FinCEN and several other regulators levied a combined $125 million penalty against UBS Financial Services (UBSFS), a broker-dealer and futures commission merchant, due to a series of long-standing compliance failures. The total penalty was a joint effort of federal regulators, including FINRA ($20 million), the Securities and Exchange Commission ($20 million), and the Commodity Futures Trading […]
Best Practices
Posted inArtificial Intelligence
AI governance becomes top future skill for entity compliance leaders
Compliance professionals who can demonstrate their understanding of AI governance risks and contribute to closing current governance gaps are well placed to support their organizations and boost their own future careers.
Posted inBest Practices
Beyond breaching privacy: The compliance risks of workplace surveillance
When organizations implement workplace surveillance tools, the conversation often begins with privacy. Questions about employee consent, data collection, retention periods, and legal compliance are essential. But as workplace monitoring technologies become more sophisticated, focusing exclusively on privacy risks often overlooks a much larger challenge.
Posted inBest Practices
The hidden cost of compliance leadership
There is a cost attached to senior compliance roles that does not appear in job descriptions, is rarely discussed in appraisals, and is absent from careers talks given to people entering the profession.
Posted inBest Practices
The inference gap: Auditing the AI risk no framework requires you to see
When external regulation lags, internal audit becomes the only line of defense. AI’s environmental footprint is a live governance exposure, and right now, almost no one is auditing it. A company can run an AI product billions of times a day with no obligation to measure what it consumes: No requirement to report the energy […]
Posted inBest Practices
AI demands a new risk operating model. Are risk leaders up to the task?
For years, risk, compliance, and internal audit functions have been asked to absorb and integrate new technologies and ways of working while facing off against increased business expectations without fundamentally changing the risk management operating model that underpins them. Capabilities such as continuous controls monitoring, dynamic risk assessments, and new reporting requirements have been layered […]
Posted inWhistleblowers
National Whistleblower Day: Closing the gap between policy and practice
Every year around this time, I think back to conversations I’ve had with employees who chose to report a concern, and what it actually took for them to make that call. Almost none of them describe the decision as simple.
Posted inSanctions
Sanctions are evolving fast. Ashurst Perkins Coie’s Jamie Schafer on why compliance is more critical than ever
Jamie Schafer, co-chair of the regulatory compliance and disputes practice at Ashurst Perkins Coie in Washington, D.C., explains why compliance teams must be involved at strategic and product level and where to expect new risks to emerge.
Posted inBest Practices
Brazil’s National Data Protection Authority: How regulators investigate and enforce its data protection law
In June of this year, Brazil’s National Data Protection Authority opened an administrative enforcement proceeding against Claro, one of the country’s largest telecom carriers, over the sharing of customer data with Serasa, the largest credit bureau in Latin America.
Posted inBest Practices
Practitioner lessons from Prudential Life of Japan’s scandal
Prudential Life Insurance’s scandal in Japan attracted limited attention in the West when it broke in January, but six months on, it has become one of the most consequential compliance failures seen this year.