All Risk Management articles – Page 87
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ArticleNew bank resiliency guidance tackles cyber-risk, pandemic planning
Federal banking regulators have released new operational resiliency guidance aimed to strengthen risk management around technology-based failures, cyber-incidents, pandemic outbreaks, natural disasters, and more.
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ArticleManchester Arena tragedy offers stark lesson in training importance
As the public inquiry into the Manchester Arena bombing of 2017 plays out in the United Kingdom, lessons can be gleaned on the importance of providing thorough and complete training to employees in all fields.
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ArticleCCO Philippe Vollot has a plan for Danske’s compliance reboot
Danske Bank CCO Philippe Vollot knows his journey to build a robust compliance program and culture at the troubled lender is far from over.
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ArticleBribes, falsified records cost Beam Suntory $19.6M in FCPA settlement
Alcoholic beverage maker Beam Suntory agreed to pay $19.6 million to resolve Foreign Corrupt Practices Act charges of improper payments by its Indian subsidiary.
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ArticleOCC deems ‘true lenders’ responsible for actions of third-party partners
The Office of the Comptroller of the Currency’s finalized “true lender” rule clarifies how banks are responsible for the compliance obligations and actions of their third-party lending partners.
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ArticleGoldman board demands accountability with widespread 1MDB clawbacks
The board of directors at Goldman Sachs Group will attempt to claw back approximately $174 million from a dozen current and former executives—one of the largest clawback attempts ever—in the aftermath of the 1MDB scandal.
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ICA launches new certification in corporate governance
The International Compliance Association has relaunched its Specialist Certificate in Corporate Governance course designed to provide an understanding of the requirements and principles of good corporate governance.
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ArticleChoose your ending: What to do when your systems are hacked and ransom is demanded
What should you do if your firm is hit by ransomware? Choose your own ending to this tale about a clinic, a criminal, and coronavirus to learn the risks and rewards of each choice.
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ArticleCompliance lessons from Goldman Sachs’ $2.9B 1MDB settlement
Jaclyn Jaeger explores compliance takeaways from Goldman Sachs’ $2.9 billion global bribery settlement for its role in the 1MDB scandal.
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ArticleSEC Commissioner Hester Peirce mulling CCO liability framework
SEC Commissioner Hester Peirce revealed in a recent speech that she is considering developing a draft framework that would aim to clarify when the Commission may seek personal liability in compliance cases.
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ArticleNIST guidance tackles how to integrate cyber-security with ERM
New guidance from NIST aims to demystify a process with which many companies across all industries have long struggled: how to seamlessly integrate cyber-security risk into an overall enterprise risk management program.
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ArticleBerkshire Hathaway fined $4.1M for Iran sanctions violations
The U.S. Department of the Treasury’s Office of Foreign Assets Control assessed a $4.1 million fine against Berkshire Hathaway for “egregious” violations of sanctions against Iran committed by a subsidiary in Turkey.
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ArticleAvoiding the compliance pitfalls of bias, bullying, and blind spots
As compliance professionals we have an important role to play in helping businesses confront and challenge the three Bs of bias, bullying, and blind spots. If we can’t see it, we can’t police it, and that is our job, writes Martin Woods.
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ArticleStudy: Financial crime compliance costs top $42B in U.S./Canada
A new study of financial crime compliance costs found spending by American and Canadian financial institutions is up sharply in 2020, driven in part by the coronavirus pandemic.
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ArticleIs human trafficking financial services’ blind spot?
A new report from BAE Systems demonstrates just how far we have to go in the fight against money laundering, particularly when it comes to human trafficking.
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ArticleUSAA $85M fine for compliance failures lacks justification
The OCC’s recent $85 million penalty assessed against USAA for compliance risk management failures leaves too many questions unanswered for a fine that size, writes Jaclyn Jaeger.
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ArticleBest practices for M&A cyber-security due diligence in a virtual world
The slowdown in mergers and acquisitions in the early stages of the coronavirus pandemic in March is waning, and M&A activity is approaching pre-pandemic levels again, with cyber-security risk now the top concern.
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ArticleSEC ‘pay-to-play’ enforcement surge projected in 2021
More donations in a high-stakes election year means more chances that the Securities and Exchange Commission will pursue investigations related to its often overlooked “pay-to-play” rule.
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ArticleHow Danske is cleaning up after a €200B money laundering scandal
It is not clear what action Danske Bank will take on the back of its investigation into Europe’s biggest-ever money laundering scandal, but it is a safe bet to think further improving compliance will be on the list.
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DOJ official: ‘Inability to pay’ playing more prominent role in criminal cases
Revenue constraints faced by companies due to the coronavirus pandemic are factoring more prominently into settlement discussions with the Department of Justice, according to acting Criminal Division head Brian Rabbitt.