Risk Management


Rabobank

Rabobank probed by Dutch prosecutors over potential AML violations

2022-12-08T19:38:00+00:00By

Rabobank, the second largest bank in the Netherlands, is being investigated by the Dutch Public Prosecution Service for potential violations of the country’s anti-money laundering/countering the financing of terrorism law.

Questioning

Challenges for SPACs: Public company, now what?

2022-12-08T16:05:00+00:00By

Special purpose acquisition company transactions have unique risks and require awareness of what it takes to operate as a public business. Internal controls, governance, technology, and more are essential.

SEC building

Loaded SEC agenda to carry into 2023

2022-12-08T13:00:00+00:00By

The Securities and Exchange Commission is expected to see through its controversial policy proposals from 2022, though the newly Republican-led House could slow the agency’s momentum.

ABB building

TPRM Summit: Experts discuss FCPA lessons learned from ABB settlement

2022-12-07T23:45:00+00:00By

A panel on regulatory trends at CW’s virtual TPRM and Oversight Summit discussed lessons for compliance departments seeking to learn how to guard themselves against bad actors within their own firms contained in ABB’s recent $327 million bribery settlement.

Xinjiang

U.S. law to stop Uyghur forced labor remains compliance challenge

2022-12-07T13:00:00+00:00By

It’s been six months since the Uyghur Forced Labor Prevention Act took effect, and businesses are no clearer today on how to comply with it, those familiar with the law said.

Mastercard

Five compliance triumphs from 2022

2022-12-07T13:00:00+00:00By

Positive contributions in the areas of ESG, AI responsibility, and setting standards regarding CCO liability highlight the latest installment of CW’s annual list of laudable ethics and compliance moments.

SECcrop

SEC risk alert notes compliance issues regarding ID theft rule

2022-12-06T20:43:00+00:00By

The Division of Examinations at the Securities and Exchange Commission issued a risk alert detailing recent issues observed by inspectors regarding compliance with the agency’s identity theft red flags rule, Regulation S-ID.

onetrust 2022 300x200

CPE Webcast: Best practices for third-party due diligence for ethics and compliance

2022-12-06T19:57:00+00:00Provided by

Increased regulatory and consumer scrutiny on the integrity of businesses has shined a spotlight on the reputational risks of unethical business practices involving third parties.

Brasseur_opinion

No time managing risk? No wonder FTX collapsed

2022-12-06T13:00:00+00:00By

Sam Bankman-Fried’s admission he put no effort into risk management in leading cryptocurrency exchange FTX makes it easy to understand how the firm collapsed so quickly.

McDevitt_opinion

‘A profound sense of loss’: Inside Elon Musk’s Twitter culture teardown

2022-12-05T14:52:00+00:00By

Former and current Twitter employees share insights into the state of the social media company’s “toxic” culture and “morose, fearful” atmosphere since Elon Musk stepped on the scene.

DOJ

DOJ official hints at policy changes for off-channel communications, clawbacks

2022-12-02T21:00:00+00:00By

The Department of Justice is considering issuing new guidance regarding companies’ record-keeping obligations for employees’ use of personal cell phones to conduct corporate business, as well as executive compensation clawback policies.

Crypto collapse

CFTC commissioner stresses ‘urgency’ in call for heightened crypto oversight

2022-12-01T19:42:00+00:00By

Christy Goldsmith Romero, a commissioner at the Commodity Futures Trading Commission, is lobbying the regulator to use its existing authority to conduct “heightened supervision” over derivative exchanges to create more oversight in crypto markets.

Elon Musk Twitter

Elon Musk, Twitter, and lessons in (mis)management

2022-12-01T14:49:00+00:00By

Senior executive shakeups, mass employee layoffs and resignations, major advertisers halting their ads—Elon Musk’s acquisition of Twitter provides a case study in leadership mismanagement for the ages.

avetta300x200

CPE Webcast: The intersection of compliance and culture

2022-11-29T14:00:00+00:00Provided by Avetta

There are few things as impersonal to the workforce as compliance, yet this is a critically important area where organizational focus around achieving or exceeding rules for good, safe work ebbs and flows based on powerful factors in and around our workforce.

Citi

Regs order Citi to address unresolved data management woes

2022-11-28T18:58:00+00:00By

Citigroup has successfully resolved key compliance shortcomings identified as part of a 2020 enforcement action but still has work to do to address data management weaknesses, according to federal banking regulators.

Goldman Sachs Tower

Goldman Sachs unit fined $4M for ESG investment lapses

2022-11-23T14:02:00+00:00By

Goldman Sachs Asset Management agreed to pay $4 million to settle SEC charges it failed to follow its own policies and procedures regarding a trio of investment products marketed for their environmental, social, and governance considerations.

BP

Ex-BP trader’s failed whistleblower claim to raise U.K. reporting bar?

2022-11-21T17:50:00+00:00By

A U.K. employment tribunal’s ruling that a former BP employee was not entitled to whistleblower protection has shone a spotlight on the legal issues workers must consider ahead of speaking up.

London dark

Regulatory independence vital in U.K.’s fight against fraud

2022-11-21T17:50:00+00:00By Rachel Adamson, International Compliance Association

To do their jobs properly, regulators must be able to act independently and without government intervention. Rather than seeking to tighten its grip on regulators, the U.K. government should be safeguarding their independence as a matter of urgent priority.

Crypto

FINRA to sweep crypto-related communications by broker-dealers

2022-11-18T17:09:00+00:00By

The Financial Industry Regulatory Authority announced an examination sweep of retail communications by broker-dealers and their affiliates related to cryptocurrency asset products and services.

ESG

Understanding ‘green hushing’ and its risks

2022-11-17T15:00:00+00:00By Dan Byrne, for International Compliance Association

“Green hushing” is when a company adopts a radio-silence approach to environmental goals. Many companies do it. Some don’t realize they’re doing it.

Onetrust300x200

CPE Webcast: The role of disclosures in risk assessment and management

2022-11-17T14:00:00+00:00Provided by

To effectively mitigate company risk, you must understand and manage the entire scope of disclosures, which goes beyond conflicts of interest and includes gifts, travel, entertainment, lobbying, and anti-boycott.

SEC office

Big penalties, admissions fuel record SEC enforcement year

2022-11-16T22:01:00+00:00By

The Securities and Exchange Commission collected more than $6.4 billion in enforcement penalties, fees, and interest in fiscal year 2022—the largest amount in the agency’s history and a massive increase over a transition year in 2021.

Treasury

Treasury recommends more oversight for bank-fintech relationships

2022-11-16T17:50:00+00:00By

A new Treasury report found as the trend of nonbank fintech companies providing financial services in partnership with regulated entities continues to grow, regulators need to increase oversight of these relationships to curb the risks they pose.

NFT

Navigating using NFTs in business applications

2022-11-16T16:33:00+00:00By

Non-fungible tokens can take many forms. There are potential business applications already in use, and many more are being developed as technology evolves.

Onetrust300x200

CPE Webcast: Building a future-proof ESG program

2022-11-16T14:00:00+00:00Provided by

Learn now to maximize efficiency and achieve operational excellence within your ESG program or get your program started with steps you can take today and into the future regardless of your maturity.

Nicodemus_opinion

FTX collapse should provide momentum to regulate crypto

2022-11-15T21:02:00+00:00By

The collapse and bankruptcy of digital asset exchange FTX offers stark lessons into why rules that apply to traditional investments—overseen by government regulation—ought to apply to digital investments as well.

Walmart

​Walmart to pay $3.1B in nationwide opioid settlement

2022-11-15T18:29:00+00:00By

Walmart announced it agreed to a $3.1 billion nationwide settlement designed to resolve all the potential state lawsuits it faces for its alleged role in fueling the opioid epidemic.

Cooperation

CFTC commissioner warns against being ‘too cute’ when self-reporting

2022-11-15T16:29:00+00:00By

Businesses take varying approaches when self-reporting to regulatory agencies, which can lead to differing results. Caroline Pham, a commissioner at the Commodity Futures Trading Commission, suggests using common sense.

Workiva logo 300x200

CPE Webcast: The intersection of ESG and GRC

2022-11-15T14:00:00+00:00Provided by

This discussion will bring together voices from internal audit, risk management, and ESG teams to discuss how they are working together.

Code of conduct

How to build an effective code of conduct

2022-11-14T20:21:00+00:00By Paul Eccleson, for International Compliance Association

Literature and survey results regarding codes of conduct and ethics reveal the elements of strong (and weak) examples.

ESG vector

CW Europe panelists: ESG reporting still in ‘immature’ phase

2022-11-10T15:20:00+00:00By

Companies are continuing to fail in their efforts to improve environmental, social, and governance reporting, while compliance functions are finding it tough to keep up with demands for better assurance in the area, according to experts.

AIdata

CW Europe: Compliance challenges in 2023 and beyond will look a bit different

2022-11-09T12:59:00+00:00By

Dealing with risks relating to artificial intelligence; diversity, equity, and inclusion; and shortfalls in staff, training, and expertise are set to be among the biggest challenges for compliance officers in 2023 and the years ahead, say practitioners.

Culture

CW Europe: Rebuilding a culture of compliance post-pandemic

2022-11-08T22:11:00+00:00By

Remote and hybrid working caused by the pandemic has meant it can be more difficult for organizations to monitor compliance and detect incidences of rules being broken or procedures not being followed.

processunity300x200

CPE Webcast: How to transform your program from reactive to predictive

2022-11-08T14:00:00+00:00Provided by

Today, it is not enough to focus solely on your organization’s internal risk, as control weaknesses and gaps in the organization’s business partners could ultimately lead to failure.

Corporate reporting

FRC’s corporate governance reporting review finds room for improvement

2022-11-07T20:03:00+00:00By

Companies continue to improve their reporting against the U.K.’s Corporate Governance Code, but the lack of detail about the outcomes and impacts of governance policies hampers proper understanding of how risks are being managed.

Justo_Web

1MDB whistleblower talks of ‘paying the price’ for doing the right thing

2022-11-07T16:22:00+00:00By

The experience of Xavier Andre Justo—the former Swiss banker turned whistleblower in the 1MDB scandal—shows those who speak up about bribery and corruption are often the only victims of the supposed “victimless crimes” they report.

SolarWinds

SolarWinds under SEC probe for handling of 2020 cyberattack

2022-11-04T18:43:00+00:00By

SolarWinds revealed the Securities and Exchange Commission is examining cybersecurity disclosures and public statements the company and its executives made after its massive 2020 data breach caused by hackers backed by the Russian government.

SECBooks

As new SEC marketing rule takes effect, many questions remain

2022-11-04T18:29:00+00:00By

The 18-month probationary period for the new Securities and Exchange Commission marketing rule for investment advisers has expired and compliance with the rule is now mandatory.

Wells Fargo

Wells Fargo names diversity head as probes mount

2022-11-03T16:10:00+00:00By

Wells Fargo announced the appointment of Kristy Fercho as head of diverse segments, representation, and inclusion. She takes up the role as the Department of Justice and Securities and Exchange Commission investigate the bank’s diversity hiring practices.

Ransomware

FinCEN: U.S. banks paid $1.2B to ransomware criminals last year

2022-11-02T15:25:00+00:00By

Banks reported paying a record $1.2 billion to ransomware criminals in 2021, the Financial Crimes Enforcement Network announced.

Wells Fargo

SEC joins DOJ in probe of Wells Fargo diversity hiring practices

2022-11-01T16:18:00+00:00By

The news for Wells Fargo related to alleged sham interviews of minority job candidates continues to worsen, with the bank disclosing the Securities and Exchange Commission has joined federal prosecutors in examining the issue.

trulioo 300x200

CPE Webcast: Compliance in an evolving regulatory landscape: Looking to 2023 and beyond

2022-11-01T14:00:00+00:00Provided by

This webcast will explore the themes, trends, and topics that need to be top of mind for compliance professionals as we enter a new era of regulations that are poised to protect consumers in an unprecedented fashion.

ESG

KPMG finds large companies ‘on the precipice of a new era’ of ESG reporting

2022-11-01T13:09:00+00:00By

Sustainability reporting has seen steady growth over the past three decades while overall perspectives about environmental, social, and governance reporting have seen dramatic shifts, according to the latest findings of KPMG’s Global Sustainability Report.

Chegg_Web

Chegg avoids fine in deal with FTC over cybersecurity lapses

2022-10-31T17:25:00+00:00By

The Federal Trade Commission ordered education technology provider Chegg to fix problems and weaknesses with its cybersecurity program that led to the exposure of personal and financial data of 40 million customers and employees in four data breaches since 2017.

Automation

Automation can improve AML compliance but won’t replace human touch

2022-10-28T16:41:00+01:00By

While automation has the potential to transform anti-money laundering compliance, it will not replace the human practitioners relied upon to get investigations to the finish line, experts discussed at the ACAMS annual conference in Las Vegas.

Credit Suisse

Credit Suisse names new CCO, plans strategic overhaul

2022-10-27T19:48:00+01:00By

Credit Suisse announced sweeping changes to its strategy that includes selling off parts of its investment banking portfolio and shrinking its global headcount—an attempt to pivot from risky investment ventures and back toward its historic specialty of wealth management.

Business stamp

Survey: How businesses are confronting governmental licenses in M&As

2022-10-27T17:30:00+01:00By

The results of a recent survey conducted by Compliance Week and Avalara found most businesses consider governmental licenses as part of due diligence efforts during mergers and acquisitions, yet the opportunity for risk management improvements remains.

lowenstein 300x200

CPE Webcast: Need to know about D&O and cyber insurance coverage

2022-10-27T14:00:00+01:00Provided by

Your company spends substantial sums to purchase directors and officers insurance and cyber insurance. But are you taking reasonable steps to make sure your company has the best protection available in a changing marketplace?

avalara M&A thumbnail

e-Book: How businesses are confronting governmental licenses in M&As

2022-10-27T03:37:00+01:00Provided by Avalara

With all the moving parts of mergers and acquisitions, governmental licenses often get lost in the shuffle. But part of an M&A subject to the whims of thousands of licensing jurisdictions should not go ignored.

ICICI Bank

ICICI Bank cited by OCC for BSA/AML compliance failures

2022-10-25T19:38:00+01:00By

The Office of the Comptroller of the Currency ordered the New York branch of ICICI Bank to implement sweeping changes to its anti-money laundering and Bank Secrecy Act compliance programs but will not fine the bank if the improvements are completed.