Internal Controls


WellsFargo

Wells Fargo might be only one freed from quarantine by coronavirus

2020-04-07T19:52:00+01:00By

An asset cap imposed on Wells Fargo in response to systemic failures at the bank in recent years could be removed to reduce limitations on its ability to distribute loans amid the coronavirus pandemic.

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Coronavirus will raise profile of compliance moving forward

2020-04-06T13:11:00+01:00By

The status of compliance practitioners has grown over the past decade, buoyed by changes in the regulatory space as well as record penalties for transgressions. It will become even more important in the wake of the coronavirus pandemic.

CoronavirusQuestions

Ask Amii coronavirus mailbag: How prepared can you be for the unknown?

2020-04-03T15:53:00+01:00By

In this special edition of the Ask Amii Mailbag, executive coach and former Chief Compliance Officer Amii Barnard-Bahn answers questions on tackling the uncharted territory of the coronavirus pandemic.

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Survey: Lessons from those who weren’t ready for coronavirus

2020-04-02T14:58:00+01:00By

Survey respondents who said their companies weren’t prepared for the coronavirus pandemic said they failed to recognize that the pandemic would morph from a far-away, supply chain disruption issue into a complete business shutdown at home.

Business chaos

Survey: With ethical dilemmas aplenty, compliance in position to lead

2020-04-01T14:27:00+01:00By

The coronavirus has turned everyday no-brainers into ethical quandaries, which makes it all the more critical for ethics to play the role of conscience for the business.

Coronavirus future

Survey: Past crises prepared compliance for coronavirus pandemic

2020-03-31T15:16:00+01:00By

A benchmarking survey from Compliance Week found practitioners weren’t prepared for the specific coronavirus crisis, but that previous crises (think 9/11) left them ready to be leaders during this global pandemic.

Pay cuts

Executive pay cuts a growing trend during coronavirus

2020-03-27T16:45:00+00:00By

Hundreds of companies around the world have announced drastic cuts to the salaries of their senior executives as one way to reduce the unprecedented financial blow caused by the coronavirus pandemic.

EuropeLockdownCOVOID-19

8 compliance challenges facing European companies in coronavirus crisis

2020-03-26T18:13:00+00:00By

Due diligence, data, solvency, and supply chain management risks are just some of the issues Europe’s employers are struggling with as normal business has come to a standstill during the coronavirus pandemic.

Technology

Embracing the potential of tech in legal, compliance

2020-03-25T17:44:00+00:00By Lee O’Connell, Konexo

The pace of technological change can be overwhelming, and in-house legal and compliance teams are yet to lead the charge. This needs to change if businesses are to secure the potential competitive advantages offered by new tech.

Sick business

So your company’s CEO has coronavirus. Does the world have to know?

2020-03-25T15:11:00+00:00By

As infections stemming from the coronavirus pandemic continue to mount around the world, publicly traded companies face questions about when and where to disclose that their CEO or other key executives have contracted the virus.

Accounting

Coronavirus begins disrupting public companies’ financial reporting

2020-03-23T21:08:00+00:00By

Companies are reporting ways in which the coronavirus pandemic is hurting their bottom lines, as well as steps they are taking to reduce spending as disruptions ripple through their supply chains and rattle their customer bases.

Compassion

10 ways to maintain a social, positive workplace amid coronavirus

2020-03-23T15:37:00+00:00By

It’s more important than ever for senior leadership teams—including ethics and compliance officers—to do their part to help maintain a sense of normalcy in the virtual workplace.

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Conference organizers innovate online as coronavirus cancels live events

2020-03-20T20:02:00+00:00By

While the convention industry is taking a huge financial hit during the coronavirus outbreak, it’s also being forced to innovate.

TimeForChange

Tee International revamps internal controls amid investigation

2020-03-19T16:46:00+00:00By

Tee International disclosed enhancements to its compliance, risk management, and internal controls amid an ongoing investigation by authorities in Singapore into its former group chief executive for allegedly stealing company funds.

askamii

Ask Amii mailbag: How to push for greater say at your company

2020-03-19T16:05:00+00:00By

The latest edition of the Ask Amii mailbag provides guidance on getting compliance more involved in conversations with key decision makers. Amii also gives her thoughts on when the time is right to change careers.

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Business lessons from past pandemics: Be ready for a second wave

2020-03-18T18:51:00+00:00By

Past pandemics—and there have been four in the last 100-plus years—offer critical lessons for businesses striving to make socially responsible decisions today while also remaining operational in the future.

Swedbank_Automat

Swedbank announces new risk chief as probe nears end

2020-03-17T16:31:00+00:00By

Swedbank announced the appointment of Rolf Marquardt as chief risk officer just over a week prior to the expected announcement of the findings of a probe into its AML shortcomings conducted by law firm Clifford Chance.

UKCoronavirus

Advice for European compliance officers dealing with coronavirus

2020-03-16T17:49:00+00:00By

Although the coronavirus situation is constantly changing, lawyers say there are several areas of corporate life that are going to test compliance officers and which management will need greater assurance on.

Crisis management

Eight steps for designing a coronavirus crisis management plan

2020-03-13T20:27:00+00:00By

With the coronavirus on everyone’s mind these days, companies are having to walk a fine line between taking care to communicate necessary and important information while also preventing widespread panic.

RoombaBroom

Lawsuit: Former iRobot compliance head alleges firing over flagged dealings

2020-03-13T16:00:00+00:00By

The former director of compliance for iRobot—maker of the robot vacuum cleaner Roomba—claims in a federal lawsuit he was fired for pointing out the company’s violations of state, federal, and international law.

David Lefort

Ethical leadership more important than ever during coronavirus crisis

2020-03-13T15:22:00+00:00By

Not a single one of us can predict with any kind of certainty what will come next. And that’s exactly why we need strong ethical voices now more than ever.

Coronavirus

Coronavirus: Tips for risk management

2020-03-13T14:01:00+00:00By

As the coronavirus worldwide pandemic spreads, the ramifications for any business has gone from temporary disruption to a serious impediment. Here are 10 steps your company can take to mitigate its risks.

Houston Astros

Ethics and compliance lessons from Astros’ cheating scandal

2020-03-12T19:59:00+00:00By Carrie Penman and Mark Robertson, Compliance Week Guest Columnists

The Astros’ sign-stealing scandal offers important lessons for leaders of all organizations about the risks associated with a win-at-all-costs or short-term outlook.

Work from home

Employees working from home to avoid coronavirus? Protect your data

2020-03-12T19:54:00+00:00By

With the coronavirus threat having moved on from disrupting your business’s supply chain to threatening your employees’ health at home, now is the time to implement that company-wide remote workplace plan.

Michael Johnson Investigations class

10 takeaways from ‘Science of Workplace Investigations’

2020-03-11T21:34:00+00:00By

A former U.S. Department of Justice attorney laid bare the tools in his “lie detection” toolbox to help compliance officers manage this responsibility.

Duke and Quigley

Wells Fargo former board chairs hesitant to accept accountability

2020-03-11T20:17:00+00:00By

Elizabeth Duke and James Quigley remained unwavering about accepting any sort of accountability in their oversight roles as former board members of Wells Fargo at a tense Congressional hearing Wednesday.

askamii

Ask Amii mailbag: Your reputation, employee relations, and more

2020-03-11T16:34:00+00:00By

The latest edition of the Ask Amii mailbag answers queries on how to protect your reputation when your leaders break the rules; Amii also shares her perspective from the trenches on toiling as the ethical employee.

Charlie Scharf

Wells Fargo CEO says bank’s past behavior ‘deeply disturbing,’ vows change

2020-03-10T20:20:00+00:00By

Wells Fargo CEO Charlie Scharf, who has led the scandal-plagued megabank for four months, was upfront about the bank’s failure to stem abuses in its banking, lending, and auto insurance divisions when he testified at a Congressional hearing Tuesday.

Iran

Compliance best practices for ever-evolving Iran sanctions

2020-03-10T16:11:00+00:00By

A new executive order issued in January places additional sanctions on a much broader portion of Iran’s economy and, from a compliance and risk management standpoint, puts a broader range of companies in the crosshairs of U.S. enforcement.

Shipping

Coronavirus’ negative effect on global shipping could last weeks, or months

2020-03-09T19:38:00+00:00By

Companies wondering how to handle risks the worldwide coronavirus outbreak will have on global supply chains should look for clues to the Great Recession of 2008-09, the last time so much capacity stood idle.

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Congressional report blasts ‘reckless megabank’ Wells Fargo, regulators

2020-03-05T20:19:00+00:00By

A scathing report on Wells Fargo published by the House Financial Services Committee majority tells the story of a recidivist megabank whose senior management and board of directors refuse to take compliance seriously and the unresponsive financial regulators who let it all slide.

Lacerca-Fabiana

How one California-based CCO is responding to coronavirus risk

2020-03-05T14:35:00+00:00By Compliance Week

We recently spoke with the compliance chief for California-based biopharmaceutical Aimmune, Fabiana Lacerca-Allen, about her role in helping her company proactively plan for and respond to the risks posed by COVID-19.

50 percent rule

Q&A: Clearing up confusion with OFAC’s 50 Percent rule

2020-03-04T16:16:00+00:00By

Compliance Week spoke with Tiffany Archer, regional ethics and compliance officer and corporate counsel at Panasonic Avionics Corporation, on demystifying OFAC’s 50 Percent rule.

CoronavirusTravel

Companies consider employee travel bans as coronavirus proliferates

2020-03-03T20:50:00+00:00By

While not yet the norm, employee travel bans are being bandied about by companies across the globe in light of the increasing coronavirus risk; the policy could lead to a trend toward virtual meetings.

Shanghai

Coronavirus safeguards mean corporate ghost towns in China

2020-02-27T17:11:00+00:00By

China’s economy may be stuck in neutral for months by mandated quarantines and business shutdowns as well as resistance from local authorities to issue work resumption permits.

Behavior Change WP Cover Image right

White paper: Behavior Change Science & Compliance

2020-02-26T04:35:00+00:00Provided by

Influencing behavior is an ongoing challenge in compliance. Much of human behavior is the playing-out of patterns of neuro-associative responses to stimuli in our environment that are repeated and, eventually, become habitual.

Alcohol

Diageo to pay $5M for disclosure failures

2020-02-21T15:30:00+00:00By

Alcohol producer Diageo has agreed to pay $5 million to resolve charges brought against it by the SEC for disclosure failures, due to weaknesses in its internal disclosure processes.

600x400 cco

Six veteran CCOs, 5 questions: Improving your compliance training

2020-02-13T15:50:00+00:00By Compliance Week

Six senior compliance practitioners offer their perspectives on what makes for an effective training program and share tips and guidance for companies looking to enhance their education initiatives.

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White paper: Why So Serious? How Humor Can Boost Your Compliance Training

2020-02-13T07:25:00+00:00Provided by

We can all agree that most check-the-box compliance training is less than exciting. Actually, most of it is the opposite of exciting; it’s beat-your-head-on-the-desk boring. Venture outside of the box and add a few laughs.

Lawsuit

Spirit AeroSystems faces class action over accounting woes

2020-02-12T21:07:00+00:00By

In the wake of an ongoing accounting probe and the resignation of two top finance executives, Spirit AeroSystems is facing a class-action lawsuit filed on behalf of shareholders.

David Lefort

Compliance training 101: Know your audience

2020-02-12T17:56:00+00:00By

Need to get something off my chest before I pass along lessons learned from poorly executed compliance training.

OnlineTrainingWebvision

Special report: Compliance training

2020-02-10T14:58:00+00:00By

If you’re worried about whether your curriculum is truly effective, start with 10 tips from CW columnist Amii Barnard-Bahn on how to take compliance training to the next level.

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Confronting ‘willful intent’ in third-party corruption cases

2020-02-04T20:03:00+00:00By

Even as companies continue to agree to multi-billion-dollar settlements related to the corrupt acts of third parties, managing the risks associated with them nevertheless eludes many compliance departments.

Boeing 737

Spirit AeroSystems CFO resigns amid accounting probe

2020-01-31T22:24:00+00:00By

The chief financial officer and principal accounting officer at aerospace giant Spirit AeroSystems have resigned amid an ongoing accounting probe triggered by a compliance review.

Money

Effective AML training: Four questions to answer

2020-01-30T18:45:00+00:00By Simone Jones, International Compliance Association

There are a multitude of factors that need to be established when determining training requirements. What is clear is that a one-size-fits-all approach doesn’t work.

In over his head

Lessons from a CCO ‘in way over his head’

2020-01-27T17:59:00+00:00By

A recent court ruling tells the story of a former chief compliance officer that “literally had no idea what he was doing or what he was getting himself into” when he took the position at an investment advisory firm.

LegalMicroscope

SFO guidance could help companies combat U.K. Bribery Act charges

2020-01-23T20:25:00+00:00By

New internal guidance from the U.K. Serious Fraud Office outlines what the regulator considers in determining if a company’s compliance procedures are adequate enough to defend against U.K. Bribery Act charges or qualify for a deferred prosecution agreement.

apr14

Apr. 14 | 5 strategies for scaling your social selling program

2020-01-18T18:25:00+00:00Provided by

Social selling is critical for today’s financial services firms to find and engage with customers. But it also brings some risk to these firms.

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Apr. 16 | Expand internal controls to drive a successful organization

2020-01-17T15:28:00+00:00Provided by

Internal controls are often considered to only be the responsibility of finance and audit professionals. But if internal controls work in harmony, across an organization and the Three Lines of Defense, they can help the organization avoid legal repercussions and run more effectively and efficiently.

may5

May 5 | How proactive governance reduces reactive compliance

2020-01-12T18:48:00+00:00Provided by

Regulations are a constantly evolving landscape and may be overlooked, but ultimately most businesses are always working on other seemingly ‘more important’ matters. However, the more reactive the compliance team finds itself being, the harder it becomes to become proactive and strategic.