Systemic risk management lapses at a financial services firm, allegations of toxic culture at a video game giant, and more of the same baffling behavior from one of the world’s largest tech companies comprise CW’s list of the biggest ethics and compliance fails of 2021.
ESG/Social Responsibility
Posted inAccounting & Auditing
What companies/auditors need to know for 2021 year-end audits
The continued effects of the pandemic, along with the implementation of new accounting standards, have companies and their auditors confronting substantial change in year-end audits.
Posted inRisk Management
FinCEN notice warns banks of environmental crime
The Financial Crimes Enforcement Network issued a notice to banks and other financial institutions calling attention to what it has identified as a rising trend in environmental crimes.
Posted inEthics & Culture
Compliance must carve out role in company ESG efforts
Respondents to our “Inside the Mind of the CCO” survey agree compliance should play a key part as businesses determine their ESG strategy—either through primary oversight or meaningful participation.
Posted inEthics & Culture
DEI & compliance: Signs of advancement and complications
A global outcry for racial justice reached a crescendo in 2020, and corporate America pledged to “meet the moment” with transformative change. According to our “Inside the Mind of the CCO” survey, there are macro signs of companies trying to move the needle, but gaps in DEI progress remain.
Posted inEthics & Culture
When racist words, stereotypes are not in the eye of the beholder
A recent case involving discrimination allegations raised by a former compliance executive at Commerzbank serves as a reminder that sometimes people use words that hurt others’ feelings, but it doesn’t always mean the intention is there.
Posted inBoards & Shareholders
OCC acting head: 5 climate questions bank boards should be asking
Michael Hsu, acting head of the Office of the Comptroller of the Currency, explores the role of bank boards to promote improvements in climate risk management practices at their banks.
Posted inRisk Management
NYDFS first state banking regulator to establish Climate Risk Division
The New York State Department of Financial Services announced the creation of a new Climate Risk Division to oversee regulated entities’ efforts at managing the financial risks of climate change.
Posted inRisk Management
Survey: More financial institutions using scenario analysis to manage climate risk
Financial institutions are growing more sophisticated in the way they incorporate scenario analysis into their risk assessments and in quantifying their climate-related risks, a new survey from the Global Association of Risk Professionals finds.
Posted inAccounting & Auditing
FRC reporting review: COVID-19 disclosures lacking, new climate-related mandates
In its annual review of corporate reporting, the U.K. Financial Reporting Council found companies are struggling to provide stakeholders with enough detail about COVID-19 disruptions. The regulator also announced new requirements for climate-related disclosures.
