Internal Controls


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ICFR failures cost Tandy Leather in SEC settlement

2021-07-21T16:28:00+01:00By

Tandy Leather Factory and its former CEO have agreed to pay a total of $225,000 as part of a settlement with the SEC to resolve charges of inaccurate financial reporting caused by a faulty inventory tracking system.

Credit Suisse

Credit Suisse creates new risk role to prevent next Archegos

2021-07-12T17:32:00+01:00By

Credit Suisse has named Amélie Perrier to a new senior executive position to track the trading positions of its largest customers after the bank lost $4.7 billion in the aftermath of the collapse of Archegos Capital Management.

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Five steps to elevate your average compliance program

2021-07-12T16:38:00+01:00By Joe Murphy, CW guest columnist

Why settle for an average compliance program when you can have so much more? It isn’t easy, but commitment to a handful of key requirements can push your program to the next level.

Charles Duross

Charles Duross: Tips for managing third-party FCPA risks

2021-06-30T21:00:00+01:00By

Charles Duross, former deputy chief of the DOJ’s Fraud Section, shared tips on how companies can best manage third parties and employees who willfully try to circumvent internal controls during his keynote speech at CW’s virtual TPRM conference.

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CPE Webcast: Long-term data retention and archiving strategies for regulatory compliance

2021-06-24T14:00:00+01:00Provided by

As the volumes and types of electronic data generated by organizations continues to grow, it becomes increasingly complex to correctly identify, capture, store, protect and make searchable hundreds of terabytes (or petabytes) of disparate data.

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Distinction between CCO and company key to any liability framework

2021-06-22T13:44:00+01:00By

Despite best effort, a chief compliance officer has a lot to lose when his or her company faces enforcement. Acknowledging this as part of any potential CCO liability framework will be important to its success.

Deutsche Bank

Embattled Deutsche Bank to overhaul anti-financial crime controls

2021-06-16T20:26:00+01:00By

Deutsche Bank is planning to shake up its internal structure around anti-financial crime efforts in the wake of criticism from multiple regulators.

Globe

How global compliance works at the local level

2021-06-11T16:30:00+01:00By David Povey, International Compliance Association

For compliance officers working for global companies, it is important to understand the way different regions view compliance and how it may differ from your home country’s views.

Coronavirus look ahead

‘Cost of Compliance’ survey reflects post-COVID landscape

2021-06-07T20:02:00+01:00By

A year removed from the start of the pandemic, the long-term effects the shift in work culture will have on the compliance profession have become more apparent. The “Cost of Compliance Report 2021” by Thomson Reuters reflects these changes.

Culture

Compliance changing culture requires proactive collaboration

2021-06-07T13:59:00+01:00By Jonathan Dempsey, Red Laces, for International Compliance Association

Compliance teams might recognize opportunities for changing culture. To do so, they need to adapt readily in both purpose and approach and embrace innovation.

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My Compliance Library: ‘To Be Honest’ a roadmap to address organizational disunity

2021-06-04T15:18:00+01:00By

Ron Carucci’s book “To Be Honest” enables everyone in an organization to build “honesty as a muscle” and to operationalize aspirational goals and principles into an individual and group ethical capacity.

VW Drive Bigger

Chapter 5: Volkswagen’s path to winning back trust

2021-05-20T13:00:00+01:00By

Its monitorship now complete, Volkswagen’s new focus is to rebuild its reputation among its customer base. It’s a long process, says Board Member Hiltrud Werner, one supported by a shift in strategy.

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Chapter 4: Tangible measures of cultural progress at Volkswagen

2021-05-20T13:00:00+01:00By

At the end of the day, how does an organization measure the effectiveness of company-wide cultural initiatives? Volkswagen has answers, utilizing perception workshops, mood barometers, and new diversity and inclusion initiatives as part of its culture rebuild post-Dieselgate.

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Compliance ‘well-situated’ to handle increasing ESG scrutiny

2021-05-19T15:30:00+01:00By

An expert panel at CW’s 2021 National Conference agreed that compliance is uniquely positioned to help companies in their ESG initiatives. The CCO and chief sustainability officer at FedEx share how this may look in practice.

Volkswagen T4I key initiatives

Chapter 3: VW operationalizes its Dieselgate monitorship

2021-05-19T13:00:00+01:00By

A revamped code of conduct and the Together4Integrity campaign stood out as significant milestones for Hiltrud Werner & Co. as Volkswagen began to embrace its Dieselgate monitorship as a way to improve company culture.

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Chapter 2: Volkswagen monitorship falls in line under Hiltrud Werner

2021-05-18T13:00:00+01:00By

While Larry Thompson assembled his team for the Dieselgate monitorship, Volkswagen countered with appointments of its own, including Hiltrud Werner as head of integrity and legal affairs. Their relationship would determine the success of the monitorship going forward.

Diesel emissions

Chapter 1: Volkswagen’s Dieselgate scandal exposed; enter Larry Thompson

2021-05-17T13:00:00+01:00By

The Volkswagen Dieselgate scandal wasn’t the work of one executive who thought to install illicit software into diesel motor vehicles. It was born from a “chain of errors that was never broken,” forming the basis for one of the largest and most high-profile corporate compliance monitorships in history.

Dirty window

CW presents: ‘Coming Clean: Volkswagen’s Dieselgate scandal and compliance monitorship’

2021-05-17T13:00:00+01:00By

Volkswagen’s recently concluded three-year monitorship is chronicled in CW’s latest in-depth case study, which spares no detail in following the world’s largest automaker’s comeback from its biggest mistake.

Reporting DEI CW2021

Cooperation key to compliance’s role in advancing diversity & inclusion

2021-05-13T19:24:00+01:00By

A panel of DE&I experts shared valuable tips on how chief ethics and compliance officers can work collaboratively with human resources to address workplace culture issues at CW’s 2021 National Conference.

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Updated DOJ guidance stresses need for data in compliance training

2021-05-13T18:09:00+01:00By

An expert panel at CW’s 2021 National Conference discussed the importance for companies to embrace behavioral analytics in their training programs to align with updates to the DOJ’s “Evaluation of Corporate Compliance Programs” guidance.

Mary McNiff

Citi CCO Mary McNiff taking to compliance one year in

2021-05-12T18:09:00+01:00By

Mary McNiff shared initiatives she’s undertaken in her first year as chief compliance officer at Citi during her keynote at CW’s 2021 National Conference on Wednesday.

Emmanuel Lulin, Lifetime

From Nazi hunter to acclaimed ethicist, Emmanuel Lulin honored for Lifetime Achievement

2021-05-11T16:00:00+01:00By

Emmanuel Lulin has a storied history in ethics and compliance shaped by his time hunting Nazis as a teenager. The recently retired chief ethics officer of L’Oréal was honored for Lifetime Achievement at CW’s 2021 Excellence in Compliance Awards.

Justin Ross, CCO

Guiding FedEx through pandemic, Justin Ross named CCO of the Year

2021-05-11T16:00:00+01:00By

Companies across the globe faced a true test of competency this past year. FedEx passed the challenge with flying colors under the oversight of Justin Ross, CW’s CCO of the Year at the 2021 Excellence in Compliance Awards.

Tenneco, Program

Tenneco’s dedication to core values lands it Compliance Program of the Year

2021-05-11T16:00:00+01:00By

Tenneco’s revamp of its core values, coupled with its dedication to employee engagement during the coronavirus pandemic, earned it the honor of Compliance Program of the Year at CW’s 2021 Excellence in Compliance Awards.

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Monitor certifies MoneyGram’s AML program after lengthy DPA

2021-05-06T19:42:00+01:00By

MoneyGram International stated in a regulatory filing it has fulfilled its obligations under a DPA it entered with the Department of Justice eight years ago, and its AML program was given a thumbs-up by its compliance monitor.

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5 reasons to be excited for Compliance Week 2021

2021-05-06T17:54:00+01:00By

Editor in Chief Dave Lefort shares what he’s most looking forward to ahead of Compliance Week’s 16th annual National Conference from May 11-13.

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White paper: Understanding OFAC: A Best Practices Compliance Guide

2021-04-19T18:07:00+01:00Provided by

The Office of Foreign Assets Control (OFAC) imposed $5.7 billion in penalties from 2006-2020. And every year, the U.S. Treasury Department casts a wider net of OFAC violations, ensnaring everyone from unwitting small businesses to sophisticated corporations.

Statistic analysis

Accounting considerations for companies merging with SPACs

2021-04-08T19:55:00+01:00By

The Securities and Exchange Commission recently reinforced its focus on the importance of corporate governance and financial reporting by special purpose acquisition companies (SPACs).

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Video: Deutsche Bank, Credit Suisse, and combining risk and compliance

2021-04-08T18:52:00+01:00By Compliance Week

Aly McDevitt and Kyle Brasseur assess changes in compliance and risk management functions at Deutsche Bank and Credit Suisse in light of recent scandals at each bank.

Michaela Ahlberg

Michaela Ahlberg: Building a compliance program amid an FCPA probe

2021-04-06T15:49:00+01:00By

Michaela Ahlberg created a compliance program from scratch when she was hired by Swedish telecom Telia following allegations of corruption in its foreign business dealings. She shared what she learned with the audience at CW’s Financial Crimes virtual event.

Edna Kane-Williams

More than a fad: The rise of the chief diversity officer

2021-04-06T13:00:00+01:00By

Protests calling for social justice over the last year have led to more companies appointing diversity, equity, and inclusion officers. The critical role the position plays alongside compliance cannot be overstated, writes Jaclyn Jaeger.

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CPE Webcast: Practical tips for building resiliency in your compliance program

2021-04-01T14:00:00+01:00Provided by

Learn what compliance leaders at some of the world’s most complex organizations are doing to build resilient compliance programs. You’d be correct if you guessed they’re implementing new processes and adding new technologies. But the biggest surprise has been around the role people play in this process.

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Moody’s fined $4.4M for European conflict-of-interest violations

2021-03-30T20:18:00+01:00By

Five European subsidiaries of Moody’s Corp. have been fined a total of €3.7 million (U.S. $4.4 million) by the European Securities and Markets Authority for violating conflict-of-interest rules.

Deutsche Bank

Deutsche Bank restructures compliance amid leadership overhaul

2021-03-30T15:38:00+01:00By

Deutsche Bank announced a series of changes to its management board, including the upcoming departure of Chief Risk Officer Stuart Lewis and transition of compliance responsibilities to Chief Administrative Officer Stefan Simon.

Suez Canal

Suez Canal blockage serves as reminder for key supply chain risk lessons

2021-03-29T18:55:00+01:00By

The grounding of the Ever Given is the latest unexpected incident to cause severe supply chain disruptions around the world. The lessons learned from others, such as the coronavirus pandemic, are just as relevant, writes Aaron Nicodemus.

Accounting

Five key going concern considerations for 2021 reporting

2021-03-29T12:54:00+01:00By

Evaluating potential going concern issues was a hot topic for companies and their auditors in 2020. With first-quarter 2021 reporting around the corner, Maria Murphy offers five key considerations to be thinking about.

Westpac

Westpac considering New Zealand unit demerger amid risk review

2021-03-25T16:33:00+00:00By

Westpac is assessing a demerger from its New Zealand business after the Reserve Bank of New Zealand ordered the unit to commission two independent reports concerning the bank’s liquidity and risk governance processes.

Roberts Ask a CCO

Ask a CCO: Are you in favor of federal data privacy legislation?

2021-03-09T21:30:00+00:00By Compliance Week

It’s a clean sweep: All five CCOs we spoke with are in favor of U.S. federal data privacy legislation. Read on for the reasoning behind their answers.

Technology sandbox

‘An invaluable asset’: Participants praise opportunity for feedback via GDPR sandboxes

2021-03-09T21:23:00+00:00By

Regulatory sandboxes launched by EU data protection authorities provide firms the opportunity to collaborate and make use of the regulator’s expertise to reduce GDPR compliance risks.

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Ask a CCO: How has your company prioritized data privacy compliance?

2021-03-05T13:44:00+00:00By Compliance Week

Five senior compliance practitioners tell us how their companies have reacted to recent privacy legislation like the GDPR, CCPA, and other state regulations in the pipeline.

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Ask a CCO: What’s your strategy for preventing and detecting data breaches?

2021-03-04T13:40:00+00:00By Compliance Week

Five senior compliance practitioners outline their strategies for protecting their firms from data breaches.

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Ask a CCO: How is your company reacting to cyber-risks introduced by COVID-19?

2021-03-03T12:56:00+00:00By Compliance Week

Five senior compliance practitioners tell Compliance Week how their organizations are reacting to new cyber-threats introduced by the pandemic.

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Ask a CCO: What’s your role in creating/implementing cyber-security policies?

2021-03-02T18:16:00+00:00By Compliance Week

Five senior compliance practitioners share insights on their roles in implementing and overseeing cyber-security policies and procedures.

LifePoint

Special report: Compliance, infosec & battling cyber-threats

2021-03-02T16:54:00+00:00By

LifePoint Health’s VP for Compliance Program Operations/Chief Privacy Officer Ellen Hunt and VP/CISO Andy Heins share how they work ”hand in glove” to protect their company’s data from bad actors.

Office Politics cartoon

Best practices for navigating political discussions among coworkers

2021-02-23T15:32:00+00:00By

It’s not realistic to outright ban talk of politics with coworkers, but in today’s polarized climate it’s smart to set policies and educate employees about lines that should not be crossed.

world map outsourcing offshoring 2021

Done right, outsourcing compliance can be rewarding

2021-02-18T19:56:00+00:00By

Should you consider outsourcing some of your firm’s compliance functions? Perhaps, even, all of them? The answer is complicated and requires a thorough analysis of the risks and rewards.

Boss

Are CEOs really the best people to set the compliance example?

2021-02-18T16:14:00+00:00By

After a bad week for motivational leadership in the United Kingdom, experts expound on who should really set “tone from the top.”

SEC

SEC sues Morningstar for disclosure violations, internal control failures

2021-02-17T16:21:00+00:00By

The SEC has filed a civil action against Morningstar Credit Ratings alleging the former credit ratings agency violated disclosure and internal controls provisions of the federal securities laws in rating commercial mortgage-backed securities.

woods

James Freis did the right thing at Wirecard … but why didn’t anyone else?

2021-02-12T18:21:00+00:00By

At the end of the sorry Wirecard saga, James Freis may be one of the very few former senior employees who can hold his head high, writes Martin Woods.

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Video: Wirecard’s failings back in spotlight

2021-02-11T21:40:00+00:00By Compliance Week

Jaclyn Jaeger lauds two oil companies for raising the bar on ESG commitment in the industry, while Dave Lefort assesses new developments in the Wirecard saga that point to greater failures in the firm’s internal controls.