All Compliance Week articles in Web Issue – Page 612
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Blog
U.K. Parliament Scraps ‘Burden of Proof’ for Bankers
It’s official—bankers won’t have to worry about being held accountable for misconduct on their watch. Earlier this week, the U.K. Parliament’s Treasury Committee made a last-minute change to abandon the “burden of proof” rule for bankers. In other words, while bankers will have to fulfill their statutory duty of responsibility, ...
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Blog
FIFA and Its Banks: Twin Sons of a Different Genus?
Image: Numerous banks, such as BNP Paribas, HSBC, and Standard Chartered, are in talks with the Justice Department about what they knew in connection with the FIFA investigation. In their effort to thwart Swiss secrecy laws, U.S. investigators are trying for more unrestricted access to information in FIFA-concerned bank accounts. ...
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Blog
Accenture Acquires Beacon Consulting Group
Accenture, a global professional services company, has acquired Beacon Consulting Group, a consulting firm for the North American asset management community. This acquisition significantly expands Accenture’s asset management consulting capabilities and enhances its ability to help global investment managers, institutional investors, and asset servicers gain an edge in increasingly competitive ...
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Article
The ‘Shalt Nots’ of GRC Implementations
There is no shortage of vendors and products in the governance, risk, and compliance software space. Choosing the wrong one can be disastrous. Just as problematic, however, is pairing a poor implementation strategy with even the best of solutions. Missteps can lead to employee revolts, cost overruns, delays, and ineffective ...
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Article
OSHA Enforcement Trends to Watch in 2016
The Occupational Safety and Health Administration is raising the stakes for companies that fail to provide safe workplaces. One development affecting CCOs in the coming year would dramatically increase penalties and emphasize who qualifies as an “employer.” “Every employer should be terrified of OSHA right now,” says Valerie Butera of ...
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Article
Is the FAST Act Really Just the JOBS Act 1.5?
Amid speculation of when, or if, Congress would get around to a JOBS Act 2.0—a sequel to a 2012 package of securities law reforms—some of those items surprisingly appeared in a new spending bill for transportation infrastructure. Tucked into the bill are a variety of requirements for the SEC regarding ...
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Blog
PCAOB Adopts Form to Name Engagement Partner, Others in Audit
Finally achieving the path of least resistance after multiple prior attempts, the Public Company Accounting Oversight Board has approved a rule requiring audit firms to identify engagement partners and others outside the firm who contribute to public company audits.
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Article
Lessons From the SFO’s First Deferred-Prosecution Agreement
The U.K. Serious Fraud Office struck its first-ever deferred-prosecution agreement with Standard Bank in November, giving companies some much-needed guidance on how to disclose misconduct. The SFO’s decision to use DPAs is part of a larger undertaking to put a quick end to corporate criminal cases and encourage cooperation between ...
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Article
For Internal Audit, Is Emerging Technology More Trouble Than It’s Worth?
Image: IT audit is challenged not only by persistent talent shortages and rapid changes in technology, but also by concerns about reporting lines that raise questions about independence and the frequency of risk assessments. “Changes in security remain top of mind,” says Robert Stroud, immediate past president of ISACA and ...
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Blog
Report Card on This Year, and Governance Predictions for 2016
As one year closes and another begins, so does the cycle of talk on what corporate governance issues will challenge Corporate America in 2016. Inside, columnist Richard Steinberg reviews what he thought the big issues of 2015 would be (cyber-risk, shareholder proxy access, CEO succession, etc.), and how those subjects—and ...
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Blog
Monitoring Gifting Policies During the Holiday Season
The holiday season is always a good time to remind employees about gifts and hospitality rules. The general messages are clear: Follow the rules; use good judgment; seek help if you aren’t sure what to do; and never do something that doesn’t feel right. This week, columnist Jose Tabuena suggests ...
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Blog
U.S. and China to Expand AML Collaboration
The U.S. Treasury Department’s Financial Crimes Enforcement Network and the China Anti-Money Laundering Monitoring and Analysis Center last week signed a Memorandum of Understanding to create a framework to facilitate expanded U.S.- China cooperation between both nations’ financial intelligence units. According to the Treasury Department, the arrangement provides a mechanism ...
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Blog
Compliance Week Names Bill Coffin Editor-in-Chief
Image: Compliance Week has named Bill Coffin, an award-winning journalist with 22 years experience writing and editing, as its new editor-in-chief. “I am very excited to lead Compliance Week at such a pivotal time for this brand and the community it serves,” Coffin said. “I look forward to serving our ...
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Blog
The Watergate Hearings and the VW Internal Investigation
What did the President know and when did he know it? Former Senator Fred Thompson wrote those lines, when he was a staffer on the Senate Watergate Committee. His boss, Senator Howard Baker, then uttered them during the Watergate Hearings. Since that time, these two lines have been a mainstay ...
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Blog
The Fine and Elusive Art of Managing Change Effectively
Image: A large part of success for compliance programs at hinges on the chief compliance officer’s ability to shepherd change through the organization. But let’s be honest: managing change is not something many big businesses do well. Partly that is because companies today try to achieve too much change too ...
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Blog
Liberty Tax Appoints Chief Compliance Officer
Liberty Tax, a tax preparation company, has appointed James Wheaton to the newly created position of chief compliance officer.
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Blog
PCAOB Experiments With Random Inspections, Data Analysis
Image: The PCAOB has opened a project to study inspection results statistically and to consider whether the board should allocate some inspection resources to randomly selected audits. Chairman James Doty: “Could some randomization help us make better inferences about how pervasive audit deficiencies may be? Could some random selection increase ...
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Blog
SEC Considers Derivatives Rules for Registered Funds
The SEC has proposed rules that, once finalized, will modernize and enhance existing regulations placed on the use of derivatives by registered investment companies. The proposed rules would limit the use of derivatives by mutual funds, exchange-traded funds, closed-end funds, and business development companies. It also requires them to establish ...