Appointment Blogs | Compliance Week – Page 209
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€30 million for cup of tea? Good work if you can get it
FCPA blogger Tom Fox looks at an unfolding scandal that involves a murdered Mongolian paramour, a contract for submarines, embattled Malaysian Prime Minister Najib Razik, middleman Abdul Razak Baginda, and the most lucrative cup of tea in recent memory.
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Morgan Stanley hit with $2.6 billion penalty
The Justice Department yesterday announced that Morgan Stanley will pay a $2.6 billion penalty to resolve claims related to Morgan Stanley’s marketing, sale and issuance of residential mortgage-backed securities. This settlement constitutes the largest component resolutions with Morgan Stanley entered by members of the RMBS Working Group, which have ...
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SciClone Settles with the SEC on FCPA Enforcement Action
Title: SciClone Settles with the SEC As SciClone Pharmaceuticals settles with the SEC for FCPA violations committed by a Chinese subsidiary, Tom Fox considers how the finer points of granting favors to government officials merits greater compliance scrutiny.
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SFO Director David Green’s term extended for two more years
David Green, director of the U.K.’s Serious Fraud Office, has had his contract extended by two years, through April 2018. Green is credited with leading a change in the SFO’s approach to prosecuting cases and delivering the first U.K. deferred prosecution agreement and the first convictions under the Bribery Act ...
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NopSec Unified VRM 4.0 simplifies security threat remediation
NopSec, a provider of vulnerability risk management and remediation workflow solutions, this week unveiled Unified VRM 4.0 to help organizations take a more proactive approach to vulnerability management and, more importantly, remediation. The latest enhancements further close the gap between detection and remediation by empowering security teams with faster, easier ...
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SBM Offshore: Justice Department reopens bribery probe
Dutch oil and gas company SBM Offshore announced this week that the U.S. Department of Justice has re-opened its past bribery investigation of the company concerning allegations of improper payments made to sales agents and foreign government officials in Equatorial Guinea, Angola, and Brazil.
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Oversight Systems: automated transaction monitoring for FCPA compliance risk
Oversight Systems, an operational expense analysis company, this week launched its new automated transaction monitoring solution for Accounts Payable FCPA/Anti-bribery and Corruption Risk.
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Justice Department: companies will have to certify investigation disclosures
The Department of Justice’s Fraud Section has confirmed that it is working on developing a new policy whereby settling companies will soon have certify that they have, in fact, disclosed fully all information about individuals involved in wrongdoing before finalizing a settlement agreement. The new policy in the making signals ...
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SEC’s White offers insight on 2016 priorities
In a wide-ranging conversation at Northwestern University, SEC Chairman Mary Jo White detailed her thoughts on a variety of topics, offering fresh perspective on agency priorities for the months ahead, including the ongoing disclosure effectiveness review, a new accredited investor definition, and the “clawback” rule for executive compensation.
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FASB hits pause on revenue recognition disclosure provision
Image: FASB met recently to consider proposed guidance around collectibility, non-cash consideration, contract modifications, and more. It did not come to a final decision, however, on whether to add a practical expedient to certain disclosure requirements regarding remaining performance obligations. FASB member Marc Siegel offered some concern: “We tried to ...
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AIMCo Names Chief Risk Officer
Alberta Investment Management Corporation (AIMCo), a Canada-based institutional investment management firm with approximately $90 billion of assets under management, has appointed Remco van Eeuwijk as chief risk officer, effective May 2. Reporting to Chief Executive Officer Kevin Uebelein, he will join AIMCo's executive committee.
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FBD Holdings Names Chief Risk Officer
FBD Holdings, an Irish insurance company, this week named David Costello as chief risk officer for its FBD Insurance business, effective Feb. 22. Costello will join FBD from Allianz Worldwide Care, where he is head of actuarial services for the past nine years and a member of the executive management ...
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Axiom Bank Names Chief Risk Officer
Axiom Bank has named Penny Sanders as chief risk officer. She replaces Ronald Strand-Sorrell, who has moved to the position of executive vice president, chief operations officer.
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Rabobank Names Chief Risk Officer
The Supervisory Board of Rabobank has nominated Petra van Hoeken as chief risk officer and member of its executive board. Her nomination will be submitted for regulatory review and for advice from the Works Council.
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Pfizer Names Executive Leadership Team Following Allergan Merger
Pfizer this month announced the executive leadership team for the combined Pfizer and Allergan business, following the close of the proposed transaction. Pfizer and Allergan will continue to operate as two separate companies until the close of the transaction, which is expected in the second half of 2016, subject to ...
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Coast Capital Savings Names Chief Risk Officer
Coast Capital Savings, Canada's largest credit union by membership, this month appointed Bruce Schouten as chief risk officer. Schouten recently held senior positions at OSFI (Office of the Superintendent of Financial Institutions) and TD Bank, where he helped to build, and led for several years, the enterprise risk management function ...
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Survey: public underestimates CEO pay, still outraged
Image: A recent survey of 1,202 individuals by Stanford University’s Rock Center for Corporate Governance shows the American public believes CEOs take home much more in compensation than they deserve. “While we find that members of the public are not particularly knowledgeable about how much CEOs actually make in annual ...
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The Bancorp Names Chief Compliance Officer
The Bancorp has appointed Sepideh Behram to chief compliance officer, as the company works to revamp its compliance and risk program after resolving a settlement with the Federal Deposit Insurance Corporation in December.
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The Greek Culture of Corruption
Envelopes stuffed with cash and entire industries poised to take action against the first sign of whistleblowing are just two of the hallmarks of the endemic corruption that bedevils the entire Greek economy. What can be done when compliance isn’t just absent in a country, but actively avoided as a ...
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SEC Names O’Riordan and Patel Associate Dirs. for Enforcement in L.A.
C. Dabney O’Riordan and Alka Patel have been named Associate Directors for Enforcement in the SEC's Los Angeles Regional Office, where they will oversee that office’s enforcement’s efforts in southern California, Arizona, Nevada, and Hawaii.