All Compliance Week articles in Web Issue – Page 673
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Blog
Finter to Pay $5.4 Million Under Swiss Bank Program
The Department of Justice today announced that Finter Bank Zurich has reached a resolution under the Department’s Swiss Bank Program, which provides a means for Swiss banks to resolve potential criminal liabilities in the United States. Finter will pay a $5.4 million penalty in return for a non-prosecution agreement for ...
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Blog
SEC Commissioners Gallagher and Aguilar Prepare to Depart Agency
SEC Commissioner Daniel Gallagher has notified the White House that he will be departing the agency as soon as his successor is confirmed by the Senate. With fellow SEC Commissioner Luis Aguilar also leaving the agency soon, the search for potential successors is reportedly underway.
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Blog
Pre-Gaming the Compliance Week 2015 Conference
Image: The Compliance Week 2015 conference started Monday, and as usual there were more than 500 compliance officers, audit executives, regulators, and other leading thinkers talking shop on all things ethics & compliance. Check our website frequently for updates. Meanwhile, here are Editor Matt Kelly’s personal picks for the most ...
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Prudential Chief Risk Officer to Leave
Insurance firm Prudential said this month that Pierre-Olivier Bouée, group chief risk officer and a member of the board, will step down on May 31 after two years in the role. Details inside.
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Blog
Calpine Names Chief Accounting Officer
Calpine, a generator of electricity from natural gas and geothermal resources, has named Jeff Koshkin as chief accounting officer, effective Aug. 1. Koshkin, who is currently Calpine's controller, will assume this role from Jim Deidiker, who is planning to retire. Details inside.
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MGIC Names Chief Risk Officer
Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation, has hired Stephen Mackey as chief risk officer, effective in June. Mackey will assume the role from Lawrence Pierzchalski, who is retiring. Details inside.
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LifeLock Names Chief Risk Officer
LifeLock, a provider of proactive identity theft protection services, has named Ignacio Martinez to the newly created role of chief risk officer. Details inside.
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ADM Names Chief Risk Officer
Food processing giant Archer Daniels Midland Company has named Mark Bemis as chief risk officer, in addition to his current role as senior vice president and president, North America. Details inside.
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Blog
Ding, Dong: EDGAR Fraud Calling
On May 14, PTG Capital Partners, a London-based investment firm, disclosed in a regulatory filing on the Securities and Exchange Commission’s EDGAR system that it offered to buy Avon for $18.75 a share. The firm, however is fictitious, raising questions of how EDGAR was gamed and why the filing was ...
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Former SEC Chairman Cox Weighs in on Administrative Proceedings
In detailed remarks on Wednesday, former SEC Chairman Christopher Cox weighed in on the growing controversy concerning the SEC's use of administrative proceedings. Chairman Cox offered insights into how the present situation came to be and how it might be resolved.
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Europe Moves Closer to Meeting Transparency Goals
Trying to reduce corruption risks around the globe, the Legal Affairs Committee of the European Parliament has voted for more disclosure of financial information from companies based in specific countries. This new requirement would also work in tandem with the European Commission’s tax transparency package, which calls for the exchange ...
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Survey: Overloaded CCOs Expect Increased Personal Liability
Compliance officers have two fears on their minds these days: increased regulatory fatigue and overload; and the threat of increasing personal liability for corporate misconduct. More than one-third of all firms already spend at least one day every week simply tracking and analyzing regulatory developments, according to Thomson Reuters’ annual ...
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Blog
FASB Proposes Changes to Revenue Standard
FASB has issued proposed revisions to the revenue recognition standard intended to head off the potential for varied interpretation of the standard and to simplify and reduce the cost of compliance in some areas. The board has focused the amendments on identifying performance obligations and accounting for revenue arising from ...
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Article
IIA to Push More Flexible Internal Audit Planning
Image: The Institute of Internal Auditors will unveil an overhaul of its professional practices framework this summer, including a push for audit executives to be more flexible in their audit planning. Whether that means a “rolling audit plan,” contingency funds for surprise risks, or other methods, many say the idea’s ...
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Brit Banking Regulators Wield Attestation More Often
Deutsche Bank paid $345 million to British regulators for its role in the LIBOR scandal, $153 million of that stemming from a false attestation the bank submitted about its internal controls. Those attestations are emerging as a potent tool for the U.K. Financial Conduct Authority. “This case sends a strong ...
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Blog
Morton Salt Names General Counsel
Morton Salt has appointed Chad Walker as general counsel and corporate secretary. He succeeds Mary Doohan, who retired last year after a successful 23-year career with the company. Details inside.
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Article
Suddenly, Washington Is Back at Cyber-Security Discussion
Image: For the first time in years, Washington is abuzz with proposed changes to cyber-security disclosure, both in Congress and at the SEC. Above all, experts say, is a need to clarify terminology and expectations. “There should be minimum standards for what that security should be across the board,” says ...
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Article
As SEC Delays on Extractive Payments, World Moves Ahead
The SEC has fought all sides on its proposed rule to disclose payments to governments for mining rights: oil and gas companies on one hand saying the rule is flawed; activists on the other saying the rule is overdue. The trouble, however, is that while the SEC tussles in court, ...