All Compliance Week articles in Web Issue – Page 801
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Blog
Digging Into the Data
Two truths about corporate compliance: no single solution exists for all businesses, and everyone wants to know what everyone else is doing. Compliance Week now has a way to address both those points—our new Data Research Division, where we listen to your company’s specific needs for data about audit, compliance, ...
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Blog
SBM Offshore Enhances Compliance, Pays $240 Million for Bribery
SBM Offshore has reached a $240 million settlement with the Dutch Public Prosecutor’s Office over improper payments to sales agents and foreign government officials. The company initiated an internal investigation, reported the facts to authorities, and fully cooperated in the investigation. Dutch officials also credited SBM Offshore for taking significant ...
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Blog
Castlight Health Names Chief Compliance Officer
Castlight Health, a cloud technology company for the healthcare industry, has appointed Jennifer Chaloemtiarana as general counsel and chief compliance officer. Chaloemtiarana joins Castlight from Levi Strauss, where she was senior counsel. Details inside.
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New Conflict Minerals Reporting Template Improves Smelter Identification
Image: Title: RohwerThe latest version of the Conflict Free Sourcing Initiative’s Conflict Minerals Reporting Template is now available. The report provides information on which countries smelters and refiners get their minerals from. The latest version of the report provides improved translations and a more accurate approach to smelter identification. “By ...
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EU Financial Services Commissioner Will Press on With Reforms
Image: Title: HillNov. 12—The new EU commissioner for financial services has pledged to continue implementing numerous reforms sparked by the 2008 financial collapse, but cautioned lawmakers to assess the effect new regulations have on growth and jobs. Jonathan Hill, commissioner for financial stability, financial services, and capital markets union, said ...
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EU Approves New Damages Directive for Antitrust Violations
Image: Title: VestagerNov. 12—A new law approved by European Union lawmakers this week is designed to make it easier for companies suffering damages due to antitrust violations to seek compensation anywhere within the bloc. The damages directive includes new rules regarding disclosure of evidence and allows a decision from a ...
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Banks Fined $4.3 Billion in Foreign-Exchange Probe
In a highly-anticipated series of settlements, regulators from the United Kingdom, United States, and Switzerland today slapped six banks with a total of $4.3 billion in fines to resolve charges that they manipulated the foreign exchange currency-trading market. JPMorgan and Citibank will pay the largest total in fines of $1 ...
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Blog
Creating Order in World of Data Chaos
The massive accumulation of information can overwhelm companies, creating compliance risks and vulnerability to privacy breaches, while also driving up the cost of e-discovery. To meet the challenge of information governance, companies are mapping out existing systems where data resides and may be managed. Inside, columnist Jose Tabuena looks at ...
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Blog
Why We Should Be Asking, ‘Can We Talk?’
Title: Why We Should Be Asking, ‘Can Whether or not you liked her humor, Joan Rivers was a force of nature, perhaps best known for her catchphrase, “Can we talk?” The line captures an idea that fits very nicely into a business setting. It means there’s something important we need ...
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KPMG Alliance With Flexera Helps Companies Improve Software License Management
KPMG this week entered into an alliance with Flexera Software, a provider of software license optimization solutions, to offer holistic software asset management and license optimization software and services to enterprise customers. The alliance will help companies improve their operational capability, effectively manage their software license estate, help optimize spend ...
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Article
What SEC Rulemaking Generates the Most Buzz?
What rule proposals and petitions before the SEC attract the most comment letters? Not surprisingly, investors and their advocates flooded the SEC’s mailbox with form letters supporting measures such as enhanced whistleblower protections and disclosure of political contributions. Less feedback came from corporate representatives concerned with new rules on the ...
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Article
Separation Conundrum: Should Compliance Be Independent of Legal?
Image: Title: RubinDespite the ongoing push for companies to separate the compliance and legal functions, giving chief compliance officers greater independence than they might otherwise enjoy while reporting to the general counsel, not everyone agrees it’s the only way to go. “I don’t think there is a right or wrong ...
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Blog
Companies Lack Transparency on Foreign Operations, Report Says
The world’s largest companies don’t disclose much information about operations outside their home country and are often tight-lipped about anticorruption efforts, says a new report from Transparency International. The lack of granularity, it adds, will leave the largest oil, gas, and mining companies ill-prepared for forthcoming rules from the European ...
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Blog
Former Pfizer General Counsel Joins Blue Buffalo Board
Blue Buffalo, a natural pet food company, has appointed Amy Schulman to its board of directors. Details inside.
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Article
The Real Data Breach Risks Are Right Under Your Nose
While companies fret about shadowy hackers based in Russia and China hell bent on stealing customer information, employees—not cyber-criminals—pose the biggest threat to create data breaches and data loss, according to a recent study. Ungoverned and negligent file-sharing by employees is hitting epidemic proportions: More than half of respondents to ...
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Getting to Know Attorney General Nominee Lynch
Following President Barack Obama’s nomination this week of Loretta Lynch as the next top chief of the Department of Justice, many in Corporate America may be wondering what the transition will mean for the agency’s enforcement priorities. “She has spent years in the trenches as a prosecutor, aggressively fighting terrorism, ...
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Blog
Podcast: Banks Double Down on AML Compliance
A recent survey by accounting firm Kaufman Rossin found that many banks plan sizeable increases to their budget for anti-money laundering compliance over the next 12 months. In this week’s podcast, we talk to Ivan Garces, a risk advisory services principal at accounting firm Kaufman Rossin about the evolving risk ...
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Study: Whistleblowers Are Even More Costly Than You Thought
When whistleblowers tip off the government with information about corporate wrongdoing, the damage can be more costly than otherwise expected, according to a new study. Even before the SEC started offering rewards for actionable information, the assistance of one or more tipsters in an enforcement action increased penalties by an ...
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Article
With Americans Living Longer, Pension Changes May Be Needed
Image: Faced with compelling new evidence that Americans are living longer, companies may have to reflect potentially big cost increases associated with pension and retiree medical benefits in their financial statements. The Society of Actuaries has released data showing longevity rates increased at least two years on average. “This will ...
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TRACE Launches Business Bribery Risk Index
Image: Title: WrageNov. 11—TRACE International has announced the launch of the TRACE Matrix, a business bribery risk index aimed at the compliance community. Developed in collaboration with research firm RAND, the TRACE Matrix focuses specifically on business activity, rather than broad corruption measures, providing companies with the ability to assess ...