All Compliance Week articles in Web Issue – Page 467
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Blog
Zurich appoints new group chief risk officer
Zurich Insurance Group this month announced that Alison Martin will join the company on Oct. 1 and assume the role of group chief risk officer in January 2018. The appointment is subject to regulatory approval. She will succeed Cecilia Reyes, Zurich’s current group chief risk officer, who will retire from ...
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What new headaches may befall FIFA?
A new and potentially very damaging turn has taken place in the ongoing FIFA corruption scandal. Miguel Maduro, former chairman of FIFA’s governance committee, said that if asked, he would provide specific accusations of top FIFA officials pressuring him to ignore regulations.
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Uber and “Hell”
The hits keep coming to beleaguered transportation firm Uber; reports have surfaced that an internal company program called “Hell” utilized software that allowed it to illegally interfere with Lyft, an Uber competitor.
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Remediation and the Equifax data breach
Equifax has a long road to travel to get past the recent data breach that saw 143 million people’s personal information exposed to theft.The company will need to engage in significant remedial action, notes The Man From FCPA, if they hope to survive the upcoming fallout.
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FASB proposes updated, new taxonomies for 2018
FASB has completed its annual update to the GAAP taxonomy and has added a new taxonomy for companies to consider addressing international standards.
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ICOs, Santa, and the DEA
Title: ICOs, Santa, and the DEAIn case you missed it this week, cryptocurrencies have a historic week, the military continues to ignore sexual misconduct allegations, and physically dragging passengers off of an airline isn’t considered a civil rights violation, after all.
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Cyber-attack exposes consumer data at Equifax
The consumer credit reporting agency Equifax has announced a cyber-security incident that may have exposed the data of 143 million U.S. consumers. Credit card numbers for approximately 209,000 U.S. consumers were accessed.
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State Street to pay $35M for disclosure failures
State Street today agreed to pay more than $35 million to settle charges that it fraudulently charged secret markups for transition management services and separately omitted material information about the operation of its platform for trading U.S. Treasury securities.
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New scandals; new lexicon for unethical conduct
In the FCPA world, the most dreaded question during an enforcement action is “where else?”—as in, where else are you engaging in bribery and corruption? After Wells Fargo, the lexicon may well expand to “what else?”—as in what other conduct is your company engaging in that is unethical?
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Article
Everybody owns compliance
You don’t have to be an explosives technician or a Presidential bodyguard to be a great compliance, risk, and ethics officer, but it sure does help. Just ask Darin Goodwiler of the CFA Institute.
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Going weird in international bribery and corruption
As Hunter S. Thompson once said, “When the going gets weird, the weird turn pro.” Such is the case of BSG Resources after accusations surfaced that the company had paid bribes to obtain a huge mining concession in Guinea—charges it vehemently denies.
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SEC’s Piwowar cleared of overstepping bounds with rule re-proposals
SEC Commissioner Michael Piwowar, while serving as acting chairman, acted appropriately when moving forward with rule re-proposals, says Inspector General Carl Hoecker in a response to complaints by Senate Democrats.
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Business leaders fight to preserve DACA, protect ‘Dreamers’
Business leaders, including prominent CEOs, are demanding fast action by Congress to protect immigrant employees covered by an Obama era executive order that was rescinded by the Trump Administration this week.
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Article
FOR: Neither admit nor deny
Allowing firms to enter into consent judgments without having to admit material facts or liability prevents excessive disruption of the regulatory/enforcement framework. Read more from Paul Weiss litigators Brad Karp and Susanna Buergel.
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AGAINST: Neither admit nor deny
Allowing defendants to settle cases without admitting or denying guilt deprives the public of transparency and accountability. The Honorable Judge Jed Rakoff for the United States District Court explores below.
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Department of Education, CFPB in turf war over student loans
The Department of Education has killed an information-sharing agreement with the CFPB that was intended to protect student loan borrowers. It called the Bureau “an overreaching and unaccountable agency.”
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Article
FASB’s new hedging standard opens door to new strategies
Companies have yet another new accounting standard from the Financial Accounting Standards Board to adopt, but this time they can’t wait to get started.
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IAA: Preserve advisers’ fiduciary standard, impose same on broker-dealers
Bucking the trend established by vocal critics of the rule, the Investment Adviser Association wants the SEC to preserve the fiduciary duty for investment advisers and adopt an equally stringent standard for broker-dealers.
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COSO publishes final version of updated ERM framework
COSO has released its newly revised enterprise risk management framework, giving companies a new tool to consider in building out their ERM approaches.
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Corporate philanthropy at its finest
In the wake of Hurricane Harvey, many of the companies we might normally cover concerning compliance and risk issues made headlines for far better reasons: their generosity.