Articles | Compliance Week – Page 277
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Even with concessions, Labor Department’s fiduciary rule is still controversial
The Department of Labor has finalized a new rule that requires retirement investment advisers to meet a fiduciary standard and eliminate conflicts of interest with their clients. Although several notable concessions worked their way into the final rule, CW’s Joe Mont says to expect continued controversy as advisers struggle with ...
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How the Panama Papers uncovered a global cornucopia of corruption
Working from one of the most ambitious whistleblower tips of all time, more than 370 journalists in 80 countries embarked on a year-long effort to parse through leaked files from the Panama-headquartered law firm Mossack Fonseca.
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ISO 37001 anti-bribery standard gains momentum
Image: The push to adopt ISO 37001, a uniform set of international anti-bribery management system standards, is gaining momentum on a global scale and ultimately will raise the bar for compliance officers looking to reinforce their anti-bribery compliance programs. “This is the first time that you will have an internationally ...
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Longer case closure times boost risk of whistleblowers reporting externally
Employers are taking longer and longer to act on internal whistleblower reports, which can frustrate employees who have been encouraged to step up and report what they see as unacceptable behavior. As reporters find their concerns languishing in limbo, the chances they might simply take their issue to an outside ...
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New accounting rules aim to make change for unredeemed gift cards
Everybody has an unspent gift card or two around the house. Maybe you just never got to the store to use it, or maybe there’s only got a few dollars left on it and it would feel like a pain to zero it out. But unspent cards like these are ...
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Preparing for a HIPAA compliance audit
The Department of Health and Human Services’ Office for Civil Rights has officially kicked off its second phase of audits for covered entities and their business associates to review compliance with the Health Insurance Portability and Accountability Act’s privacy, security, and breach notification rules. CW’s Jaclyn Jaeger says healthcare CCOs ...
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Boards are in the hot seat over dividends, stock buybacks
With the increased use and value of buybacks and dividends showing no sign of slowing—and with a distinct lack of regulatory involvement to consider—boards find themselves with the unenviable task of finding a Solomonic middle ground between opposing viewpoints on long-term and short-term strategy. Layered in, says reporter Joe Mont, ...
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Harmonizing corporate disclosure on climate change by making the most of your CDP response
Linking corporate sustainability and good business results is a big part of driving companies to adopt more environmentally responsible outlooks and operational strategies. But there is more than one way to determine that link, and harmonizing the results between various methodologies is key for creating the best kind of sustainability ...
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How employee hotlines can improve organizational well-being
According to the CDC, in 1965 more than forty percent of the U.S. population smoked. After decades of persistent education, the general population has come to realize that best practices include healthy decisions; decisions that increase well-being and reduce expenses. Today, less than twenty percent of the population are smokers ...
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Loyalty shares v. one share – one vote: The Florange Act
France will experience a sea change in voting rights next month with the passage of the Florange Act. Adopted in 2014, the Act provides for the automatic granting of double-voting rights to stock held by shareholders for at least two years in a row. Rients Abma, executive director of Eumedion, ...
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ArticleSEC fines energy company $300K over rubber stamp internal controls
Image: A recent SEC action against a company for maintaining insufficient internal controls signals a new effort from federal authorities to hold companies to higher standards when it comes to internal control material weaknesses and significant deficiencies. “This is a case that doesn’t have a punchline,” says Tom Sporkin, a ...
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Indian Supreme Court ruling expands FCPA coverage
Image: A landmark judgment issued by the Indian Supreme Court could have the broader effect of significantly expanding the compliance risk that companies face under numerous anti-bribery laws, including the U.S. Foreign Corrupt Practices Act. CW’s Jaclyn Jaeger examines this latest development that, according to FTI Consulting’s Anuj Bugga, “introduces ...
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A global glimpse at whistleblower protections in OECD countries
More OECD countries have put in place dedicated whistleblower protection laws in the past five years than in the previous quarter century, according to analysis by the Organization for Economic Cooperation and Development. But what’s a compliance officer to do when whistleblower protection laws in foreign countries directly contradict whistleblower ...
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As SEC targets EB-5 fraud, the visa program could raise money laundering risks
Image: A government program that grants visas to overseas investors is more popular than ever. The problem: Critics say it is rife with the potential for fraud and money laundering risks. “You can see which way the winds are blowing,” says Eric Berg, special counsel for Foley & Lardner. “The ...
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Take the Conflict of Interest Challenge
Conflicts of interest have become a big risk area for companies of all sizes, in all industries and any country. Just try spending an hour on the Web, and you’ll find several examples of COI causing financial losses for companies or their customers, questionable outcomes in scientific and medical research, ...
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Scalia’s absence a blow to companies?
Image: Many companies are left wondering what the death of U.S. Supreme Court Justice Antonin Scalia (left) means for business cases moving forward and for the handful of others that remain suspended in a state of legal limbo. “The mere uncertainty created by Justice Scalia’s absence may cause businesses to ...
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Compliance risks in M&A transactions
Image: 2015 was a record-breaking year for global mergers and acquisitions, but inherent in those deals are numerous compliance risks, such as potential Foreign Corrupt Practices Act violations and deal-breaking cultural clashes. Involving compliance personnel at the earliest stages of an M&A transaction can significantly reduce unforeseen liabilities. “You don’t ...
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ArticleInternal audit joins the fight against cyber-threats
As organizations face ever-increasing cyber-security threats, experts are prodding internal auditors to get more involved in at least identifying the risks, even if they aren’t information technology experts. Basic compliance practices can significantly reduce a company’s cyber-exposure, but it needs somebody to drive the effort.
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Buffett vs. Zuckerberg: Does CEO age matter to investors?
Plenty of research supports the notion of mandatory retirement age for board members, but what about MRPs for CEOs? Does imposing an age limit on top executives really drive better long-term organizational performance? Shareholders, it turns out, seem to prefer experience to youth.
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SEC nominees in the firing line at Senate hearing
During a nomination hearing before the Senate Banking Committee on March 15, President Obama’s picks to fill vacancies on the Securities and Exchange Commission—Republican Hester Peirce and Democrat Lisa Fairfax—endured more than two hours of questioning that ranged from cordial to confrontational. Enforcing individual liability, ensuring cost-effective rulemaking, and the ...