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Continuous Internal Control Monitoring Gets Big Backing

Tammy Whitehouse | February 5, 2013

Continuous monitoring of internal controls is quickly winning some big supporters.

When the U.S. Department of Justice prosecuted a Morgan Stanley managing director last year for circumventing internal controls to violate the Foreign Corrupt Practices Act, it tipped its hat to the bank for Morgan Stanley's efforts to prevent such actions. It was practically an endorsement for the up-and-coming practice of continuous monitoring, says Patrick Taylor, CEO of Oversight Systems.

The Justice Department imposed the maximum penalty on Garth Peterson, who admitted to paying off Chinese officials as part of a real-estate scam, but brought no action against the firm, citing its extensive policies, internal control, and training meant to prevent FCPA violations. The Justice Department even noted: “Morgan Stanley's compliance personnel regularly monitored transactions,...

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