Responding to hardware and software glitches that have led to mini market meltdowns in recent years, Nasdaq is looking to implement a “kill switch” to instantly halt questionable trades. A proposed rule change filed with the Securities and Exchange Commission by the exchange’s parent company, Nasdaq OMX, seeks permission to make offer the risk management […]
Risk Management
Posted inRisk Management
FCPA Focus Will Test the Compliance Function
Compliance officers, legal counsel, senior operating management, and boards of directors know well the importance of an effective compliance program. With the myriad of laws and regulations already in place and still more on the way, those groups are all devoting more attention to what’s needed to ensure compliance. These days, there’s no law that […]
Posted inAccounting & Auditing
Federal Reserve Rule Sets New Standards for Foreign Banks
The Federal Reserve Board has approved a final rule intended to strengthen the supervision and regulation of large bank holding companies and subject foreign banks doing business in the U.S. to the same standards. The rule establishes enhanced prudential standards for the liquidity, risk management, and capital of those institutions, with an eye towards increase […]
Posted inAnti-Bribery
Study: Companies Still Lag in Third-Party Due Diligence Efforts
Corruption and bribery risks posed by third-parties are expanding rapidly for global companies, and yet compliance and legal departments are still lagging on the due diligence they perform on their third parties. That’s according to the findings of a recent anti-corruption study by professional services firm AlixPartners, which surveyed more than 250 general counsels, compliance […]
Posted inRisk Management
NASDAQ OMX Launches New Risk Management Platform
The NASDAQ OMX Group and its Access Services have announced the availability of TradeGuard, a comprehensive solution for all levels of risk management and an expansion of the enterprise risk management platform formerly known as FTEN. TradeGuard will allow customers to choose from a broad product suite for a range of risk management support, from […]
Posted inRisk Management
Susquehanna Bancshare Names Chief Risk Officer
Susquehanna Bancshares, a financial services holding company with $18 billion in assets, has hired Kevin Burns to the newly-created role of chief risk officer. In this role, Burns is responsible for enterprise risk management, corporate compliance, security, information security administration, business continuity, insurance risk management, community reinvestment, and credit review. He serves as a member […]
Posted inRisk Management
Walmart China to Strengthen Vendor Compliance Processes
Walmart announced this week that it is upgrading its vendor compliance processes in China, following a report by state-owned China Central Television, criticizing the retail giant for circumventing quality-control processes. In a statement, Walmart said it “has been increasing its vendor compliance procedures over the last two years and will now add further steps to […]
Posted inAccounting & Auditing
Heightened Governance and Risk Standards Proposed for Big Banks
The Office of the Comptroller of the Currency has proposed new requirements for improving governance and risk management standards at big banks. Following the financial crisis, the OCC developed a set of “heightened expectations” to strengthen these specific areas and enhance its supervision. The proposed guidelines detail the minimum standards for the design and implementation […]
Posted inInternal Controls
Target’s Data Breach Could Spur New Privacy Rules
The timing couldn’t have been worse for retail giant Target’s massive data breach. Not only did the security failure compromise data, including credit card information, for as many as 110 million customers at the peak of holiday shopping season, it threatens to make the company a poster child for regulators and legislators who were already […]
