All Compliance Week articles in Web Issue – Page 637
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Blog
Assurant CFO Appointed Chief Risk Officer
Assurant, a global provider of specialty protection products and related services, has named Assurant's Chief Financial Officer Christopher Pagano as chief risk officer. The new appointment is part of Assurant's ongoing strategic realignment, Assurant said it will integrate the key functions of risk management, strategy and business development, communication and ...
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Blog
FASB Proposes Aligning Guidance on Materiality
Image: FASB has issued two new exposure drafts—one to help firms use discretion when deciding which footnote disclosures should be considered material; the other to clarify the concept of materiality for standard-setting purposes. The proposals are intended to help organizations improve the effectiveness of their disclosures by steering them away ...
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Blog
Matrix-Exzac Launches Financial Risk Advisory Group
Matrix-Exzac, a global provider of financial crime prevention and compliance solutions and services announces the formation of a new subsidiary, Exzac Financial Risk Advisory. The newly created group will be led by John Grannis, who recently served as a member of the FDIC (Federal Deposit Insurance Corporation) Risk Management Supervision ...
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Blog
FIFA Corruption Scandal: A Business Solution Coming?
Image: The fallout from the FIFA corruption scandal continues across the globe (literally), with FIFA audit committee members suspended and investigations expanded. As the next wave of soccer tournaments reaches the planning stages, however, we might be starting to see FIFA taking business practices seriously. Our Man From FCPA, Tom ...
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Blog
SEC Proposes Changes to Administrative Proceedings
The SEC has proposed changes to how it conducts its administrative proceedings, amid growing scrutiny of “APs” in the business and judicial world. The measures clarify the timing of proceedings, simplify requirements to seek a review by the full Commission, and require those involved in administrative proceedings to file and ...
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Blog
Hudson City Bancorp to Pay $33M on Lending Practices
Hudson City Savings Bank today reached a $33 million settlement with the Department of Justice and the Consumer Financial Protection Bureau to resolve allegations that it engaged in discriminatory mortgage lending practices against predominantly African American and Hispanic neighborhoods. “This resolution represents the Justice Department’s largest residential mortgage 'redlining' settlement ...
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Blog
Former RidgeWorth Capital Management CCO Joins Deloitte
Deloitte & Touche has named Robert Zakem as a director in its regulatory and compliance practice for investment management firms. Most recently, he served as general counsel and chief compliance officer of RidgeWorth Capital Management. Details inside.
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Blog
AeroTurbine Selects Amber Road to Enhance Restricted Party Screening Protections
Amber Road, a provider of global trade management solutions (GTM), announced that AeroTurbine, a global aviation company specializing in supply chain management solutions, has selected the Amber Road restricted party screening (RPS) solution to upgrade its compliance processes. Details inside.
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Blog
PwC Names Privacy Innovation Strategist
PwC, U.S., has appointed Peter Cullen as privacy innovation strategist. With over 20 years of experience in corporate governance, privacy and risk management, Cullen provides strategic leadership to organizations, helping them leverage Big Data to achieve business value. More inside.
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Blog
Hiperos and Dow Jones Announce Strategic Partnership
Hiperos, an Opus Global company and a provider of third-party management software, and Dow Jones, a global provider of news and business information, this week announced a strategic partnership to deliver third-party anti-bribery/anti-corruption (ABAC) compliance solutions globally. Details inside.
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Blog
Lessons From SEC’s First Cybersecurity Enforcement Action
This week, the SEC fined investment advisory firm R.T. Jones Capital Equities Management for failing to establish required cyber-security policies and procedures, which later led to a breach that compromised the personal data of roughly 100,000 customers. It is the first enforcement action the SEC has brought against a regulated ...
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Event
Northern Annual Legal Update for In-house Counsel Conference 2015
LondonLondon 11111United Kingdom
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Blog
Caldwell Clarifies Application of the Yates Memo
During remarks at a recent conference in New York, Assistant Attorney General Leslie Caldwell offered some additional insight to companies on the Yates Memo regarding individual accountability for corporate wrongdoing. “We will make efforts to credit, not penalize, diligent investigations,” she said. More of her comments are inside.
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Blog
McGladrey Backslides in Latest PCAOB Inspection
Of inspections performed in 2014 on McGladrey’s 2013 financial statements, the PCAOB found that seven of the 15 audits failed to meet auditing standards. One particularly problematic audit for McGladrey involving failures in auditing inventory led to six separate violations of auditing standards. The majority of audit mistakes occurred in ...
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Blog
Endurance Names New Chief Risk Officer
Endurance Specialty Holdings, a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced that Christopher Gallagher will assume the position of chief risk officer and group actuary. Gallagher will transition responsibility for the company's corporate risk management function from Joan deLemps, who announced her intention to retire from ...
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Blog
Financial Instruments Rule May Challenge Banks
Image: Danièle Nouy, supervisory chief of the European Central Bank, spoke recently about a new accounting standard for financial instruments that may prove challenging to the banking sector. “The completion of this accounting standard as one of the responses to the financial crisis will bring major changes and challenges to ...
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Blog
French Data Regulator Rejects Google’s ‘Right To Be Forgotten’ Appeal
Big news this week from France as the Commission Nationale de I’Informatique et des Libertes (CNIL) rejected Google’s appeal against the enforcement of “right to be forgotten.” If Google fails to comply with CNIL’s order, the company may be hit with sanctions, including a €300,000 fine, which could increase to ...
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Blog
Coming Soon: 'The Big Short' Movie to be Released Dec. 2015
'The Big Short,' a film based on the best-selling book by Michael Lewis about traders who foresaw and profited massively on the collapse of the housing and subprime credit market in 2007-08, will open nationwide on December 23. Check out the trailer and details about the film's star-studded cast here.
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Blog
SEC Proposes New Rules for Mutual Funds, ETFs
The SEC has proposed a slate of rules intended to enhance effective liquidity risk management by mutual and exchange-traded funds. Among the requirements is a requirement for a board-approved liquidity risk management program. The Commission would also allow “swing pricing,” reflecting costs associated with shareholders’ trading activity in a fund’s ...