Appointment Blogs | Compliance Week – Page 238
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EBA Publishes Final Remuneration Guidelines
The European Banking Authority has published its final guidelines on remuneration policies, but in doing so has postponed the pay rules in the Capital Requirements Directive until 2017 to allow firms more time to prepare for the policies. “In particular, the guidelines set out the governance process for implementing sound ...
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Ally Financial Names Chief Risk Officer
Ally Financial, an automotive financial services company, has named David Shevsky as chief risk officer, effective immediately. In this role, Shevsky has responsibility for the risk framework, processes, and oversight for the company. Prior to this position, beginning in 2011, Shevsky served as chief risk officer for Ally Bank, ...
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Podcast: PayPal on Fraud Detection, Continuous Monitoring
Image: In the latest edition of the Compliance Week podcast, we chat with Hui Wang, senior director of global risk sciences at PayPal, about security and anti-fraud efforts at the online payment processor and the company’s homegrown system for continuous risk monitoring.
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Being Right, Doing Right, and Ethical Leadership
Image: Corporate America has another example of executive misconduct to ponder as we all break for Christmas: Martin Shkreli, the boorish and now former CEO of Turing Pharmaceuticals arrested on other fraud charges last week. Most of his deeds, Compliance Week editor Matt Kelly says (in his last column as ...
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2016 GAAP Taxonomy Ready for Use, Pending SEC Approval
FASB has released its final update of the 2016 GAAP Financial Reporting Taxonomy, pending acceptance by the SEC, to allow public companies to prepare to use it to complete their XBRL filings. The annual update allows FASB staff to make the taxonomy easier to navigate and more effective in reflecting ...
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Two Courts—Two Decisions on Whistleblower Protections
Image: A recent court ruling found that employees who reported suspected illegal conduct to their employers rather than to the SEC are entitled to the Dodd-Frank Act anti-retaliation protections. The decision, however, conflicts with a prior court decision, where the court refused to give weight to the SEC’s interpretation of ...
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J.P. Morgan to Pay SEC and CFTC $307 million for Disclosure Violations
Two JP Morgan wealth management subsidiaries today agreed to pay a total of $307 million to the Securities and Exchange Commission and the Commodity Futures Trading Commission in joint enforcement actions for failure to disclose conflicts of interest to clients. Both the CFTC and SEC charged J.P. Morgan Securities (JPMS) ...
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COSO Announces Internal Control Certificate Program
The Committee of Sponsoring Organizations of the Treadway Commission is offering an Internal Control Certificate Program that offers financial professionals, including internal auditors and CPAs, the opportunity to earn a professional certificate in the 2013 COSO Internal Control-Integrated Framework. The course includes self-paced learning, a hands-on workshop, and an online ...
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LifeLock Names General Counsel
LifeLock, a provider of proactive identity theft protection services, has named Sharon Segev as general counsel and secretary, effective Jan. 11, 2016.
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New ADP Solution Helps With Wage and Hour Compliance
ADP recently announced the launch of ADP Time & Attendance, a new time and attendance management solution designed to help small businesses simplify wage and hour law compliance, help control overtime, help reduce labor costs, and increase payroll accuracy and efficiency.
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Day Pitney Launches HIPAA Self-Assessment Tool
Day Pitney recently announced the launch of its HIPAA Self-Assessment Tool to help clients prepare for the second phase of HIPAA audits by the Department of Health and Human Services' Office for Civil Rights (OCR) in early 2016. The target for these audits has expanded beyond covered entities—healthcare providers, health ...
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OSHA Seeks Comments on Whistleblower Guidance for Employers
The Occupational Safety and Health Administration is seeking public comments on a draft document intended to provide guidance to employers on preventing retaliation against whistleblowers. Comments are due Jan. 19, 2016.
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Finance Teams Play Growing Role in Cyber-Risk Mitigation
According to a survey of 389 financial executives conducted by the American Institute of CPAs, 73 percent said they are being asked to take on a larger role in defending their companies from emerging cyber-risks, while another six percent said cyber-risk mitigation has become the primary responsibility of the finance ...
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Sharks Dispense with Professional Courtesy, Circle Slater & Gordon
I joked here earlier this month that perhaps "professional courtesy" might spare publicly traded law firm Slater & Gordon -- a major player in pursuing cases for plaintiffs in Australian securities class actions -- from ending up on the receiving end of a shareholder class action. Alas, that is ...
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Cherry Bekaert Wealth Management Names Chief Compliance Officer
Cherry Bekaert Wealth Management, a subdivision of accounting firm Cherry Bekaert has named Christine Slate as its new chief compliance officer.
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Navigating Dodd-Frank’s Whistleblower Provisions and the FCPA
The SEC recently reported that FY 2015 brought a new high for whistleblower tips regarding FCPA violations, and reiterated that the Dodd-Frank whistleblower incentive provisions have been a “game-changer” for FCPA enforcement. Last week, I hosted an interesting webcast on the subject of "Navigating the Minefield of Dodd-Frank’s Whistleblower Provisions ...
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The Big Challenge in New EU Data Protection Law: Values
Image: This week European officials agreed to a final text for a sweeping new data protection law. Compliance officers in the United States should brace themselves: not only does the legislation threaten huge fines and complicate corporate marketing efforts enormously; it underlines the fundamentally differing views Europeans and Americans have ...
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"America's Most Hated Man" Martin Shkreli Arrested for Securities Fraud
In recent weeks, Martin Shkreli, CEO of Turing Pharmaceuticals AG, has become the the “most hated man in America” for unapologetically raising the price of an important HIV-fighting drug from $13.50 to $750. It was with unbridled glee, then, that the media reported that Shkreli was arrested this morning on ...
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CFTC offers up cyber-security rules, margin requirements
The Commodity Futures Trading Commission is seeking to amend existing regulations regarding cyber-security testing and safeguards for the automated systems used by the firms it regulates. New rules would specify testing frequency requirements and require covered firms to have certain tests performed by independent contractors. In a separate matter, it ...
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Analyzing Your Risks in the Banking Sector
Image: Now that the Federal Reserve has raised interest rates for the first time in seven years, it’s as good a time as any to worry about risks in the banking system; and thankfully two different regulators—the U.S. Office of the Comptroller of the Currency, and the International Organizations of ...