All Surveys & Benchmarking articles – Page 5
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Lessons from Albemarle, ABB: How data-driven compliance can help your firm
Andrew McBride, chief risk officer of Albemarle Corp., and Tapan Debnath, head of integrity, regulatory affairs and data privacy at ABB, discussed how and why their respective organizations use data analytics to conduct business as part of a recent webcast.
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NIST report: Mitigating the risks of cyberattacks on AI systems
Cyberattacks on artificial intelligence systems are increasing, so it’s important users know their vulnerabilities and try to soften the damage if they get hit, according to a new report by the National Institute of Standards and Technology.
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News Brief
SEC risk alert flags observed deficiencies at security-based swap dealers
A new risk alert from the Securities and Exchange Commission highlighted common deficiencies and weaknesses in the compliance programs of security-based swap dealers.
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News Brief
FinCEN analysis: Most common identity-related suspicious activities
Fraud remains the leading form of identity-related suspicious activity cited in Bank Secrecy Act reports by a large margin, while technologies enable greater overall risks around exploitation, according to new research from the Financial Crimes Enforcement Network.
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Opinion
Ten things I’d like to see happen in 2024
Election years in the United States, United Kingdom, and at European Parliament, along with ongoing geopolitical tensions, make 2024 difficult to predict—aside from the expectation compliance officers will be busy.
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Need to know: FinCEN beneficial ownership information reporting
Many reporting companies are still unsure whether their organization is required to file beneficial ownership information with the Financial Crimes Enforcement Network or are completely unaware of the new requirements. For those with questions, we have answers.
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Compliance lessons from Rite Aid facial recognition case
The Federal Trade Commission was clear in its recent enforcement action against Rite Aid regarding its expectations for companies using facial recognition technology or any biometric security or surveillance systems.
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Money, size, industry: Multiple factors at play in setting compliance reporting lines
Compliance teams most often report to their firm’s legal department, our “Inside the Mind of the CCO” survey found. However, heavily regulated companies and those with fewer employees saw different trends emerge.
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Top ethics and compliance failures of 2023
A virtual currency exchange that sought to mislead regulators, banks failing after ignoring obvious risks, and a manufacturer that sold millions of its products in violation of U.S. export controls are among those that make up CW’s list of the biggest ethics and compliance fails of 2023.
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Five compliance triumphs from 2023
A financial services giant’s compliance mea culpa that could serve to benefit the rest of the profession, a chemical company’s praised FCPA settlement, and an example of the value of whistleblowers highlight CW’s annual list of laudable ethics and compliance moments.
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Tackling off-channel communications? Don’t forget ephemeral messaging
As if creating policies and procedures to handle employee use of off-channel communications is not difficult enough, ephemeral messaging platforms can make it even more difficult to recover messages in transit.
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Efficiency, consistency among goals of modernized TPRM program
Managing directors at KPMG share how firms are making strides in building robust third-party risk management programs for the future.
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Graphics: 2023 CCO/CECO salary trends
Year 5 of our “Inside the Mind of the CCO” survey saw the average salary of responding chief compliance officers and chief ethics and compliance officers decline slightly, while other statistical trends repeated from previous iterations.
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Surveys: Finance, legal execs share concerns around AI use
Finance executives and general counsel alike say their firms and leadership teams are unprepared for the risks and benefits of artificial intelligence, according to two recent surveys.
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Opinion
Book review: Demythologizing money laundering, demystifying AML compliance
Movies and TV shows might have launched a thousand armchair experts on the topic of money laundering, but few can explain how or why it’s done. Ola Tucker’s book, “The Flow of Illicit Funds,” does exactly that.
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Survey: Companies bullish on new tech amid enhanced sanctions scrutiny
Emerging technologies like automation and generative AI are on the radar as difference-makers for businesses serious about keeping pace with increasing regulatory scrutiny toward third-party due diligence and sanctions compliance, a survey conducted by Compliance Week and Certa found.
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News Brief
CFTC proposes guidance for voluntary carbon credits
The Commodity Futures Trading Commission promoted the need for developing high-integrity voluntary carbon markets in publishing proposed guidance for the listing of voluntary carbon credit derivative contracts.
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DOJ cooperation credit breakdowns: Albemarle, Tysers, H.W. Wood
Nicole Argentieri, acting head of the Department of Justice’s Criminal Division, breaks down where Albemarle, Tysers Insurance Brokers, and H.W. Wood went right—and wrong—on the cooperation credit and remediation fronts as part of their FCPA settlements with the agency.
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The road from CCO to board: What compliance professionals need to know
Chief compliance officers and chief ethics and compliance officers desire progressing to the board more than any other role change, our “Inside the Mind of the CCO” survey found. So, what does it take for compliance to get on a corporate board?
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Compliance officers share lack of faith in off-channel comms monitoring policies
Addressing employee use of off-channel communications for conducting business was clearly on the minds of compliance officers who responded to our “Inside the Mind of the CCO” survey, but their confidence in their related policies and procedures was surprisingly weak.