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 […]
Risk Management
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 […]
Posted inAccounting & Auditing
Survey Says Boards Troubled by Reputation Risk
After financial risk, reputation risk is the biggest concern that keeps board directors awake at night, according to the latest poll from EisnerAmper. In its fourth annual survey of 230 board members from a variety of organizations, the audit firm found 73 percent of board directors said reputation risk is their biggest risk behind financial […]
Posted inInternal Controls
How Compliance and HR Can Get It Together
Compliance and human resources have always had a love-hate relationship. Now some companies are finding that getting them aligned can yield large benefits for both functions and improve the organizational culture. That’s no easy task, however. At many companies, gaps in communication and collaboration between compliance and human resources continue to persist. “In general, there […]
Posted inRisk Management
Companies Transform to Respond to Risks, Survey Says
Responding to risks from global market shifts and continued economic uncertainty, an increasing number of companies are undergoing major transformations to build new business models, tap into new channels and markets, and rethink supply chains and business locations, according to the latest risk-related survey from PwC. The Big 4 firm’s “Risk in Review” study suggests […]
Posted inAccounting & Auditing
Internal Audit Continues a Push Into Risk Management
The role of internal audit continues to evolve. New requirements from Nasdaq and the Federal Reserve will put increased demands on internal auditors, as they continue to grow out of their traditional tick-and-tie roots into more risk-focused watchdogs and advisers. Nasdaq has proposed through the Securities and Exchange Commission to require that all of its […]
Posted inAccounting & Auditing
When Banks Game the Risk Picture
Used to be that companies played games with their earnings numbers, backing a few million from the current quarter into last month to squeak out that earnings beat. Sure, that game will always be played, but there’s a new kind of fudging going on, particularly at big banks: fooling regulators into thinking you are taking […]
Posted inInternal Controls
Developing an Effective Approach to Third-Party Due Diligence
Anyone who has a sibling knows that you can get in trouble for the actions of others. For companies, the same principle applies to third-party affiliates. In fact, more than 90 percent of reported Foreign Corrupt Practices Act cases involve third parties, such as sales affiliates and resellers, acting on the company’s behalf, according to […]
