Last week, China-based electronics manufacturer Foxconn, best known as the contract manufacturer of Apple iPhones, admitted that underage “interns” as young as 14 were found working at one its factories. Incidents and allegations of sweatshop-like conditions at Foxconn have caused constant embarrassment for Apple and other electronics companies. Apple is hardly alone in having concerns […]
Risk Management
Posted inAnti-Bribery
Sharpening Third-Party Risk Mitigation
Never has third-party risk management been as high a priority as it is in today’s stringent anti-corruption enforcement environment. Yet, many companies still aren’t up to snuff when it comes to refining the processes used to mitigate third-party risks. They are in a “relative state of paralysis,” says Kenneth Kurtz, chief executive officer of Steele […]
Posted inRisk Management
Identifying Compliance Risks and Trends
Many companies are fairly indiscriminant when it comes to gathering data. The idea is that if it might be useful at some point, they keep it. The result is that companies can easily become overwhelmed in a sea of data and find analyzing it, and knowing what to do with all of it trying. Colin […]
Posted inAnti-Bribery
Tyco in Hot Water Once Again After FCPA Settlement
Anyone searching for some broader context to understand how Tyco International lurched into yet another bribery scandal—the third major misconduct meltdown to hit Tyco or one of its spin-off companies since 2002—would do well to ponder one of the most famous lines from The Godfather. “Just when I thought I was out,” crime boss Michael […]
Posted inAnti-Bribery
Elements of Effective Compliance
There’s no shortage of guidance from regulators around the world on what a good compliance program should entail. In theory, documents such as the U.S. Federal Sentencing Guidelines and many others should help compliance departments design robust, sensible programs. In practice, however, the proliferation of such guidance can make the job daunting and confusing. The […]
Posted inAnti-Bribery
Anti-Bribery Enforcement on the Rise
Tougher enforcement of anti-bribery laws around the world has resulted in more companies facing prosecutions, according to a new report from anti-corruption watchdog Transparency International. Countries involved in the Organization of Economic Cooperation and Development’s Anti-Bribery Convention, a coalition established to fight global corruption, added a total number of 144 open cases of criminal prosecutions, […]
Posted inAccounting & Auditing
Studies Confirm New Ideas on Risk Management
A pair of recent studies by accounting firms confirm an increasing number of companies are retooling their risk strategies as a result of recent economic turmoil and persistent uncertainty. More than half of the nearly 200 executives who participated in a joint study by Deloitte & Touche and Forbes Insight said they expect their organizations […]
Posted inAccounting & Auditing
AML Compliance Back in the Spotlight
Well, one explosive report about drug cartels and terrorist groups funneling money through U.S. banks, plus one compliance officer announcing his resignation during a U.S. Senate committee hearing, and presto—anti-money laundering efforts, and the lack thereof, are back in the news. The specific bank on the anvil of public discontent right now is HSBC, the […]
Posted inAccounting & Auditing
The Evolving Role of Internal Audit
A confluence of increased regulation, intense focus on corruption, and heightened scrutiny of risk management is changing the role of the internal auditor. From evaluating and mitigating fraud and corruption risks, to improving IT and business operations, the internal audit function must evolve to meet the expanding needs of management and other stakeholders—so said industry […]
Posted inAccounting & Auditing
FASB Calls for New Liquidity, Interest Rate Risk Disclosures
All public companies will soon face new requirements to provide investors a better picture of their pending cash obligations and available funds to meet them, with banks facing even more requirements to explain their risks. The Financial Accounting Standards Board has proposed a new accounting standard that will require companies to present additional tables in […]
