Deutsche Bank’s continued AML struggles worth questioning
How is it Deutsche Bank can spend more than $1 billion on compliance enhancements but still be ordered to do more to improve its AML controls? Is the bank to blame or are regulators missing the big picture?
Updated DOJ guidance stresses need for data in compliance training
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.
CPE Webcast: After the contract: Best practices for ongoing vendor monitoring
Third-party risk management doesn’t end when you sign the contract to onboard a new vendor or service.
Combating terrorist financing: Coordination and the ‘human element’
Fundamental differences in ideology and motivation differentiate a terrorist from organized criminal groups. However, a debate rages over the connection between transnational organized crime and terrorist financing.
Citi CCO Mary McNiff taking to compliance one year in
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.
James Comey: Lessons from Enron era will ‘become real again’
Former FBI Director James Comey kicked off Compliance Week’s 16th annual National Conference on Tuesday by speaking candidly about a variety of risk and compliance matters, including the importance of a strong ethical culture in the coming post-pandemic “boom times.”
Guiding FedEx through pandemic, Justin Ross named CCO of the Year
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.
EU Whistleblowing Directive a ‘potential minefield’ for compliance
An EU directive designed to harmonize whistleblower protections could produce complexity as lawyers warn there are likely to be wide variations in the level of security each country’s national law will offer.
Elevating compliance key for financial services, says former HSBC head
John Flint, former group chief executive at HSBC, considered the progress compliance has made over the last 20 years and the strides the profession must continue to make as part of a keynote at the ICA’s 2021 BIG Compliance Festival.
5 reasons to be excited for Compliance Week 2021
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.
Risk matrix breaks down problem areas of blockchain technology
The use of blockchain technology brings with it a number of risks that prudent auditing and accounting professionals must smartly manage. It’s all described in a new risk matrix released jointly by the ISACA, AICPA, and CIMA.
Tips for keeping pace with ever-evolving sanctions
The constantly changing sanctions landscape is much easier to navigate with a proper understanding of risk exposure. Here’s where firms can get started.
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Cancel culture stresses need for senior execs to practice mindfulness
Given the “cancel culture” era we are in today, writes Jaclyn Jaeger, the need for senior executives to be mindful about the things they say and do outside the workplace is more critical than ever before.
Credit Suisse risk committee head to depart amid board reshuffle
Andreas Gottschling, Credit Suisse’s board member in charge of its risk committee, has stepped down as fallout from the collapses of Archegos Capital and Greensill Capital continues to roil the bank.
Deutsche Bank ordered to further improve AML controls
BaFin, Germany’s market regulator, signaled Deutsche Bank still has more to do concerning previously ordered improvements to its AML compliance controls.
LRN survey: Compliance and ethics rose to challenge of COVID-19
LRN’s “2021 Ethics & Compliance Program Effectiveness Report” highlights the strengthening of ethical culture that has occurred during the COVID-19 pandemic.
‘Coming Clean’ case study not just a Volkswagen story
Volkswagen’s recently concluded three-year monitorship is chronicled in CW’s latest in-depth case study: “Coming Clean: Volkswagen’s Dieselgate scandal and compliance monitorship.” It will be published for members during the week of May 17.
What you need to know about proposed EU rules for trustworthy AI
With various levels of defined risk and the potential for steep fines for offenders, the European Commission’s recent proposal to ensure trust in the use of artificial intelligence should receive urgent attention from industries beyond Big Tech.
CPE Webcast: Responsible sourcing: Mitigate ESG risks in your supply chain
As customer expectations for transparency and ethical approach to business soar, companies that aren’t addressing the environmental, social and governance (ESG) impact of their organizations will get left behind. And that applies to who they work with too.
Bracing for impact: Supply chain risk management post-Suez Canal blockage
A month has gone by since a 1,300-foot cargo ship ran aground and blocked one of the busiest waterways in the world. For many industries, the ripple effects will continue to batter global supply chains for weeks to come, absent having in place a sound supply chain risk management program.
Six best practices for managing cyber-security upon return to office
The hybrid work environment many organizations are expected to utilize as part of the gradual return to the workplace presents numerous cyber-security risks that require proactive attention.
Credit Suisse’s governance rebound a tall task after ‘unacceptable’ losses
Putting the collapses of Archegos Capital and Greensill Capital behind it won’t be simple for Credit Suisse amid staggering financial losses and widening scrutiny from Switzerland’s financial regulator.
CPE Webcast: How immersive learning is driving a new era of risk governance
Regulators around the world continuously release guidelines to evaluate the effectiveness of corporate compliance programs. Recent SEC rules now require publicly traded companies to disclose human capital information such as workforce cost, human capital ROI and turnover rate, among others.
Regulators want answers from financial services on AI/ML tools
The financial services industry is at the cutting edge of the utilization of artificial intelligence and machine learning tools. Regulators have recently requested to understand how these technologies are being used—or misused.
ABN AMRO fine response suggests moral compass of banking is shifting
ABN AMRO CEO Robert Swaak acknowledging his bank’s “moral duty” to prevent money laundering should be welcomed by all in the global AML community as progress, writes Martin Woods.
Fines key attention to data privacy from boards, says ICO head
The threat of fines has done more to focus boardroom attention on data privacy and effective cyber-security than any other measure, U.K. Information Commissioner Elizabeth Denham believes.
Study: How compliance managed COVID’s effects on incident reports
The coronavirus pandemic dramatically altered incident reports and investigations in 2020. Despite facing unprecedented challenges, as analyzed in NAVEX Global’s latest benchmark study, compliance officers met the moment.
COVID-19 effects apparent in board composition changes
The enduring impact of the COVID-19 pandemic might be forcing companies and other organizations to rethink what skills, qualities, and experience their executives should have if the business is to succeed.
Danske Bank CEO, board member resign amid ABN AMRO probe
Danske Bank CEO Chris Vogelzang and board member Gerrit Zalm each resigned after being identified as suspects in ABN AMRO’s money laundering scandal. Chief Risk Officer Carsten Egeriis will take over as Danske’s CEO.
Privacy by design: How to lower risk and improve outcomes
Amy Holcroft, chief privacy officer at Hewlett Packard Enterprise, shares her experience using privacy-by-design practices to help her company develop and utilize technology in a way that meets compliance requirements.
Compliance involvement crucial to consistent ESG disclosures, SEC says
SEC examiners are focusing on whether registered firms’ ESG disclosures align with their investment practices.
CPE Webcast: Mastering knowing your data and establishing a defensible data inventory
In today’s data drive world, legal and compliance professionals must know their organization’s data, meaning the legal department must clearly understand how to quickly find and access data requested for litigation, audits and investigations, and how to protect data in compliance with privacy laws.
USTR threatens tariffs on 6 trade partners in response to digital taxes
The United States Trade Representative is seeking public comment on the potential implementation of tariffs of up to 25 percent on a long list of goods by six U.S. trading partners, including the United Kingdom.
FTC gearing up for aggressive oversight of antitrust, M&A
With a changing of the guard, the Federal Trade Commission is undergoing some major restructuring on the antitrust front. All told, it’s not just Big Tech and pharmaceutical companies that should be on alert.
Archegos collapse: $20 billion in losses, but a win for compliance
The collapse of Archegos Capital Management may go down as yet another episode that champions the importance of the voice of the compliance professional, writes Martin Woods.
Compliance lessons, regulatory fallout from Archegos meltdown
There are plenty of unanswered questions following the recent meltdown of family office Archegos Capital Management—and plenty of compliance lessons to be learned, writes Aaron Nicodemus.
Accounting considerations for companies merging with SPACs
The Securities and Exchange Commission recently reinforced its focus on the importance of corporate governance and financial reporting by special purpose acquisition companies (SPACs).
Video: Deutsche Bank, Credit Suisse, and combining risk and compliance
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.
Data breach disclosures drop in 2020, report says
Cyber-breach disclosures in 2020 were down 19 percent from 2019—the first drop in the statistic in five years, according to a new report from Audit Analytics.
Credit Suisse compliance chief steps down in Archegos collapse aftermath
Credit Suisse Chief Risk and Compliance Officer Lara Warner has stepped down from her role and left the company following the bank’s loss of an estimated $4.7 billion due to the meltdown of hedge fund Archegos Capital Management.
Michaela Ahlberg: Building a compliance program amid an FCPA probe
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.
IIA survey: COVID-19 impact on internal audit smaller than expected
The impact of the coronavirus pandemic on internal audit was not nearly as severe as it was for organizations overall, states a new report from the Institute of Internal Auditors.
Robert Mazur: Old tricks still work for launderers; new policies could help
Former federal agent Robert Mazur revealed secrets of the money-laundering trade to attendees of CW’s Financial Crimes virtual event and proposed two solutions for financial institutions in the fight against bad actors.
CPE Webcast: Practical tips for building resiliency in your compliance program
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.
China, Russia to face more sanctions under Biden, experts say
Companies should prepare for more U.S. sanctions to be levied against China and Russia under the Biden administration, two former financial crime regulators predicted at Compliance Week’s Financial Crimes virtual event.
James Comey: Buckle up for dangerous post-pandemic risk landscape
Former FBI Director James Comey predicted a “time of extraordinary change” is ahead for the compliance profession in the post-pandemic world during a prerecorded video message at Compliance Week’s Financial Crimes virtual event.
Deutsche Bank restructures compliance amid leadership overhaul
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 blockage serves as reminder for key supply chain risk lessons
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.
Video: Goldman junior banker scandal puts Wall Street ethics in spotlight
Kyle Brasseur reviews the Goldman Sachs junior banker scandal and whether complaints of employee crunch on Wall Street can lead to change in working conditions.