Internal Controls


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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

Battling cyber-threats takes collaboration between compliance, information security

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.

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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.

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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.

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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.

Margaret Richardson

Q&A: Global Widget CCO says CBD industry at regulatory ‘tipping point’

2021-02-09T20:47:00+00:00By

Global Widget Chief Compliance and Legal Officer Margaret Richardson talks with Compliance Week about how the company’s focus on federal and state compliance lends to leading the way in the currently unregulated cannabidiol industry.

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Europe handcuffed by current corporate liability laws; is change coming?

2021-02-04T17:21:00+00:00By

European countries have begun to question whether their laws around corporate liability need to be reformed. However, change may not be as rapid as first thought.

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CPE Webcast: Adapting your compliance program for the next new normal

2021-02-04T11:00:00+00:00Provided by

With the global workplace in a fractious state in 2020, many companies transitioned employees to working from home. This created new challenges for compliance leaders from providing clear data security guidance to reinforcing HR policies like harassment prevention for the remote work environment.

Apple Bank

FDIC fines Apple Bank $12.5M for AML compliance failures

2021-02-02T21:04:00+00:00By

The Federal Deposit Insurance Corporation has fined Apple Bank for Savings $12.5 million for violations of the Bank Secrecy Act related to anti-money laundering controls.

SolarWinds

SolarWinds hack turning into Pandora’s box of cyber-risk

2021-02-02T20:47:00+00:00By

The more we learn about the SolarWinds hack, the more troubled compliance officers should be by the scope and breadth of the risks their companies might have incurred.

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CPE Webcast: Building for SOC 2 compliance

2021-02-02T14:00:00+00:00Provided by

For many companies, SOC 2 Compliance can be an unexpected requirement to work with a big new client. This complex, time-consuming compliance effort is often much more costly than business leaders expect, and can easily lead to more hiring, delayed product launches, and slow business growth.

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CPE Webcast: Compliance considerations to prepare for returning to the office

2021-01-28T14:00:00+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.

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Cyber-Risk Summit: 7 best practices for protecting employee health data

2021-01-21T21:19:00+00:00By

Experts at CW’s virtual Cyber-Risk and Data Privacy Summit explain the importance for companies to review and enhance their current data security compliance policies and procedures.

AImaze

Psychology of compliance: Counteracting bias in technology

2021-01-20T18:02:00+00:00By Paul Eccleson, International Compliance Association

Counteracting bias is part of the compliance officer job description, and now more than ever is it important for that duty to extend to new business technologies being implemented.

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.

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The roles of HR and compliance in driving diversity & inclusion

2021-01-11T21:54:00+00:00By Deborah O’Connor, International Compliance Association

If HR drives diversity and inclusion strategies, the compliance function should play an important part in overseeing related changes in organizational behavior and practices.

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‘Excellence in Compliance Awards’ nomination deadline closed

2021-01-11T15:29:00+00:00By

The nomination deadline has closed for Compliance Week’s second annual “Excellence in Compliance Awards,” which for 2021 includes a new category to honor companies whose ethics and compliance programs are head and shoulders above the rest.

David Karas

Q&A: New Hitachi CCO on elevating compliance at global level

2021-01-04T16:30:00+00:00By

David Karas was named the first-ever chief compliance officer for Hitachi in October. He caught up with Compliance Week to discuss the impetus to elevate compliance at the multinational conglomerate and what he hopes to accomplish in his new position.

Cloud supply chain

Learning from SolarWinds: Five steps to fortify your cloud supply chain

2020-12-30T20:24:00+00:00By

For most companies, supply chain risk management traditionally focuses on managing physical third-party risks. But what the SolarWinds cyber-attack revealed is the catastrophic havoc fourth and fifth parties can also wreak in the often-ignored cloud supply chain.

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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.

Walmart

Compliance called out in Walmart opioid lawsuit

2020-12-23T19:25:00+00:00By

The Department of Justice alleged many failures by Walmart’s compliance program in its 160-page lawsuit accusing the retailer of playing an active role in fueling the opioid epidemic.

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CCO allegedly ignored in Ripple cryptocurrency lawsuit

2020-12-23T17:51:00+00:00By

The chief compliance officer at Ripple Labs allegedly warned company leaders on multiple occasions that its marketing of its cryptocurrency offering, XRP, could lead the SEC to classify it as a security—the focal point of a lawsuit filed Tuesday.

BusinessDecisions

How compliance officers can apply COSO’s ERM Framework in practice

2020-12-22T20:49:00+00:00By

Representatives from the Committee of Sponsoring Organizations of the Treadway Commission and its partners explain how to implement the organization’s latest guidance on identifying, monitoring, and mitigating compliance risks.

Charles Schwab

Charles Schwab U.K. fined $12M for failing to protect client assets

2020-12-21T20:18:00+00:00By

The U.K. Financial Conduct Authority fined Charles Schwab U.K. approximately £9 million (U.S. $12 million) for compliance failures related to the protection of client assets.

Barclays

Barclays fined $34.8M over treatment of cash-strapped customers

2020-12-16T20:30:00+00:00By

The U.K. Financial Conduct Authority fined Barclays Bank and its related units £26 million (U.S. $34.8 million) for poor treatment of consumer credit customers experiencing financial hardship.

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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?”

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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.

Analytics

Regulators catching up on use of analytics; compliance better take notice

2020-12-14T19:23:00+00:00By

If your company isn’t making optimal use of data to enhance its compliance program, now is the time to start—before it’s too late.

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Ask a CCO: How to meet data analytics expectations of both board and regulators

2020-12-14T16:49:00+00:00By Compliance Week

Six senior compliance practitioners share some big-picture thoughts on how their companies are using data within the context of regulators’ increased expectations in the area.

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.

Intercontinental Exchange

Intercontinental Exchange subsidiary fined $8M for inaccurate securities quotes

2020-12-09T18:00:00+00:00By

A New York-based subsidiary of the Intercontinental Exchange has agreed to pay $8 million as part of a settlement with the SEC for compliance deficiencies related to its provision of securities quotes to subscribers.

Joe Biden

How will Biden administration impact compliance

2020-12-09T14:38:00+00:00By Compliance Week

Six senior compliance practitioners reflect on how they anticipate the Joe Biden presidency, and the expected regulatory changes coming with it, will impact the compliance function.

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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.

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Top ethics and compliance failures of 2020

2020-12-08T13:30:00+00:00By

From a massive accounting fraud scandal in Germany to deceitful consumer tactics among China-based companies to unethical practices on the environmental front in the United States—CW’s list of the top ethics and compliance failures of 2020 spans the globe.

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Five compliance triumphs from 2020

2020-12-07T13:11:00+00:00By

CW reveals its list of five compliance wins from the year, including Samsung for its honesty, Volkswagen for successfully wrapping up its monitorship, 3M for stellar ethics, and more.

Reporting

U.K. corporate watchdog rips company reporting as ‘box-ticking exercise’

2020-12-01T18:35:00+00:00By

Not for the first time, the U.K.’s corporate governance regulator has said it is disappointed to see company reporting “does not demonstrate the high quality of governance” it expects.

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SBM Offshore FCPA case ends, Swiss investigation begins

2020-12-01T16:06:00+00:00By

SBM Offshore confirmed it has reached the end of its three-year deferred prosecution agreement with the Department of Justice for FCPA violations, but the oil and gas services company is now facing a fresh corruption investigation from Swiss enforcement authorities.

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CPE Webcast: Unveiling 2020 online research trends

2020-12-01T14:00:00+00:00Provided by

Join Authentic8’s Jeff Phillips and Nick Finnberg, OSINT training lead and former financial crime analyst, as they discuss key takeaways from a financial crime survey of investigators from more than 150 organizations worldwide.

JPMorgan Chase

JPMorgan Chase fined $250M for ‘unsound’ internal control practices

2020-11-25T18:18:00+00:00By

The OCC fined JPMorgan Chase Bank N.A. $250 million for weaknesses in its internal controls and internal audit for its fiduciary activities.

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Four years later, Odebrecht’s external monitorship ends

2020-11-24T16:57:00+00:00By

Odebrecht has reached the end of its compliance monitorship, four years after pleading guilty and resolving charges with authorities in the United States, Brazil, and Switzerland for violations of the Foreign Corrupt Practices Act.

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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.

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Volkswagen CCO Kurt Michels: Tips for surviving a monitorship

2020-11-12T21:06:00+00:00By

Fresh off his company’s compliance monitorship, Volkswagen CCO Kurt Michels shares ways to cultivate a trustful relationship with a monitor; finesse a company’s cultural makeover; and reestablish credibility in the wake of criminal behavior.

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COSO report: Elevating compliance leads to more informed decision-making

2020-11-11T22:35:00+00:00By

Many compliance departments are not independent, but instead report to other departments. COSO recommends compliance be separated out into its own division, led by a chief compliance officer with an executive-level position.

Werner

VW integrity chief: Culture has changed … and we have stress test to prove it

2020-11-09T17:38:00+00:00By

In a Q&A with Compliance Week, Volkswagen integrity chief Hiltrud Werner said that while compliance efforts “never have a finish line,” the company has made great strides since Dieselgate.