Articles | Compliance Week – Page 294
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Resolving Compliance and HR Turf Wars
Image: Compliance and HR have been tussling for years over which function owns company culture, when the truth is both have a crucial role to play. “If HR and compliance could come together and realize and accept that they’re on the same team … it could be a really powerful ...
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The Next Plateau for CCOs: Becoming Leaders
Image: More and more evidence suggests compliance officers are now sitting alongside other senior corporate leaders at their organizations—so now they need to exercise that leadership role properly. That was the discussion at Compliance Week 2015, and we have all the insights inside. “More compliance officers are being asked for ...
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The Real State of CCO Legal Liability
A compliance mishap in a company can feel like a professional failure to chief compliance officers; a more urgent question is whether it might also bring professional liability. At Compliance Week 2015, enforcement officials with the SEC and Justice Department, as well as compliance professionals themselves, explored how CCOs can ...
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Audit Relations Continue to Be Strained
Image: Tensions over the audit of internal controls over financial reporting were in focus at the Compliance Week 2015 conference last week, with many saying corporate audit committees will ultimately need to resolve the problem. “We hear the concerns, even frustrations, from company officials over the level of audit work ...
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Survey: CCOs Lack Confidence in FCPA Financial Controls
Compliance officers do not have much confidence in their companies’ financial controls to catch books-and-records violations of the FCPA, according to a new report published by Compliance Week and Kroll. The finding was one of many included in the 2015 Anti-Bribery & Corruption Report, looking at all manner of anti-corruption ...
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COSO Implementation Gets Gritty
Whether you adopted the new COSO framework for internal control last year or stalled into 2015, a chorus of voices say now is the time for implementation (or even polishing last year’s implementation) once and for all. “This year is the time to adopt,” says KPMG partner David Middendorf. Inside, ...
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Is CSR Part of the Compliance Operation?
Corporate social responsibility is now big business in Europe. How the compliance function intersects with CSR, however—and what role the compliance officer should play in CSR oversight—is still unclear. In the final part of our series on CSR, we look at how several European companies are trying to embed CSR ...
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Dodd-Frank Reform: The Beat Goes On
The Dodd-Frank Act may be turning five years old this summer. Fights about Dodd-Frank, on the other hand, feel like they’ve been going on forever. Washington was back at it again last week, proposing various fixes, reforms, and exemptions to all manner of Dodd-Frank, much of it to help large-ish ...
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Hurry-Up Offense on Employee Surveillance
Image: Surveillance of employee activity is nothing new in the financial services sector, but the financial crisis, the LIBOR scandal, and other misconduct are driving new demands for smarter, better surveillance. Inside, we look at some of the IT challenges to extracting better intelligence from your data. The goal is ...
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Compliance Trends in 2015: More Authority, More IT Uncertainty
Good news for compliance officers in existential crisis: A majority of CCOs are now part of the senior management teams at their businesses, and they have more authority than ever before. Those are two among many findings of the 2015 Compliance Trends Report, the annual survey of compliance leaders conducted ...
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Doing God’s Work: Compliance Reform at the Vatican Bank
Image: The Istituto per le Opere di Religione, commonly known as the Vatican Bank, suffered for decades from poor internal controls and conduct. How has the Holy See tried to recover? Slowly, surely, and with a risk-based approach following international standards. “The expectations are huge in building trust and confidence, ...
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PCAOB to Audit Committees: Help Us Help You
Image: The PCAOB’s latest guidance to audit committees will help them understand how to push their audit firms to dig deeper into risk. It may also, however, nudge audit committees to undertake risk and audit oversight the PCAOB itself cannot do. “In places like China, the PCAOB cannot inspect, but ...
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IIA to Push More Flexible Internal Audit Planning
Image: The Institute of Internal Auditors will unveil an overhaul of its professional practices framework this summer, including a push for audit executives to be more flexible in their audit planning. Whether that means a “rolling audit plan,” contingency funds for surprise risks, or other methods, many say the idea’s ...
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Brit Banking Regulators Wield Attestation More Often
Deutsche Bank paid $345 million to British regulators for its role in the LIBOR scandal, $153 million of that stemming from a false attestation the bank submitted about its internal controls. Those attestations are emerging as a potent tool for the U.K. Financial Conduct Authority. “This case sends a strong ...
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Suddenly, Washington Is Back at Cyber-Security Discussion
Image: For the first time in years, Washington is abuzz with proposed changes to cyber-security disclosure, both in Congress and at the SEC. Above all, experts say, is a need to clarify terminology and expectations. “There should be minimum standards for what that security should be across the board,” says ...
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As SEC Delays on Extractive Payments, World Moves Ahead
The SEC has fought all sides on its proposed rule to disclose payments to governments for mining rights: oil and gas companies on one hand saying the rule is flawed; activists on the other saying the rule is overdue. The trouble, however, is that while the SEC tussles in court, ...
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The Compliance Officer’s Role in Driving CSR Efforts
As corporate social responsibility becomes a business norm across Europe, two questions for compliance officers are what role they should play, and how they can leverage a vibrant CSR effort to enhance corporate culture and values. In part two of our look at CSR programs, this week we explore how ...
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Anti-Corruption Compliance Improves in Defense Sector
Image: A new Transparency International report examining anti-corruption measures in the defense sector holds both good and bad news: Many defense companies have improved their ethics and anti-corruption compliance programs; plenty more still have lots to do. “It is clear that many companies in the industry are paying closer attention ...
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Throwing Books & Records at ’Em
Image: Compliance officers responsible for accurate books and records and effective internal control over financial reporting may be entering a brave new world of regulatory enforcement. The SEC is stepping up its use of administrative proceedings to impose strict liability on even relatively minor infractions of securities law. “The SEC ...
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Far East: The Epicenter of FCPA Enforcement?
Image: Everyone says bribery risk is highest along the Pacific Rim, but how acute is the problem really? Pretty bad, according to a Compliance Week review of recent FCPA enforcement actions—and the risks will only increase as more U.S. companies enter Asia and more Asian companies tap U.S. capital markets. ...