A recent survey from Compliance Week and OpenText reveals while investigations and data volumes are on the rise, machine learning combined with external expertise may give companies the upper hand in accelerating response and results.
Jaclyn Jaeger
Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal, enforcement, technology, and more. Prior to joining CW, she spent four years as a legal reporter for Lawyer’s Weekly. Jaclyn attended undergraduate school at St. Joseph’s College of Maine and graduate school at Emerson College, earning degrees in journalism.
Posted inEthics & Culture
Q&A: How Kaiser Permanente has handled change brought by COVID-19
Vanessa Benavides, chief compliance and privacy officer and senior VP at Kaiser Permanente, shares how the company adjusted its policies and procedures because of COVID-19 and the lessons she learned along the way.
Posted inAccounting & Auditing
KPMG fined $18M for ‘integrity and objectivity’ breaches in Silentnight sale
The Financial Reporting Council ordered KPMG to pay a £13 million (U.S. $18 million) fine for “breaches of the principles of integrity and objectivity” in its advisory role regarding the 2011 sale of mattress company Silentnight to U.S. private equity firm HIG Capital.
Posted inRegulatory Enforcement
Hong Kong regulator fines UBS $1.5M for compliance failings
Hong Kong’s securities regulator fined Swiss bank UBS and a subsidiary a total of HK$11.55 million (U.S. $1.5 million) for various compliance failures.
Posted inEurope
EU guidance seeks to clarify role of AML/CFT compliance officers
The European Banking Authority is seeking comment on new draft guidelines that set clear expectations regarding the appointment, role, tasks, and responsibilities of anti-money laundering and countering the financing of terrorism compliance officers.
Posted inEthics & Culture
Activision Blizzard scandal signals day of reckoning for video game industry
Activision Blizzard is not only a case study in how not to respond to allegations of sexual harassment and discrimination in the workplace—it’s also the latest blatant showing of managerial recklessness in an industry ripe for transformational change.
Posted inData Privacy
Zoom agrees to enhance compliance in $85M settlement
Zoom has agreed to a preliminary class-action settlement with terms that would require the video-conferencing platform to establish an $85 million fund and improve its data privacy and security practices.
Posted inEurope
Amazon discloses record-shattering $887M GDPR fine
Amazon disclosed it has received notice of a €746 million (U.S. $887 million) GDPR fine in Luxembourg for unlawful processing of personal data. The company intends to appeal the penalty, which would be more than 15 times the current record under the law.
Posted inEthics & Culture
Compliance ramifications of proposed $26B opioid deal for pharma industry
Three major drug distributors and drugmaker Johnson & Johnson reached a proposed $26 billion multistate agreement for their alleged roles in fueling the nationwide opioid epidemic. The settlement imparts compliance lessons on the pharmaceutical industry at large.
Posted inAnti-Bribery
Ex-Glencore oil trader pleads guilty for role in bribery scheme
A former oil trader for a subsidiary of Glencore entered a guilty plea for his role in bribing government officials in Nigeria in exchange for the award of oil cargoes and more favorable delivery terms.