Articles | Compliance Week – Page 60
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McKinsey affiliate to pay $18M for poor handling of nonpublic information
MIO Partners, a wholly owned subsidiary of management consulting firm McKinsey & Company, has agreed to pay an $18 million penalty for failing to maintain adequate policies and procedures to prevent the misuse of material nonpublic information.
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SEC enforcement report: Total actions down in FY2021; first-of-their-kind cases up
The number of total enforcement actions filed by the Securities and Exchange Commission fell 3 percent in fiscal year 2021, according to the agency’s annual enforcement report.
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Senate grills Comptroller candidate Saule Omarova on writings, past
Saule Omarova faced extraordinary questioning from Republicans on her background and previously expressed views during her nomination hearing to be the next Comptroller of the Currency.
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CNH Industrial appoints chief compliance officer for spin-off Iveco
Agricultural machinery company CNH Industrial has appointed Gabriella Porcelli as general counsel and chief compliance officer for its spin-off Iveco Group, effective Jan. 1.
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Ingredion appoints CCO, chief legal officer
Global ingredient solutions provider Ingredion Incorporated has named Tanya Jaeger de Foras senior vice president, chief legal officer, corporate secretary, and chief compliance officer, effective Nov. 29.
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SiriusPoint announces appointment of chief risk officer
Global specialty insurer and reinsurer SiriusPoint announced the appointment of Andreas Kull as chief risk officer, effective March 1, 2022.
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Emory University names chief compliance officer
Emory University has named Kenya Faulkner as chief compliance officer following the retirement of Kris West in 2020.
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ICA launches financial crime risk assessment tool
The International Compliance Association has launched an enterprise-wide risk assessment tool to help its members better assess, document, and manage financial crime risk.
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2021 TRACE Bribery Matrix: Post-Trump U.S. still outside top 20
A negative trend in the U.S. business bribery risk environment that began under the Trump administration has yet to reverse, according to TRACE International’s 2021 Bribery Risk Matrix.
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OSHA halts implementation of Biden vaccine policy
The Occupational Safety and Health Administration has suspended implementation and enforcement of its guidance ordering companies with more than 100 employees to develop a COVID-19 vaccine policy by Jan. 4.
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CWE panel: EU Whistleblowing Directive a test for company procedures
Multiple weak points identified with the upcoming EU Whistleblowing Directive could put the burden on companies to determine how to best implement the law, experts discussed during CW’s virtual Europe event.
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Dutch authorities warn Rabobank of pending action for AML failures
Rabobank announced the Dutch Central Bank ordered it to “remedy deficiencies in its compliance with the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act.”
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FRC report sets quality expectations for U.K. audit firms
The U.K. Financial Reporting Council published a blueprint for how it wants audit firms to perform to ensure they deliver high-quality audits.
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Exterro adds general counsel
Legal GRC software provider Exterro announced the hiring of Jenny Hamilton as its new general counsel.
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Kimball Electronics chief compliance officer to retire
Manufacturing solutions provider Kimball Electronics announced the retirement of John Kahle as vice president, general counsel, chief compliance officer, and secretary, effective Dec. 31. He will be succeeded by Douglas Hass.
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SEC rewrites whistleblower record books during historic FY2021
The SEC announced more whistleblower awards to more recipients in fiscal year 2021 than all prior years combined, according to the agency’s annual report to Congress.
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CWE panel: GDPR ‘the start of a culture of data protection’
Belgian Data Protection Authority head David Stevens and Member of European Parliament Axel Voss discussed ways the General Data Protection Regulation could be improved for the future during a keynote at CW’s virtual Europe event.
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FASB update improves discount rate guidance under leases standard
The Financial Accounting Standards Board issued an update to its leases standard regarding discount rate guidance for lessees that are not public business entities.
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What it takes to work in sanctions compliance
Sanctions compliance veteran Visar Jaha explores for the ICA what it takes to be a successful in ensuring compliance with sanctions regimes within a firm.
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Lawsuit: Ex-JPMorgan VP links firing to concerns raised about compliance program
A former compliance executive with JPMorgan Chase alleges she was fired after pointing out flaws in the bank’s compliance program and misrepresentations the bank made to regulators regarding a 2016 settlement of bribery allegations in the Asia Pacific region.