Exelon and its subsidiary Commonwealth Edison agreed to pay $46.2 million as part of a settlement with the Securities and Exchange Commission related to their Illinois bribery and lobbying scandal that previously earned ComEd a deferred prosecution agreement.
Chemical company Albemarle was assessed penalties totaling more than $218 million as part of settlements with the Department of Justice and Securities and Exchange Commission addressing alleged violations of the Foreign Corrupt Practices Act across a handful of foreign countries.
Clear Channel Outdoor Holdings agreed to pay more than $26 million as part of a settlement with the Securities and Exchange Commission alleging its former China-based subsidiary bribed government officials to obtain outdoor advertising contracts.
Companies that haven’t yet set up verifiable reporting in their sustainability programs have a ready reference available in the framework put out by the Committee of Sponsoring Organizations of the Treadway Commission, experts discussed at CW’s virtual ESG Summit.
GTT Communications, a provider of telecommunications and internet services, avoided a civil penalty in reaching a settlement with the Securities and Exchange Commission addressing alleged disclosure failures over more than a two-year period.
An ex-partner at Marcum agreed to pay $75,000 to settle charges by the Securities and Exchange Commission he failed to remediate numerous quality control deficiencies magnified by the audit firm’s special purpose acquisition company client boom.
Plug Power was fined $1.25 million as part of a settlement with the Securities and Exchange Commission over alleged accounting failures that the company agreed to fully remediate within one year or face an additional penalty.
Concerned auditors are missing the big picture when assessing a company’s internal control over financial reporting, the chief accountant at the Securities and Exchange Commission called on the profession—and company managers—to take a holistic approach to assessing risks.
The Lovesac Company disclosed it expects to restate certain of its 2023 financial statements after an internal investigation uncovered accounting errors related to its recording of last mile freight expenses.
Malvern Bancorp and its former chief financial officer agreed to pay a combined $390,000 to settle allegations levied by the Securities and Exchange Commission regarding antifraud, reporting, books and records, and internal accounting control violations.
Amid globalization, new business models, and a constantly evolving regulatory environment, finance and accounting professionals face increasing complexities and higher transaction volumes. These issues pose challenges in delivering accurate and timely compliance and controls.
A Middle Eastern unit of international banking group Mirabaud was ordered to pay a $3 million fine for inadequate anti-money laundering controls by the Dubai Financial Services Authority.
Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.
The Federal Reserve Board fined Deutsche Bank $186 million regarding violations of previous consent orders addressing alleged sanctions and anti-money laundering weaknesses and control failures relating to the bank’s relationship with Danske Estonia.
Home security company ADT said it will restate several of its recent financial statements after discovering errors in its calculation of goodwill impairment losses at its solar reporting unit.
View, a California-based manufacturer of smart windows, avoided civil penalties after self-reporting apparent disclosure violations to the Securities and Exchange Commission.
The impact of new technologies like generative artificial intelligence on the third-party risk management landscape was among the points of discussion addressed at Compliance Week’s TPRM Summit in Atlanta.
Marcum agreed to pay $13 million in penalties levied by the Securities and Exchange Commission and Public Company Accounting Oversight Board for alleged quality control failures stemming from the audit firm’s work with special purpose acquisition company clients.
The Office of the Comptroller of the Currency announced a $15 million civil penalty against MUFG Union Bank for “deceptive practices” caused by alleged weaknesses in execution of internal controls and procedures.
A lack of oversight of employees handling vendor software is one of several failings at cloud computing company Nutanix that led to misuse, $11 million in estimated costs, and two pending lawsuits.
Significant change in corporate attitudes toward environmental, social, and governance (ESG) reporting have many companies implementing controls and governance processes over the collection, review, and reporting of sustainability information for the first time.
One of the ways the Department of Justice will assess a firm’s compliance program is by judging how accessible and visible a company’s data is to its compliance function, an agency official told attendees at Compliance Week’s 2023 National Conference.
Hassan Chaudry, director of compliance at Canada-based asset management firm Starlight Investments, shares his take on how companies can derive value from their compliance efforts regarding environmental, social, and governance and anti-bribery and corruption.
Dutch conglomerate Royal Philips will pay more than $62 million to settle allegations it violated the Foreign Corrupt Practices Act when its subsidiaries engaged in improper conduct to win contracts in China.
Reaching a meeting of the minds with customers is essential to Flex achieving its long-term goals. The company’s president of manufacturing and services discusses its investment in sustainability solutions and progress to be made in remanufacturing.
Reducing Scope 3 emissions can’t be done without buy-in from critical suppliers. Flex’s VP of procurement and supply chain management discusses the company’s work two years into its stated sustainability commitments.
The global sustainability team at Flex is “the connectors” across the enterprise, said program head Barjouth Aguilar. Company leaders share observations, strategies, and technologies driving their coordinated sustainability efforts.
The year Revathi Advaithi came on board as chief executive officer of Flex proved to be a hinge point for the global manufacturer’s sustainability strategy as it set science-based targets to hit by 2030.
A new report from the Committee of Sponsoring Organizations of the Treadway Commission offers a blueprint to organizations for establishing an overall fraud risk management program.
The Federal Reserve Board will likely recommend strengthening regulatory and supervisory procedures for mid-sized regional banks in the aftermath of the failure of Silicon Valley Bank.
The nomination deadline for CW’s fourth annual “Excellence in Compliance Awards” closed March 31. Winners will be announced in May.
The Committee of Sponsoring Organizations of the Treadway Commission created a framework for companies seeking to achieve effective internal control over sustainability reporting.
Healthcare technology company Veradigm disclosed it expects it misstated revenue by approximately $40 million during its 2021 and 2022 reporting periods.
What is compliance resiliency, and why is it crucial for your organization to have it? Recent enforcement examples demonstrate why mapping out a clear business continuity plan can help thwart a risky management reshuffle.
The Securities and Exchange Commission is paying added scrutiny toward audit firms’ increasing use of network affiliates in their work and the potential for inconsistent quality that comes with such an approach.
Tupperware Brands Corp. disclosed it uncovered material weaknesses in its internal control over financial reporting as part of an announcement its 2022 annual report would be delayed.
Credit Suisse Group disclosed in its annual report its internal control over financial reporting was “not effective” for the fiscal year ending December 2022.
Evoqua Water Technologies Corp. agreed to pay $8.5 million to resolve charges the actions of a former company finance director led the firm to misstate its revenue in filings with the Securities and Exchange Commission.
Ireland-based gaming and sports betting company Flutter Entertainment will pay a $4 million fine to resolve SEC charges payments made to Russian consultants by a company it acquired violated the Foreign Corrupt Practices Act.
U.K.-based mining and minerals company Rio Tinto will pay a $15 million fine to settle charges of violating the Foreign Corrupt Practices Act when it entered into a scheme with a consultant in 2011 to bribe government officials in Guinea.
Swedish telecommunications company Ericsson agreed to pay nearly $207 million following two breaches of its 2019 deferred prosecution agreement with U.S. authorities.
African Gold Acquisition Corp. will pay a $103,591 fine for allegedly having flawed internal controls, reporting, and recordkeeping procedures that allowed its former chief financial officer to drain approximately $1.2 million from its bank account.
Options Clearing Corp. agreed to pay $22 million as part of settlements with the Securities and Exchange Commission and Commodity Futures Trading Commission addressing charges the company failed to comply with internal rules to manage risks.
In “Profit from the Source,” four Boston Consulting Group thought leaders argue why procurement should be shaping corporate strategy, not just supporting it. Author Daniel Weise tells Compliance Week why such a transformation would elevate compliance, too.
When making anti-regulatory decisions, a board is expressing its real risk appetite. This can be frustrating, even bewildering, for compliance professionals, especially when rules are clear and explicit in their expectations.