Morgan Stanley has agreed to pay $60 million as part of a settlement with the OCC for failing to adequately protect customer data when the bank decommissioned two U.S.-based wealth management data centers.
Third Party Risk
Posted inRisk Management
Carreyrou at TPRM: Theranos warning signs were there, but partners failed to spot them
John Carreyrou explained to third-party risk professionals at CW’s TPRM Virtual Summit that the mistakes made by Theranos’s business partners were entirely preventable—had they done their proper due diligence.
Posted inInternal Controls
Compliance official’s alleged actions key to Comtech sanctions penalty
The alleged actions of an export compliance official are at the heart of “egregious” apparent OFAC sanctions violations by New York-based Comtech Telecommunications Corp. and its wholly owned subsidiary regarding sales in Sudan.
Posted inRisk Management
Brockmeyer at TPRM: Investigator expectations for monitoring third parties
Former chief of the SEC’s FCPA Unit Kara Brockmeyer shared what regulators are looking for when they assess a company’s relationship with its third parties at Compliance Week’s TPRM Virtual Summit on Thursday.
Posted inAnti-Bribery
Best practices KYC: What to do when your client is in the headlines
How do we, as AML professionals, assess negative media alerts? It should start with a conversation with the client relationship manager, but it shouldn’t end there, writes Martin Woods.
Posted inInternal Controls
Q&A with Kara Brockmeyer: How pandemic has impacted third-party risk
In advance of her keynote at Compliance Week’s upcoming TPRM virtual event (Sept. 17-18), former SEC official Kara Brockmeyer discussed with CW the heightened risk third parties have during a pandemic and what companies can do about it.
Posted inRisk Management
John Carreyrou at TPRM: How to spot a wolf in Steve Jobs’ clothing
John Carreyrou, the Wall Street Journal reporter who exposed Theranos and its founder Elizabeth Holmes as frauds, will be the keynote speaker on Day 2 of Compliance Week’s TPRM virtual conference Sept. 18.
Posted inInternal Controls
Advice for compliance from new DOJ Criminal Division head
Acting Justice Department Criminal Division head Brian Rabbitt shares his perspective on recent updates to the Evaluation of Corporate Compliance Programs guidance, the FCPA Resource Guide, and more.
Posted inInternal Controls
Nothing more important than knowing your risk exposure
In performing due diligence on your supply chain partners, do not be intimidated into accepting no for an answer. Being blind to potential risks is bound to get you into trouble, writes financial crime expert Martin Woods.
Posted inEthics & Culture
Coronavirus has made CW2020 a (virtual) gathering like no other
The coronavirus pandemic has made getting together for our annual National Conference impossible, but it’s also made this virtual gathering (Monday and Tuesday) perhaps the most important one we’ve ever had.