The Office of the Comptroller of the Currency announced a $15 million civil penalty against MUFG Union Bank for “deceptive practices” caused by alleged weaknesses in execution of internal controls and procedures.
Internal Controls
Posted inAccounting & Auditing
Nutanix discloses remediation steps following costly software misuse
A lack of oversight of employees handling vendor software is one of several failings at cloud computing company Nutanix that led to misuse, $11 million in estimated costs, and two pending lawsuits.
Posted inEthics & Culture
Ten takeaways from Compliance Week 2023
Significant changes in policy and technology, in addition to fresh perspectives on tried-and-true compliance topics, highlighted the discussion at Compliance Week’s 2023 National Conference.
Posted inInternal Controls
DOJ official: Compliance team access, visibility into data a sign of effectiveness
One of the ways the Department of Justice will assess a firm’s compliance program is by judging how accessible and visible a company’s data is to its compliance function, an agency official told attendees at Compliance Week’s 2023 National Conference.
Posted inAnti-Bribery
ESG reporting an opportunity to showcase compliance quality
Hassan Chaudry, director of compliance at Canada-based asset management firm Starlight Investments, shares his take on how companies can derive value from their compliance efforts regarding environmental, social, and governance and anti-bribery and corruption.
Posted inAccounting & Auditing
Philips to pay $62M to settle alleged FCPA violations in China
Dutch conglomerate Royal Philips will pay more than $62 million to settle allegations it violated the Foreign Corrupt Practices Act when its subsidiaries engaged in improper conduct to win contracts in China.
Posted inEthics & Culture
Chapter 4: Customers’ cooperation key to Flex’s 2030 sustainability strategy
Reaching a meeting of the minds with customers is essential to Flex achieving its long-term goals. The company’s president of manufacturing and services discusses its investment in sustainability solutions and progress to be made in remanufacturing.
Posted inEthics & Culture
Chapter 3: Criticality of preferred suppliers in supporting Flex’s sustainability efforts
Reducing Scope 3 emissions can’t be done without buy-in from critical suppliers. Flex’s VP of procurement and supply chain management discusses the company’s work two years into its stated sustainability commitments.
Posted inEthics & Culture
Chapter 2: ‘All in the same family’: How Flex’s 100-plus facilities align on sustainability
The global sustainability team at Flex is “the connectors” across the enterprise, said program head Barjouth Aguilar. Company leaders share observations, strategies, and technologies driving their coordinated sustainability efforts.
Posted inEthics & Culture
Chapter 1: New Flex CEO drives renewed focus on sustainability
The year Revathi Advaithi came on board as chief executive officer of Flex proved to be a hinge point for the global manufacturer’s sustainability strategy as it set science-based targets to hit by 2030.
