All Compliance Week articles in Web Issue – Page 656
-
Article
Firms Prepare for Heightened AML, Due Diligence Expectations
Expect an even greater focus on anti-money laundering efforts in upcoming examinations by the SEC and Financial Industry Regulatory Authority. That was the message from speakers at a “Compliance Outreach Program” the Securities and Exchange Commission hosted for financial firms last week. What’s more: New Treasury Department rules that could ...
-
Article
Extra Year on Revenue Standard Means More Time to Sweat
Image: Don’t let your accounting department get too excited with that additional year FASB has granted to adopt the new standard for revenue recognition. Experts helping companies’ implementation efforts say that extra time is much needed, with plenty of questions about the standard remaining unanswered. And don’t forget, “half of ...
-
Blog
Primary Residential Mortgage Names Chief Compliance Officer
Primary Residential Mortgage, a residential mortgage lender, has named Burton Embry as chief compliance officer. In this capacity, he is responsible for the company’s risk, regulatory, and compliance management programs. Details inside.
-
Article
Taming Vendor Risks Continues to Flummox Compliance Programs
Image: Vendor risks driving you crazy? Well, you are not alone. In a recent survey compliance and audit professionals gave their vendor risk management programs an overall score of only 2.8 on a 1 to 5 scale. Thankfully, corporate boardrooms are paying more attention now. “It’s risen to a level ...
-
Article
Distilling Lessons From Recent Sanctions Cases
The Justice Department clearly is prosecuting more companies for sanctions or export control violations: 15 enforcement actions since 2010, compared to only three in the prior three years. Inside, we’ve sifted out themes arising from those settlements to understand more about what factors regulators weigh when resolving charges and how ...
-
Article
Product Safety Recalls Create New Breed of Compliance Concerns
Image: Automakers, airbag manufacturers, and even ice cream companies have suffered regulatory wrath over product safety concerns and inadequate recall procedures. Those in the crosshairs, especially if the Consumer Product Safety Commission is involved, are finding that their missteps can come with hefty fines and rigid compliance demands. “Companies that ...
-
Resource
A Set of Best Practices for Targeting, Aligning, and Measuring Learning
Learning expectations have never been higher. Changes in the global marketplace and workforce demographics are accentuating the need to leverage human capital as a competitive differentiator. Companies that can nimbly adapt to industry shifts are realizing greater market share and increased competitive advantage. Instead of regarding training investments as a ...
-
Blog
Fed Hands Big Banks New Risk-Based Capital Surcharges
The Board of Governors of the Federal Reserve has issued a final rule that establishes risk-based capital surcharges for financial institutions designated as “global systemically important bank holding companies.” JPMorgan was handed the largest surcharge among the nation’s eight largest banks, 4.5 percent of its risk-weighted assets. More inside.
-
Blog
Domino's Names New Board Member
Fast-food chain Domino's has named Andy Ballard to its board of directors, effective as of July 15. Details inside.
-
Blog
IMAX Names New Board Member
IMAX, a provider of entertainment technology, has appointed Dana Settle to its board of directors. She fills a vacancy on the company's board. Details inside.
-
Blog
Legislation Seeks Curbs on Regulatory 'Revolving Door'
Newly proposed legislation, the Financial Services Conflict of Interest Act addresses the so-called “revolving door” that results when regulators draw talent from the private sector and those officials and staffers ultimately return to regulated entities after leaving an agency. To address perceived conflicts of interest, the bill would require ...
-
Blog
Hertz Restatement Reveals Depth of Control Issues
Image: As Hertz investigated a handful of accounting anomalies that would lead to restatement, the list of accounting and internal control problems ballooned considerably—but that’s all in the past. The company has updated its SEC filings, correcting accounting errors dating back to 2011. “Today’s filings are an important step forward, ...
-
Blog
Bryn Mawr Bank Names Interim Chief Accounting Officer
Bryn Mawr Bank, parent of The Bryn Mawr Trust Company, has appointed Marie Connolly as interim chief accounting officer. The company also announced the appointment of David Takats as interim chief financial officer, assuming the role from former CFO and Treasurer J. Duncan Smith, who has announced his resignation ...
-
Blog
Louis Berger International to Pay $17.5 Million for FCPA Violations
U.S.-based construction management company Louis Berger International has reached a $17.1 million settlement with the Department of Justice to resolve charges that it violated the Foreign Corrupt Practices Act when it bribed foreign officials in Asia to secure government construction management contracts. Two of the company’s former executives also ...
-
Blog
Committee Suggests New Rules for XBRL Filings
A self-appointed committee of XBRL advocates has developed guidance and rules that will help preparers roll out better quality XBRL filings. The Securities and Exchange Commission requires that companies provide data in XBRL, but has done little beyond occasional public remarks for companies to improve the quality of their XBRL ...
-
Blog
Deloitte Acquires CIS to Expand Compliance Services for Life Sciences, Healthcare Industries
Deloitte this week announced that it has acquired Compliance Implementation Services (CIS), a life sciences compliance consulting firm. CIS will join Deloitte Advisory, a risk and financial advisory practice, as part of its regulatory compliance market offering. Effective immediately, the business will operate as “CIS by Deloitte." Details inside.
-
Blog
New Mimecast Services Extend Spear-Phishing Protection
Mimecast has announced two new measures designed to protect against spear-phishing. The first measure, Attachment Protect, and user awareness enhancements reduce the threat from malware-laden attachments and help IT teams improve employee security awareness. The second measure, Mimecast Targeted Threat Protection – URL Protect, give customers a comprehensive line of ...
-
Blog
FCPA Actions Down, Declinations Up
The Justice Department and Securities and Exchange Commission resolved eight Foreign Corrupt Practices Act enforcement actions so far in 2015—the lowest mid-year total in a decade, according to recent analysis from law firm Miller & Chevalier. “This slow-down seems to be attributable, in part, to a greater emphasis on declinations ...
-
Blog
Martin Wheatley Resigns as FCA Chief Executive
The Financial Conduct Authority has announced that Martin Wheatley, its chief executive, will leave his post in September 2015. Wheatley was selected in 2013 to shepherd the creation of the U.K. regulator. His resignation was reportedly prompted by news that his contract would not be renewed next year. Director of ...
-
Blog
SEC Issues Another Big Whistleblower Award
The SEC has awarded more than $3 million to a company insider whose information helped the SEC crack a complex fraud case—the third-highest award to date under the SEC’s whistleblower program. Since its inception in 2011, the program has paid more than $50 million to 18 whistleblowers, including a more ...