All Compliance Week articles in Web Issue – Page 658
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Blog
Breaking Risk Management Down to Manageable Size
Effective risk management may seem daunting, and many companies say they fell victim to misconduct because nobody ever considered whatever risk event came to pass. The reality, Compliance Week columnist Rick Steinberg writes, is that many risks have happened before, and companies can anticipate them. Inside, he reviews the building ...
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Article
CFPB’s ‘UDAAP’ Approach Is an Ambiguous Compliance Concern
Image: “Unfair and deceptive practices” have long been an enforcement area for consumer protection. Now the Consumer Financial Protection Bureau is adding an A for “abusive”—and taking away clarity for financial firms about what its UDAAP standard exactly means. “There is no list of clear black-and-white rules, and that’s what ...
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Blog
SEC Chair White Responds to Sen. Warren’s ‘Disappointment’
In response to a lengthy list of grievances laid out by Sen. Elizabeth Warren in early June 2015, SEC Chair Mary Jo White has answered the Senator’s complaints. Specifically, White explained her recusals from certain cases (she had been granted permission to be recused from certain cases for two years), ...
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Article
New IIA Framework Pushes Audit Executives to Think Forward
Image: The Institute of Internal Auditors has unveiled its new professional practices framework, guidance intended to drive auditors to think more critically about risk management and organizational improvement. “It’s about making sure we understand the changes taking place in business and learning to use those to our advantage,” says Larry ...
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Article
How to Simplify Cyber-Security Controls Amid Abundant Laws
By now every compliance officer has already heard the warning that it’s a matter of when you suffer a cyber-security breach, not if. Then comes compliance with breach disclosure rules—and those demands are becoming as perplexing as the cyber-threat itself. Overwhelmed, compliance officers are seeking ways to navigate these demands ...
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Article
Avoiding the Pitfalls of Data Mining
In recent months, numerous companies have found themselves the target of legal and enforcement actions for obtaining or using personal data without consent. The kicker: Most of these actions could have been easily avoided, since most of the infractions were clear violations of contract law. “If companies simply complied with ...
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Blog
New York Power Authority Names Chief Risk Officer
The New York Power Authority has named Soubhagya Parija as chief risk officer to administer all aspects of risk management and insurance at the state public power organization. Parija joins NYPA from Walmart, where he was a director and oversaw the global compliance risk strategy for the retail giant’s operations ...
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Blog
The Overlooked Lessons of PetroTiger Trial
The corruption trials against three former executives of PetroTiger ended with a whimper in June, when the last defendant pled guilty to FCPA violations. Contrary to what many say, however, the PetroTiger case offered some valuable—and good—news for compliance officers. This week, columnist Tom Fox reviews how the company avoided ...
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Blog
Appeals Court Opinion Sheds Light on Excluding Proxy Proposals
A newly released opinion from a federal appeals court sheds light on why Walmart was allowed to reject a shareholder proposal calling for a board review of its policies regarding the sale of high-capacity firearms. The opinion could provide a blueprint for future courts weighing in on the SEC’s traditional ...
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Blog
EU Regulator Charges MasterCard Amid Breach of Antitrust Rules
Image: MasterCard is once again in the spotlight, as the European Commission has swooped in on the company’s potential abuse of interchange fees. After a two-year investigation, Competition Commissioner Margrethe Vestager said, “MasterCard is artificially raising the costs of card payments, which would harm consumers and retailers in the European ...
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Blog
New Zealand to Extend AML Efforts
In a keynote speech today at the Asia Pacific Group on Money Laundering in Auckland, New Zealand's Justice Minister Amy Adams said the government has begun preliminary work to extend anti-money laundering compliance obligations on more professions and companies, including lawyers, accountants, and businesses that deal in high-value goods, subjecting ...
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Event
The 2015 Interagency Minority Depository Institution and CDFI Bank Conference
400 7th St SWWashington, DC 20219United States
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Blog
‘The U.K. Bribery Act After Five Years — Where Are We Now?’
On the eve of the anniversary of the U.K. Bribery Act of 2010, CW columnist Bruce Carton hosted a panel of U.K. experts to address where the SFO stands in its enforcement and prosecution of the Bribery Act, as well as other key issues such as the introduction of deferred ...
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Blog
Fed to Santander: Overhaul Your Governance Practices
The Federal Reserve Board this week levied an enforcement action against Santander, ordering it to overhaul its governance practices in several areas, including board oversight, risk management, capital planning, and liquidity risk management. No financial penalties were issued. Details inside.
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Blog
Mary Schapiro Joins CAQ Governing Board
Mary Schapiro, former chairman of the U.S. Securities and Exchange Commission, has joined the Center for Audit Quality's Governing Board. Schapiro will serve as one of three independent Governing Board members who come from outside the public company auditing profession. Details inside.
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Blog
New Data Analysis Tool for OTC Contracts Launched
Deloitte recently announced an alliance with Recommind, an information intelligence provider, to deliver a managed service to investment banks, transforming the way over-the-counter International Swaps and Derivatives Association (ISDA) agreements are managed. "Working with Recommind will allow us to improve the way our customers’ OTC Derivatives Contracts are managed, speeding ...
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Blog
The Phoenix Companies Names Chief Risk Officer
The Phoenix Companies, a financial services company, has named Gina O'Connell as chief risk officer. She will succeed Mark Griffin, who is resigning from the company effective July 17. Details inside.