Appointment Blogs | Compliance Week – Page 277
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SEC Disclosure Crackdown Turns to Beneficial Ownership Reports
With another enforcement sweep made possible by its ongoing data dive into corporate filings, the Securities and Exchange Commission has fined several officers, directors, and major shareholders in companies for failing to update their stock ownership disclosures. The charges relate to the failure to file Schedule 13D, commonly known as ...
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Standard Chartered Beefs Up Financial Crime Risk Committee
Standard Chartered today announced the appointment of three external advisor members to its board financial crime risk committee. The banking giant announced the formation of the committee last year as part of a strategic priority to combat financial crime and continue to invest in its compliance program in the wake ...
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U.K. Watchdog to Hold Senior Managers Accountable
British banking regulators have released new guidelines to improve individual accountability in the banking sector. In the event of misconduct, senior managers who are capable of “causing significant harm” to a bank, or can threaten the integrity of financial markets, will now be held accountable in an investigation. Details inside.
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Regulator Roasts Fannie Mae’s CAE Selection
The Federal Housing Finance Agency has provided a primer for corporate audit committees on how not to appoint and manage a chief audit executive. The FHFA’s inspector general has released a detailed report criticizing Fannie Mae’s selection of a chief audit executive in 2013, calling the audit committee’s process “far ...
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BrandProtect Monitors Social Media for Cyber Threats
BrandProtect recently extended its enterprise-class cyber threat and reputational risk detection and mitigation platform to include robust social domain auditing, monitoring, activity analysis and threat detection. The BrandProtect cyber threat and reputational risk detection and mitigation platform delivers 24/7 brand and reputational risk monitoring across a comprehensive range of social ...
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Former BankUnited Chief Risk Officer Joins PwC
Randy Melby has been appointed risk assurance managing director in PwC’s Internal Audit practice. He joins PwC from BankUnited, where he served as chief risk officer. Details inside.
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Former U.S. Deputy Attorney General James Cole Joins Sidley Austin
James Cole, Deputy Attorney General of the United States, has joined law firm Sidley as a partner in its white-collar government litigation and investigations practice. Cole will focus his practice on the full range of federal enforcement and internal investigation matters, with a particular emphasis on cross-border and multi-jurisdictional matters. ...
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AutoNation Corporate Controller Removed From Post
AutoNation, an auto retail company, said this week in a Form 8-K filing that Michael Stephan no longer serves as corporate controller and principal accounting officer, due to an internal realignment of its finance department. He will continue to serve as an employee of the company on a transitional basis ...
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Harsco Chief Compliance Officer Departs
Harsco, a global industrial services company, reported in a Form 8-K filing this week that Verona Dorch, chief legal officer, chief compliance officer, and corporate secretary, has left the company. Dorch's employment ended March 10.
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$1.45B Commerzbank Settlement Hits AML Controls
Germany-based Commerzbank and its U.S. branch, Commerz New York, will pay a total of $1.45 billion in penalties to resolve criminal charges for violations of the International Emergency Economic Powers Act and the Bank Secrecy Act. The settlement provides a litany of lessons on the importance of implementing proper anti-money ...
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Utah Lawmakers Approve First 'White Collar Crime Offender Registry'
This week, legislators in Utah passed a bill that will require the state to establish a new "Utah White Collar Crime Offender Registry." The New York Times reports that the Registry, which is similar in concept to the sex offender registries now in every state in the U.S., will be ...
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Ethics Resource Center, ECOA Reborn as New Group
Two of the most well-known names in corporate ethics—the Ethics & Compliance Officers Association and the Ethics Resource Center—are gone, merged and reborn as the Ethics & Compliance Initiative, a new organization that will focus on research and certifying compliance programs. More inside.
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SEC Chairman Weighs in on Waiver Dispute
Image: For more than a year, the SEC has been divided over the use of waivers that allow firms to engage in capital-raising activities despite an enforcement action. For the first time, SEC Chairman Mary Jo White has entered the fray. Waivers should not be wielded as an enforcement tool, ...
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Why Is Cyber-Security a Process? This Is Why.
Image: Everyone stresses the importance of looking at cyber-security as a process. Well—why, exactly? How does viewing cyber-security that way help compliance and audit executives? Because, Compliance Week Editor Matt Kelly writes, cyber-threats are equally about building effective processes—to subvert yours. And until we appreciate the nature of cyber-risks, he ...
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Deloitte Analytics Platform Accelerates Internal Audit Transformation
Smarter, faster, and better are all important desires of the modern internal audit organization. In answer to these demands, Deloitte this week introduced a new advanced analytics platform to offer internal auditors a comprehensive way to support the end-to-end audit process combined with state-of-the-art data visualization, risk sensing, and analytic ...
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EU Data Supervisor Pushing Strengthened Privacy Laws
Image: Title: ButtarelliThe European Union’s Data Protection Supervisor Giovanni Buttarelli told officials in Washington that the EU’s ambitious overhaul of its data regulations will “place the individual more firmly at the heart” of technology, by boosting transparency and individual control. Buttarelli said the reforms will be backed by real teeth, ...
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Franzel Reveals Progress in Internal Control Audits
Image: PCAOB member Jeanette Franzel said to expect improvements in the audit of internal control once 2014 audit inspections are published. “Preliminary results of the 2014 inspections indicate that some improvements have been seen in the area of auditing internal control,” Franzel said at the recent IIA annual conference. “That ...
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Senator Carl Levin to Join Honigman
Senator Carl Levin, Michigan’s longest-serving U.S. senator, will join law firm Honigman Miller Schwartz and Cohn in April as senior counsel. At Honigman, Levin's focus will include aiding corporations with internal investigations and crisis management; assisting corporations with social responsibility and compliance issues; and facilitating alternative dispute resolutions and mediations. ...
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EU Court Annuls European Location Policy for CCPs
The General Court of the European Union has overturned a European Central Bank framework requiring large central counterparties (CCPs) dealing with euro-denominated transactions to be located within the Eurozone. The court ruled that the ECB lacked the authority to require CCPs involved in clearing securities to be located within the ...
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Brazil's Landmark Insider Trading Case Derailed as Seized Cash Now Missing
When we last checked in on the Brazilian insider trading case against former billionaire Eike Batista, the case was, by all accounts, in "turmoil." As I discussed here, the criminal prosecution against Batista -- a landmark case that may make him the first person ever sent to prison in Brazil ...