All Risk Management articles – Page 14
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EventVirtual Roundtable: Whistleblowing in 2024: What compliance officers need to know
Compliance Week is hosting a virtual roundtable in which we’ll explore the modern whistleblower landscape and what corporate compliance programs need to know to follow the rules while enabling a speak-up culture.
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PremiumReport: Human error driving growing number of data breaches
Verizon’s annual data breach report shows trends in cybersecurity incidents, including more ransomware and extortion attacks last year.
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News BriefRegs move forward Dodd-Frank rule on risk considerations in bank exec pay
Federal regulators adopted a notice of proposed rulemaking on incentive-based compensation requiring large banks to make their executive compensation arrangements “more sensitive to risk.”
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News BriefCFPB fines Chime $3.25M over account refund delays
The Consumer Financial Protection Bureau ordered Chime Financial to pay $3.25 million in penalties for allegedly delaying consumer refunds past its promised 14-day timeframe.
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PremiumForecasting the DOJ’s AI enforcement priorities
Prudent chief compliance officers should ensure artificial intelligence-related risks are being properly addressed at their businesses considering growing scrutiny being paid to the technology by the Department of Justice.
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News BriefMicrosoft report describes its artificial intelligence safety efforts
Microsoft published a public report covering its artificial intelligence endeavors and steps it is taking to make the controversial technology safe.
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News BriefSoFi unit fined $1.1M by FINRA for fraud prevention failures
SoFi’s brokerage unit will pay a $1.1 million fine to the Financial Industry Regulatory Authority for fraud detection weaknesses that allowed thieves to create SoFi Money accounts using fake or stolen identities.
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News BriefFederal banking regulators issue TPRM guidance for community banks
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency combined to provide guidance on third-party risk management focused on the unique risks faced by community banks in their third-party relationships.
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PremiumSurvey: Compliance digital transformation hampered by data access, AI concerns
Few compliance teams describe their access to company data as “robust,” according to a new survey conducted by Compliance Week and NAVEX, while apprehension toward the adoption of artificial intelligence remains a hurdle for the profession to clear.
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PremiumExperts: APRA chances unlikely, more state privacy laws certain
The “American Privacy Rights Act” has steep hills to climb if it’s ever going to become law, but that’s no reason for businesses to delay their privacy tune-ups.
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News BriefFINTRAC fines TD Bank record $6.7M over AML program failings
The Financial Transactions and Reports Analysis Centre of Canada fined TD Bank nearly CAD$9.2 million (U.S. $6.7 million) for failing to comply with its anti-money laundering regulations.
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PremiumEU charts green path forward with ECT withdrawal, new regs
The impending decision by the European Parliament to withdraw from the international Energy Charter Treaty and adopt further climate rules sets a clear direction for green regulations in the region.
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News BriefJPMorgan expects added $100M penalty for trade surveillance shortcomings
JPMorgan Chase said it expects to pay an additional $100 million to an unnamed regulator to settle alleged trade surveillance failures that have already warranted more than $348 million in penalties by two other agencies.
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News BriefPayPal off hook in CFPB probe into Venmo fund transfers
Digital wallet company PayPal disclosed it won’t face enforcement regarding a Consumer Financial Protection Bureau probe into its subsidiary Venmo.
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PremiumQuestions abound on foreign aid bill change to sanctions violations lookbacks
Tucked deep inside the $95 billion foreign aid bill recently passed by Congress was a provision that will allow the Office of Foreign Assets Control to look back 10 years to investigate potential violations of U.S. sanctions, rather than five years.
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PremiumWhat’s the problem for GDPR repeat offenders?
The General Data Protection Regulation has been in force for nearly six years. Some industries—and some companies—have been more prone to fall foul of the rules than others.
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PremiumPreparation key for ‘tectonic change’ from FTC noncompete ban
Companies would be wise to prepare to comply with the Federal Trade Commission’s rule to ban noncompete clauses, despite legal challenges that might delay or prevent it taking effect altogether.
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News BriefTD Bank reserves $450M for BSA/AML enforcements
TD Bank said it set aside $450 million to settle regulatory and law enforcement investigations, including by the Department of Justice, into its anti-money laundering and Bank Secrecy Act programs.
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PremiumCCO liability: How to protect your compliance career
Despite significant issues outside the control of most chief compliance officers, some regulators have signaled more individual liability cases are to be expected. Will accepting the wrong job, in hindsight, make it your last?
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News BriefState AGs tell UnitedHealth to do more in cyberattack aftermath
UnitedHealth Group’s response to a major cyberattack in February that wreaked havoc with medical payments nationwide has been “inadequate” and must be improved immediately, a group of 22 state attorneys general told the company.