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ArticleReport: GDPR fines surpass $1B in 2021; breach notifications also rise
Nearly €1.1 billion (U.S. $1.2 billion) worth of fines have been issued against organizations in the past year for violations of the General Data Protection Regulation, according to the latest annual report by law firm DLA Piper.
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Article
FRC expands probe of PwC’s Babcock International audits
The U.K. Financial Reporting Council has expanded its investigation into PwC over its statutory audits of British defense contractor Babcock International Group to include the fiscal years ended March 31, 2019, and March 31, 2020.
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Credit Suisse chairman resigns over breach of Covid-19 rules
António Horta-Osório, the leader who was supposed to bring stability and accountability back to Credit Suisse, resigned after eight months as chairman following an investigation into his flouting of Covid-19 rules.
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CW accepting nominations for 2022 ‘Excellence in Compliance Awards’
Nominations are open for Compliance Week’s third annual “Excellence in Compliance Awards,” to be presented at our 2022 National Conference from May 16-18 in Washington, D.C.
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Biden nominates Sarah Bloom Raskin as Fed supervision head
President Joe Biden nominated Sarah Bloom Raskin, a former Treasury official, to serve as the Federal Reserve’s vice chair for supervision. Lisa Cook and Philip Jefferson were nominated to be Fed governors.
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Accellion to pay $8.1M in proposed data breach settlement
The Accellion data breach that last year affected a variety of private- and public-sector organizations and compromised the personal data of millions of individuals could be resolved in an $8.1 million class-action settlement.
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NSI Act reshapes U.K. acquisition landscape
The U.K. National Security and Investment Act might present “unforeseen” compliance problems for companies wanting to merge with or buy foreign businesses, according to legal experts.
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Shirley Chisholm: An ‘unbossed’ leader worth emulating
In recognition of MLK Day, CW Director of Compliance Programs & Training Julie DiMauro spotlights the inspirational work of Shirley Chisholm, the nation’s first Black congresswoman.
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Supreme Court strikes down OSHA vaccine policy for large employers
The U.S. Supreme Court has blocked the Biden administration’s Covid-19 vaccine-or-test mandate for large businesses, striking down an emergency temporary standard from OSHA that had technically been in effect since Monday.
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BitMEX adds chief risk officer
Cryptocurrency platform BitMEX has hired Marcus Hughes as chief risk officer. Hughes will serve on the executive board, with responsibility for BitMEX’s regulatory affairs, risk, legal, and compliance functions.
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Advance Auto Parts appoints chief accounting officer
Advance Auto Parts has appointed William Pellicciotti senior vice president, controller and chief accounting officer, effective Jan. 24.
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Commvault announces new chief legal and compliance officer
Global intelligent data services company Commvault announced the appointment of Danielle Sheer as chief legal and compliance officer.
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Standard Chartered names group general counsel
Multinational banking firm Standard Chartered has named Sandie Okoro group general counsel. She will join the bank in early April.
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Veris Residential appoints chief accounting officer
Real estate investment trust Veris Residential has appointed Amanda Lombard chief accounting officer, effective Jan. 18.
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CFTC hires first chief diversity officer
The Commodity Futures Trading Commission announced the appointment of Tanisha Cole Edmonds as the agency’s first chief diversity officer.
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Bank of America, Wells Fargo headline climate risk consortium
Bank of America, Wells Fargo, U.S. Bank, and 16 other financial institutions have formed a climate risk consortium in response to calls from investors and regulators that banks work to mitigate climate-related risks within their own operations.
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CCO liability framework seeks to acknowledge compliance support concerns
The National Society of Compliance Professionals has drafted a framework that urges regulators to consider chief compliance officer liability more holistically, in the context of the compliance culture within a CCO’s firm.
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Sojitz Hong Kong subsidiary fined $5.2M for violating Iran sanctions
Sojitz HK agreed to pay approximately $5.2 million for violations of U.S. sanctions against Iran that occurred when rogue employees deliberately misled company executives and compliance regarding the true origin of goods worth more than $75 million.
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Hyzon Motors discloses SEC subpoena following short seller report
Hyzon Motors, a global supplier of hydrogen fuel cell-powered heavy vehicles, said it received a subpoena from the Securities and Exchange Commission regarding allegations raised in a short seller report in late September.
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Difficult path ahead for new ICO head John Edwards
The United Kingdom’s newly appointed information commissioner, John Edwards, might find it hard to steer a successful path between ensuring citizens’ data rights are preserved while also trying to make U.K. laws more palatable for data-driven business.
