Articles | Compliance Week – Page 274
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Don’t go it alone: working with other functions
During a panel discussion at Compliance Week 2016, ethics and compliance officers came together to discuss both the challenges and opportunities associated with working with other functions and how to minimize turf wars and silos while enhancing the compliance program. Jaclyn Jaeger reports.
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The case for principles-based accounting
The debate over which is the better accounting standards philosophy–principles or rules—rages on. As a 40-year veteran of the auditor and preparer community, IASB member Gary Kabureck is lending his unique perspective to the discussion.
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ArticleNew effort to repeal, replace Dodd-Frank Act is most ambitious yet
One of the most vigorous assaults yet on the Dodd-Frank Act came on June 7 from House Financial Services Committee Chairman Jeb Hensarling (R-Texas). Joe Mont looks at the implications of Hensraling’s Financial CHOICE Act, his plan “to replace the Dodd-Frank Act and promote economic growth.”
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Q&A: How financial institutions can help uncover human trafficking
Human trafficking is an enormous problem that, in addition to the human toll, generates $38 billion per year in revenue for criminals. Joe Mont spoke to Micah Willbrand, anti-money laundering and financial crimes expert with NICE Actimize, about the financial patterns that can uncover human trafficking activity and what role ...
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Inside the struggle to define, measure, and manage corporate culture
An organization’s culture is an important cornerstone of any compliance effort, but it remains a notoriously slippery thing. Experts at the Compliance Week 2016 conference provided their insights on how to better define culture so it can be adequately managed and measured. Tammy Whitehouse has more.
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Fed proposes more ‘bank-like’ capital & risk standards for insurance companies
Insurance companies are increasingly targeted with bank-like regulation and oversight. The latest development: proposals by the Federal Reserve’s Board of Governors for new capital and risk management standards for systemically important insurance companies and those that own a bank or thrift. Joe Mont reports.
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CW2016: Putting compliance into practice
Yes, yes—companies everywhere know that having in place an effective compliance program is more important today than ever before, but how are compliance officers actually achieving that? Jaclyn Jaeger recaps this discussion from Compliance Week 2016.
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ArticleSpotting the difference between ‘significant deficiency’ and ‘material weakness’
Material misstatements involve mistakes large enough, surely, to involve some kind of internal control shortcoming that allowed the misstatement to occur in the first place. So why aren’t more internal control reporting and auditing processes helping to identify control lapses in advance of material misstatements? Tammy Whitehouse explores.
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The ABCs of GRC
The latest edition of the GRC Illustrated edition, sponsored by Compliance Week and OCEG, looks at the ABCs of GRC: Aware, Bespoke, and Confident. Together these three offer the opportunity for greater success that most organizations have failed to grasp, at least up until now.
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How CCOs went from a board-level afterthought to a strategic partner
In a perfect world, chief compliance officers should not be an afterthought for the board of directors, but rather a strategic partner. Joe Mont recaps a CW 2016 panel discussion on strategies CCOs can take to gain the ear, if not mindshare, of directors.
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Discussing the many facets of disclosure effectiveness
The SEC is seeking comment on nearly 350 questions regarding the Commission’s Regulation S-K effectiveness review. At last week’s Compliance Week conference, Karen Garnett of the Division of Corporate Finance headlined a panel discussion on the process thus far. Joe Mont has more.
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Defining compliance program effectiveness
During a keynote panel at Compliance Week 2016, enforcement officials from the Securities and Exchange Commission and the Department of Justice spoke candidly about compliance program effectiveness, personal liability, and more. Jaclyn Jaeger reports.
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CW2016: Practical implications of the Yates Memo
At Compliance Week 2016 last week, Jaclyn Jaeger covered the conversation between current and former enforcement officials, as well as compliance officers, on how the “Yates Memo” is affecting them from a real-world standpoint.
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ArticleAccounting leaders need a wake-up call on revenue recognition
New revenue recognition standards will come into force within 18 months, but accounting leaders everywhere don’t seem to be in a hurry to undertake the huge amount of work it will take to get ready. Tammy Whitehouse reports from the Compliance Week 2016 conference.
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FASB looks to cut out that ‘second step’ of goodwill accounting
A proposed rule might remove the costly, complex, and time-consuming calculations of a company’s fair value that are required when its fair market value drops below its carrying value. In other words, goodwill accounting is about to get a little goodwill of its own. Tammy Whitehouse reports.
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ArticleCompanies now have federal remedy to protect trade secrets
Passage this month of the Defend Trade Secrets Act creates for the first time a federal civil cause of action for misappropriation of trade secrets, giving U.S. companies a wide range of remedies—but its new whistleblower protections also call for new reporting obligations. Jaclyn Jaeger explores.
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Australia bolsters antitrust enforcement
Australian regulators are aggressively enforcing that nation’s competition laws, demonstrated by a wave of significant enforcement actions reached in just the last couple of months. Multinationals with operations in Australia should heed the warning. Jaclyn Jaeger has more.
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Former FTC Commissioner Brill on data security, privacy protections
Joe Mont speaks to Julie Brill, who for the past six years was among the FTC’s most influential commissioners and an important voice on internet privacy and data security issues. In April, she left public service to join the law firm Hogan Lovells as a partner and co-director of its ...
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Shedding light on the challenges of policy management
A study by NAVEX Global solicited the thoughts of nearly 1,000 executives on policy management and the systems they have in place for that process. Keeping policies current with continuously evolving laws and regulations was identified as a top challenge. Joe Mont takes an in-depth look at the results.
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The many facets of a data breach
Every industry faces the threat of a data breach, but how those breaches are actually carried out can vary significantly industry to industry. Jaclyn Jaeger explores how companies can better focus their security efforts on the most vulnerable areas.