All Compliance Week articles in Web Issue – Page 724
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Vendor Risk Management: Conducting Pre-Contract Due Diligence
Today’s global, digital economy opens up a world of opportunities—and a whole new world of risk exposure. When important parts of your business can be fulfilled anywhere, risks may be everywhere.If one of your vendors takes a hit, you could take the fall. Which begs the question: Do you have ...
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Blog
European Watchdogs Calls for Banks to Revisit Business Models
European regulators are urging banks to revamp their business models to reduce risk and enhance a culture of compliance. A joint report issued by the European Union’s banking, insurance, and market regulators says, “Despite numerous actions already taken by regulators and supervisors, both from prudential and consumer protection perspectives, recent ...
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EU’s Apple, Amazon, Fiat and Starbucks Tax Inquiry Postponed
Image: The European Commission has placed Amazon, Starbucks, Fiat Finance and Trade, and Apple’s tax probe on hold amid concerns about obtaining information relating to these cases, said European Competition Commissioner Margrethe Vestager in a testimony before the European Parliament. While Vestager did not give a new deadline for the ...
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FASB Issues New Rules, Proposals on Narrow Areas of GAAP
The Financial Accounting Standards Board has been busy the past few weeks pushing out some narrowly focused changes to accounting standards that address earnings per share, fair value measurement, intangible assets, and compensation, not to mention additional proposals involving liabilities associated with gift cards, hedging for energy concerns, and benefit ...
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Throwing Books & Records at ’Em
Image: Compliance officers responsible for accurate books and records and effective internal control over financial reporting may be entering a brave new world of regulatory enforcement. The SEC is stepping up its use of administrative proceedings to impose strict liability on even relatively minor infractions of securities law. “The SEC ...
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Far East: The Epicenter of FCPA Enforcement?
Image: Everyone says bribery risk is highest along the Pacific Rim, but how acute is the problem really? Pretty bad, according to a Compliance Week review of recent FCPA enforcement actions—and the risks will only increase as more U.S. companies enter Asia and more Asian companies tap U.S. capital markets. ...
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Q&A: How E*Trade Recovered From the Financial Crisis
Image: As part of our occasional series of conversations with compliance and risk executives, we caught up with Michael Pizzi, chief risk officer at E*Trade Financial. Prior to the financial crisis, E*Trade had made sizable investments in mortgage-related assets—toxic assets whose value ultimately plummeted, resulting in substantial writedowns for the ...
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Latest Pay Disclosure: Bring on the Metrics, Break Out the Peers
Image: Compensation committees and external reporting executives should brace for impact from the SEC’s newest addition to executive compensation disclosure: pay-for-performance rules. The detailed new disclosures (tagged in XBRL, no less) will be extensive, the consequences for executive pay unknown. “How useful is this information really going to be? To ...
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Parsing the Data on Financial Restatements
Image: The data behind financial restatements tell a fairly positive tale for 2014, with improvements in financial reporting across many variables (unless you’re an accelerated filer, where restatements edged up from the prior year). Inside we have a close look at which companies restated for what reasons, and whether improvement ...
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Despite LIBOR Manipulation, SEC Grants Deutsche Bank Waiver
Image: The SEC has decided not to let an admission of LIBOR manipulation result in the loss of Deutsche Bank’s well-known seasoned issuer status. “It is safe to assume that these waiver requests will continue to roll in, as issuers are now emboldened by an unofficial Commission policy to overlook ...
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EU Companies Face CSR Reporting Mandate in 2016
Image: This week Compliance Week starts a series on corporate sustainability, asking the most basic question of all: Will sustainability reporting ever be required? Yes, at least in the European Union. Inside we look at the state of CSR in Europe, and what role compliance officers are likely to play. ...
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Engaging the Evolving Workforce in Compliance
The workforce is becoming more diverse by generations, geographies, and cultures. People are working from scattered locations. The options for how we consume information are more varied than ever and a preference for short, easy-to-research, and personally relevant content is on the rise. Compliance must evolve to keep up with ...
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Blog
Brace Yourselves, Politics Is Coming
The political season is ramping up in both the United Kingdom and the United States, which means one thing: lots of talk about the shortcomings of corporate governance, and how to fix it. This week, columnists Stephen Davis and Jon Lukomnik look at what governance reform might transpire after British ...
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Mattel Appoints Corporate Controller
Mattel has appointed Joseph Johnson as corporate controller, effective immediately. He succeeds Scott Topham, who has elected to retire from the toy and family products company. Details inside.
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SEC Revisits Cross-Border Swap Rules
The Securities and Exchange Commission is seeking to better define the requirements for security-based swap transactions that involve a foreign entity’s activity in the United States. A new proposed rule addresses what to do when only certain activities involving a security-based swap transaction occur within the United States. More inside.
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The Consequences of Baltimore and Body Cameras
Image: The protests and riots in Baltimore last week over police brutality make the question of body cameras for law enforcement ever more pressing. Are they effective controls against misconduct? Yes, Compliance Week editor Matt Kelly says. But when you consider what they say about the state of our ethical ...
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Ukraine Anti-Corruption Law Requires Compliance Officers
The Ukraine has enacted a new law that applies to almost all companies participating in public tenders and state-owned enterprises over a certain size, requiring them to have in place a compliance program. The law further requires companies to appoint a compliance officer with responsibility for implementing the compliance program. ...
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China Targets Medical Device Companies in Bribery Probe
Chinese regulators are investigating several foreign medical device companies over suspicions that they may have bribed hospitals in exchange for sales. Regulators launched a preliminary investigation last year into the Chinese healthcare units of U.S.-based General Electric, Amsterdam-based Royal Philips, and Germany-based Siemens AG. Details inside.
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Mittleman Investment Management Names New Compliance Chief
Mittleman Investment Management, an SEC-registered investment advisor wholly-owned by Mittleman Brothers, has hired Laura Kate Garner as chief compliance officer. She replaces Shannon Brown, who resigned from the company earlier this year to devote herself full-time to her family. Details inside.
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Accenture Names Chief Compliance Officer
Accenture has appointed Chad Jerdee as general counsel and chief compliance officer, and Joel Unruch as corporate secretary. These changes are effective June 1. Details inside.