Appointment Blogs | Compliance Week – Page 206
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Cyber-security storms internal audit plans, poll finds
A new survey from Protiviti of 1,300 internal audit professionals shows that companies have made big progress in the past year integrating cyber-security risk into internal audit plans. Nearly three out of every four organizations include cyber-security risk in their internal audit plans, according to the poll, up from only ...
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Throwback Thursday: The three-digit insider trading case
At least one commentator declared this week's SEC insider trading case alleging illegal profits of just $1,083 to be the smallest insider trading case ever. Nope!
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EU rule on derivative contracts aims for financial stability
Image: The European Commission has adopted a new set of rules that requires certain over-the-counter credit derivative contracts to be cleared through central counterparties. The rules implement a clearing obligation under the European Market Infrastructure Regulation for credit default swaps. “[The] decision marks another step towards making good on our ...
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Another bank under FCPA scrutiny for its hiring practices
Financial services providers face unique corruption risks when seeking to win business in international markets. This includes a traditional form of back-scratching: the hiring of children or other close family members of prominent foreign officials. Only now the SEC has made it clear that such practices can and will invite ...
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Olympus to pay $623.2 million for kickback scheme
Olympus Corporation of the Americas, a wholly-owned subsidiary of Japan-based Olympus, will pay $623.2 million to resolve criminal charges and civil claims relating to a scheme to pay kickbacks to doctors and hospitals—the largest total amount paid in U.S. history for violations involving the Anti-Kickback Statute by a medical device ...
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SEC seeks comment on rule requiring naming engagement partners
The SEC is gathering comment on recent PCAOB rules that require audit firms to complete a new filing providing the name of engagement partners on public company audit engagements. PCAOB rules are subject to SEC approval before they can become final, which is why the Commission wants to hear remarks ...
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The state of “Emperor’s New Clothes” corporate disclosure
Capital markets move on information. And business in general improves in a competitive world when oversight is grounded in meaningful data. That’s why transparency in disclosure is such a good thing. But what we have now is bland compliance, not insightful communication, and it’s pretending that something exists when it’s ...
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FINRA: establishing and implementing cultural values
The Financial Industry Regulatory Authority issued new guidance on what firms will be expected to discuss regarding their firm’s cultural values. FINRA plans to meet with business, compliance, legal, and risk executives to discuss how to communicate and reinforce values. “We are particularly interested in how your firm measures compliance ...
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Group slams FINRA over arbitration claims
Nearly one out of three investor awards in arbitration cases overseen by the Financial Industry Regulatory Authority go unpaid claims a new report by the Public Investors Arbitration Bar Association. The group—a not-for-profit association of lawyers representing claimants in securities and commodities arbitration proceedings and litigation—claims that “nearly $1 of ...
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FIFA dribbles up the pitch toward reform
As FIFA continues to battle its landmark corruption scandal, it has elected a new President and passed a series of structural and process reforms to bring the organization into the 21st century and demonstrate to U.S. authorities that it really is going to change from its prior culture. But is ...
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Glass walls and black curtains
The death of Supreme Court Associate Justice Antonin Scalia—and the scuttlebutt surrounding it—underscores the deep level of secrecy that surrounds the Supreme Court and how it operates. Meanwhile, compliance officers know only too well the price to pay for a lack of transparency. Maybe it’s time for the Supreme Court ...
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HexaTier 4.0 improves database security and compliance in the cloud
HexaTier, a provider of a unified database security and compliance solution for cloud-hosted databases and Database-as-a-Service (DBaaS) platforms, recently announced the launch of HexaTier 4.0. This solution includes new features that focus on enterprise needs for DBaaS adoption, while maintaining organizational policies and addressing the challenges and risks with database ...
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RiskVision introduces Active State Risk Intelligence solution
RiskVision, an enterprise risk intelligence company formerly known as Agiliance, recently announced the launch Release 8.0 of its RiskVision solution with Active State Risk Intelligence, which provides “always on" assessments, Big Data scale, proactive insights, and regulatory ready results, establishing new benchmarks for risk management effectiveness and efficiency.
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STOPit launches risk mitigation tool to prevent workplace misconduct
STOPit announces the launch of STOPit PRO, a compliance reporting platform that enables companies to mitigate risk and prevent financial liabilities by empowering employees to anonymously report fraud, unethical behaviors, and product related issues.
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HPE Investigative Analytics: a new tool to identify and prevent fraud
Hewlett Packard Enterprise recently announced the availability of HPE Investigative Analytics, a new hosted software solution that enables financial institutions and other highly regulated organizations to identify and analyze risk events, and take action to prevent them. To help identify and stop fraudulent and non-compliant behavior, HPE Investigative Analytics leverages ...
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Stanford Law rolls out ‘Foreign Corrupt Practices Act Clearinghouse’
U.S.-based Stanford Law School announced earlier this month that it has teamed up with law firm Sullivan & Cromwell to launch the new Foreign Corrupt Practices Act Clearinghouse. The FCPA Clearinghouse is a free, public resource that provides a comprehensive, searchable, and very useful database of enforcement actions and information ...
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BlogCiti receives subpoena in FIFA probe
A Citigroup securities filing says the company is under investigation in connection with the bribery, corruption, and money laundering scandal that toppled leadership of the Fédération Internationale de Football Association, the international governing body of professional soccer. As Compliance Week previously reported, financial institutions can expect to be in the ...
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SEC probing hiring practices of HSBC and many other banks
London-based HSBC said in an earnings release last week that it is one of several banks being investigated by the U.S. Securities and Exchange Commission for its hiring practices in Asia. Hiring a family member or friend of a government official violates the Foreign Corrupt Practices Act if the intent ...
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NW Natural appoints chief compliance officer
NW Natural, a natural gas service company, has appointed Shawn Filippi as chief compliance officer, in addition to her current role as vice president and corporate secretary.
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Surveys, papers provide plenty of advice for internal auditors
Image: In a survey from KPMG and Forbes of more than 400 CFOs and audit committee members nearly 60 percent said they would welcome help in assessing risks and risk-managing practices, but only 22 percent said they get that from internal audit; 36 percent said they would like to see ...