All Compliance articles – Page 8
-
Article
More Banks Tying Pay to Corporate Values
More financial institutions, facing pressure from regulators and investors, are starting to tie compensation practices to ethical behavior and appropriate risk-taking—although progress has been slow. “A consistent leadership culture is necessary in which corporate values, business strategy, and formal incentives support each other,” said Jürgen Fitschen, co-chair of the group ...
-
Article
Fighting Complexity With Integrated Compliance Efforts
More than ever before, managing compliance risk now requires a framework that unifies decentralized compliance activities. The goal: to streamline monitoring, testing, and reporting. That may sound difficult in theory—and, well, it’s difficult in practice too. Inside we have tales from Coca-Cola and Kimberly-Clark on how they try to integrate ...
-
Article
Resolving Compliance and HR Turf Wars
Image: Compliance and HR have been tussling for years over which function owns company culture, when the truth is both have a crucial role to play. “If HR and compliance could come together and realize and accept that they’re on the same team … it could be a really powerful ...
-
Blog
Survey: Overloaded CCOs Expect Increased Personal Liability
Compliance officers have two fears on their minds these days: increased regulatory fatigue and overload; and the threat of increasing personal liability for corporate misconduct. More than one-third of all firms already spend at least one day every week simply tracking and analyzing regulatory developments, according to Thomson Reuters’ annual ...
-
Blog
Study: Social Media Befuddles Compliance
The average Fortune 100 firm has approximately 320 social media accounts and engages with more than 210,000 “followers” annually. The problem, according to a new study, is that the pace, scale, and informal culture of corporate social media creates regulatory risks that go beyond the traditional skill set of compliance ...
-
Blog
FCA: Banks Should Rethink Derisking Strategies
The Financial Conduct Authority warns that banks should rethink their anti-money laundering strategies in light of reports that financial institutions have nixed services to customers that may pose potential money-laundering risks. The agency says, “These policies and procedures must be comprehensive and proportionate to the nature, scale, and complexity of ...
-
Blog
Belgium's Robust AML Regime
While Belgium has made significant progress in tracking down anti-money laundering and counter-terrorist financial (AML/CFT) activities, a lot more work needs to be done, says a recent report by the Financial Action Task Force. In April, the European Union approved new draft rules that reflect the need of its member ...
-
Article
Running in Place or Winning the New Race?
Image: Our GRC Illustrated series returns this week, looking at how compliance programs can keep pace with new ways of communicating within business and with the new employees who use them. That will mean addressing multiple audiences through multiple channels, and it will pose new challenges for policy management, training, ...
-
Blog
Walmart Touts Compliance Improvements in New Report
In its second annual “Global Compliance Program Report,” Walmart has detailed the compliance enhancements it has made in recent months. Among them: improved compliance training, greater supply chain scrutiny, $40 million invested in new technology, and centralized oversight of license and permit applications. More inside.
-
Article
Putting All of That Talent to Work Smartly
Amid a tough climate of regulatory enforcement and an explosion of new rules after the financial crisis, many large companies—especially financial institutions—have beefed up their staffing on risk and compliance. But is more always better? While the investment sends a message, more boots on the ground may just step on ...
-
Article
Lessons From HSBC’s Size, Compliance Struggles
For nearly three years, HSBC Holdings, a grande dame of international banking, has come under fire for a litany of regulatory problems and compliance failures: money laundering, sanctions, violations, and abetting tax evasion to name just a few. How does a good bank fall into such dire straits? The problem, ...
-
Blog
Compliance, Regulator Pressures Pile Up at HSBC
Recent scandals at banking giant HSBC have caused regulators to shift their attention to senior executives. According to news reports, Group Chairman Douglas Flint and Chief Executive Stuart Gulliver have come under scrutiny after journalists obtained “secret documents” stating that HSBC’s Swiss private banking arm failed to conduct sufficient due ...
-
Blog
ELM Arrives as New Compliance Buzzword
Image: We try to look cynically upon any slick new marketing campaign from the GRC software vendors, but occasionally something appears that does seem to have real substance. That may have happened earlier this month at LegalTech 2015 with its extensive discussion of “enterprise legal management.” The concept is a ...
-
Blog
Three Ideas for Compliance, Audit, and Cyber-Security
Image: Wow! Sometimes you go to a panic party about cyber-security risk and an intelligent discussion breaks out. Such was the case for Compliance Week editor Matt Kelly, who hung out last week at a meeting of the New England Chief Audit Executives Club. Inside are his three lessons for ...
-
Article
Balancing Best Practices and Reality in Compliance
Everyone likes best practices in compliance, and everyone knows the U.S. Sentencing Guidelines are the cornerstone of an effective compliance program. The truth is not quite so perfect: Best practices can be impractical, and not all guidance about the Guidelines is clear. This week, guest columnist Susan Divers, a former ...
-
Blog
Audit Committees, Operational Risk, and Unease
Image: News flash: Audit committees are still overworked and unsure how to handle new risks confronting Corporate America. So says the 2015 edition of the KPMG Audit Committee Survey, which tells some good news on financial reporting risks, amid a more troubling morass of operational and cyber-security risks nobody seems ...
-
Blog
Podcast: The Right Approach to Compliance Oversight
Establishing the right oversight structure is “one of the biggest issues currently facing the compliance profession,” says Kathleen Edmond, a partner at the law firm Robins Kaplan and former chief ethics officer at Best Buy. In our latest podcast we talk to Edmond about the debate over the best approach ...
-
Blog
U.K. Regulator Places Corporate Culture at Heart of Compliance
Image: Title: BischoffWith the recent release of an annual report detailing compliance gains, the head of Britain’s Financial Reporting Council called on boards to tackle the complex issue of corporate culture to ensure ethical corporate behavior. FRC Chairman Sir Winfried Bischoff said his agency this year will delve into how ...
-
Blog
CFTC Outlines Expectations for New Annual Reports from CCOs
The Commodity Futures Trading Commission recently shed more light on the new annual reports that compliance officers at swaps dealers must now provide. The CFTC guidance outlines expectations for assessing a firm’s written policies and procedures, including the code of ethics and conflict-of-interest policies. Shortcomings must be explained in detail, ...
-
Blog
Petrobras Creates Special Committee Amid Corruption Probe
The board of Brazilian state-owned oil giant Petrobras has created a special committee whose function will be to oversee an existing independent internal investigation amid widespread bribery allegations. "This committee will act independently and will have a direct reporting line with the board of directors," the company said. Details inside.