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SEC, Congress seek better diversity disclosures
The SEC has issued new guidance regarding diversity disclosures. Meanwhile, newly proposed legislation would require public companies to annually disclose the gender, race, and veteran status of their board directors, nominees, and senior executive officers.
McKinsey & Co. to pay $15M to remedy inadequate disclosures in bankruptcy cases
Global consulting firm McKinsey & Co. entered into a $15 million multidistrict settlement agreement with the Department of Justice’s U.S. Trustee Program to resolve disputes over the adequacy of McKinsey’s disclosures of connections in Chapter 11 bankruptcy cases.
EBA investigation linked to AML activities at Danske Bank
The European Banking Authority is formally investigating a possible breach of Union law by the Financial Services Authorities of Estonia and Denmark in connection to the Danske Bank money-laundering scandal.
Congress debates easing risk burden for banks as pot businesses grow
Momentum has been on the side of marijuana legalization. Now, there may be progress in allowing banks to legally take part in that expanding retail revolution.
- Partner Content | Financial Services
Preparing for new credit loss rules
Banks and other financial institutions have a lot of work ahead of them as they prepare to adopt the new standard on reflecting credit losses in financial instruments (the so-called CECL standard).
SEC proposes to expand ‘test-the-waters’ perk to all issuers
The SEC has proposed expanding the “test-the-waters” accommodation—currently available to emerging growth companies—to all issuers, including investment company issuers.
Hilary Wandall on U.S. data privacy priorities
Hilary Wandall, senior vice president, general counsel, and chief data governance officer at TrustArc, explains to columnist Tom Fox why U.S. companies should address data privacy now, regardless of their motivations.
Danske Bank under investigation in France over money-laundering saga
For a second time, Danske Bank is under investigation in France for suspected money-laundering transactions worth €21.6 million (U.S. $24.4 million) committed between 2007 and 2014.
William Barr sworn in as attorney general
The Senate on Feb. 14 confirmed William Barr as the 85th attorney general of the United States, succeeding Jeff Sessions, who stepped down in November.
Prison time for U.K. bosses who botch pension scheme management
The U.K. government says those executives who mismanage company pension schemes could face a jail sentence of up to seven years.
Cognizant to pay $25M to resolve FCPA violations
Cognizant Technology Solutions has agreed to pay a civil penalty of $25 million to settle charges that it violated the Foreign Corrupt Practices Act. Additionally, two former executives of Cognizant were charged for their roles in facilitating the payment of millions of dollars in a bribe to an Indian government official.
SEC once again dragged into fight over mandatory arbitration
The SEC was spared setting mandatory arbitration policy when New Jersey’s attorney general argued a shareholder initiative proposed for Johnson & Johnson would be illegal.