All Third Party Risk articles – Page 4
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News Brief
Hyundai Motor caught in DOL complaint over child labor
The Department of Labor sued three Alabama businesses, including a Hyundai Motor manufacturing plant, for employing a 13-year-old worker on an auto parts assembly line.
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Event
Revamped compliance processes key Albemarle win as Compliance Program of the Year
For successfully navigating thorny compliance issues related to self-disclosed violations of the Foreign Corrupt Practices Act, Albemarle was named Compliance Program of the Year at the 2024 Excellence in Compliance Awards.
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Event
Creative engagement approach drives Compliance Innovators Johnson, Sudo
Through clever rhymes and real-life examples, Sharon Johnson and Heather Sudo of MODE Global have made it their mission to think outside the box when it comes to compliance awareness. Their approach earned them Compliance Innovator(s) of the Year at the 2024 Excellence in Compliance Awards.
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News Brief
Lemont National, Comerica Bank unit avoid penalties in separate OCC deals
The Office of the Comptroller of the Currency reached agreements with Lemont National Bank and Comerica Bank & Trust over concerns related to risk governance practices.
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News Brief
Senate report cites VW, BMW, JLR for potential forced labor violations
A U.S. Senate report found three European automakers—Volkswagen, BMW, and Jaguar Land Rover—sold cars in the United States with parts sourced from a supplier suspected of using forced labor from China’s Xinjiang region.
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News Brief
UFLPA Entity List nearly doubles with textile industry sweep
The Department of Homeland Security announced its largest batch of additions to the list of companies blocked under the Uyghur Forced Labor Prevention Act in the form of a sweep of the Chinese textile industry.
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News Brief
NYDFS offers cyber rule compliance template for small businesses
The New York State Department of Financial Services issued guidance for small businesses attempting to comply with its cybersecurity regulations.
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Premium
CW2024 panel: TPRM board buy-in earned through impact, activity
Identifying critical measures for third-party risk management has become vitally important as risk professionals face an uphill battle in fighting for resources, experts discussed at Compliance Week’s 2024 National Conference.
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Premium
Report: 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 Brief
CFPB 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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News Brief
Federal 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 Brief
FCC 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 Brief
Williams-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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Resource
e-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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Premium
Report: 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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Webcast
CPE 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 Brief
OFAC 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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Premium
ECHR 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 Brief
New 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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Premium
CW2024 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.