Appointment Blogs | Compliance Week – Page 289
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EU Bankers Bristle Against ‘Unjustified’ Proposed Structural Changes
Image: Jan. 14—Bankers in the European Union have received support for their continued opposition to the European Commission’s bid to mandate structural changes to the bloc’s biggest banks. The proposal would force some of the biggest banks to stop proprietary trading or split off certain trading activities from deposit-taking activities. ...
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EU Insurance Sector Ramping Up to Meet New Regime
Image: Jan. 14—Insurers are finally preparing to meet solvency requirements passed nearly six years ago. Member states have until the end of March to transpose the Solvency II Directive into national law, with insurers starting to seek approval in April for their models used to calculate capital requirements. A recent ...
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Nordis Direct Appoints HIPAA Compliance Officer
Nordis Direct, an independent business solution provider, has appointed Natalie Foster Johnson to the post of HIPAA compliance officer. Johnson's appointment comes at a time when Nordis Direct continues to roll out its communications management and e-bill presentment and payment platforms to medical billing providers, hospitals, and other healthcare businesses. ...
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A Recap of FCPA Enforcement in 2014
Foreign Corrupt Practices Act enforcement actions brought by the Justice Department and the Securities Exchange Commission in 2014 held steady in comparison to the previous year's enforcement numbers, while the average price tag in penalty amounts continued to skyrocket. In 2014, the average total value of monetary resolutions in FCPA ...
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MetLife Makes a Federal Case of its SIFI Designation
MetLife has filed a lawsuit to undo its designation as a non-bank systemically important financial institution by the Financial Stability Oversight Council. Although CEO Steven Kandarian said the company had hoped to avoid litigation, it marks the first time a too-big-to-fail designation has been challenged before a federal judge.
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FASB Jettisons Extraordinary Items From Financial Statements
In its quest to simplify accounting standards, the Financial Accounting Standards Board has adopted a new provision in Generally Accepted Accounting Principles that spares companies the requirement to display extraordinary and unusual items in financial statements. FASB said stakeholders had expressed concerns that companies often faced uncertainty over when to ...
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SEC Announces 2015 Examination Priorities
The SEC has released its examination priorities for 2015. The list includes cyber-security controls and assessing anti-money laundering efforts, with a focus on firms that have not filed suspicious activity reports or have incomplete or late filings. SEC staff will also examine proxy advisory service firms, assessing how they make ...
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Omnicom Group Names Controller; Chief Accounting Officer
Omnicom Group, a marketing and communications company, has promoted Peter Swiecicki, currently director of business operations, to controller. The company also appointed Andrew Castellaneta, currently assistant controller, to chief accounting officer. Details inside.
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Painful Lessons Learned From Alstom, Avon Settlements
Two long-standing FCPA investigations—one into Avon, the other into Alstom—wrapped up in December, with results sure to alarm any audit committee. The fines were huge, the investigation costs just as large and, above all, the costs of non-cooperation were demonstrated to be painfully high. Inside, Compliance Week columnist Tom Fox ...
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A Sad Day for Integrity and Ethics
The refrain that corporate leaders need to focus on leadership and culture may sound like old hat, but it bears repeating—especially since, Compliance Week columnist Rick Steinberg notes, even large businesses with ostensibly mature compliance programs keep making the same mistakes. Inside, he examines one particularly bad day for several ...
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White House Unveils New Data Security Efforts
On Monday, President Barack Obama proposed several new initiatives intended to enhance data security and combat identity theft. Among the proposals is legislation requiring companies to notify customers within 30 days when their personal information has been exposed, criminalizing the overseas trade in identities, and preventing certain uses of student ...
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Podcast: Casinos Double Down on Anti-Money Laundering Compliance
Casinos have traditionally had a less-than-stellar track record when it comes to their anti-money laundering efforts. But now, amid increased scrutiny on AML compliance by regulators, the American Gaming Association has released its first-ever AML best practices guidebook. In our latest podcast, we talk to Fred Curry, a principal in ...
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Environmental Tectonics Compliance Chief Departs
Environmental Tectonics, which designs, manufactures, and installs equipment for the aerospace and biomedical industries, announced last week that James Wells will be stepping down as general counsel, corporate secretary, and chief compliance officer. Details inside.
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Responding to Controversy, American Apparel Revisits Code of Conduct
It may not mention ousted CEO Dov Charney by name, but American Apparel's new Code of Conduct may give companies ideas for how to toughen up their sexual harassment policies. The new document, four times longer than the one it replaces, expands upon expectations for employee conduct, requires supervisors to ...
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General Cable Names Chief Compliance Officer
General Cable has appointed Kurt Drake to the newly-created, standalone role of chief compliance officer. He will report to Chief Executive Officer Gregory Kenny. Details inside.
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CFTC Outlines Expectations for New Annual Reports from CCOs
The Commodity Futures Trading Commission recently shed more light on the new annual reports that compliance officers at swaps dealers must now provide. The CFTC guidance outlines expectations for assessing a firm’s written policies and procedures, including the code of ethics and conflict-of-interest policies. Shortcomings must be explained in detail, ...
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Ousted Infosys Compliance Chief Joins Tata Steel
Image: Tata Steel has appointed Parvatheesam Kanchinadham, the ousted chief risk and compliance officer of Indian software giant Infosys, as company secretary and compliance officer. Kanchinadham, who joined Infosys in 2003, resigned last year after an ethics investigation found that he had made gender-insensitive comments to female employees. Details inside.
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Apricus Biosciences Names Chief Accounting Officer
Apricus Biosciences, a biopharmaceutical company, has appointed Catherine Bovenizer to the newly-crated role of vice president of finance and chief accounting officer. She reports directly to Chief Executive Officer Richard Pascoe. Details inside.
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Justice Department Names New Chief of Criminal Division's Fraud Section
Andrew Weissmann today was selected as the Chief of the Criminal Division’s Fraud Section. Weissmann returns to the Criminal Division after serving as the FBI’s general counsel under former Director Robert Mueller and, most recently, teaching criminal procedure and national security law courses and seminars at NYU School of Law. ...
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FTC Chair Warns of Internet of Things Data Privacy Concerns
Federal Trade Commission Chairman Edith Ramirez took to the floor of the International Consumer Electronics show in Las Vegas last week to offer companies a warning about the “Internet of Things” and broadband-connected cars, wearable tech, and home appliances. Connected devices pose significant privacy and security implications, she said, urging ...