All Compliance Week articles in Web Issue – Page 660

  • Blog

    Deloitte Poll: Gift-Giving Poses Corruption Risk

    2015-11-25T13:45:00Z

    According to a recent online poll of 1,600 professionals conducted by Deloitte, 20 percent of respondents said their companies don’t assess employee gift-giving corruption risk. That’s especially concerning, given that red bows during the holiday season could mean red flags for regulators. “Giving gifts that could be seen as bribes ...

  • Blog

    Report: Telecom Companies Must Do More to Stop Corruption

    2015-11-25T13:15:00Z

    The world’s largest telecommunications companies do not disclose enough information on how they organize themselves and even less on each country where they do business, according to a report from Transparency International. The report analyzed the 35 largest telecom companies, ranking them on the measures they take to prevent corruption, ...

  • Blog

    SEC Sues Former Goldman Compliance Employee for Insider Trading

    2015-11-25T12:00:00Z

    The SEC announced an insider trading case today against a former Goldman Sachs compliance employee who allegedly used his access to investment bankers' emails to glean, and profit from, inside information.

  • Blog

    Takata to Pay Record $200 Million NHTSA Penalty

    2015-11-25T11:45:00Z

    Citing violations of the Motor Vehicle Safety Act’s requirements to repair vehicles with safety defects, the Department of Transportation’s National Highway Traffic Safety Administration this month imposed the largest civil penalty in its history. The consent order imposes a record civil penalty of $200 million against Japan-based airbag supplier Takata ...

  • Blog

    Wedbush Securities Names Chief Risk Officer

    2015-11-25T11:30:00Z

    Wedbush Securities, a privately held financial services investment firm, has named James Kearney as chief risk officer. Kearney, who previously was senior vice president of risk management at the firm, is a seasoned veteran with over 27 years of experience in the financial industry. More inside.

  • Blog

    Aegon Appoints Chief Risk Officer

    2015-11-25T11:30:00Z

    Netherlands-based Aegon, a multinational life insurance, pensions and asset management company, has appointed Allegra van Hövell-Patrizi as chief risk officer and member of the management board, effective Jan. 1, 2016. van Hövell-Patrizi's appointment is subject to regulatory approval. More inside.

  • Blog

    FIFA as ‘Victim’: Your Response Matters When U.S. Government Pays Visit

    2015-11-25T09:15:00Z

    Image: One lesson from the FIFA corruption scandal is that when the U.S. government comes knocking, it requires a serious and thoughtful response. So far, now-suspended FIFA president Sepp Blatter (left) has responded in a way decidedly not serious and thoughtful. Our anti-corruption blogger Tom Fox takes a closer look ...

  • Blog

    Marrying Compliance Culture to Compliance Behavior

    2015-11-25T09:00:00Z

    Image: A study by the Cranfield School of Management has identified five key concepts for companies to employ toward effective risk management. In a nutshell: anticipate problems; have adequate resources; flow information to the board; respond quickly to any incidents; and learn from the past. CW’s Tom Fox has more ...

  • Blog

    Bankers Still Overpaid Despite Poor Performance

    2015-11-25T07:15:00Z

    Deutsche Bank Chief Executive John Cryan said earlier this week that bonuses don’t necessarily make bankers work harder; instead some employees feel that they are entitled to an outsized incentive despite bad performance. Cryan’s message come weeks after a warning was issued at Deutsche Bank about rewarding staff with new-year ...

  • Blog

    FASB Proposes Changes to Business Definition

    2015-11-24T16:15:00Z

    FASB is proposing some clarifications to how a business is defined, to help companies following accounting rules related to acquisitions, disposals, goodwill, and consolidation. The board says stakeholders have reported that applying the current definition, as spelled out in U.S. Generally Accepted Accounting Principles, sweeps in transactions that don’t really ...

  • Article

    Companies Aren’t Waiting for SEC to Revamp Financial Disclosures

    2015-11-24T15:15:00Z

    A new survey that many companies are not waiting for the SEC to complete its anticipated review of disclosure requirements; some are already taking matters into their own hands, and they have advice for others who want to get ahead of the process. “Be aggressive,” says David Cornish, deputy comptroller ...

  • Article

    Cloud Security Is a Challenge for Users and Providers

    2015-11-24T13:30:00Z

    As more cloud storage providers evolve from consumer-based products to enterprise-grade services, compliance challenges are evolving along with them. Before entering into a service contract, companies must determine whether their data will be safe and all is in compliance with a growing list of regulations and security frameworks. The added ...

  • Article

    How to Panic Effectively With So Many Effective Dates Coming

    2015-11-24T12:00:00Z

    Image: Revenue recognition, leasing, financial instruments—the accounting standards for all three have major changes looming, and that means financial reporting executives have lots of implementation to juggle in a short period. This week we look at how to manage so much change well and which companies face the most work. ...

  • Article

    Parsing the Role of the New Compliance Counsel

    2015-11-24T11:45:00Z

    Image: Now that the Justice Department has named Hui Chen, former global head of anti-bribery and corruption at Standard Chartered Bank, as its first-ever compliance counsel, corporations under investigation by the department can expect a more nuanced analysis of their compliance programs. Inside, we review what Chen has disclosed so ...

  • Blog

    Tax Evasion Problems at VW “Not Small”

    2015-11-24T11:30:00Z

    German investigators have launched a new criminal probe into Volkswagen (VW) in light of the automaker’s recent emissions scandal. Prosecutors are examining five suspects who might be involved in this investigation.An Irish Times report said that prosecutors in Braunschweig are now investigating tax evasion allegations at the scandal-ridden German automaker. ...

  • Blog

    Where are the SEC Federal Court Trials?

    2015-11-24T10:45:00Z

    After a surge in FY 2014, the number of trials that the SEC is completing in federal court appears to be drying up -- with just six such trials in FY 2015 and zero to date in FY 2016.

  • Article

    Achieving a Unified View of Financial Crime Risk

    2015-11-24T10:30:00Z

    Increased regulatory scrutiny and the sting of billions in fines and penalties resulting from misconduct have prompted many financial firms to pour money into their compliance programs—investments that may be in vain without a unified view of risk. The tech challenges to build that view are considerable, but not impossible ...

  • Blog

    Compliance Versus ERM

    2015-11-24T10:15:00Z

    Compliance programs need to be part of comprehensive enterprise risk management, yes, but ERM does not displace the roles of internal audit and the compliance program. This week, columnist Jose Tabuena discusses risk management as a distinct discipline that auditors and compliance officers can work with. He describes the resources ...

  • Blog

    U.K. FCA Scrutinizes Use of Big Data by Insurers

    2015-11-24T10:00:00Z

    Image: The Financial Conduct Authority is requesting more information from general insurers about big data, which may lead into a market study or further policy or guidance. Big data has the “potential to transform practices and products across financial services,” Christopher Woolard, director of strategy and competition at the FCA, ...

  • Blog

    Defining a Material Issue

    2015-11-24T09:45:00Z

    You see the sentence all the time: “The provisions of this Codification need not be applied to immaterial items.” Those 12 simple words, while universally understood to mean “don’t include unimportant things in financial statements,” are still relatively unclear. In fact, applying the concept of materiality to accounting has gotten ...