All Compliance Week articles in Web Issue – Page 661
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Blog
Hillenbrand Names Chief Accounting Officer
Hillenbrand, a global diversified industrial company, has named Eric Teegarden as controller and chief accounting officer, effective July 20. He currently serves as the global controller, supply chain for GE Aviation. Details inside.
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Blog
EY Shows Improvement in Latest Inspection Report
EY earned a 36-percent deficiency rating in its latest audit inspection report, with the majority of the busted audits showing problems in both the financial statement audit and the audit of internal control over financial reporting—an improvement over its 2013 record failure of 49 percent, but not enough to beat ...
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Blog
PCAOB Revisits Naming Engagement Partner, Audit Quality Metrics
Audit regulators are trying again to propose a rule that would give investors more information about who is working behind the curtain when an audit firm files its final report on a company’s financial statements.
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Blog
Cyber-Breaches and Other Threats Involving Conscious Opponents
Cyber-security is now a very real risk, with the potential for staggering costs and reputational harm. Cyber-security has another unusual feature as well: It falls into the realm of conscious harms, where companies must play a cat-and-mouse game to stay ahead of attackers. How do you build, maintain, and audit ...
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Blog
Cyber-Security, AML Deficiencies Flagged in OCC Risk Review
As banks try to close the profitability gap created by a lingering low-interest rate environment and offer new services to customers, they face escalating compliance risks. Cyber-security and anti-money laundering controls are among the concerns flagged by the Office of the Comptroller of the Currency in its “Semiannual Risk Perspective.” ...
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Article
A Debt Is Owed, No Matter How You Want to Account for It
Image: Even the simplest accounting issues, it seems, can be anything but simple. Rulemakers were reminded of that recently when they tried to simplify how companies account for the cost of securing debt. “Most people get confused by it,” says Diana Gilbert of RoseRyan. “People get wrapped around the axle ...
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Blog
MetLife Challenges FSOC Secrecy with Document Demand
As it sues the Financial Stability Oversight Council in federal court over its designation as a Systemically Important Financial Institution, MetLife is demanding that its lawyers have access to nearly 500 pages of redacted and unreleased agency documents, many of them otherwise shielded because of references to other companies. More ...
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Article
Confounding Hints on CCO Success
Image: Everyone knows that independent chief compliance officers make for a better compliance program, right? Um, perhaps we need to think again: New data suggests that companies with compliance reporting into the general counsel tend to be more effective. The lesson may not be one of inherent superiority, says LRN’s ...
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Article
Advisers Still Feel Unease Over CCO Liability Risk
Image: The conversation about personal liability for compliance officers is buzzing again, thanks to a hornet’s nest SEC Commissioner Daniel Gallagher stirred up with a complaint about recent sanctions against two CCOs. “We’re hearing similar concerns among CCOs at investment adviser firms—and not just from CCOs, but also from senior ...
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Blog
Aguilar on CCO Liability Fears: Untwist Your Knickers!
Image: SEC Commissioner Luis Aguilar has jumped into the conversation about CCO liability, rebutting “unwarranted fear in the CCO community” that the SEC is looking to take enforcement action against compliance officers at investment advisory firms. “CCOs that faithfully and reasonably fulfill [SEC requirements] are not going to be subjects ...
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Article
Compliance? There Should Be an App for That!
Compliance officers talk a lot about the need to embrace new technology. This week in a guest column from Raphael Richmond, global director of compliance at Ford, we hear how her team developed a compliance app for employees, business partners, the public, and even a certain Big Auto compliance chief ...
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Article
Drug, Device Companies Face New FDA Electronic Submissions
The Food and Drug Administration is overhauling how it accepts submissions for a host of filing requirements imposed on drug and medical device makers. For many, this will be the first time the submissions have ever been filed electronically. While the move away from paper documents may ultimately be advantageous ...
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Article
Compliance Officers as Strategic Partners
Lots of people talk about the compliance function as crucial to business strategy today, but gaps remain: According to one PwC survey of chief executives, 78 percent of CEOs say overregulation is the top threat to growing their business; at the same time, only 35 percent of CCOs in PwC’s ...
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Blog
Consortium, Filing Agencies Form XBRL Quality Initiative
If the Securities and Exchange Commission is dragging its heels on enforcing the quality of data gathered through XBRL, then the market will do what it can to enhance quality on its own.
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Blog
Get Ready For the Biggest Stress-Test of Them All
Image: Greece in default, China teetering on recession, stock markets shuddering worldwide and interest rates poised for their first increase in years—suddenly, all those exercises in risk management that banks have done in the Dodd-Frank era face their ultimate test. The only problem, writes Compliance Week editor Matt Kelly: Dodd-Frank ...
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Blog
SEC to Finalize Clawback Requirements
The SEC will meet on Wednesday to consider the long-awaited clawback requirements under the Dodd-Frank Act. The SEC has postponed addressing the incentive compensation clawback provision for years. If the amendments are made, this will usher in a new wave of compliance requirements for many companies. More inside.
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Blog
Peak Re Appoints Chief Risk Officer
Peak Reinsurance, a Hong Kong-based global reinsurer, has appointed Eckart Roth as chief risk officer, effective July 1. Details inside.
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Blog
My 15 'Must-Follows' on Twitter -- 2015 Edition
In May 2009, when Twitter was in its infancy, I created a list of "15 People All Securities and Corporate Litigators Should Follow on Twitter." I updated that list here in February 2010, adding and removing a few people as I tried to identify the people and organizations who "consistently ...
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Blog
IT Pros Dread Prospect of Compliance Audits
Image: Corporate IT teams aren’t prepared to face a compliance audit. In fact, nearly half of respondents to a recent survey said they would rather have a root canal, work over a holiday, live without electricity for a week, or even eat a live jellyfish. “Companies talk about the importance ...
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Blog
SEC Rebukes Investment Advisory Firm for Ignoring CCO Pleas
A bit of good news amid the discussion of personal liability for chief compliance officers: The SEC has delivered a one-year suspension to an investment advisory firm’s former president on the grounds that he consistently ignored the chief compliance officer’s request for resources, which led to the firm’s compliance failures. ...