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Published every Thursday, Compliance Week Europe offers a condensed summary of risk, audit, and compliance news either originating in Europe, or of special interest to European compliance professionals. This newsletter will follow developments by the European Commission, as well as those of national governments across the region, or any U.S.-based news that might have consequence across the Atlantic. Frequency: weekly; Thursday a.m.

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Published every Friday, Compliance Weekend was launched at the behest of subscribers, and offers a quick Plain English review of the week's key developments. We hope you enjoy this supplement to Compliance Week's Tuesday edition.

  • XBRL Errors Persist Despite Warnings From SEC
    News bulletin

    Even With SEC XBRL Guidance, Problems Persist

    July 22, 2014

    frankel-dave-updatedRecent XBRL guidance from the Securities and Exchange Commission is expected to help steer companies to provide more accurate information, but some worry it won’t go far enough to fix the problems that prevent better use of open source financial statement data. “This latest guidance is kind of a weak attempt to get things moving in the right direction,” says Dave Frankel, an independent consultant with SlingStone Group. More inside.

  • News bulletin

    BNP Paribas Debacle Offers Lessons in Compliance

    July 22, 2014

    alberts-jeff-updatedFrench banking giant BNP entered into a guilty plea last month and agreed to a record $8.9 billion settlement—the largest penalty ever obtained by the Justice Department in a criminal economic sanctions case. Worse still, the complaince department at the bank was accused of helping to cover up the wrongdoing. “The message to banks is that they need to take more seriously a culture of compliance," says Jeffrey Alberts, a partner with law firm Pryor Cashman.

  • News bulletin

    Merger Mania Presents Unique Compliance Challenges

    July 22, 2014

    This year looks to be a record-breaking one for mergers and acquisitions. The blockbuster deals raise several compliance issues, such as potential Foreign Corrupt Practices Act violations and ethics culture mismatch, but compliance officers may not always be part of the pre-deal diligence from the start. Getting them involved can avoid the threat of “successor liability,” post-merger bribery violations, and fostering the best cultural aspects of both sides. More inside.

  • News bulletin

    Shareholders Could Demand More Succession Plan Disclosure

    July 22, 2014

    rutherford-allie-updatedShareholders put a high priority on CEO succession planning, but they have stopped short of calling for more transparency on the plans. That could be changing. A high-profile CEO’s illness and a campaign for more succession plan disclosures in the U.K. may bring greater attention to what companies reveal about the plans. “Investors want to know that boards have thoughtful long-term and emergency executive succession plans,” says Allie Rutherford, director of the Corporate Governance Center at auditing firm EY.

  • News bulletin

    Industry Avoids Compliance Bullet in High Court’s EPA Ruling

    July 22, 2014

    Good news in environmental compliance: Looming new clouds of regulation have been dissipated by the U.S. Supreme Court. A ruling last month trimmed the Environmental Protection Agency’s authority to enforce cuts in greenhouse gas emissions. The EPA cannot necessarily impose such regulations on all facilities, the court said—although it said the EPA can do so for power plants, oil refineries, factories, and the like.

  • The Filing Cabinet Blog

    Podcast: Hurricanes and Supply Chain Fraud

    July 21, 2014

    Hurricane season is upon us and Mark Pearson and Larry Kivett, members of Deloitte’s supply chain forensics team, are sounding the alarm that stormy weather can bring with it supply chain fraud. In this week’s podcast, they discuss the connection and offer advice for how to shore up risk mitigation efforts.

  • Scott Taub

    10 Things You Should Know About the New Revenue Standard

    July 22, 2014

    At long last, we finally have a new accounting standard on revenue recognition. It’s comprehensive, converged, and principles-based. There’s already plenty of buzz about the new standard, some true and some not. Inside, columnist Scott Taub offers a rundown of 10 things you should know about the new revenue recognition standard.

  • Opinions

    CPSC Urges Proactive Compliance, Effective Programs

    July 22, 2014

    Tsacoumis-Stephanie-GuestColumnIn recent actions the U.S. Consumer Product Safety Commission has emphasized the importance of effective compliance programs, echoing the approach taken by other federal agencies in a variety of contexts.  Even if a legal violation occurs, a robust compliance program may help avoid severe government action and penalties. Inside, guest columnist Stephanie Tsacoumis, general counsel of the CPSC, provides her thoughts on what constitutes an effective compliance program.