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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-12-07T23:45:00
As regulators like the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) gear up to require companies to understand more detailed information about their third parties, experts in third-party risk management (TPRM) are being asked to better recognize the risks posed by their company’s partners and vendors.
Third parties pose great risks for violations of the Foreign Corrupt Practices Act (FCPA), said Charles Duross, partner at law firm Morrison Foerster and former head of the FCPA Unit within the DOJ’s Fraud Section, as part of a panel Wednesday at Compliance Week’s virtual TPRM and Oversight Summit. Ninety percent of all FCPA cases involve third parties, he said, usually as part of a scheme to make bribe payments look like legitimate business expenses or to provide layers between the bribe and bribe-taker.
The recent $327 million coordinated settlement Swiss technology company ABB reached with the DOJ, SEC, and other global agencies contained lessons for compliance departments seeking to learn how to guard themselves against bad actors within their own firms.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
Register for free
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2023-02-17T18:58:00Z By Aaron Nicodemus
Deputy Assistant Attorney General Lisa Miller spoke to the value of deferred prosecution agreements to resolve corporate misconduct amid renewed criticism directed toward the Department of Justice’s 2021 agreement with Boeing.
2022-12-15T18:00:00Z By Kyle Brasseur
Panelists discussing risk ownership at CW’s virtual TPRM and Oversight Summit share their experiences educating first-line leaders on their roles and responsibilities in the TPRM process.
2022-12-14T17:30:00Z By Adrianne Appel
Panelists at CW’s virtual TPRM and Oversight Summit stressed patience in developing proper risk management and due diligence practices, advising companies to find their “north star.”
2024-07-24T17:54:00Z By Neil Hodge
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
2024-07-15T16:45:00Z By Jeff Dale
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
2024-06-28T19:30:00Z By Jeff Dale
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
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