ESG/Social Responsibility

NAVEX: Top 10 risk and compliance trends for 2022

2022-01-20T19:15:00+00:00By Jaclyn Jaeger

Diversity, equity, and inclusion; prioritizing ESG; business continuity; and more highlight the latest edition of NAVEX’s annual list of risk and compliance trends worth monitoring.

Bumps in road expected as U.K. strives to be climate risk leader

2022-01-20T12:13:00+00:00By Neil Hodge

The United Kingdom has paved the way for companies to report on the future financial impact of climate risks, but the process is far from easy and rates of noncompliance—at least initially—could be high.

CFTC hires first chief diversity officer

2022-01-13T18:41:00+00:00By Jaclyn Jaeger

The Commodity Futures Trading Commission announced the appointment of Tanisha Cole Edmonds as the agency’s first chief diversity officer.

Bank of America, Wells Fargo headline climate risk consortium

2022-01-12T21:42:00+00:00By Aaron Nicodemus

Bank of America, Wells Fargo, U.S. Bank, and 16 other financial institutions have formed a climate risk consortium in response to calls from investors and regulators that banks work to mitigate climate-related risks within their own operations.

Carnival to pay $1M for environmental probation violation

2022-01-10T19:55:00+00:00By Jaclyn Jaeger

Cruise line operator Carnival Corp. has pleaded guilty and agreed to pay a $1 million penalty for violating a condition of its probation relating to its environmental compliance plan.

ICA: Three major compliance talking points from 2021

2021-12-30T15:18:00+00:00By Jon Prentice, International Compliance Association

With 2021 nearing its end, Jon Prentice of the International Compliance Association recaps three major compliance topics and talking points that have stood out this year.

DiMauro: Seven compliance areas to watch in 2022

2021-12-29T17:26:00+00:00By Julie DiMauro

If 2021 was about transition under the Biden administration, 2022 is looking as if it will be a year of action. CW Director of Compliance Programs & Training Julie DiMauro shares her list of key areas she expects to receive enhanced scrutiny in the year ahead.

FinCEN report highlights uptick in wildlife trafficking SARs

2021-12-21T23:37:00+00:00By Aaron Nicodemus

Suspicious activity reports flagging potential financial crime risks posed by wildlife trafficking are on the rise, according to a report published by the Financial Crimes Enforcement Network.

OCC guidance: Six principles for large banks managing climate risks

2021-12-20T14:23:00+00:00By Aaron Nicodemus

The Office of the Comptroller of the Currency published draft guidance for large banks to identify, measure, monitor, and control climate-related risks to ensure the safety and soundness of their institutions and the market.

TCFD recommendations more than building block for SEC climate disclosure rules?

2021-12-16T17:39:00+00:00By Aaron Nicodemus

SEC Chair Gary Gensler has hinted the agency’s highly anticipated climate-related disclosure rules will likely be pegged to an international framework, specifically mentioning the Task Force on Climate-Related Financial Disclosures. How can the TCFD help companies prepare for what’s ahead?

SEC fall rulemaking list draws Republican commissioner criticism over priorities

2021-12-15T18:16:00+00:00By Aaron Nicodemus

The SEC’s updated fall rulemaking list suggests the agency will push forward with an aggressive agenda in 2022 that will include mandated ESG disclosures and further attempts to walk back rule changes implemented under Republican control.

Societe Generale CEO to assume oversight of risk and compliance

2021-12-13T16:34:00+00:00By Kyle Brasseur

The CEO of Société Générale will assume direct supervision of the risk and compliance control functions at the French multinational investment bank following the completion of remediation programs in line with two U.S. deferred prosecution agreements.

Graphic: Ranking the pillars of ESG

2021-12-13T13:00:00+00:00By Compliance Week

Environmental, social, or governance—which does your company prioritize? Respondents to our Inside the Mind of the CCO survey were generally split, with trends emerging at industry level.

Ten things I’d like to see happen in 2022 (2021 in review)

2021-12-10T14:00:00+00:00By Kyle Brasseur

ESG and cryptocurrency figure to be key topics in 2022, but we’re also keeping an eye on President Biden’s anti-corruption efforts, details on Amazon’s record GDPR fine, the status of Facebook’s first CCO, and more.

SEC 2022 rulemaking preview: Clarity to come on ESG, crypto?

2021-12-09T13:00:00+00:00By Aaron Nicodemus

In his first year leading the Securities and Exchange Commission, Gary Gensler has tipped his hand regarding stricter oversight of companies’ environmental disclosures and the cryptocurrency industry. Year 2 will likely see words turn to actions.

FRC 2022 reviews to focus on climate risks, fraud

2021-12-08T18:42:00+00:00By Neil Hodge

The U.K. Financial Reporting Council will prioritize climate-related financial disclosures in company accounts and climate risks in audits as key areas of supervisory focus for 2022/23.

Five compliance triumphs from 2021

2021-12-08T13:00:00+00:00By Kyle Brasseur

A key CCO appointment, a company committed to transparency, and a bank that spent big on improving its AML controls highlight CW’s annual list of laudable ethics and compliance moments.

Top ethics and compliance failures of 2021

2021-12-07T13:00:00+00:00By Jaclyn Jaeger

Systemic risk management lapses at a financial services firm, allegations of toxic culture at a video game giant, and more of the same baffling behavior from one of the world’s largest tech companies comprise CW’s list of the biggest ethics and compliance fails of 2021.

What companies/auditors need to know for 2021 year-end audits

2021-12-06T13:00:00+00:00By Maria L. Murphy

The continued effects of the pandemic, along with the implementation of new accounting standards, have companies and their auditors confronting substantial change in year-end audits.

CPE Webcast: The future of ESG: Where is it going and why is it relevant?

2021-11-23T14:00:00+00:00Provided by MetricStream

This webcast will discuss the benefits of addressing environmental, social, and governance risks early and offer insights into the future of ESG.

FinCEN notice warns banks of environmental crime

2021-11-19T22:06:00+00:00By Kyle Brasseur

The Financial Crimes Enforcement Network issued a notice to banks and other financial institutions calling attention to what it has identified as a rising trend in environmental crimes.

Compliance must carve out role in company ESG efforts

2021-11-19T13:00:00+00:00By Aaron Nicodemus

Respondents to our “Inside the Mind of the CCO” survey agree compliance should play a key part as businesses determine their ESG strategy—either through primary oversight or meaningful participation.

DEI & compliance: Signs of advancement and complications

2021-11-18T13:00:00+00:00By Aly McDevitt

A global outcry for racial justice reached a crescendo in 2020, and corporate America pledged to “meet the moment” with transformative change. According to our “Inside the Mind of the CCO” survey, there are macro signs of companies trying to move the needle, but gaps in DEI progress remain.

When racist words, stereotypes are not in the eye of the beholder

2021-11-11T16:59:00+00:00By Jaclyn Jaeger

A recent case involving discrimination allegations raised by a former compliance executive at Commerzbank serves as a reminder that sometimes people use words that hurt others’ feelings, but it doesn’t always mean the intention is there.

OCC acting head: 5 climate questions bank boards should be asking

2021-11-08T20:57:00+00:00By Kyle Brasseur

Michael Hsu, acting head of the Office of the Comptroller of the Currency, explores the role of bank boards to promote improvements in climate risk management practices at their banks.

NYDFS first state banking regulator to establish Climate Risk Division

2021-11-03T21:41:00+00:00By Aaron Nicodemus

The New York State Department of Financial Services announced the creation of a new Climate Risk Division to oversee regulated entities’ efforts at managing the financial risks of climate change.

Survey: More financial institutions using scenario analysis to manage climate risk

2021-11-03T15:58:00+00:00By Jaclyn Jaeger

Financial institutions are growing more sophisticated in the way they incorporate scenario analysis into their risk assessments and in quantifying their climate-related risks, a new survey from the Global Association of Risk Professionals finds.

FRC reporting review: COVID-19 disclosures lacking, new climate-related mandates

2021-10-28T17:42:00+01:00By Neil Hodge

In its annual review of corporate reporting, the U.K. Financial Reporting Council found companies are struggling to provide stakeholders with enough detail about COVID-19 disruptions. The regulator also announced new requirements for climate-related disclosures.

EY report: Fortune 100 companies boost audit transparency, including on ESG

2021-10-26T20:13:00+01:00By Jaclyn Jaeger

Many Fortune 100 companies continue to enhance their transparency about how their audit committees are executing their core responsibilities, according to the EY Center for Board Matters’ 10th annual review of voluntary proxy statement disclosures.

Compliance Week National Conference is going back in person in May

2021-10-25T12:00:00+01:00By Dave Lefort

Mark your calendars: Compliance Week’s National Conference in Washington, D.C. will be held in person for the first time in nearly three years from May 16-18, 2022.

FSOC report: Climate change ‘increasing threat’ to U.S. financial stability

2021-10-22T19:23:00+01:00By Aaron Nicodemus

In a report ordered by President Joe Biden, the Financial Stability Oversight Council urged market participants, public companies, and regulators to develop a common agenda to respond to climate change-related financial risk.

CPE Webcast: Metrics and authenticity to make ESG actionable

2021-10-19T14:00:00+01:00Provided by ComplianceLine

Authenticity is the key to a company’s ESG program. Churning out press releases with catchphrases and impressions and assurances that a business is “talking the talk” or “walking the walk” is unacceptable.

Fed recommends member banks perform climate change stress tests

2021-10-08T19:12:00+01:00By Aaron Nicodemus

The Federal Reserve will encourage financial institutions to assess the potential financial ramifications of climate change by conducting stress tests, similar to those performed following the 2007-09 financial crisis.

e-Book: ESG: Benchmark your initiative

2021-10-01T15:04:00+01:00Provided by Fulcrum

A Compliance Week and Fulcrum survey of more than 200 compliance, audit, legal, and finance executives worldwide revealed support for ESG initiatives, but uncertainty about how to monitor progress and measure results.

SEC offers guidance on climate change disclosure shortcomings

2021-09-24T20:30:00+01:00By Aaron Nicodemus

A sample letter released by the Securities and Exchange Commission this week lays out common mistakes firms make with their climate change disclosures.

CMA’s Green Claims Code latest effort in greenwashing crackdown

2021-09-23T16:11:00+01:00By Neil Hodge

Companies have until the end of the year to stop making misleading claims about the green credentials of their products and services or face regulatory action, the U.K. Competition and Markets Authority has warned.

ESG survey: Measure, monitor, and enhance your strategy

2021-09-22T18:01:00+01:00By Aaron Nicodemus

White paper: New ESG Research: E-Discovery Market Trends and Challenges

2021-09-21T16:54:00+01:00Provided by Proofpoint

Organizations are asking more of IT, legal and compliance teams than ever before. They need to manage more data—from more data sources.

How ContourGlobal, Osprey have established effective ESG programs

2021-09-16T19:54:00+01:00By Jaclyn Jaeger

Crafting an effective environmental, social, and governance program is not an easy feat. At CW’s “Everything ESG” virtual event, compliance/sustainability leaders from ContourGlobal and Osprey shared how they are successfully working to meet their goals.

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ESG/Social Responsibility