All Compliance Week articles in Web Issue – Page 691
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Blog
Ethics Resource Center, ECOA Reborn as New Group
Two of the most well-known names in corporate ethics—the Ethics & Compliance Officers Association and the Ethics Resource Center—are gone, merged and reborn as the Ethics & Compliance Initiative, a new organization that will focus on research and certifying compliance programs. More inside.
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Blog
SEC Chairman Weighs in on Waiver Dispute
Image: For more than a year, the SEC has been divided over the use of waivers that allow firms to engage in capital-raising activities despite an enforcement action. For the first time, SEC Chairman Mary Jo White has entered the fray. Waivers should not be wielded as an enforcement tool, ...
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Blog
Why Is Cyber-Security a Process? This Is Why.
Image: Everyone stresses the importance of looking at cyber-security as a process. Well—why, exactly? How does viewing cyber-security that way help compliance and audit executives? Because, Compliance Week Editor Matt Kelly writes, cyber-threats are equally about building effective processes—to subvert yours. And until we appreciate the nature of cyber-risks, he ...
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Blog
Deloitte Analytics Platform Accelerates Internal Audit Transformation
Smarter, faster, and better are all important desires of the modern internal audit organization. In answer to these demands, Deloitte this week introduced a new advanced analytics platform to offer internal auditors a comprehensive way to support the end-to-end audit process combined with state-of-the-art data visualization, risk sensing, and analytic ...
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Blog
EU Data Supervisor Pushing Strengthened Privacy Laws
Image: Title: ButtarelliThe European Union’s Data Protection Supervisor Giovanni Buttarelli told officials in Washington that the EU’s ambitious overhaul of its data regulations will “place the individual more firmly at the heart” of technology, by boosting transparency and individual control. Buttarelli said the reforms will be backed by real teeth, ...
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Blog
Franzel Reveals Progress in Internal Control Audits
Image: PCAOB member Jeanette Franzel said to expect improvements in the audit of internal control once 2014 audit inspections are published. “Preliminary results of the 2014 inspections indicate that some improvements have been seen in the area of auditing internal control,” Franzel said at the recent IIA annual conference. “That ...
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Blog
Senator Carl Levin to Join Honigman
Senator Carl Levin, Michigan’s longest-serving U.S. senator, will join law firm Honigman Miller Schwartz and Cohn in April as senior counsel. At Honigman, Levin's focus will include aiding corporations with internal investigations and crisis management; assisting corporations with social responsibility and compliance issues; and facilitating alternative dispute resolutions and mediations. ...
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Blog
EU Court Annuls European Location Policy for CCPs
The General Court of the European Union has overturned a European Central Bank framework requiring large central counterparties (CCPs) dealing with euro-denominated transactions to be located within the Eurozone. The court ruled that the ECB lacked the authority to require CCPs involved in clearing securities to be located within the ...
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Blog
Brazil's Landmark Insider Trading Case Derailed as Seized Cash Now Missing
When we last checked in on the Brazilian insider trading case against former billionaire Eike Batista, the case was, by all accounts, in "turmoil." As I discussed here, the criminal prosecution against Batista -- a landmark case that may make him the first person ever sent to prison in Brazil ...
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Blog
Germany's Push For Gender Diversity in the Boardroom Gains Traction
A shifting regulatory landscape in Germany has paved the way for more women to hold supervisory seats in the boardroom. To promote greater gender diversity, across the board, this regulation sets quotas on the country’s public and private sectors. Now, corporate Germany will have to award at least 30 percent ...
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Blog
Credit Suisse CEO Ousted After Tax Plea
Credit Suisse CEO Brady Dougan is stepping down after the bank pleaded guilty to criminal charges and violation of U.S tax laws, which resulted in $2.8 billion in fines by U.S regulators. The Swiss bank named Tidjane Thiam, Prudential’s current CEO, as Dougan’s successor. More inside.
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Blog
PCAOB Wraps 2013 Reports With Grant Thornton
The Public Company Accounting Oversight Board has published a tough report on Grant Thornton, finding problems in 20 of 36 audits inspected, a failure rate of 55 percent. Inspectors said the deficiencies were significant enough to conclude auditors did not obtain sufficient audit evidence before arriving at their conclusions. Details ...
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Blog
Hotline Benchmark Report Shows Improvements
A new report from NAVEX Global says the “substantiation rates” for employee hotline calls—that is, the number of complaints found to be worth investigating—more than doubled from 12 percent in 2013 to 27 percent in 2014. “This significant increase may be a sign that ethics and compliance program leaders are ...
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Podcast
Podcast: Corporate Claims Complicate Cuban Trade
Amid the continuing buzz about President Barack Obama’s call to ease sanctions against Cuba, a question that remains unanswered is what to do about the complex legal issue of corporate and individual claims to property that was seized by the Castro regime. Will companies that suffered a losses decades be ...
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Article
Case Study: UCLA, Apps, and HIPAA Compliance
Companies that handle health information are subject to data privacy rules under HIPAA—rules that have grown more complex with the proliferation of mobile health applications (mHealth apps). Those that want to develop mHealth apps in a compliant manner have two options: Build a HIPAA-compliant application of your own, or buy ...
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Article
How to Impose a Travel Policy Without Strangling Anyone
Compliance officers can pick fights with employees over any number of workplace policies. But if you really want daggers drawn and subversive battles at every turn—impose a policy on business travel. Inside, we look at how to defuse that policy management time bomb, as well as the collateral legal damage ...
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Blog
SEC Approves XBRL Updates for 2015 GAAP
The SEC has approved FASB’s XBRL taxonomy for 2015 U.S. Generally Accepted Accounting Principles, clearing the way for companies to rely on it as early 2015 filers approach their financial statement filing dates and XBRL submissions. According to FASB, the 2015 Taxonomy contains far fewer changes than prior years. More ...
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Article
Post-Investigation Follow-Up and Discipline at 3M
Image: What role should compliance officers have in investigations and discipline? How can they maintain independence during an investigation and subsequent sanctions decisions, while developing an effective strategy for what happens next? We talked to Jim Zappa, chief compliance officer at 3M Corp. about his approach. Zappa will be among ...
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Blog
The Ups and Downs of FCPA Politics in Washington
Several events in Washington lately show just how well FCPA enforcement is—or more precisely, is not—understood there. This week, columnist Tom Fox turns his eye first to critics of the Justice Department’s new top FCPA prosecutor, and then to Texas Sen. Ted Cruz and his ham-handed efforts to politicize the ...
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Blog
Fannie Mae Chief Risk Officer on Leave of Absence
Fannie Mae announced in a Form 8-K filing yesterday that John Nichols, chief risk officer, is taking a leave of absence for health reasons. Details inside.