All Compliance Week articles in Web Issue – Page 617
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Article
The Technology Transforming Your Annual Audit
Image: The audit profession is slowly retooling itself for the modern IT age, after decades of reliance on random sampling and manual methods that now fail to meet today’s expectations for precision. “Ultimately, this is how the industry will finally achieve its long-term goal of continuous auditing,” says Joanna Schultz ...
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Article
Working With External Compliance Monitors
Image: So your company has just entered into a settlement with a U.S. government agency and must now install a compliance monitor. How do you respond? For many companies, working with an external compliance monitor is still an intimidating process tainted by misconceptions. “A monitorship was never designed to ...
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Article
SEC Girds for Next Wave of Political Battles
On paper, the next several months mark the final stretch for the SEC’s implementation of Dodd-Frank Act rulemaking. In reality expect continued battles over the law, waged by both Republicans and Democrats. Recent congressional hearings gave a sense of what’s to come: stress tests for asset management funds, fights over ...
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Article
Employee Investigations Post-Yates Memo
Image: Any company that has faced allegations of corporate misconduct knows how quickly the scope and cost of an internal investigation can grow—a concern that has only amplified following the Justice Department’s Yates Memo. “Corporate compliance professionals have expressed concern that this policy will result in companies undertaking unnecessarily broad, ...
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Blog
PCAOB Nears New Rule on Naming Engagement Partners
Image: PCAOB Chairman James Doty believes the board will be in a position “very soon” to finalize a rule requiring audit firms to submit a new form, Form AP, to the PCAOB naming engagement partners and other accounting firms that contribute to the final audit opinion for public companies. Doty ...
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Blog
ICBC Standard Bank Gets First U.K. Deferred Prosecution Agreement
ICBC Standard Bank has become the recipient of Britain's first deferred prosecution agreement, the U.K. Serious Fraud Office announced today. The bank will pay a total of $32.6 million in fines and repayments of bribery payments resulting from allegations of bribery in Tanzania. “This landmark DPA will serve as a ...
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Blog
Barclays: A Modern Enforcement Action for Modern Misconduct
Image: Last week the U.K. Financial Conduct Authority whacked Barclays with a fine of £72 million ($109 million) for sloppy oversight of a huge private-client deal brimming with financial crime risk. The more you read the details of the transaction and how poorly bank executives managed it, the more you ...
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Blog
Fed Puts New Limitations on Bank Bailouts
The Federal Reserve Board has clarified its procedures for emergency lending to banking institutions and placed new restrictions on future bailouts. A final rule, approved Monday and effective on Jan. 1, broadens the existing definition of insolvency and requires that emergency lending be approved by the Treasury Department. These and ...
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Resource
e-Book: Keeping Your Corporate Data Safe Under Lock and Key
Around the world, governments and regulators are responding to the massive trove of personal data companies are amassing and a rash of data security breaches with new strict guidelines, regulations, and laws. In response, privacy and compliance programs are increasingly at an intersection. In recent times, however, many companies have ...
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Blog
PTC Could Pay $28.2 Million in FCPA Case
Computer software company PTC disclosed in an annual report last week that it is discussing a tentative $28.2 million settlement with the Department of Justice and the Securities and Exchange Commission to resolve an investigation of potential violations of the Foreign Corrupt Practices Act. The potential violations concern expenditures by ...
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Blog
Should the FCPA Apply to International Sports Agencies?
Image: What’s happening with the intersection of sports and corruption? It seems as if several pillars of the international sporting world have come crashing down in the past few months through corruption scandals. Yet the FCPA usually does not apply in these corruption cases. Why? Tom Fox, our man from ...
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Blog
Fed Proposes Liquidity Disclosures, Will Improve Examinations
Image: There was a warning last week from Fed Governor Daniel Tarullo to expect an increase to stress test minimum capital requirements and a proposed rule requiring banks to publicly disclose aspects of their liquidity profile. Also announced was an effort to improve the consistency of supervisory examinations and a ...
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Blog
Deloitte Poll: Gift-Giving Poses Corruption Risk
According to a recent online poll of 1,600 professionals conducted by Deloitte, 20 percent of respondents said their companies don’t assess employee gift-giving corruption risk. That’s especially concerning, given that red bows during the holiday season could mean red flags for regulators. “Giving gifts that could be seen as bribes ...
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Blog
Report: Telecom Companies Must Do More to Stop Corruption
The world’s largest telecommunications companies do not disclose enough information on how they organize themselves and even less on each country where they do business, according to a report from Transparency International. The report analyzed the 35 largest telecom companies, ranking them on the measures they take to prevent corruption, ...
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Blog
SEC Sues Former Goldman Compliance Employee for Insider Trading
The SEC announced an insider trading case today against a former Goldman Sachs compliance employee who allegedly used his access to investment bankers' emails to glean, and profit from, inside information.
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Blog
Takata to Pay Record $200 Million NHTSA Penalty
Citing violations of the Motor Vehicle Safety Act’s requirements to repair vehicles with safety defects, the Department of Transportation’s National Highway Traffic Safety Administration this month imposed the largest civil penalty in its history. The consent order imposes a record civil penalty of $200 million against Japan-based airbag supplier Takata ...
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Blog
Wedbush Securities Names Chief Risk Officer
Wedbush Securities, a privately held financial services investment firm, has named James Kearney as chief risk officer. Kearney, who previously was senior vice president of risk management at the firm, is a seasoned veteran with over 27 years of experience in the financial industry. More inside.
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Blog
Aegon Appoints Chief Risk Officer
Netherlands-based Aegon, a multinational life insurance, pensions and asset management company, has appointed Allegra van Hövell-Patrizi as chief risk officer and member of the management board, effective Jan. 1, 2016. van Hövell-Patrizi's appointment is subject to regulatory approval. More inside.