All Compliance Week articles in Web Issue – Page 648
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Blog
Report: Europe makes up majority of U.S. bribery investigations
The majority of U.S. investigations and enforcement actions concerning alleged bribery of foreign officials conducted against non-U.S. companies and individuals involved companies or individuals from Europe, according to a new report issued by anti-bribery group TRACE International. Companies or individuals from Europe made up approximately 71 percent of U.S. bribery ...
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Blog
Run, don't walk, from CEO conflicts of interest
On March 2, Aubrey McClendon—founder and CEO of American Energy Partners, and co-founder, CEO, and chairman of Chesapeake Energy—died in a fiery one-person car crash, where it appears he deliberately drove his vehicle into a concrete barrier around a highway overpass. This car accident occurred the day after he was ...
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Article
Q&A with Randy Stephens of NAVEX Global: Why third-party due diligence still flummoxes so many companies
Image: Third-party risk continues to be a major concern for executives, and there is no shortage of high-profile compliance failures in recent years. And yet, a recent survey by NAVEX Global of more than 300 ethics and compliance professionals found that 32 percent of their companies don’t evaluate third parties ...
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Article
Proxy season debates may include board scrutiny and short-termism
With proxy season just around the corner, the annual tradition of assessing the mood of investors has begun. On tap, experts say, are demands for improved transparency and communication, better disclosures, and a continuing scrutiny of directors, including how (and how much) they and their C-suite cohorts are compensated. “We ...
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Blog
Audit regulators globally call on big firms for faster improvement
Audit regulators globally say they aren’t satisfied with inspection results the past few years and are working with the six largest global audit networks—Deloitte, EY, KPMG, PwC, BDO, and Grant Thornton—to step up the pace of improvement. The International Forum of Independent Audit Regulators, a global association of audit regulators ...
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Article
Footnotes of the future: reflections from the Disclosure Initiative
The IASB hears from investors all the time: Financial statement disclosures are too complicated, with too much insignificant detail; unorganized footnotes; and language that reads like a checklist. Seems the board has been listening. Inside, IASB member Gary Kabureck discusses some of the actions the board is taking to improve ...
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Blog
DOJ's Patrick Stokes promoted, Daniel Kahn named acting head of FCPA unit
The current head of the DOJ's FCPA unit, Patrick Stokes, has been named Senior Deputy Chief of the Criminal Division’s Fraud Section. Daniel S. Kahn, Assistant Chief of the FCPA unit since 2013, will now serve as Acting Head of the FCPA unit.
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Blog
SEC creates Office of Risk and Strategy
The SEC is creating an Office of Risk and Strategy within its Office of Compliance Inspections and Examinations, which will consolidate and streamline risk assessment, market surveillance, and quantitative analysis teams and provide operational risk management and organizational strategy for OCIE. Peter Driscoll will lead the office and has been ...
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Blog
Former FTC general counsel joins Sidley
Jonathan Nuechterlein, former general counsel for the Federal Trade Commission, has joined law firm Sidley Austin as partner and co-leader of the firm's communications regulatory practice. He also joins the antitrust/competition practice.
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Article
Women on U.K. boards: A (partial) success story
Corporate boards across the United Kingdom continue to have low numbers of women on them, suggesting that the struggle to increase board diversity is going slower than planned. But progress is indeed being made, all while raising the difficult questions as to why it is not so easy to build ...
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Blog
21st Century Oncology to pay $34.7 million for False Claims Act violations
21st Century Oncology, a physician-led integrated cancer care provider, and its wholly owned subsidiary South Florida Radiation Oncology, will pay $34.7 million to settle allegations that they performed and billed for procedures that were not medically necessary. Since January 2009, the Justice Department has recovered a total of more than ...
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Article
Putting FINRA’s priorities into practice
The Financial Industry Regulatory Authority’s full court press on addressing emerging and existing risks in the securities industry will continue to intensify in 2016, reinforced by a steady surge in restitution, disciplinary actions, and bars and suspensions over the last five years. What are FINRA’s top regulatory and examination priorities, ...
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Blog
The pros and cons of quarterly reporting
Image: A common criticism of the requirement for U.S. public companies to report quarterly is that it engenders too much short termism. The debate over the pros and cons of quarterly reporting has raged for decades, with no end in sight. But what if there was a way to retain ...
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ArticleSpain bolsters anti-competition enforcement
Spanish regulators are paying closer attention to anti-competitive behavior across several industries, demonstrated by record fines and enforcement actions reached in 2015. Multinationals with operations in Spain should heed the warning. “We are now seeing that the amount of total fines [is] getting higher and higher,” says Crisanto Perez-Abad of ...
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Article
Accounting standards update brings lease contracts under the spotlight
Image: After years of reports that entities would one day be required to reflect all of their lease obligations on the balance sheet, companies finally have a major new accounting standard to adopt that will bring all but the tiniest assets and liabilities arising from lease contracts onto corporate balance ...
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Blog
IIA offers advice on talent management in new report
Image: The Institute of Internal Auditors has issued a white paper to motivate staff auditors to tackle heightened expectations from audit stakeholders. It provides five strategies for performance management tailored to internal audit and promises to help CAEs set goals, retain talent, equip employees, assess performance, and respond to success. ...
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Blog
Associated Banc-Corp names new chief risk officer
Associated Banc-Corp has announced the retirement of Arthur Heise as chief risk officer, effective July 1. Randall Erickson will assume Heise's responsibilities as chief risk officer on May 1, in addition to his current roles as general counsel and secretary.
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Blog
Third-party risk is "next frontier" in cyber war, Home Depot IA leader says
Third-party risk represents the “next frontier” in the ongoing cyber war, says Kelly Barrett vice president of internal audit and corporate compliance at Home Depot, where she navigated a cyber breach like it was “a blow to the head” and now tells the story of how the entity faced the ...
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Blog
IOSCO updates securities markets risk assessment
The International Organization of Securities Commissions has published the “IOSCO Securities Markets Risk Outlook 2016,” examining key trends in global financial markets and their potential risks to financial stability. Among matters addressed in the forward-looking report: corporate bond market liquidity; the use of collateral in financial transactions; and cyber-threats.
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Blog
No matter who wins the Presidential race in November, compliance officers might lose
After watching the most recent Democrat and Republican Presidential debates, one begins to wonder what the next President will seek to achieve on various regulatory fronts. Between candidates’ promises to regulate more strongly, or to deregulate entirely, it looks like no matter who wins in November, compliance officers are poised ...