Appointment Blogs | Compliance Week – Page 282
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Australian Stock Trader Tries Out 'Costanza Defense' in Sentencing Hearing
Australian stock trader facing sentencing for insider trading channels his inner George Costanza ("Was that wrong? Should I have not done that?")
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Second Citigroup Compliance Update Posted
Ten months after Citigroup’s $7 billion settlement with the government to resolve investigations into the sale of sub-prime mortgages, the bank has published its second compliance progress report, which provides an update on consumer relief credit submitted for the monitor’s assessment; a description of outreach events Citi has conducted; and ...
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Managing FCPA Audits on a Global Scale
Enforcing anti-corruption policies among employees and third parties is one of the foremost concerns for compliance departments, but developing a robust process to assess and uncover bribery risks is not easy. At Compliance Week 2015, legal and audit executives with oil services giant Baker Hughes shared how they audit parties ...
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SEC Proposes New Disclosures for Investment Companies
The SEC has proposed new rules and forms to modernize reporting for mutual funds, ETFs, and other registered investment companies. A new monthly portfolio reporting requirement, Form N-PORT, would require registered funds, other than money market funds, to provide portfolio-wide and position-level holdings data to the SEC. Details inside.
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Northwestern University Names First Chief Compliance Officer
Northwestern University has named Marcia Isaacson as the university's first associate vice president for compliance and chief compliance officer, effective Sept. 1. “The new position was created to ensure that Northwestern coordinates and optimizes compliance activities across the University’s three campuses and large research enterprise,” said Northwestern Provost Daniel Linzer. ...
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J.C. Penney Names New Chief Accounting Officer
J.C. Penney has appointed Andrew Drexler as chief accounting officer and controller. He succeeds Dennis Miller who will remain principal accounting officer until that time. Details inside.
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Deloitte and IBM Team to Deliver Next Generation Risk Intelligence
Deloitte and IBM this week announced the latest step in their longstanding strategic alliance, creating a transformative series of risk management and regulatory compliance solutions to help financial services firms to more efficiently address their immediate compliance and conduct requirements. Details inside.
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Amgen Appoints New General Counsel
Amgen has appointed Jonathan Graham as general counsel and secretary, effective July 13. He will succeed David Scott, who is retiring Aug. 31. Details inside.
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Investcorp Hires CRO for Hedge Funds Business
Investcorp, a provider and manager of alternative investment products with approximately $11 billion in assets under management, has named Sunil Gaglani to the firm's hedge funds business in the newly created position of chief risk officer. Details inside.
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Two Members Reappointed to FASB
The Board of Trustees of the Financial Accounting Foundation this week reappointed Daryl Buck and R. Harold Schroeder to the Financial Accounting Standards Board. Their new terms are effective July 1, 2015 and end on June 30, 2021. Buck and Schroeder originally were appointed to FASB in 2011, when the ...
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SEC: BHP Billiton Went Too Far on Hospitality
Image: The SEC has settled FCPA charges against BHP Billiton for inviting 176 government officials and employees of state-owned enterprises to attend the 2008 Summer Olympic Games at the company’s expense. Andrew Ceresney, head of the SEC’s Enforcement Division, said the invites occurred “while they were in a position to ...
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MasterCard May Face Some Antitrust Issues in the European Union
European Union regulators are set to launch an investigation into credit card giant MasterCard after reports emerged about the company’s anti-competitive practices among the 28-nation bloc and its overall fees system. In a statement, MasterCard said it “is working with the European Commission on the issue as part of an ...
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Ireland’s Central Bank Hits Western Union with €1.75m in Fines
Image: The Central Bank of Ireland levied €1.75m in fines on Western Union in Ireland after the firm failed to implement “robust” anti-money laundering and counter-terrorist financing controls. “The Central Bank action must be viewed in light of the inherent risks in the sector in which this firm operates … ...
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Caldwell: What a Robust Compliance Program Looks Like
During a keynote speech at the Compliance Week 2015 conference, Assistant Attorney General Leslie Caldwell provided some insight on what a robust compliance function and strong internal investigations look like. “Overall, our message is really a simple one: we really expect that corporations will take compliance risks as seriously as ...
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Ceresney Breaks Down Recent Results of Busy SEC Litigation Docket
SEC Director of Enforcement Andrew Ceresney recently provided some detailed updates on the work and recent results of the Enforcement Division’s national litigation program. He characterized the litigation docket as “busy,” with approximately 130 litigators in the national trial unit who are currently litigating more than 550 cases. He stated ...
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The SEC Views on Whistleblowers: Sit Up and Listen
Whistleblowers—protecting them, working with them, not stifling them—continue to be one of the most important parts of the compliance officer’s job. This week, columnist Tom Fox reviews the SEC’s recent pronouncements on how it wants whistleblowers to be treated and how the SEC itself plans to keep encouraging whistleblowers to ...
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Revenue Recognition Implementation Brings Big Challenges
Companies in the vanguard of implementing the new revenue recognition standard are finding it a daunting task requiring major planning and coordination. At the Compliance Week 2015 conference, Bavan Holloway, vice president of corporate audit at Boeing, said companies need to have a strong change management process in place. “It’s ...
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Compliance Leaders Like Three Lines of Defense
Image: At Compliance Week’s annual conference this week, Jose Tabuena, chief compliance officer for NextHealth, advocated for the three lines of defense model. “I’ve worked with the accounting firms and those working with the COSO framework, and I find three lines of defense easier to explain,” he said. “The board ...
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Otonomy Appoints Chief Compliance Officer
Otonomy, a clinical-stage bio-pharmaceutical company, has appointed Eric Loumeau as general counsel and chief compliance officer. Previously, Loumeau also served as general counsel and chief compliance officer for Hollis-Eden Pharmaceuticals, a publicly-traded biotechnology company. Details inside.
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Study: CCOs Struggle to Navigate Anti-Bribery Risks
A new report from Compliance Week and Kroll Advisory Solutions gauged the level of confidence chief compliance officers have in their companies’ financial controls to catch books-and-records violations of the Foreign Corrupt Practices Act; according to the study, only 48 percent felt confident. See inside for more study details.