Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.
e-Book: Building an Effective Compliance Program
Getting executives and middle managers to “buy in” to the goals of compliance can be an uphill battle at many companies. In this e-Book, produced by Compliance Week in cooperation with Boeing, we look at what companies are doing to change that perception and build effective compliance systems. Read here.
Before starting work on implementing new accounting standards, companies may have to give current revenue recognition practices more attention after regulators alerted auditors to buckle down on revenue-related audit procedures. The alert follows on the heels of audit inspections that noted a rise in problems with revenue recognition. “You’d be making a bad decision if you didn’t beef up your revenue testing,” says Justin Van Fleet, a principal with audit firm Friedman.
Rarely do the Justice Department or SEC completely absolve companies of wrongdoing after pursuing charges of violating the Foreign Corrupt Practices Act. The agencies did it twice, however, in the past two months, citing a list of good behaviors for dropping the charges, including self-reporting the offense, cooperating closely on the investigation, and improving compliance programs and controls. More details inside.
The number of enforcement actions for violations of the Foreign Corrupt Practices Act is still on the rise, but government agencies appear to be taking a more targeted approach and conducting fewer industry sweeps to hunt lawbreakers. That’s good news for companies, since such sweeps can trigger investigations based on little evidence of a violation. “It’s very expensive and disruptive,” says Zack Harmon, a partner with the law firm King & Spalding.
In the span of one week, four high-ranking Department of Justice officials delivered speeches that focused on renewing efforts to pursue wrongdoing at financial institutions. Among the ideas officials floated: larger whistleblower awards; increased cooperation between civil and criminal divisions and with international agencies; prosecuting more individuals; and more leniency for firms that maintain a top-notch compliance program. “They are breaking new ground and using all available tools at their disposal,” says Steven Reich, a partner at law firm Akin Gump.
Cookies, those tiny bits of data popped onto your hard drive every time you visit certain Websites, have fueled privacy concerns in the European Union and led to privacy regulations. Last week, officials across the European Union began a cookie sweep, a blitz of audits intended to make sure companies are in compliance. In this week’s podcast, we speak to Chris Babel, CEO of TRUSTe, and Phil Lee, an attorney with the international law firm Fieldfisher, about the cookie crackdown and their advice for companies here and abroad.
The Commodity Futures Trading Commission’s trade reconstruction rule requires financial firms that deal swaps to hand over a trove of trade data upon request, and to do it within 72 hours. Some say that’s unreasonable, since the requests can cover data from several platforms. “You have slow legacy systems and you have your records scattered across systems,” says Harald Collet, global business manager for Bloomberg Vault. “You just don’t have enough time.”