches of the country’s AML/CTF laws concluded “a mix of technology and human error” were to blame.
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ArticleSEC announces record whistleblower award of nearly $50M
The Securities and Exchange Commission announced its largest ever whistleblower award to a single individual at nearly $50 million while denying a second claimant a share of the bounty.
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ArticleHow to scour your organization for pandemic fraud risks
“Only when the tide goes out do you discover who’s been swimming naked,” said Warren Buffett. With the pandemic tide out, here are some related frauds that are likely already occurring that corporations should be watching for.
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ArticleNo stopping CCPA enforcement deadline, says California AG
With one month to go to the July 1 enforcement deadline of the California Consumer Privacy Act, it is still full speed ahead for Attorney General Xavier Becerra’s office.
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ArticleSEC changes M&A rules for first time in 30 years
SEC Chair Jay Clayton says recent updates to M&A rules will enhance investor information and slash unnecessary costs, but critics argue the changes limit investor transparency and better serve larger corporations.
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ArticleU.S. takes aim at China with stock delisting bill
The “Holding Foreign Companies Accountable Act,” passed unanimously by the Senate and now headed to the House, looks to rein in accounting improprieties of Chinese-based companies listed on the U.S. Stock Exchange.
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Facebook pays $6.8M to settle Canadian privacy violations
Facebook will pay $6.8 million in fines and penalties to settle claims it shared private information regarding 24 million Canadian customers with third parties over six years, despite promising users it was not doing so.
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ArticleAdvice for CCOs: Pandemic ‘exceptions’ will be judged in ‘harsh light of hindsight’
The coronavirus pandemic is not a “Get Out of Jail Free” card. It is not an excuse machine—just one of the lessons explored during Compliance Week’s recent Virtual Conference.
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ArticleKPMG audit partners settle test cheating allegations
The KPMG cheating scandal expanded this week as three former partners at the firm settled charges with the SEC regarding the improper sharing of answers for internal training exams.
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ArticleFormer UN ambassador Power’s message to CCOs: ‘Don’t be silenced’
Speaking at the Compliance Week 2020 virtual conference, former UN Ambassador Samantha Power offered advice on how to address abuses happening during the pandemic and praised the upsurge in strong female leadership around the world.
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ArticleHolloway’s bold strategy lands him CW’s CCO of the Year
U.S. Steel Chief Compliance Officer Duane Holloway’s successful efforts to overhaul the ethical principles of a 119-year-old company earn him the distinction of becoming CW’s first-ever CCO of the Year.
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ArticlePenman an E&C pioneer with an uncanny ability to connect
Lifetime Achievement in Compliance award winner Carrie Penman walks us through her compliance journey—from creating the first corporate-wide ethics program at Westinghouse Electric to her influential ethics and compliance work at NAVEX Global.
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ArticleFlexible approach needed in return from coronavirus
Can an employee, fearful of contracting coronavirus, refuse to return to work? Though the law may be on the employer’s side, there should be room for negotiation.
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SEC, DOJ ordered to review RBS whistleblower’s claim on $4.9B settlement
A federal appeals court ordered two federal agencies to review the whistleblower claims of a former Royal Bank of Scotland employee who is seeking a slice of a nearly $5 billion settlement.
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ArticleLuckin Coffee fires CEO, COO over accounting scandal
Luckin Coffee, the China-based equivalent of Starbucks roiled by allegations of fabricating millions in 2019 sales, has fired its CEO and reshuffled top leadership as part of its ongoing internal probe.
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ArticleHouse committee seeks to claw back PPP loans, singles out five companies
A House committee is demanding that large public companies that accepted Paycheck Protection Program loans meant for small businesses return them immediately.
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ArticleAt urging of compliance committee, Samsung head apologizes for bad behavior
Jay Lee admitted Samsung “has not strictly complied with laws and ethics” at a press conference organized by the company’s new compliance oversight committee.
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ArticleThe seven worst compliance fails of the coronavirus pandemic
Compliance and ethics fails during the coronavirus pandemic have done more than hurt companies’ images. They’ve cost lives.
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ArticleSenate Republicans to introduce contact tracing privacy bill
Senate Republicans say they will soon introduce a coronavirus-specific data privacy bill that would create regulations under the FTC for companies collecting personal data to fight the ongoing pandemic.