Articles | Compliance Week – Page 295

  • Article

    Roundtable Biographies - 120314

    2014-12-16T13:15:00Z

    On Dec. 3, Compliance Week and LRN presented an editorial roundtable at the Four Seasons Hotel in Washington, D.C. The focus of the roundtable was on measuring program effectiveness. Attendees’ full biographies are below.Karen BerthaChief Ethics & Compliance OfficerMCR Karen Bertha serves as the chief ethics and compliance officer of ...

  • Article

    Regulators Publish Latest Thinking on AML Compliance

    2014-12-16T12:45:00Z

    Image: Financial regulators have just updated their examination manual for anti-money laundering compliance, giving financial firms plenty of holiday reading on how they should structure their AML programs. “The big changes are in areas where things have moved forward: virtual currency, prepaid cards, changes in the SAR rules, aggregation for ...

  • Article

    More Hints on Putting New COSO to Work

    2014-12-16T12:15:00Z

    It’s official: The SEC will not roast companies over an open flame if they continue to use the old COSO framework for internal controls into 2015. That said, SEC staffers also warned at the annual AICPA conference last week that their largesse will not last long, and a bevy of ...

  • Article

    SEC Gives More Ideas on Less Disclosure

    2014-12-16T11:15:00Z

    Image: A small army of SEC officials attended the annual AICPA conference last week, offering all manner of advice to financial reporting executives struggling to comply with external reporting rules. One subject: how to achieve better disclosure with fewer words. “We are aware there are some registrants that seem to ...

  • Article

    Effective governance and the Three Lines of Defense

    2014-12-16T11:00:00Z

    Compliance officers, internal auditors, fraud investigators, controllers—all of them might work at one company together to assist the business in managing risk. The trick to effective governance is to assign all those professionals (and more) to their proper places in the Three Lines of Defense model.

  • Article

    Making CD&A Disclosure Meaningful

    2014-12-16T10:00:00Z

    As compensation committees and securities lawyers gear up for the 2015 proxy season, honing a useful Compensation Discussion & Analysis will be a big part of filing the proxy statement. What are the latest trends in CD&A disclosure? Telling investors how their input has been incorporated into pay decisions, and ...

  • Article

    It May Be Voluntary, but NIST Framework Is a Crucial Cyber-Security Tool

    2014-12-16T09:30:00Z

    Each day, it seems another big-name company falls victim to a cyber-attack. The new framework for assessing the security flaws, developed by the National Institute of Standards and Technology, may be intended for critical-infrastructure companies, but other businesses may find that its guidance offers more help than the mélange of ...

  • Article

    In 2015, ACA Compliance Will Be an Even Greater Challenge

    2014-12-09T15:15:00Z

    Image: The Affordable Care Act may be a familiar headache for corporate compliance officers, but even the best-prepared companies can expect fresh pain in 2015. “There are going to be many that find themselves in at least technical non-compliance,” says John Haslinger of ADP. “They thought they understood it, but ...

  • Article

    Due Diligence Practices in Emerging Markets

    2014-12-09T14:45:00Z

    Compliance officers wondering how their peers manage third-party risks and where they focus due diligence efforts these days will want to take a look at a new report on those practices. Enhanced due diligence firm Arachnys studied where large companies perform due diligence research, and offered a peek at the ...

  • Article

    Netflix Lawsuit a Lesson in Proper Internal Controls

    2014-12-09T11:30:00Z

    Netflix is suing a former IT executive, alleging the man created a kickback scheme that netted him more than $500,000 as he executed contracts and approved invoices through sham arrangements with two vendors. Painful for Netflix, yes, but we have key lessons in segregation of duties and internal control worth ...

  • Article

    Seasonal Employees Can Bring Not-So-Merry Risks

    2014-12-09T11:15:00Z

    Image: For any company that depends on seasonal workers, don’t overlook the need to give that group compliance training. Even temporary workers need to review the Code of Conduct and have access to the reporting hotline. “There are no exemptions in what constitutes an effective compliance program ... for short-term ...

  • Article

    Frameworks and Leadership on Cyber-Risks

    2014-12-09T11:00:00Z

    As cyber-security attacks become everyday news, companies are racing to identify and mitigate their risks. Some of that is “pure” IT security; much of it is about applying a control framework smartly to new technologies—and empowering the right person to oversee these risks. “Companies ... for the most part are ...

  • Article

    Companies Struggle Over When to Report They’ve Been Hacked

    2014-12-02T15:00:00Z

    Image: When a company discovers that sensitive data has been compromised, two of the toughest decisions that it faces are whether and when to let regulators, customers, and the public know about the loss. While companies may be hesitant, government officials say they can help. “Getting search warrants, arrest warrants, ...

  • Documentation
    Article

    Are Auditors Making Unnecessary Demands on Internal Control Documentation?

    2014-12-02T15:00:00Z

    As many companies finish work on a new framework for internal controls, a small number of them are starting to question their external auditors’ documentation requirements and are considering pushing back. Lillian Barlett, vice president of risk management and internal audit at SunOpta, for example, says the documentation requests are ...

  • Article

    Why Anti-Money Laundering Programs Aren’t Just for Banks Anymore

    2014-12-02T13:45:00Z

    Image: After years of hunting money launderers by scrutinizing transaction at big banks, regulators are widening their nets to include luxury goods retailers, casinos, technology companies, and others. The Feds are holding more businesses accountable for questionable transactions and pushing those at risk to beef up AML compliance. “All companies, ...

  • Article

    SEC Whistleblower Program’s Latest Threat: Its Success

    2014-12-02T13:00:00Z

    Corporate compliance officers may have a new reason to be uncomfortable with the Securities and Exchange Commission’s whistleblower program: how well it appears to be working. Tips are flooding into the SEC, including 3,620 in fiscal year 2014 alone. “The SEC has institutionally embraced the whistleblower statute,” says Brian Kenney, ...

  • Article

    Hidden Complexity in the New Rules for Revenue Recognition

    2014-12-02T12:15:00Z

    Financial reporting and auditing experts are warning companies of surprises they may encounter as they continue to work their way through 700 pages of new accounting rules on how to recognize revenue in their financial statements beginning in 2017. The accounting standard update requires several new disclosures, for example. “There ...

  • TRACE-Matrix2
    Article

    New Bribery Index Aimed at Corporate Use

    2014-12-02T10:00:00Z

    Companies have a new resource to help assess bribery and corruption risks in the countries where they operate, one that aims to be more meaningful to global companies than Transparency International’s widely used Corruption Perceptions Index. Trace International’s TRACE Matrix is intended specifically for corporate use, and it analyzes four ...

  • Article

    CFPB Proposes New Rules for Prepaid Cards, Mobile Payments

    2014-11-25T15:45:00Z

    Banks, retailers, online services, and others that issue prepaid cards to consumers will soon have some new rules to follow, including the need to conduct “ability to repay” assessments if they offer credit options. The rules, proposed by the Consumer Financial Protection Bureau, could also bring new regulations to mobile ...

  • Article

    Behind the Latest Push to Win Proxy Access for Shareholders

    2014-11-25T15:15:00Z

    Image: Title: StringerThree years after a lawsuit scuttled the SEC’s proxy access rule, a new push is underway to give shareholders the right to nominate directors directly on the proxy. New York City Comptroller Scott Stringer, on behalf of the $160 billion New York City pension funds, recently submitted proxy ...