All Compliance Week articles in Web Issue – Page 618
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Blog
FIFA as ‘Victim’: Your Response Matters When U.S. Government Pays Visit
Image: One lesson from the FIFA corruption scandal is that when the U.S. government comes knocking, it requires a serious and thoughtful response. So far, now-suspended FIFA president Sepp Blatter (left) has responded in a way decidedly not serious and thoughtful. Our anti-corruption blogger Tom Fox takes a closer look ...
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Blog
Marrying Compliance Culture to Compliance Behavior
Image: A study by the Cranfield School of Management has identified five key concepts for companies to employ toward effective risk management. In a nutshell: anticipate problems; have adequate resources; flow information to the board; respond quickly to any incidents; and learn from the past. CW’s Tom Fox has more ...
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Blog
Bankers Still Overpaid Despite Poor Performance
Deutsche Bank Chief Executive John Cryan said earlier this week that bonuses don’t necessarily make bankers work harder; instead some employees feel that they are entitled to an outsized incentive despite bad performance. Cryan’s message come weeks after a warning was issued at Deutsche Bank about rewarding staff with new-year ...
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Blog
FASB Proposes Changes to Business Definition
FASB is proposing some clarifications to how a business is defined, to help companies following accounting rules related to acquisitions, disposals, goodwill, and consolidation. The board says stakeholders have reported that applying the current definition, as spelled out in U.S. Generally Accepted Accounting Principles, sweeps in transactions that don’t really ...
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Article
Companies Aren’t Waiting for SEC to Revamp Financial Disclosures
A new survey that many companies are not waiting for the SEC to complete its anticipated review of disclosure requirements; some are already taking matters into their own hands, and they have advice for others who want to get ahead of the process. “Be aggressive,” says David Cornish, deputy comptroller ...
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Article
Cloud Security Is a Challenge for Users and Providers
As more cloud storage providers evolve from consumer-based products to enterprise-grade services, compliance challenges are evolving along with them. Before entering into a service contract, companies must determine whether their data will be safe and all is in compliance with a growing list of regulations and security frameworks. The added ...
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Article
How to Panic Effectively With So Many Effective Dates Coming
Image: Revenue recognition, leasing, financial instruments—the accounting standards for all three have major changes looming, and that means financial reporting executives have lots of implementation to juggle in a short period. This week we look at how to manage so much change well and which companies face the most work. ...
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Article
Parsing the Role of the New Compliance Counsel
Image: Now that the Justice Department has named Hui Chen, former global head of anti-bribery and corruption at Standard Chartered Bank, as its first-ever compliance counsel, corporations under investigation by the department can expect a more nuanced analysis of their compliance programs. Inside, we review what Chen has disclosed so ...
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Blog
Tax Evasion Problems at VW “Not Small”
German investigators have launched a new criminal probe into Volkswagen (VW) in light of the automaker’s recent emissions scandal. Prosecutors are examining five suspects who might be involved in this investigation.An Irish Times report said that prosecutors in Braunschweig are now investigating tax evasion allegations at the scandal-ridden German automaker. ...
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Blog
Where are the SEC Federal Court Trials?
After a surge in FY 2014, the number of trials that the SEC is completing in federal court appears to be drying up -- with just six such trials in FY 2015 and zero to date in FY 2016.
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Article
Achieving a Unified View of Financial Crime Risk
Increased regulatory scrutiny and the sting of billions in fines and penalties resulting from misconduct have prompted many financial firms to pour money into their compliance programs—investments that may be in vain without a unified view of risk. The tech challenges to build that view are considerable, but not impossible ...
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Blog
Compliance Versus ERM
Compliance programs need to be part of comprehensive enterprise risk management, yes, but ERM does not displace the roles of internal audit and the compliance program. This week, columnist Jose Tabuena discusses risk management as a distinct discipline that auditors and compliance officers can work with. He describes the resources ...
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Blog
U.K. FCA Scrutinizes Use of Big Data by Insurers
Image: The Financial Conduct Authority is requesting more information from general insurers about big data, which may lead into a market study or further policy or guidance. Big data has the “potential to transform practices and products across financial services,” Christopher Woolard, director of strategy and competition at the FCA, ...
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Blog
Defining a Material Issue
You see the sentence all the time: “The provisions of this Codification need not be applied to immaterial items.” Those 12 simple words, while universally understood to mean “don’t include unimportant things in financial statements,” are still relatively unclear. In fact, applying the concept of materiality to accounting has gotten ...
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Blog
FASB Drops Deferred Tax Classification Requirement
Companies seeking an easier way to classify deferred taxes on the balance sheet have gotten their way: FASB has eliminated that requirement, as part of its effort to simplify accounting standards. The change to accounting rules now makes U.S. GAAP requirements more consistent with those in International Financial Reporting Standards. ...
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Blog
ISS, Glass Lewis Revamp Proxy Season Policies
Prominent proxy advisers Institutional Shareholder Services and Glass Lewis have updated their voting policies for upcoming shareholder meetings and are looking ahead to 2017 proxies by clarifying their stance on director overboarding, unilateral board actions, problematic pay practices, and the responsibilities of directors for oversight of environmental and social issues ...
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Blog
The Macro-Economic Trends Tearing Through Third-Party Risk
Image: Monday’s news of the merger between Pfizer and Allergan, one of the largest corporate deals ever, is the high-water market for a huge year of M&A activity. That M&A craze poses huge challenges to compliance officers for third-party risk, from IT systems to count third parties (harder than you ...
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Blog
Metalogix: New 'Storage Expert' Product Reduces Storage Costs
Metalogix, a provider of unified cloud software to migrate, manage and secure content across enterprise collaboration platforms, announced the release of Storage Expert, a new product designed to enable Microsoft SharePoint Administrators to drive increased application and content performance, while dramatically reducing storage costs. Storage Expert is available immediately and ...
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Blog
Alliant National Names Regulatory Compliance Officer
Alliant National Title Insurance Company, a title insurance underwriter that partners with independent agents to improve their competitive position in the marketplace, has hired Elyce Schweitzer as regulatory compliance officer. As regulatory compliance officer, Schwuitzer provides guidance on regulatory requirements for compliance with applicable title insurance laws, while spearheading all ...
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Blog
Northwestern Names New General Counsel
Philip Harris, currently a partner at the law firm of Jenner & Block, LLP, has been appointed general counsel for Northwestern University, effective Jan. 1, 2016. He will succeed Thomas Cline, who is retiring after 27 years at the University. Details inside.