Compliance functions of the future need to better use data, measure outcomes, and deal with differing views on what constitutes good ethics, says expert Hui Chen.
Compliance Week chats with Wells Fargo CCO Mike Roemer about the challenge of rebuilding trust at a company that’s been the poster child of compliance and risk management gone wrong.
Compliance Week looks at highlights from Wells Fargo’s plan to transform the future.
As corporate misconduct, such as sexual harassment and discrimination, continue to make headlines, companies are becoming increasingly focused on detecting “bad behaviors” so they can be appropriately managed.
SARs and due diligence are cited as effective tools for avoiding virtual currency malfeasance, says the Financial Crimes Enforcement Network.
Mining company BHP is facing a $5 billion damages action in the United Kingdom for its alleged negligence in its duty to prevent the Fundão dam collapse in Brazil in 2015.
Webcast details: June 6, 2019 – 2 p.m. ET | CPE Credit(s): 1
Natural disasters, droughts, port disruptions, cargo theft, and industrial fires are some of the top supply-chain risks that should keep executives and chief risk officers on their toes in 2019, according to a new risk report.
Internal audit is a profession that provides assurance that objectives are being met for the organizations that it serves. However, it is not the only assurance provider performing audits and requesting information and often organizations are fatigued by different departments requesting the same information and reporting the same results. Enterprise ...
The concept of risk management—what it is and consists of—is something that is often misunderstood or misinterpreted.
Company executives may be more likely to take on risk when their compensation is based more on stock options than stock awards, a new study says.
The SEC’s Office of Compliance Inspections and Examinations has issued a risk alert on Regulation S-P describing the most common deficiencies it has uncovered in recent examinations of both registered investment advisers and broker-dealers.
A recent report from NAVEX Global offers a look at how the performance of ethics and compliance officers’ hotline and incident management systems stack up against their peers.
The ever-changing regulatory landscape and sheer volume of third parties requires organizations to rethink their processes around pre-contract due diligence and ongoing vendor assessment reviews. Today’s most successful programs rely less on tedious, manual processes while incorporating verified, up-to-date information on financial status, watchlist compliance and information security from trusted ...
Marcel de Chermont, founder and principal of Caledonia Consulting, Inc., discusses with columnist Tom Fox how to tailor a risk-based compliance program to different groups of employees while getting the same message across.
At this Compliance Week 2019 session, HUB professionals discuss ways to improve the data analytics component of the compliance function with relevant training on data execution and risk detection.
The Federal Reserve Board is seeking public comments on a regulatory framework that would more closely match the rules for foreign banks with the risks they pose to the U.S. financial system.
As technology becomes more sophisticated and influences how organizations conduct business, the need for efficient watch list screening increases exponentially.
Last year, Japanese automaker Nissan formed a “Special Committee for Improving Governance” after its chairman Carlos Ghosn was arrested for engaging in financial misconduct. On March 27, the special committee published its findings, holding nothing back.
Gatekeepers who have firsthand knowledge of corporate wrongdoing should be entitled to the same legal protections afforded to any other whistleblower.
Much has been discussed about the business risks posed by cryptocurrency. Now, risk and compliance professionals have a real-life cryptocurrency pyramid scheme with which to cite.
Forgeries. Imposters. Counterfeit documents. You can’t afford to let fake identities slip through the cracks and put your company—and your customers—at risk.
Following its 2016 acquisition of Paris-based telecommunications company Alcatel-Lucent, Nokia disclosed in a filing with the Securities and Exchange Commission that it has “been made aware of certain practices relating to compliance issues at the former Alcatel-Lucent business that have raised concerns.”
The Financial Stability Oversight Council was created to expose and mitigate systemic risks to the U.S. financial system. Its critics are winning the long-simmering battle to redefine its efforts.
If you are breached and your case goes to litigation, you will likely be asked to demonstrate “due care” and that your controls were “reasonable.” Many are surprised to learn that a breach by itself does not constitute negligence in most cases. But judges will ask a set of questions ...
In response to the nationwide college admissions scandal, victimized universities are speaking out and sharing the steps they’ve taken to stop similar behavior from happening in the future.
As a compliance leader, uncovering risks can often feel like staring at a page from a Where’s Waldo? book…a sea of potential candidates, but the actual character can be hard to spot (often by design). In the modern day reality, uncovering risk doesn’t have to be like this
Despite increasing rules and regulations, the risk of fraud looms large. That’s why Scientific Games, a leader in the gaming and lottery industries, is not one to gamble with compliance and controls. As an advanced user of BlackLine Task Management, they had exhausted the product’s limits.
Citing the success of its three other international corruption squads operating around the country, the Federal Bureau of Investigation has announced the creation of a fourth dedicated international corruption squad, this one based in its Miami Field Office.
Internal audit is making strides in steering its focus and resources toward companies’ emerging risks—but there’s still some work to be done, the IIA says.
NIST’s new Risk Management Framework—used with the agency’s Cybersecurity Framework—offers companies direction in integrating cyber-security, privacy, and supply-chain risk management.
Most regions around the world are making little effort in their fight against corruption—and the United States is no exception—according to Transparency International’s newly released 2018 Corruption Perceptions Index.
Financial institutions are beginning new efforts to reengineer their risk management programs and tap into emerging technologies, according to a survey conducted by Deloitte Global.
Compliance Week talked with Stuart Brock, director of Seal Software, about the risks faced by banks—not the least of which is third-party due diligence.
Wolters Kluwer’s “Regulatory & Risk Management Indicator” says two-thirds of financial institution executives continue to describe high levels of compliance-related regulatory risk, even if their level of anxiety over those risks has decreased.
The longest government shutdown in U.S. history is increasingly a catalyst for new risks and tough choices for corporations.
Compliance officers and chief risk officers of multinational companies are well-aware of the myriad risks that third parties pose in day-to-day operations.
A new study from NAVEX Global reveals whistleblower hotlines don’t often prove detrimental to business outcomes.
A recent survey conducted by global consulting firm Protiviti and North Carolina State University’s Enterprise Risk Management Initiative reveals the top 10 risks facing board of directors and executive management teams in 2019.
Three cautionary tales demonstrate the potential trouble a company can find itself in when third parties are not actively monitored.
Examining how “high-performing” organizations handle their third parties lights the path for companies looking to strengthen the weakest links in their data chains.
Abercrombie & Fitch Senior Compliance Counsel Rob Seibel, a specialist when it comes to the implementation of a third-party risk management program, discusses trends and challenges around managing risks with third parties.
Using external firms and consultants can bolster the effectiveness of certain compliance functions. Abdicating too much responsibility, however, could draw the ire of regulators.
Not all business relationships have a happy-ever-after ending, but there are things both parties can do to mitigate the risks of a third-party breakup.
As firms increasingly turn to external partners, the risks they acquire can become an internal problem.
Tariffs, trade secrets, and arrests fuel high-risk scenarios for companies that do business with organizations in China.
This latest installment of the CW/OCEG GRC Illustrated Series provides readers with details on how to implement a strategic approach to operational risk strategy coupled with an integrated information and technology architecture.
Jay Martin, the associate general counsel and chief compliance officer at Baker Hughes, discusses the positive effect regionalized compliance coverage has had at the worldwide company.
On Nov. 28, the Federal Reserve’s Board of Governors released its first-ever Financial Stability Report. Among the risks: increasing levels of corporate leverage and international instability.
From sanctions to tariffs, the United States is increasingly a source of geopolitical risk, further making compliance issues under the current U.S. administration a nightmare for sanctions compliance professionals not just in the United States, but also in the United Kingdom, Europe, Canada, Mexico, and beyond.