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The AFP Guide to Data Visualization explores how finance professionals use data visualization to solve problems, identify patterns, and see what's driving performance. The guide also provides real examples of how FP&A teams are implementing visualization today. Get your copy here.
The midterm elections brought a much stronger position in Congress to Republicans. While it may not be enough to give them the clout they need to make vast legislative changes, it has given them hold on the purse strings. With control of the budgeting process, and a potential new willingness by Democrats to find common ground, Republicans will be aiming to create breathing room on regulation and temper the aggressive enforcement regime that has characterized the Obama administration. More inside.
Accounting 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 are assessing readiness, potentially to determine if an extension in deadlines is needed. “I would be willing to bet that not many are [ready],” says Dee Mirando-Gould, senior technical director at MorganFranklin Consulting.
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. “Employers are looking for a person who is a great leader, someone with great persuasion skills,” says Maurice Gilbert, founder of corporate compliance search firm Conselium.
Corporate compliance executives, we need your help: Please take our annual Compliance Trends survey, to give us the latest insights on corporate compliance programs today. The data you provide will be analyzed and then reported in the Compliance Trends 2015 report, the annual benchmarking study Compliance Week publishes with Deloitte every spring. The findings will be unveiled at the Compliance Week 2015 conference in Washington next May. More inside.
True, one size does not fit all, but there are still some common aspects that most high-functioning compliance and governance programs share, such as fostering a strong ethical culture, communicating effectively, and retaining a level of independence. During our latest executive roundtable, hosted with The Boeing Co. in Dallas, compliance executives from American Airlines, AT&T, 7-Eleven, and elsewhere discussed strategies for building an effective structure on which compliance can flourish.
The Department of Health and Human Services plans to raise the bar on data security in the healthcare industry in the year ahead. The renewed focus likely means more audits and enforcement actions for providers and insurers. On HHS’s checklist are required contingency plans that establish procedures for responding to an emergency in the event that systems containing personal health information are damaged. More inside.
Many 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 it’s interesting to the average employee, not a lawyer or compliance geek,” says Ted Banks, partner at law firm Scharf Banks Marmor.
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 efforts, from conducting thorough internal investigations to taking extensive remediation measures.