Articles | Compliance Week – Page 164
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OCC fines former Wells Fargo CEO $17.5M, bans him from banking industry
Former Wells Fargo Bank CEO John Stumpf was disciplined by the OCC on Thursday, but is the ban of someone in his mid-60s with tens of millions of dollars in net worth really more than a wrist slap?
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Microsoft data leak points to industry-wide security vulnerabilities
Microsoft made headlines when it was discovered that nearly 250 million customer service and support records were exposed on the Web through several unsecured cloud servers. But that’s only a glimpse into wider cloud-security weaknesses throughout the industry.
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SFO guidance could help companies combat U.K. Bribery Act charges
New internal guidance from the U.K. Serious Fraud Office outlines what the regulator considers in determining if a company’s compliance procedures are adequate enough to defend against U.K. Bribery Act charges or qualify for a deferred prosecution agreement.
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SEC issues first whistleblower awards of 2020
The Securities and Exchange Commission announced its first whistleblower awards of the new year in connection with two separate enforcement actions.
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Six strategies for FinTech adoption in banking
Thomas Wan of the International Compliance Training Academy outlines strategies for navigating the dynamic terrain of FinTech adoption within the banking industry.
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Park Strategies execs draw ire of OFAC in settlement
Park Strategies will pay a relatively tame $12,150 to settle apparent OFAC violations, though the behavior of the lobbying firm’s executives was listed as an aggravating factor in the case.
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E*TRADE names chief risk officer
E*TRADE Financial Corp. announced Brent Simonich will assume the chief risk officer role after Paul Brandow advised the company of his decision to retire, following over a decade of service to the firm.
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Jack in the Box announces new risk chief
Fast-food restaurant chain Jack in the Box announced the promotion of Sarah Super to senior vice president, general counsel and chief risk officer amid a trio of recent executive appointments.
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Neuronetics appoints CCO, general counsel
Medical technology firm Neuronetics announced the addition of Andrew Macan as senior vice president, general counsel, chief compliance officer and corporate secretary.
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Great Rock tabs chief risk officer
Commercial finance company Great Rock Capital announced Kathleen Auda has joined the firm as chief risk officer.
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Chaucer promotes chief risk officer
Chaucer, an international (re)insurance group, announced the promotion of James Wright to chief risk officer, effective April 1.
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Proposed bill seeks to help non-federal entities improve cyber-security
A new bill proposed by Congress would install a federal “cyber-security state coordinator” in each state to facilitate non-federal entities’ access to technical know-how, training, communications, and other resources for improved cyber-security.
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Lawmakers push for FTC probe into Envestnet data sales
Democratic Sens. Ron Wyden and Sherrod Brown and Rep. Anna Eshoo sent a letter to the Federal Trade Commission urging the agency to investigate Envestnet’s selling practices regarding consumer financial data.
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Equifax must spend ‘a minimum of $1B’ for data security
A massive data breach that was “entirely preventable” will cost credit-reporting agency Equifax another $1 billion to beef up its cyber-security efforts.
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SEC charges Hill International with accounting fraud
The SEC has brought charges against Hill International, its former chief accounting officer, and a former senior accountant for engaging in accounting fraud and disclosure violations at the construction management consulting firm.
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Study expects GDPR fines to rise in 2020
DLA Piper’s latest data breach survey suggests the penalties handed out under the General Data Protection Regulation thus far are not as harsh as they could have been—though that could change in 2020.
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Audit fees level off in 2018, study shows
Public company audit fees remained virtually unchanged in 2018, according to the latest annual study by Audit Analytics.
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FASB issues first ASU of 2020
FASB has issued the first accounting standard update of the new year, clarifying the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.
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NAVEX Global: Top 10 compliance trends for 2020
A recent Webinar, and complementary report, from NAVEX Global offers a look at the top 10 risk and compliance trends for 2020.
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Will ExxonMobil’s victory in sanctions case mean more pushback?
ExxonMobil’s victory in a sanctions case before a federal court just might empower others in the regulated community to challenge the imposition of fines for alleged violations of sanctions regulations.