Appointment Blogs | Compliance Week – Page 202
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Under investor scrutiny, corporate governance evolved into a crucial value generator
Title: Recent statements from big, maRecent statements from big, mainstream investment firms underscore just how far corporate governance has evolved from having once been a compliance exercise about proxies to a fundamental contributor to risk management and value creation. And as more funds integrate environmental, social, and governance factors into ...
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Avoiding Vanguard’s cyber-security stumble
Image: A recent incident at Vanguard in which the company unintentionally sent 71 e-mails pertaining to different customer transactions to a random Vanguard customer triggered a flawed response from the company that demonstrates how SEC-registered entities can underestimate just how difficult it is to manage customer data-related predicaments. CW’s John ...
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Former Goldman compliance employee settles SEC insider trading case
A former Goldman Sachs compliance employee settled his case with the Securities and Exchange Commission to resolve insider trading charges filed against him last year. Judge Valerie Caproni of the U.S. District Court for the Southern District of New York last week entered a final judgment against defendant Yue Han, ...
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Living in glass houses can be a good thing
A recent visit by CW Editor Bill Coffin to a building with no solid walls, and a chance encounter with one of the world’s wealthiest people offered a compelling case for the pursuit of transparency in both the literal and figurative sense.
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Toshiba faces U.S. accounting probe
Tokyo-based electronics maker Toshiba confirmed that it is under investigation by the U.S. Department of Justice and the Securities and Exchange Commission over alleged accounting irregularities. Toshiba’s disclosure about the U.S. investigation follows media reports that U.S. regulators are investigating allegations that Toshiba’s U.S.-based nuclear business division, Westinghouse, hid $1.3 ...
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Weekends are for ... fraud?
The recent $101M heist from the Central Bank of Bangladesh would have been impossible had it not occurred over a weekend, and had weekends themselves not been observed on different days of the week in Bangladesh than they are in the United States. One thing’s for sure: Whenever the weekend ...
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CipherCloud extends data protection capabilities of Salesforce Financial Services Cloud
CipherCloud has announced it is extending the capabilities of Salesforce Financial Services Cloud with advanced encryption, tokenisation and enterprise key management. Financial Services Cloud is generally available for purchase today, empowering advisors to build deeper 1-to-1 client relationships, be more productive and engage more holistically with clients anywhere and on ...
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Mitratech acquires Viewabill
Mitratech, a provider of enterprise legal management solutions, has acquired Viewabill, which provides corporate clients with real-time insight into their law firms’ activities and time entries through Web and mobile app access by integrating with law firm time and billing systems.
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Herjavec Group now offers Splunk security products
Splunk, a software platform provider for real-time operational intelligence, and Herjavec Group, a global managed service provider, recently announced an alliance that includes Splunk solutions at the heart of Herjavec Group’s new managed security service provider offerings. Herjavec Group now offers Splunk Enterprise, Splunk Cloud, and Splunk Enterprise Security (ES) ...
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Chrome River MERCURY provides expense reporting from any device
Chrome River Technologies, a provider of expense management and supplier invoice processing software, announced MERCURY, a new interface that uses an innovative Web app to allow secure and user-friendly travel expense management across any mobile, tablet, or desktop device.
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FBI's Cyber Division alerts law firms to hacker threats
The FBI's Cyber Division recently issued a Private Industry Notification alerting law firms that "[i]n a recent cyber criminal forum post, a criminal actor posted an advertisement to hire a technically proficient hacker for the purposes of gaining sustained access to the networks of multiple international law firms." The criminals ...
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SEC commissioner nominees Peirce and Fairfax receive Senate hearing
This week -- finally(!) -- the Senate Banking Committee held confirmation hearings for the two people nominated to be the next SEC commissioners: Hester Peirce and Lisa Fairfax. Presently, following the 2015 departures of SEC commissioners Luis Aguilar and Daniel Gallagher, the SEC is operating with just three commissioners (Chair ...
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FASB complete gross versus net guidance for revenue recognition
The Financial Accounting Standards Board has issued an update to accounting standards meant to put to rest any confusion that may still exist on how to apply the principal-versus-agent guidance in the new revenue recognition rule.
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CFTC approves substituted compliance framework with EU
The Commodity Futures Trading Commission has approved a substituted compliance framework for dually-registered central counterparties, located in both the United States and European Union. European CCPs registered with the CFTC can now comply with its rules by meeting corresponding European Market Infrastructure Regulation requirements.
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FINRA scrutinizes digital investment advice, ‘robo-advisers'
Financial services firms’ offerings of digital investment advice—also known as ‘robo-advisers’—require sound governance and supervision, including effectively overseeing the suitability of recommendations, conflicts of interest, customer risk profiles, and portfolio rebalancing. That’s the warning in a new report released by the Financial Industry Regulatory Authority.
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Study: technology key to CCOs keeping a ‘seat at the table’
The ability of financial institutions’ compliance functions to manage risk is challenged on multiple fronts, including rising expectations that they play a stronger, more strategic role in front-office processes, the increased volume and complexity of regulations, and a lagging data and technology architecture, according to a new study by Accenture. ...
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How to stop banks from behaving like banks
In the never-ending quest to address the systemic risk posed by the banking industry, a team of academics and the Banking Standards Board have raised fresh initiatives to improve banking regulation itself. But are a globally imposed “risk tax” and a push to improve banking culture really what banks need?
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BlogFASB issues new rules on gift cards, hedging, equity investments
FASB has issued guidance that enables companies to write off lingering gift card liabilities, shore up hedge accounting practice differences, and simplify transitions to equity method accounting. Crowe Horwath Partner James Dolinar says the guidance around gift cards is perhaps the most broadly applicable, as companies can now do some ...
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Alere receives subpoena in foreign bribery probe
Alere, a global diagnostic device and service provider, said yesterday a filing the Securities and Exchange Commission that it received a grand jury subpoena from the Department of Justice requiring the production of documents relating to its sales practices in Africa, Asia, and Latin America.
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NGOs to OECD: global standards needed for foreign bribery settlements
A group of non-governmental organizations has written a letter to the OECD Working Group on Bribery urging it to develop global standards for corporate settlements based on best practice. Corruption Watch, Global Witness, Transparency International, and the UNCAC Coalition asked the OECD to address “urgently” whether the use of settlements ...