Appointment Blogs | Compliance Week – Page 204
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CalPERS names chief compliance officer
The California Public Employees' Retirement System (CalPERS) has selected Marlene Timberlake D'Adamo as chief compliance officer, effective on April 11. In her new position, Timberlake D'Adamo is responsible for all aspects of the enterprise compliance program, including full responsibility for administering a comprehensive compliance monitoring and oversight program in relation ...
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FlexShopper appoints chief risk officer
FlexShopper, Inc. has named Ravi Radhakrishnan as chief risk officer. Radhakrishnan was most recently head of underwriting valuations and senior vice president of consumer card services at Bank of America, where he managed various facets of decisioning, risk strategy and underwriting across a $90 billion credit card asset portfolio.
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SEC Charges Magnum Hunter with faulty evaluations of internal controls
Oil and gas producer Magnum Hunter Resources and several individuals settled charges this week with the Securities and Exchange Commission for deficient evaluation of the company’s internal controls over financial reporting, and failures to maintain internal control over financial reporting.
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ASIC announces record sentence in Xiao insider trading case
The Australian Securities and Investments Commission announced that Hui Xiao, a former managing director of Hanlong Mining, was sentenced today to a total of 8 years and 3 months for insider trading -- the longest sentence ever imposed in Australia for that crime. The Xiao case is a nice success ...
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FASB wraps up revenue recognition technical decisions
FASB has determined how it wants to address questions around certain aspects of the disclosure requirements for unmet performance obligations in the new revenue recognition standard. The board plans to add a practical expedient to the disclosure requirements around certain types of variable consideration; it also will make some improvements ...
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Are anti-bribery experts focusing on the wrong numbers?
To be sure, enforcement data is an important tool for companies to understand their anti-bribery regulatory risks. But relying solely on U.S. enforcement statistics reveals only part of the increasingly complex and multi-layered regulatory landscape that multinationals are facing today. Inside, a look at what can be accomplished when the ...
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BDO USA weighs in with proxy season advice
Volatility and risk around the globe is fostering uncertainty in corporate boardrooms around the country, and the “unsettled climate should make for an interesting annual meeting season,” says a new report by BDO USA, an accounting and consulting firm. The firm has compiled a list of topics that corporate management ...
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Senate committee sets March 15 hearing on SEC nominations
The months-long wait for filling vacancies on the Securities and Exchange Commission may soon be coming to an end. On March 15 at 10 a.m., the Senate Banking Committee will hold a hearing on President Obama’s October nominations of Lisa Fairfax (a Democrat) and Hester Peirce (a Republican) to replace ...
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Survey finds mid-sized businesses still challenged by ACA
The recently released ADP Midsized Business Owners Study for 2015 looks at how that market segment is responding to regulatory and compliance challenges, notably obligations under the Affordable Care Act. Regulatory concerns appear to be increasing. In 2014, only 30 percent ranked managing the layers of government regulations as the ...
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Internal audit intelligence calls for elevated service levels
Image: At a recent Institute of Internal Auditors conference, audit executives heard the early returns from the annual IIA Common Body of Knowledge study that suggest North American audit stakeholders would welcome more help in identifying strategic risks. Brian Christensen, executive vice president at consulting firm Protiviti, which assisted with ...
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SEC awards nearly $2 million in latest blockbuster whistleblower payout
The SEC announced another blockbuster whistleblower award yesterday. The agency stated that it will pay nearly $2 million to three whistleblowers in a case -- including a payment of approximately $1.8 million to one of the three whistleblowers.
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EU non-financial reporting: directives and consultations
The Non-Financial Reporting Directive requiring all member states to adopt legislation for public company non-financial reporting comes into force on 6 December 2014, giving EU member states two years to transpose it into national law. According to a European Commission impact assessment, those companies have a lot of work to ...
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BlogHow Qualcomm’s FCPA blunder involved rank incompetency
Hiring the son or daughter of a government official to secure a lucrative business contract is clearly out of bounds. But hiring somebody who was specifically rejected from an interview process as being unfit for the job in question, a scenario recently played out at Qualcomm and its China-based operations ...
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Report: Europe makes up majority of U.S. bribery investigations
The majority of U.S. investigations and enforcement actions concerning alleged bribery of foreign officials conducted against non-U.S. companies and individuals involved companies or individuals from Europe, according to a new report issued by anti-bribery group TRACE International. Companies or individuals from Europe made up approximately 71 percent of U.S. bribery ...
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Run, don't walk, from CEO conflicts of interest
On March 2, Aubrey McClendon—founder and CEO of American Energy Partners, and co-founder, CEO, and chairman of Chesapeake Energy—died in a fiery one-person car crash, where it appears he deliberately drove his vehicle into a concrete barrier around a highway overpass. This car accident occurred the day after he was ...
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Audit regulators globally call on big firms for faster improvement
Audit regulators globally say they aren’t satisfied with inspection results the past few years and are working with the six largest global audit networks—Deloitte, EY, KPMG, PwC, BDO, and Grant Thornton—to step up the pace of improvement. The International Forum of Independent Audit Regulators, a global association of audit regulators ...
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DOJ's Patrick Stokes promoted, Daniel Kahn named acting head of FCPA unit
The current head of the DOJ's FCPA unit, Patrick Stokes, has been named Senior Deputy Chief of the Criminal Division’s Fraud Section. Daniel S. Kahn, Assistant Chief of the FCPA unit since 2013, will now serve as Acting Head of the FCPA unit.
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SEC creates Office of Risk and Strategy
The SEC is creating an Office of Risk and Strategy within its Office of Compliance Inspections and Examinations, which will consolidate and streamline risk assessment, market surveillance, and quantitative analysis teams and provide operational risk management and organizational strategy for OCIE. Peter Driscoll will lead the office and has been ...
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Former FTC general counsel joins Sidley
Jonathan Nuechterlein, former general counsel for the Federal Trade Commission, has joined law firm Sidley Austin as partner and co-leader of the firm's communications regulatory practice. He also joins the antitrust/competition practice.
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21st Century Oncology to pay $34.7 million for False Claims Act violations
21st Century Oncology, a physician-led integrated cancer care provider, and its wholly owned subsidiary South Florida Radiation Oncology, will pay $34.7 million to settle allegations that they performed and billed for procedures that were not medically necessary. Since January 2009, the Justice Department has recovered a total of more than ...