All Compliance Week articles in Web Issue – Page 629
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Blog
Next Up to Reform Culture: Deutsche Bank
Image: Observers of the financial news might have seen that earlier this week Deutsche Bank reshuffled its senior managers. Observers of the compliance news might want to take note, too. The bank’s new co-CEO has a formidable task in front of him to reform Deutsche Bank’s problem-prone culture, but Compliance ...
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OCC's Focus on Credit Risk Includes Auto Loan Concerns
A side effect of the economic recovery is that credit risk is now "moving to the forefront," says Comptroller of the Currency Thomas Curry. As banks reach for loan growth with less creditworthy borrowers, the resulting risk is prompting increased regulatory scrutiny of auto, home equity, and commercial real ...
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FIFA Misconduct Strikes Again, at German Prestige
Image: The German magazine Der Spiegel is reporting that the committee set up by the German Soccer Federation to bid for the 2006 World Cup hosting rights ran a slush fund of more than 10 million Swiss francs ($11 million) to help secure those hosting rights. Given all that has ...
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PCAOB Issues Crowe Horwath Inspection Report
Image: The PCAOB found fault with five of 14 audits inspected at Crowe Horwath in 2014, a slight improvement for the firm over its 2013 results. The board’s 2014 inspection report revealed an audit deficiency rate of 36 percent, compared with 38 percent in 2013 and 50 percent in 2012. ...
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Irish Data Regulator Probes Facebook’s European Privacy Practices
Image: The investigation by Ireland’s Data Protection Commissioner Helen Dixon into Austrian law student Max Schrems’ privacy complaint will continue in light of the recent decision by the European Court of Justice to invalidate the Safe Harbor program for international data transfers between the United States and the European Union. ...
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Crédit Agricole to Pay $787 Million for Sanctions Violations
Crédit Agricole will pay a total of $787.3 million in criminal and civil financial penalties for economic sanctions violations. Federal and local agencies allege that Crédit Agricole engaged in a series of schemes to process more than $32 billion in U.S. dollar payments through its New York branch from its ...
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Blog
Pres. Obama Nominates Fairfax, Peirce as SEC Commissioners
This week, President Obama announced his intent to nominate Lisa Fairfax, currently a law professor at the George Washington University Law School, and Hester Peirce, a senior research fellow at the Financial Markets Working Group at George Mason University’s Mercatus Center, as SEC commissioners. If confirmed, Fairfax and Peirce will ...
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Article
Dueling Views on SEC Enforcement
Image: A chronic dilemma for the SEC Enforcement Division is how best to focus its efforts given resource constraints. Enforcement Director Andrew Ceresney had to answer for how those decisions are made during a meeting of the Investment Advisory Committee last week. Despite calls to abolish the “broken windows” approach, ...
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Article
Insurance Companies Face New Scrutiny and Bank-Like Regulation
Image: Insurance firms are in an identity crisis these days: Regulators are treating them like banks. While insurers are trying to resist that, regulators themselves still struggle with how to make sense of the global jumble of rules, requirements, and risk generated by large firms. “There are a lot of ...
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'You Know What's Cool? A Billion Dollars,' Part III
Yes, the Madoff trustee's legal and professional fees have passed the $1 billion mark, but with the release today of more good news for Madoff victims, the trustee says that this $1 billion (and counting!) is a “very good return on an investment.”
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Article
Hosting a Related-Party Transaction About to Get Much Harder
Image: Companies preparing year-end financial disclosures, beware: Auditors will be poring over related-party transactions to make sure those parties don’t get too wild. The new Audit Standard 18 pushed auditors to be more skeptical about transactions, so expect them to push you (and your audit committee) to be more diligent ...
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Article
Hosting a Related-Party Transaction About to Get Much Harder
Image: Companies preparing year-end financial disclosures, beware: Auditors will be poring over related-party transactions to make sure those parties don’t get too wild. The new Audit Standard 18 pushed auditors to be more skeptical about transactions, so expect them to push you (and your audit committee) to be more diligent ...
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Blog
Microsoft Proposes Two Board Nominations
Microsoft this week announced two nominations to its board of directors: Sandra Peterson, group worldwide chairman of Johnson & Johnson, and member of the executive committee, and Padmasree Warrior, former chief strategy officer and chief technology officer at Cisco. Both will be presented for election at the company's annual shareholders ...
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So You Want To Be a Board Member
Being a director of a major company is a pretty good gig. It brings prestige, challenge, and financial reward—but also stress, time commitment, and even legal liability. This month, columnist Rick Steinberg talks about how executives (including compliance officers, with a skill set rapidly growing more important) can get invited ...
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Countering the Effects of Unconscious Bias in Audits
Audits go wrong for many reasons, so let’s not deny one of them: because auditors sometimes unconsciously give the benefit of the doubt to a client when they should not. What unconscious biases put effective auditing at risk? How can an auditor train himself to find them, or construct practices ...
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Blog
Arctic Cat Elects New Board Member
Arctic Cat, a company that makes recreational vehicles, has elected Andrew Duff, chairman and CEO of investment bank and asset management firm Piper Jaffray Companies, to its board of directors. He also will serve on Arctic Cat’s audit committee. More inside.
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Blog
Accuity Launches Next Generation Dual-Use Goods Screening Solution
Accuity, a global provider of risk and compliance, payments and know-your-customer solutions, has launched a new screening solution to help companies tackle the emerging requirement to identify dual-use and controlled goods in trade. More inside.
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Article
Global Tax Overhaul Moves Forward
Slowly but surely, developed nations are closing ranks on an international tax agreement intended to crack down global companies parking profits in low-tax jurisdictions. The OECD issued its final recommendations, Base Erosion and Profit Shifting (BEPS) plan, earlier this month, which G-20 countries will then implement locally. Nice idea in ...