All Compliance Week articles in Web Issue – Page 640
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Blog
PCAOB Defends Regulatory Approach Amid Persistent Problems
PCAOB Chairman Jim Doty said recently he will meet with the U.S. Chamber of Congress if participants will discuss their own direct experiences with complaints outlined in the Chamber’s 19-page letter calling for a new inspections approach. “Hearsay is not helpful. We want to know where preparers really have been ...
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Resource
GRC Illustrated: Learning Lessons for Principled Performance
Principled performance is all about being able to reliably achieve objectives while addressing uncertainty and acting with integrity. That dictates setting objectives and strategies, based on a full understanding of the external and internal contexts within which our organization operates and responding to them appropriately. We must ask:What might happen ...
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Article
Internal Investigations Just Got a Lot More Complicated
Image: Compliance officers should brace themselves after Deputy Attorney General Sally Yates’ speech last week calling for more prosecution of individuals involved in corporate misconduct—the implications for internal investigations are huge. Inside we have the full analysis of how this policy shift, which sharply splits company and executive interests, will ...
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Article
Despite Progress, Anti-Corruption Risks Continue
Last week KPMG released a report on anti-bribery and corruption programs that will surprise nobody: Compliance challenges are growing, and third parties are harder to manage than ever. After nearly a decade of anti-corruption awareness and compliance programs, then, the real question is: Why is anti-bribery still so hard? Inside, ...
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Article
Lease Modifications Trigger New Headaches
Image: Beware when negotiating with your landlord: Accountants are noticing an uptick in lease modifications and are warning companies to heed the accounting and financial reporting consequences. The nuances of lease accounting are many and even trip up large retailers. That can be especially true when your lease negotiators are ...
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Blog
Commerzbank Chief Risk Officer to Step Down
Stefan Schmittmann, chief risk officer of Commerzbank, has informed the company of his intent to leave the bank at the end of this year. In a statement, Schmittmann cited upcoming regulatory changes as part of the reason for his departure now, even though his contract with the company runs until ...
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Article
As Startups Grow, Many Start Needing Compliance Sooner
Once upon a time, start-up companies—whether toiling away in a garage somewhere or moving their way up in the world—rarely even considered a compliance program; that was something they would only need in the future. Now many find that the future comes mighty fast these days. Inside, a closer look ...
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Article
Getting a Better Read on ‘Conduct Risk’
Image: “Conduct risk” is a phrase uttered by many regulators these days and a menace compliance officers in banking circles worry about more and more. Still, putting a precise definition on it isn’t easy. “Conduct risk frequently demands that a firm address the widest range of policies, processes … and ...
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Blog
Culture Ate Strategy at Toshiba
Management guru Peter Drucker famously said culture eats strategy for breakfast. This time around, we examine Toshiba’s $1.2 billion financial fraud to see how true that saying is. Inside, columnist Richard Steinberg looks at the cultural patterns of Japan generally and Toshiba specifically that led to this meltdown, which reinforce ...
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Blog
Advocacy Group Rolls Out 'Dump (Mary Jo) Truck' on D.C. Streets
What stunts are even left for the next disgruntled advocacy group to pursue? Skywriters? Taking over the television airwaves to deliver a message like the Joker in Batman? Falconers? Stay tuned!
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Blog
Newman Decision Leads to Rare Loss for SEC in an AP
SEC Administrative Law Judge Jason Patil dismissed an insider-trading case against a former Wells Fargo trader, noting that the SEC failed to prove that the person who allegedly tipped the trader did so for a personal benefit, as required by the Second Circuit’s disruptive opinion in U.S. v. Newman. Patil ...
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Blog
Remember the Cyber-Security Fundamentals
Image: Title: KellyCyber-security risk might seem overwhelming these days; compliance, audit, and risk professionals are all reeling from the speed and diversity of attacks. This week, editor Matt Kelly explores how to get closer to an effective cyber-security process by remembering the basics—such as behind every cyber-attack is someone committing ...
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Blog
Labor Dept. Rule Bans Pay Talk Discipline by Gov. Contractors
The Department of Labor has issued a final rule prohibiting federal contractors from disciplining, firing, or discriminating against employees and job applicants who inquire about, discuss, or disclose their compensation or the pay of their coworkers. The rule applies to all federal contractors, sub-contractors, and contracts that exceed $10,000 in ...
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Blog
Big Banks Agree to Preserve Records on Symphony Chat Program
New York State has reached agreements with Goldman Sachs, Deutsche Bank, Credit Suisse, and Bank of New York Mellon regarding recordkeeping requirements for the Symphony chat and messaging platform, a service aimed at banks. The agreements require Symphony to retain all communications sent to or from the banks through its ...
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Blog
The FCPA Enforcement World Changed Last Week
Image: The Yates Memo issued by the Justice Department last week, insisting that companies work much harder to help prosecute individuals if they want to receive cooperation credit, is likely to be a sea change in how compliance officers must address problems like Foreign Corrupt Practices Act investigations. Our FCPA ...
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Blog
Rabobank Splits Chief Risk Officer, CFO Role
Netherlands-based Rabobank announced that it has split its chief risk officer and chief financial officer role as the company moves to revamp its governance model. The bank has named Carin Gorter as chief risk officer and Bas Brouwers as CFO. The role is currently held by Bert Bruggink. Details inside.
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Blog
MUFG Names Chief Risk Officer
MUFG, a financial holding company and bank holding company with total assets of $114.3 billion, has appointed Donna Dellosso as chief risk officer for the Americas for MUFG Americas Holdings and its U.S. banking subsidiary, MUFG Union Bank. Dellosso will serve on the company’s executive committee for the Americas as ...
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Blog
Yahoo Chief Accounting Officer to Resign
Aman Kothari, global controller and chief accounting officer of Yahoo, has decided to leave the company. His departrure took effect Sept. 11, according to a Form 8-K that the company filed with the Securities and Exchange Commission. Details inside.