All Compliance Week articles in Web Issue – Page 798
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Blog
Study Delves Into the Extensive Costs of Non-Compliance
What’s the true cost of non-compliance? A study by Thomson Reuters makes the case that fines, while significant and growing, may be the least of what should worry companies that run afoul of regulations. Broader financial implications can include the end of a business line, an inability to sell specific ...
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Blog
Justice Department Collected $24.7 Billion in Civil and Criminal Cases in 2014
The Department of Justice collected $24.7 billion in civil and criminal actions in the fiscal year ending Sept. 30, 2014, Attorney General Eric Holder announced in a video released today by the agency. That amount is “more than three times the $8 billion total the Department collected in 2013,” Holder ...
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Blog
Effective ICFR? The Citigroup Example
Earlier this year, Citigroup received a comment letter from the SEC asking about the effectiveness of its internal control over financial reporting, given the discovery of fraud in its Banamex division in Mexico. In this guest post, Audit Analytics examines the issues raised by the SEC, how Citi responded, and ...
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Blog
SEC Approves Rule Requiring Technology Safeguards
Image: Nov. 19—Despite concerns that it may be too limited in its current form, the SEC unanimously approved Regulation SCI, new rules intended to strengthen the technology infrastructure of securities markets, improve their resilience, and enhance the Commission’s ability to oversee them. The rule includes attestation requirements for chief executive ...
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Blog
2014 Marked Record Year for SEC Whistleblower Program
Fiscal year 2014 marked a historic year for the Securities and Exchange Commission’s whistleblower program both in the number of tips it received and the number and dollar amount of whistleblower rewards the agency doled out, according to the SEC’s annual report to Congress. The SEC received 3,620 whistleblower tips ...
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Blog
Bank of England Chief Suggests Rules Needed for Bankers’ Fixed Pay
Image: Title: CarneyNov. 19—Even though caps on banker bonuses in the European Union are still generating controversy, some are calling for new rules for bankers’ fixed pay. Bank of England Governor and Financial Stability Board Chairman Mark Carney said during a speech this week that new rules on bankers’ fixed ...
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Blog
European Commission Pushing Ahead with New Shareholder Rights Law
Image: Title: HooijerNov. 19—The head of corporate governance for the European Commission, Jeroen Hooijer, said at a recent conference in the Netherlands that the Commission could put a proposal to revise the European Union’s shareholder rights rules before lawmakers by next summer. The proposal was unveiled last spring and calls ...
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Resource
e-Book: What to Look Out for When Implementing the COSO Framework Update
Like a house built with a solid frame, internal controls are at the core of ensuring effective compliance and risk management. Two recent developments have spurred companies to review that system of internal controls. The first is an update, published by COSO last year, to the framework most public companies ...
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Blog
State Street Global Advisors Names Chief Risk Officer
State Street Global Advisors, the asset management business of State Street Corporation, has appointed David Saulnier as chief risk officer, with immediate effect. Saulnier previously served as chief risk officer for State Street’s investment servicing business in the Americas. Details inside.
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Blog
Lowe's Names Chief Compliance Officer
Lowe's Companies has named Ross McCanless as general counsel, secretary and chief compliance officer, effective Jan. 12, 2015. McCanless will replace Gaither Keener, who announced plans to retire from the company following 30 years of service. Details inside.
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Blog
How Layne Christensen and Hewlett-Packard Earned Favorable Treatment After an FCPA Charge
When Layne Christensen, a global water management and construction company, and tech pioneer Hewlett-Packard were targeted for violating the Foreign Corrupt Practices Act, they both escaped harsh punishments by cooperating with enforcement authorities. Their actions serve as a how-to for earning cooperation credit. Inside, columnist Tom Fox runs down their ...
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Blog
Whitewashed Sanctions Report Costs Bank of Tokyo-Mitsubishi $565 Million
Bank of Tokyo-Mitsubishi UFJ today reached a $315 million settlement with the New York State Department of Financial Services—adding to the $250 million settlement it reached with DFS last year—for misleading regulators regarding the bank’s transactions with Iran, Sudan, Myanmar, and other sanctioned entities, bringing the bank’s total monetary penalty ...
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Blog
Court Gives SEC Another Chance to Defend Conflict Minerals Rule
The court that struck down parts of the SEC’s conflict minerals disclosure rule has agreed to give the agency another chance to make its case. The U.S. Court of Appeals for the District of Columbia said it will permit the SEC to file a supplemental brief, setting the stage for ...
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Article
Making Codes of Conduct More Usable and Engaging
Image: Title: BanksMany companies are looking to breathe more life into their staid and dusty codes of conduct. They’re cutting out the legal language and paying more attention to design and usability. Some leading companies are putting them online with multi-media aspects, including videos. “You want to present information so ...
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Article
Wanted: Compliance Officers With Leadership, Communication Skills
Image: Chief compliance officers are still in high demand, but the skills that companies are looking for in top candidates are changing. Companies are seeking compliance leaders who have the ability to influence others, communicate effectively, and build relationships with a wide range of internal and external stakeholders, including regulators. ...
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Article
Companies Fall Behind on Preparing for Revenue Recognition Rules
Image: Title: Mirando-GouldAccounting experts say that most companies will not be prepared to follow new revenue recognition accounting rules at the start of next year, the ideal date for those that want to be ready for a full retrospective adoption. Meanwhile, officials at the Financial Accounting Standards Board say they ...