All Compliance Week articles in Web Issue – Page 587
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Blog
NY’s financial regulator will oversee new cyber-security rules
New York has announced a new “first-in-the-nation regulation” requiring that banks and insurance companies overseen by its Department of Financial Services establish cyber-security programs and certify the effectiveness. Joe Mont reports.
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Blog
Cisco Systems FCPA probe ends in declinations
Networking giant Cisco Systems announced in its annual report that it will not face any enforcement actions in connection with a previously disclosed investigation into potential violations of the Foreign Corrupt Practices Act concerning its operations in Russia. Jaclyn Jaeger reports.
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Blog
The (non) myth of the 5,300 rogue employees
The Man From FCPA, Tom Fox, asks why it is always the employee’s fault when a corporation engages in fraudulent activity leading to regulatory fallout. Perhaps the CEO of Wells Fargo, responsible for the firing of 5,300 “rogue” employees for fraudulent activity, has the answer.
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'You don't want to mess with Mary Jo,' baseball edition
When President Obama introduced Mary Jo White to be his pick to be the new SEC Chair, he famously warned that "You don't want to mess with Mary Jo!" Everyone logically assumed that he was referring to would-be securities fraudsters not wanting to mess with Mary Jo, but perhaps he ...
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SFO brings charges in Tesco accounting scandal
Tom Fox examines the Serious Fraud Office’s recent indictments against three individuals from the October 2014 Tesco scandal in which the British grocery chain overstated earnings by fraudulently accounting certain revenues received back from suppliers.
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Former CFO of American Realty Capital Partners charged with accounting fraud
The Department of Justice and the Federal Bureau of Investigation recently announced the unsealing of an indictment in federal court charging Brian Block, former chief financial officer of American Realty Capital Partners (ARCP), with fraudulently inflating a key metric used to evaluate ARCP’s financial performance. Jaclyn Jaeger reports.
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Stuart Delery joins Gibson Dunn
Stuart Delery, former Acting Associate Attorney General of the U.S. Department of Justice—the third highest ranking position—will join international law firm Gibson, Dunn & Crutcher as a partner.
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ArticleSteve Naughton: Evolving with the profession
Steve Naughton has held high-profile compliance and ethics jobs at Pepsi and Kimberly-Clark. As he moves onto a new challenge, he reflects upon a career that has continually evolved and the changing corporate mindset regarding compliance.
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Timken appoints chief accounting officer
The Timken Company, a global manufacturer of bearings, has appointed Shelly Chadwick as chief accounting officer, effective Nov. 1. Her appointment follows the planned retirement of J. Ted Mihaila, senior vice president and corporate controller, on Dec. 1 after more than 41 years of service with the company.
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Blog
Visibility into T&E fraud with Insights On Demand
Oversight Systems, an operational expense analysis company, has released the newest version of Insights On Demand with scalable capability to reduce fraud, waste, and abuse related to corporate travel and expense transactions.
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Blog
SAP enhances tools for IFRS compliance
SAP has released the latest enhancements to its revenue accounting platform designed to help CFOs and chief accounting officers master the new IFRS 15/ASC 606 standards. These new accounting standards apply to all entities — public, private, and not-for-profit — that have contracts with customers and will supersede virtually all ...
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ArticleBrexit uncertainty forcing review of supply chains
Jaclyn Jaeger looks at the results of a recent survey from the Institute of Supply Chain Management to answer whether supply chain executives fear Brexit will have a negative financial effect on their companies.
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Senators will grill Wells Fargo CEO about illegal accounts
Wells Fargo executives will testify before Congress this week amid revelations that employees opened unauthorized deposit and credit card accounts in their pursuit of sales targets and bonuses. Joe Mont reports.
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Blog
CFA Institute: Use data structuring, like XBRL, end to end
Analysts are calling on public companies and regulators to reduce error and improve utility by using structured data like XBRL throughout financial reporting. Tammy Whitehouse reports.
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Article
Compliance clauses can keep third parties in line, regulators at bay
Even small companies have gone global and rely on a broad network of business partners. Those relationships, however, bring with them risks and potential regulatory hazards. Joe Mont discusses adding compliance and ethics clauses to contracts as a baseline for any third-party relationship.
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Debate over CFPB’s arbitration rule intensifies in comment letters
The CFPB has received some 13,000 comments in a fierce debate over its proposed rule to limit the use of binding arbitration for resolving disputes associated with financial products. Joe Mont explores.
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Blog
A culture of sexual harassment
Columnist Richard Steinberg looks at the sexual harassment suit against Fox News CEO Roger Ailes and its impact on corporate culture, asking, “What to do when the CEO is also chairman?” That’s why board independence is so important, says Steinberg.
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Article
U.K. FCA issues strong new financial crime reporting rules
Taking issue with numerous reports that London is an ideal environment for money laundering and other financial crimes, the city is fighting back, writes Neil Hodge.
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Article
Audit committees: Here’s your wake-up call on auditor independence
Recent legal spats should alert public companies that they need to decide for themselves whether their audit is being delivered by a truly independent auditor. Tammy Whitehouse has more.
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Article
I’m alright, Jack: worker representation on boards
As new U.K. Prime Minister Theresa May has recommended worker representation on company boards, the question arises: Would this be better handled by promoting voluntary adoption, or by setting legal requirements? Paul Hodgson reports.