Appointment Blogs | Compliance Week – Page 306
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Antitrust Division: $1.86B in Fines Last Year
The Antitrust Division of the Justice Department had one of its biggest years ever in fiscal 2014: $1.86 billion in fines and penalties from various enforcement actions. The lion’s share of that sum stems from a widespread price-fixing and bid-rigging scheme in the auto parts industry, as well as the ...
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Microsoft Acquires Equivio
Microsoft this week announced that it has acquired Equivio, a provider of machine learning technologies for e-Discovery and information governance. Rajesh Jha, corporate vice president, Outlook and Office 365, said in a statement that Microsoft made the acquisition to help its customers "tackle the legal and compliance challenges inherent in ...
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Dell InTrust 11.0 Enhances Data Analytics Capabilities
Dell this week announced the latest release of Dell InTrust 11.0, a new IT data analytics solution that gives organizations the power to search and analyze vast amounts of IT data in one place, with real-time insights into user activity across security, compliance and operational teams. Details inside.
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AvePoint Compliance Guardian SP 3 Helps With Data Loss Prevention
AvePoint, a provider of enterprise-class Big Data management, governance, and compliance software solutions for next-generation social collaboration platforms, has announced the general availability of AvePoint Compliance Guardian Service Pack (SP) 3. Compliance Guardian mitigates privacy, information security, and compliance risks across your information gateways with a comprehensive risk management process ...
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EY Expands Collaboration With IBM
EY is building on its collaboration with IBM to help global clients leverage new advanced analytics and accelerate their adoption of transformational technologies. EY will work directly with IBM on joint go-to-market activities and new applications based on IBM’s portfolio of analytics, Big Data products, and cloud solutions. Details inside.
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Raytheon Company Appoints New General Counsel
Defense giant Raytheon has appointed Frank Jimenez as general counsel, effective as of Jan. 19. He succeeds Jay Stephens, who is retiring from Raytheon on March 31 after serving 12 years as general counsel and corporate secretary. Details inside.
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A Closer Look at the SEC's Financial Reporting Cases in FY 2014
As I have previously discussed here in detail, the SEC announced in 2013 that it would be greatly sharpening its focus on accounting fraud cases. Among other things, the agency established a Financial Reporting and Audit Task Force in July 2013 staffed with lawyers and accountants specifically focused on generating ...
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SEC Warns on Foreign Business vs. Joint Venture
Be careful what you call a “foreign business.” The Securities and Exchange Commission says it is seeing too many instances of companies trying to call their joint ventures “foreign businesses” for financial reporting purposes. Perhaps that’s because the reporting requirements might be easier to meet. See inside.
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Engineering Firm Nicked $3.4M on FCPA
Engineering and construction firm PBSJ has agreed to pay $3.4 million in financial remedies to the SEC for violations of the Foreign Corrupt Practices Act by offering and authorizing bribes and employment to foreign officials to secure Qatari government contracts. Details inside.
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New Chair Named to Attorney General’s Advisory Committee
Attorney General Eric Holder today appointed U.S. Attorney John Walsh for the District of Colorado as chair of the Attorney General’s Advisory Committee of U.S. Attorneys, and U.S. Attorney Richard Hartunian for the Northern District of New York to serve as vice chair. Both appointments are effective immediately. Details ...
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FASB Wants Comment on Financial Instruments
Image: FASB wants public comment on one final aspect of its standard for financial instrument classification and measurement, focused on how entities should disclose hybrid financial instruments containing embedded derivatives that are separately recognized. FASB plans to get a proposal out soon so the comment period can be wrapped up ...
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Poll Finds Uncertainty on COSO, Revenue Recognition
Up to one-third of companies may not be implementing the new COSO framework for their 2014 financial reporting, and one-fourth don’t know when they will implement the framework.
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Citigroup Compliance Update Posted
Six months following Citigroup’s $7 billion settlement with the government to resolve a federal investigation into the sale of subprime mortgages, the bank’s compliance monitor has published his first report on progress made. The report details Citi’s efforts on outreach requirements, tax reporting requirements, and consumer relief credit to date. ...
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U.K. Regulator Places Corporate Culture at Heart of Compliance
Image: Title: BischoffWith the recent release of an annual report detailing compliance gains, the head of Britain’s Financial Reporting Council called on boards to tackle the complex issue of corporate culture to ensure ethical corporate behavior. FRC Chairman Sir Winfried Bischoff said his agency this year will delve into how ...
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S&P to Pay $77 Million for Ratings Misconduct
Standards & Poor’s Ratings Services has agreed to pay $58 million to the SEC, $12 million to the New York Attorney General’s Office, and $7 million to the Massachusetts Attorney General’s Office to settle a series of federal securities law violations involving fraudulent misconduct in its ratings of certain commercial ...
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Survey: Cyber-Threats a Growing Concern for European Risk Managers
Image: Title: HirsWhile traditional risks due to business interruption and the supply chain remain risk managers’ top concern, cyber-risks are moving up the list, particularly in some European countries. Allianz SE’s Risk Barometer 2015 showed cyber-risks cracked the top five concerns globally for the first time, up from 8th last ...
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Applying the Three Lines of Defense Model
Compliance Week columnist Jose Tabuena continues his look at the Three Lines of Defense model this month by examining how a company can parcel out all its oversight functions across the three lines. Can compliance report to the risk-management function? (Yes.) Can internal audit and compliance be combined? (Only if ...
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OCC Names Chief Risk Officer
OCC, an equity derivatives clearing organization, has appointed John Grace as chief risk officer. He will be responsible for driving and implementing OCC's risk management strategy. Details inside.
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SEC Riding Lengthy Unbeaten Streak in Administrative Proceedings
As I observed here last week, there has been a recent flurry of cases filed by respondents in SEC administrative proceedings claiming that the SEC's use of these "APs" is unconstitutional for various reasons. Indeed, on Friday of last week, one such constitutional challenge was brought by a person who ...
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SEC Retreats on Proxy Access No-Action Letters
The SEC has reversed course on an earlier no-action letter that let Whole Foods thwart a shareholder proposal for greater proxy access, which essentially paves the way for many more such shareholder proposals to come this proxy season—including 75 filed by New York City’s pension fund. The SEC will now ...