Empowered by “Web 2.0” and built on the foundation of social media, a new wave of companies is taking shape, described as “next generation” businesses. Companies with names like AirBnB, Uber, Lyft, and Square are raising new compliance and regulatory challenges. Many are non-traditional, dabbling in virtual currencies or engaging in peer-to-peer transactions, or are […]
Risk Management
Posted inBoards & Shareholders
JPMorgan to Spend $4 Billion on Compliance and Risk Efforts
JPMorgan Chase announced this week that it plans to pour an additional $4 billion into compliance and risk management efforts as the bank continues to battle a host of legal troubles. As part of that effort, JPMorgan said it plans to spend $1.5 billion on risk management and regulatory compliance efforts, including increasing its risk-control […]
Posted inRisk Management
CFTC Takes Another Step Toward High-Speed Trading Rules
In the aftermath of two Nasdaq shutdowns in as many weeks that were blamed on technology glitches, and responding to longstanding concerns about high-speed and automated trading, the Commodity Futures Trading Commission on Monday published a Concept Release that will serve as a precursor to forthcoming rules, restrictions, and trading limits. According to a statement […]
Posted inAccounting & Auditing
Activists Detail Their Expectations for Conflict Minerals Reports
As companies prepare their first required reports on conflict mineral use for the Securities and Exchange Commission, a coalition of socially responsible investors and human rights groups have laid out their suggestions and expectations. A paper released on Thursday, “Expectations for Companies’ Conflict Minerals Reporting,” describes the content sustainability and human rights activists want to […]
Posted inRisk Management
Regulators Retreat from Earlier, Stricter ‘Risk Retention’ Proposal
A revised “risk retention rule” offered up by federal regulators this week would ease up on proposed requirements for mortgage lenders to maintain a financial stake in many of the the loans they securitize. The retreat ends, for now, a requirement that would have forced homebuyers to offer up at least a 20 percent down […]
Posted inAccounting & Auditing
Internal Audit Slowly Shifting to Take on Strategic Risks
The latest data on the state of internal audit suggests the profession has heard the news that it is facing new expectations to take a higher-level view of risk and control, but it is still retooling to live up to them. According to a Thomson Reuters study, internal auditors say they are beginning to shift […]
Posted inRisk Management
Compliance Professionals in High Demand
It’s a good time to be in the compliance profession. While many people may associate the term “hot jobs” with positions at hip Internet firms or careers as financial wizards, compliance professionals are a hot commodity. Sure, compliance may not be quite as sexy as Wall Street or Silicon Valley, but demand for experienced compliance […]
Posted inInternal Controls
The Battle to Balance Vigilance and Suspicion
While they would never utter the words “Why bother?” aloud, and even suggesting they might think it is bound to be controversial, frustrated financial services professionals can be excused if they occasionally feel this phrase forming in their minds when thinking about their role in the ongoing battle against money laundering. After all, the magnitude […]
Posted inAnti-Bribery
Special Report: Study Finds Big Gaps In Anti-Corruption Compliance Programs
Forty-seven percent of global corporations take no steps to train their third parties and business partners on anti-bribery and corruption efforts, according to a new survey from Compliance Week and Kroll, despite piles of evidence that third parties are one of Corporate America’s biggest bribery risks today. That eye-popping statistic was only one among several […]
