All Compliance Week articles in Web Issue – Page 677
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Blog
MFRI Appoints New Board Member
MFRI, a manufacturer of specialty piping systems and industrial filtration products, has appointed David Brown to its board of directors. With Brown's appointment, the MFRI board has been expanded to eight members. Details inside.
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Blog
SNC-Lavalin General Counsel to Depart
SNC-Lavalin announced this month that Réjean Goulet will be retiring from his position as general counsel after a 30-year career with the embattled engineering-and-construction company, effective in July. Jean-Éric Laferrière, currently senior vice president of legal affairs, will serve as interim general counsel while the company conducts a worldwide search ...
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Blog
AK Steel Corporate Secretary to Retire
AK Steel recently announced the retirement of David Horn as chief legal and administrative officer, and corporate secretary, effective May 31. As a result, Joseph Alter, general counsel and chief compliance officer, will assume the added responsibility of corporate secretary. Details inside.
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Blog
SEC Proposes Pay-Versus-Performance Disclosure Rule
The SEC has proposed a new pay-for-performance disclosure rule, requiring companies to report the relationship between compensation paid to named executive officers and the Total Shareholder Return of both the company and its peer group. The proposal marks the first time the Commission will require data tagging in the XBRL ...
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Blog
FCA: Banks Should Rethink Derisking Strategies
The Financial Conduct Authority warns that banks should rethink their anti-money laundering strategies in light of reports that financial institutions have nixed services to customers that may pose potential money-laundering risks. The agency says, “These policies and procedures must be comprehensive and proportionate to the nature, scale, and complexity of ...
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Blog
TI Index Shows Anti-Corruption Improvements in Defense Sector
A new anti-corruption index examining anti-corruption measures in the defense sector reveals some good news: many defense companies are increasingly addressing corruption risks, with improvement evident in companies from every region of the world. The results show significant improvement overall,” said Transparency International, which last issued its index in 2012. ...
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Blog
FASB Seeks Comment on Revenue Delay, IASB Opts to Defer
The Financial Accounting Standards Board has issued a formal proposal to delay the effective date of the revenue recognition rule by one year, just as the International Accounting Standards Board voted to propose a one-year deferral for the international standard. FASB’s proposal is seeking comment on whether a two-year delay ...
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Blog
PwC Names Risk Assurance Managing Director
David Thelander has been appointed as a risk assurance managing director in PwC’s Risk & Compliance, Systems & Analytics practice. Details inside.
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Blog
Selerity Strikes Gold with Early Look at Twitter Earnings Release
This week, a data services company called Selerity used an automated system and some very aggressive digging to obtain early -- and highly lucrative -- information about Twitter's earnings.
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Blog
Anadarko Names New Chief Accounting Officer
Anadarko Petroleum has named Christopher Champion as chief accounting officer and controller, effective June 1. He will succeed M. Cathy Douglas, who is retiring following more than 35 years with the company. Details inside.
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Blog
Europe's Digital Regulator
Amid Google’s recent antitrust debacle and the intense competition among some U.S. tech giants in Europe, the call for an EU strategy to monitor the digital economy has never been louder. If implemented, according to reports, a pan-European digital regulator will supervise “systemic digital actors” and will have the ...
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Blog
Belgium's Robust AML Regime
While Belgium has made significant progress in tracking down anti-money laundering and counter-terrorist financial (AML/CFT) activities, a lot more work needs to be done, says a recent report by the Financial Action Task Force. In April, the European Union approved new draft rules that reflect the need of its member ...
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Blog
$600,000 to Man in Whistleblower Retaliation Case
The SEC has awarded $600,000 to the first person ever at the center of a whistleblower retaliation case, giving him the maximum award possible for information he provided to the SEC in an investigation against a financial firm in Albany, N.Y. The firm itself was charged in 2014 with retaliating ...
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Blog
Study: Disclosing Control Weaknesses Does You Few Favors
Companies that disclose control problems ahead of restatements get no pat on the back or other indicators of gratitude from investors, according to a recent academic study. On the contrary, they are more likely to face harsher consequences for their transparency than companies that provide no advance warning. More inside.
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Blog
Legislation Seeks Transparency on Tax-Deductible Settlements
A bill filed by Sens. Elizabeth Warren (D-Mass.) and James Lankford (R-Okla.) would require transparency on tax deductions that minimize the cost of an enforcement action. Any statement by a federal agency about the value of a settlement would need to explain how much of that agreement is tax deductible ...
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Blog
KPMG Launches Alliance With SailPoint
Audit, tax, and advisory firm, KPMG, and SailPoint, an identity and access management firm, today announced an alliance that will provide information protection solutions to help clients manage and protect their critical information. Details inside.
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Resource
Get Started with your Information Governance Blueprint
The era of Big Data has forever changed our information environment. Data is exploding in both volume and variety, and it is imperative for organizations to understand and have control over all of their information in whatever format it exists. Information governance activities and technologies enable organizations to maximize the ...
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Blog
Braskem Self-Reports FCPA Probe
Brazil-based petrochemical giant Braskem has launched an internal investigation into potential violations of the Foreign Corrupt Practices Act. Braskem said it is investigating allegations that two of its former executive officers made improper payments from 2006 to 2012 to Brazil’s state-owned oil company Petrobras, in exchange for raw-material supply agreements. ...
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Article
The Multimillion Dollar Question: When to Self-Report?
Image: The mantra from regulators when uncovering potential violations of the Foreign Corrupt Practices Act is clear: self-report early and often. Still, companies might want to take a more nuanced approach to that decision, and some legal voices maintain that occasionally shareholders are best served by staying silent. “Right now, ...