All Compliance Week articles in Web Issue – Page 682
-
Article
Frustrating Risk With the Right Internal Control Framework
Image: As cyber-security and IT controls rise up the priority list in corporate audits, a new wrinkle is emerging: numerous frameworks (COSO, NIST, CoBIT) used by numerous parties, all trying to build effective control systems. That could lead to painful detours in mapping controls, if compliance executives don’t plan carefully. ...
-
Blog
A Smarter Way to Address Disclosure Overload
That companies are besieged with requests to disclose information is not news; nor is the awkward truth that most disclosures (think MD&A in your annual report) are not, ahem, brimming with specifics. This week, columnists Stephen Davis and Jon Lukomnik consider new ways to make your disclosure more manageable. One ...
-
Blog
Lincoln Financial Group Chief Accounting Officer to Retire
Lincoln Financial Group announced this week that Douglas Miller, senior vice president and chief accounting officer, will retire on March 31, 2016, after more than 30 years with the company. Christine Janofsky, currently vice president and assistant controller, will succeed Miller when he formally leaves the organization. Details inside.
-
Blog
Companies Meet Their Match in Cyber-Security, IT Survey Shows
Image: A recent survey from Protiviti found that only 28 percent of 700 senior IT managers saw a high level of engagement and understanding of cyber-security risks by the board of directors. According to the company, board members are trying to understand complex technical issues, the investments necessary to address ...
-
Resource
GRC Illustrated Series: Align Your Business for Principled Performance
Principled performance is all about being able to reliably achieve objectives while addressing uncertainty and acting with integrity. That means you need to develop objectives based on a full understanding of the context in which your organization operates and design strategies for operations, risk management, and compliance that are effective ...
-
Blog
Bristol-Myers Squibb Settles FCPA Case for $14 Million
Pharmaceutical giant Bristol-Myers Squibb has reached a $14 million settlement with the SEC for violations of the Foreign Corrupt Practices Act. According to the Commission, the company’s joint venture in China made cash payments and provided other benefits to healthcare providers at state-owned and state-controlled hospitals in exchange for prescription ...
-
Blog
Scottish Prosecutors Resolve Bribery Case With Brand-Rex for £200,000
Scotland-based company Brand-Rex, a developer of cabling solutions for network infrastructure and industrial applications, last month reached a £212,800 civil settlement with Scottish prosecutors for failing to prevent bribery by a third party in violation of Section 7 of the U.K. Bribery Act. Details inside.
-
Blog
BP to Pay $20.8 Billion for Deepwater Horizon Oil Spill
BP today reached an historic $20.8 billion settlement with the government and five Gulf states to resolve civil claims arising from the 2010 Macondo well blowout and the massive oil spill that followed in the Gulf of Mexico. It is the largest settlement with a single entity in the Department’s ...
-
Blog
Sponsors Turn Up the Heat on FIFA Corruption
Image: Four of FIFA’s largest sponsors have called on the group’s president, Sepp Blatter, to resign immediately given his role in possible misconduct at the soccer organization. (Blatter is now under criminal investigation by Swiss prosecutors.) That business-driven pressure, Compliance Week blogger Tom Fox (left) says, might be the first ...
-
Blog
R.T. Jones Pays SEC $75K for Failing to Adopt Cyber-Security Policies
Investment advisory firm R.T. Jones last week reached a $75,000 settlement with the Securities and Exchange Commission for failing to adopt written policies and procedures reasonably designed to protect customer records and information in violation of the "Safeguards Rule." Such failures ultimately resulted in a cyber-attack that compromised the personally ...
-
Blog
Game Over: Supreme Court Denies Appeal in Newman Case
The U.S. Supreme Court has specifically included the landmark insider-trading case of U.S. v. Newman on a lengthy list of cases in which the Court denied certiorari (will not hear on appeal). The Court’s refusal to hear the case means that Newman will continue to pose a major, often insurmountable ...
-
Blog
Kinross Gold: Justice Department and SEC Probing West Africa Payments
Kinross Gold, a Canada-based gold mining company, said last week that it is under investigation by the Department of Justice and Securities and Exchange Commission concerning allegations of improper payments made to government officials and certain internal control deficiencies at its West Africa mining operations. More inside.
-
Blog
Final Trial Scorecard for FY 2015: SEC Goes Undefeated in 6 Trials
The SEC went undefeated in its six federal court trials in FY 2015, posting a record of 4-0-2. The SEC conducted far fewer trials than it did in FY 2014, but it was more successful. Check out the complete list of trials and the results in each case here.
-
Event
Merger Week: Creating Value Through Strategic Acquisitions and Alliances
Chicago, ILUnited States
-
Blog
SEC Agrees to Issue Extractive Payments Rule By June 2016
The SEC will adopt a new rule by next summer requiring oil, gas, and mining companies to disclose payments made to host governments. The news came in a court filing on Friday, the latest move after a federal judge ordered the agency to propose and adopt the rule as soon ...
-
Blog
Opus Global Acquires Alacra
Opus Global, a provider of SaaS-based compliance solutions, announced that it has acquired Alacra, a provider of Know Your Customer (KYC), Anti-Money Laundering (AML) and Reference Data business information solutions. More inside.
-
Blog
Hyperdynamics to Pay $75K to SEC in FCPA Case
Oil and gas company Hyperdynamics announced this week that it has reached a $75,000 settlement with the Securities and Exchange Commission to resolve violations of the books and records and internal control provisions of the Securities Exchange Act. Hyperdynamics said it consented to the SEC order without admitting or denying ...
-
Blog
Atterocor Names General Counsel
Atterocor, a drug development company, has appointed Jeffery Brinza as senior vice president, administration and general counsel. Brinza joins Atterocor from RGIS, a Blackstone portfolio company, where he was general counsel, secretary and chief compliance officer. More inside.
-
Blog
Unified VRM Now Offers Advanced Task and Workflow Automation
NopSec, a provider of vulnerability risk management and remediation solutions, has announced the latest version of its Unified VRM platform to help security professionals rapidly reduce remediation time through enhanced workflow automation and risk reporting. More inside.