Coronavirus Pandemic


Technology decisions

Surveys: Rushing technology decisions comes with big compliance risks

2021-01-15T18:23:00+00:00By

Embracing technology to help manage risk and improve efficiencies is a trend that’s been developing in the compliance space for a while, but the pandemic has fast-tracked the urgency behind it, according to a couple of recent surveys.

Whistle

SEC sets whistleblower annual award record ($176M) four months into fiscal year

2021-01-14T19:46:00+00:00By

The Securities and Exchange Commission has announced over $176 million in whistleblower awards in the first four months of the current fiscal year, already more than any other year in its history.

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Survey: Cyber-risk and data privacy in the age of COVID

2021-01-12T20:43:00+00:00By Compliance Week

In the wake of the SolarWinds hack and in the middle of a pandemic, it’s critical to ensure your most important data is protected—particularly when you’re collecting and storing more of it than ever. Take 2 minutes to let us know how you think you’re doing.

CFPB

All signs point to aggressive consumer protection under Biden

2021-01-12T17:28:00+00:00By

Consumer protection initiatives are expected to be a major area of focus for President-elect Joe Biden, who is widely anticipated to breathe new life into the enforcement priorities of federal and state agencies with such powers.

Coronavirus fails

Assessing 2020: Lessons learned for the financial crime landscape

2020-12-29T21:49:00+00:00By James Thomas, International Compliance Association

This year has been one most of us would like to forget. As we look toward 2021, nevertheless, it is worth considering lessons learned over the last 12 months and (where possible) drawing on any positives that have come to light regarding the financial crime landscape.

woods

Confidence is the ultimate tool in fighting fraudsters

2020-12-18T16:25:00+00:00By

Con men will try to bully weak investigators and sell them their version of “the truth,” writes Martin Woods. The ultimate deterrent is to challenge their “facts” and act with the same confidence they display.

ESGReporting

Poll: More companies linking ESG initiatives to executive incentive plans

2020-12-17T17:02:00+00:00By

Current events have significantly accelerated the need for companies around the world to link ESG initiatives to their executive incentive plans, according to a recent poll conducted by Willis Towers Watson.

back-to-office-2020-q8

Survey: Remote work poses different challenges for men and women

2020-12-16T16:49:00+00:00By

A CW survey finds male and female compliance practitioners are processing the pressure points of the pandemic differently, and that fully remote work is leading to a permanently changed future for post-pandemic work schedules.

Investigate

The growing demand for investigation skills in compliance

2020-12-16T16:48:00+00:00By Tristan Jenkinson, International Compliance Association

As the compliance world evolves, the skill sets needed by practitioners are changing. The ability to run investigations effectively is now highly prized, and key skills, such as understanding the use of technology, will be among the most fundamental in the years ahead.

SkillsoftBTW

e-Book: A blueprint for COVID-19: Getting back to the office

2020-12-16T03:00:00+00:00Provided by

A recent survey from Compliance Week and Skillsoft of 180 compliance, risk, and audit professionals asked the question: “What’s your back-to-office plan, and does it work for you?”

Richard Jones

FASB Chair Jones projects pandemic challenges to persist in 2021

2020-12-15T20:27:00+00:00By

New FASB Chairman Richard Jones said in a recent speech that he believes accounting challenges from the coronavirus pandemic won’t go away soon, with his organization poised to address new issues as they arise.

Coronavirus office

Survey: Remote compliance practitioners feel supported, but for how long?

2020-12-15T20:08:00+00:00By

A recent survey of 180 compliance, risk, and audit professionals asked the question: “What’s your back-to-office plan, and does it work for you?” The short answer was there is no plan, and the status quo is faring better for the company than the employee.

PCAOB

PCAOB reviews a year like no other, previews what lies ahead in 2021

2020-12-14T21:58:00+00:00By

PCAOB board members remark on changes at the organization amid the coronavirus pandemic, recent audit inspection findings, priorities for 2021, and more.

Europe

Five challenges for European CCOs heading into 2021

2020-12-10T21:13:00+00:00By

Many of the problems European compliance officers faced in 2020 will remain in place going into the new year, but new risks and new regulations will also present new challenges.

Sagar Teotia

SEC accounting office acknowledges challenging year for auditors

2020-12-10T17:57:00+00:00By

Among other things, the SEC’s chief accountant discussed activities relating to public company financial reporting, accounting and auditing policy updates, and financial reporting considerations related to COVID-19 at a conference this week.

FCPA

Record year of FCPA enforcement a sign of more to come in 2021

2020-12-10T13:30:00+00:00By

Major bribery scandals, record enforcement actions, unprecedented cross-border coordination and prosecutions—all this amid a global pandemic made 2020 an unforgettable year for FCPA enforcement.

2021

Ten things I’d like to see happen in 2021 (2020 in review)

2020-12-09T14:20:00+00:00By

Many of the things I’d like to see in 2021 are directly related to regulatory changes we anticipate are coming under a Biden administration, but they’re mixed with a few lessons from the pandemic we hope carry into a post-COVID world.

Ask a CCO

Ask a CCO: Compliance leaders share pandemic lessons learned

2020-12-08T13:45:00+00:00By Compliance Week

Six senior compliance practitioners divulge how they fared in 2020, from wrestling with new risks amid the pandemic to the most valuable lessons learned during a year rife with crisis.

Cyber-security

Preparation, monitoring key to combating third-party cyber-security risk

2020-12-07T17:49:00+00:00By

A spate of recent cyber-security breaches occurring via third parties is a reminder of the importance for companies to stay on top of risk management. Regulators have shown to not take kindly to finger-pointing.

columnist_aly

Zoom & me: Silver linings of 2020

2020-12-07T13:42:00+00:00By

Turning the lens on Zoom reveals one possible highlight of 2020: a standout company that helped corporate America transition to remote work.

Coronavirus look ahead

Gartner report: How coronavirus has altered audit risks for 2021

2020-12-02T21:30:00+00:00By

The coronavirus pandemic has dramatically altered the risk landscape for chief audit executives and audit departments by exacerbating long-standing risks while giving rise to new ones, a new report by research and advisory firm Gartner finds.

jan28

Jan. 28 | Compliance considerations to prepare for returning to the office

2020-12-01T19:18:00+00:00Provided by

With the pandemic lingering and the coronavirus vaccine shipping in the United States, we are hopefully beginning to turn the corner on the pandemic.

feb11

Feb. 11 | Advancing the audit despite disruption

2020-11-27T16:17:00+00:00Provided by

There’s no question that F&A teams have been disrupted by the ongoing pandemic. In fact, nearly half of respondents in a recent survey said that closing virtually with a distributed workforce impacts the audit and other third-party engagements.

feb18

Feb. 18 | Picking up the pieces, planning for recovery

2020-11-25T19:10:00+00:00Provided by

In the wake of COVID-19, compliance professionals need to be aware that the pandemic made instances of fraud more likely. This reflects the astonishing pressure put on governments and global financial systems and service providers to respond and adapt to the crisis.

Lawyer

How the pandemic and social justice matters have changed the GC role

2020-11-20T20:13:00+00:00By

General counsel have taken on significantly more responsibility since the start of the coronavirus pandemic and amid the current social climate, solidifying their role as a critical business partner, a recent study on corporate legal departments found.

Help

OCIE director’s warning: Insufficient CCO support won’t fly

2020-11-19T21:42:00+00:00By

In a year turned upside down by the coronavirus pandemic, one thing hasn’t changed in the eyes of the SEC: The best compliance programs are supported by senior management and have adequate staffing, technology, and training.

COVID-Prep

Webcast: COVID-19 Employee Training

2020-11-16T15:00:00+00:00By Compliance Week

This one-hour Webinar covers what coronavirus pandemic training and education are needed to safely re-enter the workplace.

SEC

SEC enforcement priorities under Biden: Reading the tea leaves

2020-11-13T18:19:00+00:00By

Careful consideration as to what new tone, direction, and priorities the SEC’s Division of Enforcement will take under Joe Biden can help you reduce compliance risk.

Coronavirus list

U.K. watchdog seeks disclosures on COVID-19, climate change

2020-11-12T20:14:00+00:00By

COVID-19 and its impact on operations and the bottom line tops the Financial Reporting Council’s list of what it wants to see in company reports for 2021.

Coronavirus fails

OCC report: Banks sound, but compliance risks elevated amid pandemic

2020-11-11T19:10:00+00:00By

The U.S. banking industry is stable nearly nine months into the coronavirus pandemic, but the OCC warns of increased risks for banks seeking to comply with the Bank Secrecy Act and consumer protection and fair lending requirements.

refinitiv 300x200

CPE Webcast: Third-party risk in the era of COVID-19

2020-10-27T14:00:00+00:00Provided by

This webinar will discuss how companies are making changes to their onboarding processes and supply chain due diligence and how COVID-19 has shifted priorities and budgets going forward.

Carnival

CPE Webcast: Lessons from Carnival’s compliance redemption amid COVID-19

2020-10-21T18:00:00+01:00By Compliance Week

Compliance Week Editor in Chief Dave Lefort and data journalist Aly McDevitt host a 1-hour Webcast to discuss CW’s Carnival case study in addition to the behind-the-scenes making of the product.

Cost rising

Study: Financial crime compliance costs top $42B in U.S./Canada

2020-10-21T16:39:00+01:00By

A new study of financial crime compliance costs found spending by American and Canadian financial institutions is up sharply in 2020, driven in part by the coronavirus pandemic.

Audit

How auditors can help companies with non-GAAP measures, KPIs

2020-10-21T15:28:00+01:00By

A new report from the Center for Audit Quality includes key questions audit committee members can ask to fulfill their oversight responsibilities as they discuss non-GAAP financial measures and KPIs with management and auditors.

CoronavirusQuestions

CAMs, coronavirus highlight audit committee transparency report

2020-10-20T16:33:00+01:00By

The 2020 Audit Committee Transparency Barometer, an annual report issued by the CAQ and Audit Analytics, explores new disclosure trends related to the coronavirus pandemic and critical audit matters.

DOJ

DOJ official: ‘Inability to pay’ playing more prominent role in criminal cases

2020-10-09T19:27:00+01:00By

Revenue constraints faced by companies due to the coronavirus pandemic are factoring more prominently into settlement discussions with the Department of Justice, according to acting Criminal Division head Brian Rabbitt.

Nailedit1200x800

U.S. agencies get nod for using data, smart incentives in enforcement

2020-10-08T17:17:00+01:00By Compliance Week

Both the CFTC and CFPB “Nailed It” this week while corporate heavyweight General Electric found itself in more trouble.

woods

Don’t forget to tell your teams they’re doing a good job

2020-10-07T17:31:00+01:00By

With no personal contact with your team members, it can be easy to forget to remind them from time to time that they’re appreciated, to give them a lift during these troubling times. It will pay off both for them and for you, writes Martin Woods.

Vaccine

Mandate COVID-19 vaccines for all employees? Like everything, it’s complicated

2020-10-06T17:41:00+01:00By

So you want to mandate that all of your company’s employees get the coronavirus vaccine, once it’s available? Such a requirement is legal, but there are a host of considerations that might make it impractical, employment experts say.

AccountingCoronavirus

Deloitte: Top-of-mind challenges for Q3 financial reporting

2020-10-05T16:25:00+01:00By

A new report from Deloitte highlights third-quarter financial reporting and accounting challenges that should be top of mind as the coronavirus pandemic continues with no end in sight.

COVID-19 and compliance

Graphic: COVID-19 & Compliance

2020-09-28T18:03:00+01:00By Compliance Week

The coronavirus pandemic has created an entirely new set of challenges and responsibilities for compliance, as the data from our second annual “Inside the Mind of the CCO” survey shows.

askamii

Five ways the pandemic has changed compliance—perhaps permanently

2020-09-28T15:15:00+01:00By

It’s a good thing you’re all experts in partnering for change, as more than 3 in 4 of you think COVID-19 will have a permanent impact on some compliance functions.

Webcast: COVID-19 Employee Training

2020-09-25T20:47:00+01:00By Compliance Week

Join Compliance Week and Clear Law Institute for this free, one-hour Webinar to cover what training and education are needed to safely re-enter the workplace.

David Lefort

Enjoy ‘Compliance Officer Day’—you’ve earned it

2020-09-24T17:02:00+01:00By

In a 2020 full of Blursdays that all run together, it’s perhaps appropriate that the day created in your honor this year happens to fall when you don’t have to be in the office (otherwise known as your bedroom/kitchen table).

Inside the Mind of the CCO

Inside the Mind of the CCO: 2020 a year like no other

2020-09-24T16:50:00+01:00By

Our second annual “Inside the Mind of the CCO” survey revealed that compliance practitioners, by and large, have stepped up to meet the unique challenges presented by this very different, very difficult year.

riskonnect 300x200

CPE Webcast: How to build risk and compliance resilience into the future

2020-09-22T14:00:00+01:00Provided by

The coronavirus pandemic has shown the traditional way of managing risk and compliance fails when tested by fast-moving, interconnected risks.

AIDA cruise line

Chapter 6: Carnival looks toward a new horizon

2020-09-17T13:00:00+01:00By

Carnival will go through extraordinary scrutiny as it prepares to resume guest operations—not just in health, safety, and security but in environmental compliance as well. The storm is not over yet.

Carnival

Chapter 5: The storms merge

2020-09-17T13:00:00+01:00By

How can Carnival meet the expectations of a government-mandated environmental compliance plan and stay in the court’s good graces while the coronavirus brings business to a standstill?

blackline 300x200

CPE Webcast: Ground rules for ensuring SOX compliance from anywhere

2020-09-15T14:00:00+01:00Provided by

The ramifications of the coronavirus crisis will long outlast it—including how companies will close the books and ensure SOX compliance and where accounting and audit staff who perform these tasks will be located.

Magic pipe

Chapter 3: Carnival’s history as serial polluter catches up to it

2020-09-15T13:00:00+01:00By

This installment looks back at Carnival’s history of environmental law convictions, plea agreements with the DOJ, criminal fines, and environmental compliance plans (yes, there is more than one).