All Compliance Week articles in Web Issue – Page 673
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Article
Parsing the Role of the New Compliance Counsel
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 ...
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Blog
Tax Evasion Problems at VW “Not Small”
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. ...
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Blog
Where are the SEC Federal Court Trials?
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.
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Article
Achieving a Unified View of Financial Crime Risk
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 ...
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Blog
Compliance Versus ERM
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 ...
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Blog
U.K. FCA Scrutinizes Use of Big Data by Insurers
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, ...
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Blog
Defining a Material Issue
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 ...
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Blog
FASB Drops Deferred Tax Classification Requirement
Companies seeking an easier way to classify deferred taxes on the balance sheet have gotten their way: FASB has eliminated that requirement, as part of its effort to simplify accounting standards. The change to accounting rules now makes U.S. GAAP requirements more consistent with those in International Financial Reporting Standards. ...
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Blog
ISS, Glass Lewis Revamp Proxy Season Policies
Prominent proxy advisers Institutional Shareholder Services and Glass Lewis have updated their voting policies for upcoming shareholder meetings and are looking ahead to 2017 proxies by clarifying their stance on director overboarding, unilateral board actions, problematic pay practices, and the responsibilities of directors for oversight of environmental and social issues ...
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Blog
The Macro-Economic Trends Tearing Through Third-Party Risk
Image: Monday’s news of the merger between Pfizer and Allergan, one of the largest corporate deals ever, is the high-water market for a huge year of M&A activity. That M&A craze poses huge challenges to compliance officers for third-party risk, from IT systems to count third parties (harder than you ...
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Blog
Metalogix: New 'Storage Expert' Product Reduces Storage Costs
Metalogix, a provider of unified cloud software to migrate, manage and secure content across enterprise collaboration platforms, announced the release of Storage Expert, a new product designed to enable Microsoft SharePoint Administrators to drive increased application and content performance, while dramatically reducing storage costs. Storage Expert is available immediately and ...
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Blog
Alliant National Names Regulatory Compliance Officer
Alliant National Title Insurance Company, a title insurance underwriter that partners with independent agents to improve their competitive position in the marketplace, has hired Elyce Schweitzer as regulatory compliance officer. As regulatory compliance officer, Schwuitzer provides guidance on regulatory requirements for compliance with applicable title insurance laws, while spearheading all ...
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Blog
Northwestern Names New General Counsel
Philip Harris, currently a partner at the law firm of Jenner & Block, LLP, has been appointed general counsel for Northwestern University, effective Jan. 1, 2016. He will succeed Thomas Cline, who is retiring after 27 years at the University. Details inside.
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Blog
Treasury Official to Banks: Manage Risk, Don’t Avoid It
During remarks this week at the American Bankers Association and the American Bar Association Money Laundering Enforcement conference, Treasury Acting Under Secretary Adam Szubin provided some clarity on de-risking and anti-money laundering controls. “We believe that most risks can and should be managed, not simply avoided altogether,” he said. More ...
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Resource
e-Book: Shining a Spotlight on Supply Chain Risk Management
The bigger your global supply chain grows, the less visibility and assurance your corporation has into the integrity and security of its products and operations. Compliance officers often may lose control over procedures and protocols, which can lead to serious regulatory consequences.To help compliance officers and legal teams navigate those ...
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Blog
Walmart FCPA Costs Reach $705 Million
Walmart disclosed this week in an earnings call that its investigation and compliance costs resulting from potential violations of the Foreign Corrupt Practices Act were approximately $30 million in the third quarter of fiscal year 2016, now bringing its total costs to $705 million. To date, the retail giant has ...
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Blog
PCAOB Explores Tension Over Internal Control Audits
Image: The PCAOB apparently is taking seriously complaints that its inspection process is driving unnecessary audit work. At a recent conference, PCAOB member Jay Hanson said the board has studied its inspection process to assure that inspections are not imposing new audit requirements. Still, he said, “we cannot rule out” ...
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Blog
AML and CFT Risks: No Easy Solutions
Image: By sad coincidence, Compliance Week held its first-ever conference in Dubai earlier this week, and the conversation inevitably turned to sanctions, money-laundering, and terrorism funding—just days after 130 people were killed in the Paris attacks. Compliance officers must pay attention to those issues like never before, editor Matt Kelly ...
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Blog
Metalogix ControlPoint 7.0 Provides Data Breach Risk Management
Metalogix, a provider of unified management software, recently announced the launch of ControlPoint 7.0. With new, embedded security intelligence, ControlPoint 7.0 delivers real-time situational awareness into suspicious SharePoint user activity to help prevent costly data breaches and leakages. More inside.
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Blog
Contractor Management Services Names Chief Compliance Officer
Contractor Management Services, a provider of compliance software and payment settlement services for companies that use independent contractors, has appointed Rebecca Collins as general counsel and chief compliance officer.