All Compliance Week articles in Web Issue – Page 726
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Blog
J.C. Penney Names New Chief Accounting Officer
J.C. Penney has appointed Andrew Drexler as chief accounting officer and controller. He succeeds Dennis Miller who will remain principal accounting officer until that time. Details inside.
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Blog
Deloitte and IBM Team to Deliver Next Generation Risk Intelligence
Deloitte and IBM this week announced the latest step in their longstanding strategic alliance, creating a transformative series of risk management and regulatory compliance solutions to help financial services firms to more efficiently address their immediate compliance and conduct requirements. Details inside.
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Blog
Amgen Appoints New General Counsel
Amgen has appointed Jonathan Graham as general counsel and secretary, effective July 13. He will succeed David Scott, who is retiring Aug. 31. Details inside.
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Blog
Investcorp Hires CRO for Hedge Funds Business
Investcorp, a provider and manager of alternative investment products with approximately $11 billion in assets under management, has named Sunil Gaglani to the firm's hedge funds business in the newly created position of chief risk officer. Details inside.
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Blog
Two Members Reappointed to FASB
The Board of Trustees of the Financial Accounting Foundation this week reappointed Daryl Buck and R. Harold Schroeder to the Financial Accounting Standards Board. Their new terms are effective July 1, 2015 and end on June 30, 2021. Buck and Schroeder originally were appointed to FASB in 2011, when the ...
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Blog
SEC: BHP Billiton Went Too Far on Hospitality
Image: The SEC has settled FCPA charges against BHP Billiton for inviting 176 government officials and employees of state-owned enterprises to attend the 2008 Summer Olympic Games at the company’s expense. Andrew Ceresney, head of the SEC’s Enforcement Division, said the invites occurred “while they were in a position to ...
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Blog
MasterCard May Face Some Antitrust Issues in the European Union
European Union regulators are set to launch an investigation into credit card giant MasterCard after reports emerged about the company’s anti-competitive practices among the 28-nation bloc and its overall fees system. In a statement, MasterCard said it “is working with the European Commission on the issue as part of an ...
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Resource
e-Book: Managing Third-Party Risks
In today’s complex business environment, almost every company depends on outside vendors and other third parties to some extent—and often to a great extent. Taming the increasing risk exposure and threats that come with managing third parties can overwhelm compliance officers.This e-Book, produced by Compliance Week in cooperation with ProcessUnity, ...
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Blog
Ireland’s Central Bank Hits Western Union with €1.75m in Fines
Image: The Central Bank of Ireland levied €1.75m in fines on Western Union in Ireland after the firm failed to implement “robust” anti-money laundering and counter-terrorist financing controls. “The Central Bank action must be viewed in light of the inherent risks in the sector in which this firm operates … ...
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Blog
Caldwell: What a Robust Compliance Program Looks Like
During a keynote speech at the Compliance Week 2015 conference, Assistant Attorney General Leslie Caldwell provided some insight on what a robust compliance function and strong internal investigations look like. “Overall, our message is really a simple one: we really expect that corporations will take compliance risks as seriously as ...
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Article
Is CSR Part of the Compliance Operation?
Corporate social responsibility is now big business in Europe. How the compliance function intersects with CSR, however—and what role the compliance officer should play in CSR oversight—is still unclear. In the final part of our series on CSR, we look at how several European companies are trying to embed CSR ...
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Article
Dodd-Frank Reform: The Beat Goes On
The Dodd-Frank Act may be turning five years old this summer. Fights about Dodd-Frank, on the other hand, feel like they’ve been going on forever. Washington was back at it again last week, proposing various fixes, reforms, and exemptions to all manner of Dodd-Frank, much of it to help large-ish ...
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Blog
Ceresney Breaks Down Recent Results of Busy SEC Litigation Docket
SEC Director of Enforcement Andrew Ceresney recently provided some detailed updates on the work and recent results of the Enforcement Division’s national litigation program. He characterized the litigation docket as “busy,” with approximately 130 litigators in the national trial unit who are currently litigating more than 550 cases. He stated ...
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Article
Hurry-Up Offense on Employee Surveillance
Image: Surveillance of employee activity is nothing new in the financial services sector, but the financial crisis, the LIBOR scandal, and other misconduct are driving new demands for smarter, better surveillance. Inside, we look at some of the IT challenges to extracting better intelligence from your data. The goal is ...
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Article
Compliance Trends in 2015: More Authority, More IT Uncertainty
Good news for compliance officers in existential crisis: A majority of CCOs are now part of the senior management teams at their businesses, and they have more authority than ever before. Those are two among many findings of the 2015 Compliance Trends Report, the annual survey of compliance leaders conducted ...
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Article
Doing God’s Work: Compliance Reform at the Vatican Bank
Image: The Istituto per le Opere di Religione, commonly known as the Vatican Bank, suffered for decades from poor internal controls and conduct. How has the Holy See tried to recover? Slowly, surely, and with a risk-based approach following international standards. “The expectations are huge in building trust and confidence, ...
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Article
PCAOB to Audit Committees: Help Us Help You
Image: The PCAOB’s latest guidance to audit committees will help them understand how to push their audit firms to dig deeper into risk. It may also, however, nudge audit committees to undertake risk and audit oversight the PCAOB itself cannot do. “In places like China, the PCAOB cannot inspect, but ...
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Resource
In Focus: 2015 Compliance Trends Survey
For the last five years, Compliance Week has published an annual benchmarking survey, asking compliance officers how they work with their peers, what their responsibilities are, what resources they have and much more. This executive summary is the culmination of a much larger effort. We begin every winter, creating a ...
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Blog
The SEC Views on Whistleblowers: Sit Up and Listen
Whistleblowers—protecting them, working with them, not stifling them—continue to be one of the most important parts of the compliance officer’s job. This week, columnist Tom Fox reviews the SEC’s recent pronouncements on how it wants whistleblowers to be treated and how the SEC itself plans to keep encouraging whistleblowers to ...
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Blog
Revenue Recognition Implementation Brings Big Challenges
Companies in the vanguard of implementing the new revenue recognition standard are finding it a daunting task requiring major planning and coordination. At the Compliance Week 2015 conference, Bavan Holloway, vice president of corporate audit at Boeing, said companies need to have a strong change management process in place. “It’s ...