All Compliance Week articles in Web Issue – Page 589
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Blog
Experts advise companies to brace for goodwill impairment scrutiny
Image: Calcbench, with their research tool powered by XBRL-gathered financial statement data, identified a number of companies posting quarterly goodwill impairments in the range of $250 million for five consecutive quarters, including Yahoo’s massive $4.46 billion impairment charge. “The total number … is trending up, from the mid-teens last year ...
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Article
New law adds to forced labor concerns
In recent weeks, companies have learned—some the hard way—that the government is getting even more serious about human trafficking and forced labor issues. While a new law targets international trade, potentially blocking forbidden products at the U.S. border, an expanding view of joint-employer arrangements is also causing concern for domestic ...
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Blog
Petrobras fallout into the private sector continues
A 19-year prison sentence handed down in connection with Brazil’s widening “Car Wash” scandal is a wake-up call for any company that has done business with Odebrecht SA, the largest construction company in Brazil and, indeed, South America. The scandal, which began with energy firm Petrobras, should enforce that it’s ...
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ArticleThe current state of the EU-U.S. Privacy Shield
The EU-U.S. Privacy Shield, a new compliance framework for the transatlantic transferral of personal information, is almost ready. But the strict data privacy compliance obligations it would impose require a close look now to prevent running afoul of tough data standards that become law later.
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Article
Valeant’s financial restatement begs compliance questions
Valeant Pharmaceuticals’ announced financial restatement raises questions about the drug company’s compliance program and its business model. But it might also serve as an early warning to all publicly listed U.S. companies about the increased room for misjudging the booking of sales once FASB rolls out its new revenue recognition ...
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Article
Scrutinizing hiring practices for FCPA violations
Through recent investigations and enforcement actions, the Securities and Exchange Commission and Department of Justice have been warning companies to proceed with caution when hiring the relatives of foreign government officials, lest they run afoul of the Foreign Corrupt Practices Act.
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Blog
The cost of integrity
Image: At the Global Ethics Summit, GE General Counsel and SVP Alex Dimitrief talked about what it means to promote a culture of integrity and the true costs of ethical lapses. When a business goes astray, it’s not a call for added workflows or approvals, he said. It’s a sign ...
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Blog
Global risks driving transformational change
As risk management in general improves, we are seeing more CEOs embracing risk management as a concept and as a practice. But we also see misdirected focus and lack of attention to some of the greatest risks and opportunities facing their companies. Where companies are getting it right, they’re driving ...
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Blog
VimpelCom and the conscious indifference of a board under the FCPA
Image: The joint Justice Dept., SEC settlement with telecom giant VimpelCom resolving a longstanding FCPA violation will cost the company more than $795 million, say reports. But there’s a bright side, says CW Columnist Tom Fox. The multiple bribery schemes seem to have been supported by top management and will ...
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Article
New accounting standard for leases brings numerous compliance concerns
As public companies face a 2019 deadline for a new accounting standard that brings leases onto corporate balance sheets, compliance officers will have to consider a long list of implementation decisions and business implications, says Tammy Whitehouse.
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Blog
NICE Actimize launches Cross-Asset Cloud Markets Surveillance solution
NICE Actimize, a NICE Systems business and provider of financial crime, risk and compliance software for the financial services industry, recently announced the launch of its next-generation Actimize Cross-Asset Cloud Markets Surveillance solution, featuring Foreign Exchange (FX) and case Management capabilities. The solution targets foreign exchange, equities, fixed income, futures ...
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Blog
ProcessUnity and Argos Risk partnership delivers real-time third-party risk mitigation
Argos Risk and ProcessUnity today announced an alliance to integrate Argos Risk Online with ProcessUnity’s cloud-based Third-Party Risk Management solution. The integration allows organizations to automatically assess the overall financial health of third-party providers and key business partners as part of a comprehensive vendor due diligence process.
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Blog
ITG names global chief compliance officer
ITG, an independent broker and financial technology provider, has appointed Thomas Shpetner as global chief compliance officer, effective April 12. He will report to Angélique DeSanto, ITG managing director and general counsel.
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Blog
Platform Specialty Products self-reports FCPA probe
Platform Specialty Products, a chemical-products company, said in a regulatory filing this week that it is conducting an internal investigation to determine whether certain payments made by a recently acquired subsidiary to third-party agents in West Africa violated the Foreign Corrupt Practices Act.
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Blog
DreamWorks Animation names chief accounting officer
DreamWorks Animation has appointed Steven Adams as chief accounting officer, effective as of March 8. Chief Financial Officer Fazal Merchant had been serving as acting chief accounting officer since March 4, following the resignation of Edward Aleman.
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Article
Pax World’s Joe Keefe on how ESG continues to go mainstream
Image: The 2016 proxy season, building upon trends that emerged from last year’s annual meetings, may prove to be pivotal for investors focused on sustainability, diversity, and environmental issues. “I’ve seen more uptake in the last 18 months than I’ve seen in the previous 17 years,” says Joe Keefe, president ...
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Blog
SEC approves PCAOB budget; Doty promises new proposals soon
Image: With majority support from the SEC—all two of them, that is—the PCAOB has finalized its 2016 budget with a 12-percent increase in fees charged to public companies to support it. Only SEC Chair Mary Jo White and Commissioner Kara Stein supported the PCAOB’s $257.7 million budget for the current ...
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Blog
OCC proposes to reduce regulatory burden on banks
The Office of the Comptroller of the Currency has proposed to remove outdated or unnecessary provisions of certain rules to reduce regulatory burden on national banks and federal savings associations. The proposal is part of the agency’s rules review required every ten years under the Economic Growth and Regulatory Paperwork ...