Appointment Blogs | Compliance Week – Page 224
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Blog
Third-party risk is "next frontier" in cyber war, Home Depot IA leader says
Third-party risk represents the “next frontier” in the ongoing cyber war, says Kelly Barrett vice president of internal audit and corporate compliance at Home Depot, where she navigated a cyber breach like it was “a blow to the head” and now tells the story of how the entity faced the ...
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IOSCO updates securities markets risk assessment
The International Organization of Securities Commissions has published the “IOSCO Securities Markets Risk Outlook 2016,” examining key trends in global financial markets and their potential risks to financial stability. Among matters addressed in the forward-looking report: corporate bond market liquidity; the use of collateral in financial transactions; and cyber-threats.
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No matter who wins the Presidential race in November, compliance officers might lose
After watching the most recent Democrat and Republican Presidential debates, one begins to wonder what the next President will seek to achieve on various regulatory fronts. Between candidates’ promises to regulate more strongly, or to deregulate entirely, it looks like no matter who wins in November, compliance officers are poised ...
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Federal Reserve rule addresses inter-bank lending
The Federal Reserve Board has proposed a rule intended to address the risk associated with excessive credit exposures of large banking organizations to a single counterparty. Specifically, it addresses large credit exposures between financial institutions, a practice that led to financial instability during the Financial Crisis. The proposal would apply ...
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Sweett Group to pay £2.25 million for Bribery Act violations
The U.K. Serious Fraud Office last month sentenced and ordered the Sweett Group to pay £2.25 million ($3.21 million) to resolve an SFO investigation into the company’s activities in the United Arab Emirates. The conviction and punishment represents the first under Section 7 of the Bribery Act and offers many ...
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Nordion to Pay SEC $375,000 for books and records violations of FCPA
Canada-based global life sciences company Nordion last week agreed to pay a $375,000 civil penalty to the Securities and Exchange Commission for violating the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act. The case offers numerous lessons for compliance officers responsible for accurate books ...
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Petrobras refinery explosion reveals poor compliance of a different kind
When corruption-plagued Brazilian energy giant Petrobras overpaid for a Houston-area refinery by some $950 million, it raised more than a few eyebrows. And when that refinery suffered a large explosion and fire recently, it showed that failure to practice good safety and failure to practice good business ethics go hand-in-hand.
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PwC taps U.S. leader as global chair
Image: PwC U.S. Chairman Robert Mortiz has been elected to serve a four-year term for the global network of PwC firms beginning July 1. PricewaterhouseCoopers International Network has selected Moritz, a career auditor, to replace Dennis Nally, who will retire in June after two terms as the global chairman. Mortiz ...
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Nikko Asset Management names chief risk management officer
Nikko Asset Management, a Tokyo-based asset management firm, has appointed Mark de Vries as chief risk management officer. He is responsible for the governance of risk and related opportunities, encompassing investment risk management and enterprise risk management.
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Chubb launches cyber ERM solution for clients in Europe
Chubb, which has been acquired by the ACE Group, this week announced the launch of Cyber Enterprise Risk Management, as the company continues to invest in its cyber risk capabilities across Europe.
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Mondelez International faces FCPA probe
Mondelez International, the U.S. parent of Mondelez India, recently disclosed in a securities filing that is being investigated by the U.S. Securities Exchange Commission and the Department of Justice for potential violations of the Foreign Corrupt Practices Act related to its operations in India.
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Western Union appoints chief compliance officer
The Western Union Company, a global payment services provider, has appointed Jacqueline Molnar as chief compliance officer. In this role, she will lead all of Western Union’s global anti-money laundering, sanctions, and consumer protection compliance programs.
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Nortek FCPA investigation costs reach $2.3 million
Nortek, a maker of home security and thermostat systems, said this week in a securities filing with the Securities and Exchange Commission that it has incurred $2.3 million in legal and other professional services costs relating to potential improper payments made by its Chinese manufacturing unit.
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Qualcomm to pay SEC $7.5 million for hiring practices
Digital telecommunications maker Qualcomm this week reached a $7.5 million settlement with the Securities and Exchange Commission to resolve charges that it violated the Foreign Corrupt Practices Act by hiring relatives of Chinese government officials. These officials were in positions to decide whether to select Qualcomm’s mobile technology products amid ...
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2016 SEC trial scorecard update: agency undefeated after three trials
On Monday, February 29, 2016, a jury in the U.S. District Court for the Southern District of New York returned a verdict in favor of the SEC in the agency's third federal court trial of FY 2016. The agency remains undefeated in FY 2016having been successful in SEC v. Payton ...
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BlogSEC advises caution on revenue recognition policies
While international regulators have finished up with revenue recognition, the SEC continues to advise companies to scrutinize U.S. regulators’ impending work on the standard. FASB has scheduled three meetings for the Transition Resource Group, which will be airing and discussing any implementation questions it has received. According to Deputy Chief ...
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SEC’s Piwowar on regulatory challenges to ABS marketplace
Image: Speaking at the ABS Vegas 2016 conference this week, billed as the “largest capital markets conference in the world,” SEC Commissioner Michael Piwowar agreed with that characterization, but quipped that banking regulators—unfortunately, in his view—might be inclined to call it the “largest shadow banking conference in the world.” Piwowar ...
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Cyber-security storms internal audit plans, poll finds
A new survey from Protiviti of 1,300 internal audit professionals shows that companies have made big progress in the past year integrating cyber-security risk into internal audit plans. Nearly three out of every four organizations include cyber-security risk in their internal audit plans, according to the poll, up from only ...
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Throwback Thursday: The three-digit insider trading case
At least one commentator declared this week's SEC insider trading case alleging illegal profits of just $1,083 to be the smallest insider trading case ever. Nope!
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EU rule on derivative contracts aims for financial stability
Image: The European Commission has adopted a new set of rules that requires certain over-the-counter credit derivative contracts to be cleared through central counterparties. The rules implement a clearing obligation under the European Market Infrastructure Regulation for credit default swaps. “[The] decision marks another step towards making good on our ...