All Third Party Risk articles – Page 4
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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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News BriefFCC finalizes $196M in fines against telecoms for sharing location data
The Federal Communications Commission fined telecommunications giants T-Mobile, Sprint, AT&T, and Verizon a total of approximately $196 million for allegedly selling customers’ location data to third parties without consent.
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News BriefWilliams-Sonoma fined record $3.2M over admitted ‘Made in USA’ order violations
Kitchen and home retail company Williams-Sonoma agreed to pay nearly $3.2 million for failing to comply with a 2020 administrative order by the Federal Trade Commission prohibiting its marketing of imported goods as made in the United States.
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Resourcee-Book: Tips for TPRM, supply chain due diligence
Implementing a risk-based approach to third-party due diligence frees up compliance resources to be deployed efficiently and helps organizations meet the expectations of regulators.
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PremiumReport: Poor awareness of supply chain disclosure regs leaving firms exposed
Compliance failures in the supply chain are hampering organizations’ efforts to implement environmental, social, and governance initiatives and meet disclosure requirements, according to a new report by U.K. law firm Burges Salmon.
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WebcastCPE Webcast: Automating third-party management workflows: 5 ways to drive alignment across teams
Is your third-party management process bogged down by manual workflows and misaligned teams? It’s time to say goodbye to inefficiency and hello to streamlined processes (if only it were that simple).
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News BriefOFAC fines SCG Chemicals unit $20M over Iran sanctions violations
A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.
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PremiumECHR ruling opens door to climate change litigation on basis of human rights
By holding the Swiss government accountable for failing to do more to limit climate change, a ruling by the European Court of Human Rights might have significant implications for legislators and organizations in other countries across the European Union.
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News BriefNew DHS strategy sets textiles up for added UFLPA scrutiny
The Department of Homeland Security announced a new strategy set to help close a loophole that allows certain textile-related shipments from China to enter the United States without scrutiny under the Uyghur Forced Labor Prevention Act.
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PremiumCW2024 leadership panel on navigating scrutiny, prep for more change
The global political landscape should be high on the risk radar of compliance officers in 2024, according to compliance leaders speaking at Compliance Week’s 2024 National Conference, along with increased regulatory scrutiny toward forced labor, ESG, and M&A.
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PremiumEx-Albemarle CCO shares drivers behind data analytics success at CW2024
Former Albemarle CCO Andrew McBride explained at Compliance Week’s 2024 National Conference how he led the company’s compliance department to remediate the issues that led to apparent FCPA violations and how the team used data analytics to assess risks and implement compliance solutions.
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News BriefAT&T: Data leak exposed info of 73M customers onto dark web
AT&T said personal account data on approximately 73 million current and former customers was released on the dark web two weeks ago but has not yet identified when and where the breach occurred.
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PremiumCBP stats show persistent problem areas under UFLPA
It’s been nearly two years since the Uyghur Forced Labor Prevention Act took effect, and as enforcement statistics and recent reports demonstrate, many businesses are still not adequately vetting their supply chains.
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WebcastCPE webcast: Rapid expansion of global forced labor regulations
Join us as we dive into the best practices for performing due diligence across your entire supply chain—from the sourcing of raw materials to the delivery of finished goods—to become (and stay) compliant with this ever-evolving landscape.
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News BriefDOL orders Tuff Torq to pay $1.8M over child labor violations
The Department of Labor ordered Tennessee-based Tuff Torq Corp. to pay nearly $1.8 million over alleged child labor violations.
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PremiumNAVEX whistleblower report finds third parties lead on business integrity
A new report on corporate whistleblowing and hotline trends in 2023 found reporting volume at an all-time high, with key disparities uncovered between reports filed by third parties and those filed by employees.
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News BriefAdani Group on defense over reports of FCPA probe
Indian conglomerate Adani Group said it is aware of an investigation by the U.S. Department of Justice into bribery allegations against a “third party” but denied a relationship with it.
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PremiumPolicy changes underscore need for enhanced child labor due diligence
Rooting out potential child or forced labor violations in your company’s supply chain can have benefits beyond protecting reputation and being ethically sound. The process can also help your firm comply with pending child labor laws in other jurisdictions.
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PremiumThe auditor’s role in supply chain due diligence
Although compliance should be the company’s primary responsibility, auditors have become the last line of defense and are getting pressured and blamed for supply chain issues, including instances of child labor. Is this expected to become the normal for the profession?
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PremiumU.S. banking regs mulling enhanced operational resiliency frameworks
Acting Comptroller of the Currency Michael Hsu said federal banking agencies are considering enhancements to their operational resiliency requirements for member banks.