Appointment Blogs | Compliance Week – Page 233
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Non-GAAP Measures—The Pendulum Swings Back
Non-GAAP financial measures—or “pro forma” measures—are an area for which the SEC has had an oscillating view, when it comes to regulation. Over the last 15 years, we have seen the SEC become increasingly strict on how, when, and where non-GAAP financial measures can be used without incurring additional questions ...
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Mike Oxley, the FCPA, and the Fight Against Terrorism
When the Foreign Corrupt Practices Act became law years ago, it was never intended to be used as a tool to fight terrorism. But as recent terror activity has illustrated, corruption and terrorism go more than hand in hand; the first helps to create the second. And as we look ...
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CAQ Chooses Path Forward on Identifying Quality Indicators
The Center for Audit Quality, which represents auditors, has issued a new report on its effort to pilot test its approach to defining audit quality indicators and its suggested path forward on how to identify the most effective way to define and then measure audit quality. The CAQ says it ...
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SEC Awards $700,000 to Whistleblower Who Was Company Outsider
Image: It took over five years, but we finally have a success story in the “professional whistleblower” area. The SEC has awarded more than $700,000 to an industry expert (a company outsider) who conducted a detailed analysis that led to a successful SEC enforcement action. Sean McKessy, chief of the ...
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SEC Adopts Rules to Meet FAST Act Mandates
The SEC has approved interim final rules needed to implement provisions of the Fixing America’s Surface Transportation Act that revise financial reporting forms for emerging growth companies and smaller reporting companies. The FAST Act, enacted by Congress last month, includes mandates to revise Forms S-1 and F-1 and allow emerging ...
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Consumer Group Protests Post-Settlement Tax Breaks
Goldman Sachs recently announced that it had reached an agreement in principle with the U.S. Department of Justice and others to resolve civil claims relating to the firm’s securitization, underwriting, and sale of residential mortgage-backed securities from 2005 to 2007. The $5 billion settlement has drawn the ire of U.S. ...
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Tesco’s Tone at the Top and the Myth of the Rogue Employee
Image: We often hear of a rogue employee who is really to blame for a major corruption scandal, but how often do bad apples really cause the problem? And how much is a wider corporate culture—perhaps even one that allows for, or encourages, rogue actors—a more likely source of problems? ...
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Macy's Names Controller and Chief Accounting Officer
Macy’s has elected Felicia Williams, who is currently senior vice president for enterprise risk and internal audit, as vice president and controller. She also will serve as chief accounting officer, effective June 1, 2016.
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DreamWorks Animation Chief Accounting Officer Resigns
DreamWorks Animation announced last week in a Form 8-K filing that Edward Aleman, the company's chief accounting officer, notified the company of his intent to resign for personal health reasons.
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Court: Compliance Officers Must Ensure Compliance With AML Laws
A federal district court this month upheld a $1 million fine imposed against the former chief compliance officer for MoneyGram International, finding that individual officers of financial institutions, including chief compliance officers, may be held responsible for ensuring compliance with the anti-money laundering provisions of the Bank Secrecy Act.
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RMS Launches New Data Standard for Managing Cyber Insurance
Ahead of the February launch of its new suite of cyber-risk management tools, RMS today released its recently developed Cyber Exposure Data Schema. The ‘open standard’ data schema will provide the insurance industry with a systematic and uniform way to capture cyber exposure data and manage cyber accumulation risk.
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Zain Group Names Chief Risk Officer
Zain Group, a mobile telecommunications company headquarted in Kuwait, has announced the promotion of AbdulGhaffar Setareh to the newly created role of chief risk officer, reporting to the risk committee. In this new role, Setareh will be responsible for delivering the global risk framework and strategy across all operations within ...
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Exiger Names New Head of Hong Kong Office
Exiger, the global regulatory and financial crime, risk and compliance firm, has appointed Jake Scrivens as managing director to lead the firm’s Hong Kong office.
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Duff & Phelps Expands Global Disputes and Investigations Practice
Duff & Phelps, a global valuation and corporate finance advisor, has added managing director Steve Cornmell and director Victoria Richards to its Disputes and Investigations practice in London. The addition of these new professionals aligns with the firm’s strategy to expand its capabilities in disputes and investigations and strengthens its ...
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Deloitte Names U.S. Financial Services Industry Leader
Deloitte this month named Kenny Smith, currently a vice chairman of the firm, as U.S. leader of its financial services industry group. In addition, Deloitte announced that a number of high-powered new professionals have joined Deloitte’s U.S. financial services industry team. Details inside.
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PwC’s Cyber-Security Practice Adds New Principal
PwC US has named Patrick Hynes as a principal in the advisory cyber-security practice, focused on cyber-crime and breach response. He is based in PwC’s Los Angeles office.
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Bloomberg Acquires Netbox Blue
Bloomberg this month announced that it has acquired the intellectual property, patents, and engineering assets of Netbox Blue, a global provider of social media risk management and compliance solutions. The acquisition extends Bloomberg Vault’s surveillance, e-Discovery and information governance tools to help clients monitor and control the use of ...
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Former FinCen Chief Counsel Joins Crowell & Moring
Law firm Crowell & Moring has named Carlton Greene as partner in both its International Trade and White Collar & Regulatory Enforcement Groups. Greene joins the firm after serving as chief counsel of the U.S. Department of the Treasury, Financial Crimes Enforcement Network.
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SEC Charges State Street for Pay-to-Play Scheme
State Street Bank and Trust Company last week reached a $12 million settlement with the Securities and Exchange Commission to settle charges that it conducted a pay-to-play scheme through its then-senior vice president and a hired lobbyist to win contracts to service Ohio pension funds.
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American National Names New Chief Accounting Officer
American National Bankshares, parent company of American National Bank and Trust Company, has appointed Cathy Liles as chief accounting officer, effective as of on Jan. 4. She reports to Executive Vice President and Chief Financial Officer William Traynham.