Risk Management


AuditTransparency

EY report: Fortune 100 companies boost audit transparency, including on ESG

2021-10-26T20:13:00+01:00By

Many Fortune 100 companies continue to enhance their transparency about how their audit committees are executing their core responsibilities, according to the EY Center for Board Matters’ 10th annual review of voluntary proxy statement disclosures.

tractionguest 300x200

CPE Webcast: Protecting the workforce with advanced screening protocol solutions

2021-10-26T14:00:00+01:00Provided by

As organizations return to pre-pandemic levels of on-site staff in their workplaces, there is a renewed focus on security and safety for employees, contactors and other contingent workers.

Honeywell

Honeywell records charge of $160M in FCPA probe

2021-10-25T18:14:00+01:00By

Honeywell International has recorded a charge of $160 million in accrued liability concerning an investigation by U.S. and Brazilian authorities as to whether the company’s use of third parties in Brazil violated the FCPA.

Turkey flag

FATF adds Turkey to AML/CFT watchlist

2021-10-25T18:07:00+01:00By

The Financial Action Task Force has added three new jurisdictions, including Turkey, to its list focused on areas subject to increased monitoring for deficiencies in fighting financial crime.

3x2 web graphic

Compliance Week National Conference is going back in person in May

2021-10-25T12:00:00+01:00By

Mark your calendars: Compliance Week’s National Conference in Washington, D.C. will be held in person for the first time in nearly three years from May 16-18, 2022.

Climate

FSOC report: Climate change ‘increasing threat’ to U.S. financial stability

2021-10-22T19:23:00+01:00By

In a report ordered by President Joe Biden, the Financial Stability Oversight Council urged market participants, public companies, and regulators to develop a common agenda to respond to climate change-related financial risk.

Danske Bank

Swedish regulator to Danske Bank: Fix AML failings faster

2021-10-21T20:19:00+01:00By

Sweden’s financial regulator says Danske Bank is not addressing deficiencies in its AML/CFT protocols quickly enough, issuing an injunction ordering the bank to take remedial action.

Blizzard Entertainment

Activision Blizzard compliance update: Personnel changes, transparency goals

2021-10-20T17:40:00+01:00By

Activision Blizzard announced the promotion of Jen Brewer to the role of senior vice president, ethics and compliance amid a series of other measures the embattled company is taking to enhance its culture.

Data presentation

Compliance tips for effectively presenting data to key stakeholders

2021-10-20T16:52:00+01:00By

Metrics can either strengthen or distract from compliance’s message to key stakeholders. Jennifer Lee, a risk and compliance manager at Caterpillar, shared tips for accomplishing the former at a recent industry event.

U.S. sanctions

Treasury issues 5 recommendations for modernizing U.S. sanctions

2021-10-19T16:49:00+01:00By

The U.S. Department of the Treasury issued a series of recommendations as to how to “adapt and modernize” the government’s use of sanctions to enhance their effectiveness in supporting national security objectives.

Hacker

FinCEN report: Ransomware SARs surge past 2020 totals

2021-10-18T20:45:00+01:00By

A Financial Crimes Enforcement Network report on financial trends in Bank Secrecy Act data found a greater number of SARs related to ransomware filed between January and June 2021 than during all of 2020.

Hand SOS

SOS hand signal created for victims of modern slavery

2021-10-18T19:26:00+01:00By

U.K.-based philanthropic organization Stronger Together has created a new hand signal to empower victims of modern slavery to get help. Though developed for the construction sector, the signal can be adopted across any industry as a best practice.

El Salvador

New DOJ tip line created to fight corruption in Central America

2021-10-18T18:09:00+01:00By

The Department of Justice has created a tip line to assist its Anticorruption Task Force in fighting corruption in El Salvador, Guatemala, and Honduras.

Telephone

When academic studies and hoax hotline claims go ‘off the rails’

2021-10-18T17:26:00+01:00By

Imagine this: An anonymous hotline tip comes through that a senior executive has engaged in insider trading. This scenario happened this summer as part of academic research, effectively leaving hundreds of unwitting corporate subjects to foot the bill for unnecessary follow-up conducted.

United States cyber

How to respond to government’s renewed emphasis on cybersecurity

2021-10-15T20:30:00+01:00By

The Department of Justice’s new Civil Cyber-Fraud Initiative is the latest development to suggest companies’ cybersecurity defenses had better be up to snuff when doing business with the U.S. government or risk enforcement.

Admit deny

SEC enforcement head seeking company admissions in settlements

2021-10-14T21:04:00+01:00By

Gurbir Grewal, head of the SEC’s Enforcement Division, said it will be a priority under his tenure for companies to accept responsibility for wrongdoing in certain cases of public interest.

Stocks on phone

SEC investor advocate: ‘Gamification’ exposes holes in Reg BI

2021-10-14T16:16:00+01:00By

SEC Investor Advocate Rick Fleming said online platforms designed to make stock trading more easily accessible and exciting “expose what may be a significant flaw in Reg BI” regarding unsolicited transactions.

FINRA

FINRA encourages proactive compliance with FinCEN AML/CFT priorities

2021-10-13T19:32:00+01:00By

The Financial Industry Regulatory Authority is encouraging member firms to start proactively incorporating new AML/CFT priorities mandated by Congress into their risk-based compliance programs.

Crypto

SEC commissioners clash on cryptocurrency securities debate

2021-10-13T17:56:00+01:00By

SEC Commissioners Caroline Crenshaw and Hester Peirce used recent speeches to stake opposite sides on the central debate of whether all cryptocurrencies are securities.

Pandora Papers

Pandora Papers exposed gaps in AML compliance. Is beneficial ownership registry the answer?

2021-10-12T19:40:00+01:00By

FinCEN’s upcoming ultimate beneficial ownership registry could help to combat some of the anti-money laundering deficiencies put on display by the Pandora Papers, but not until Congress gets serious about funding the initiative.

Climate stress

Fed recommends member banks perform climate change stress tests

2021-10-08T19:12:00+01:00By

The Federal Reserve will encourage financial institutions to assess the potential financial ramifications of climate change by conducting stress tests, similar to those performed following the 2007-09 financial crisis.

SEChq

SEC’s Gurbir Grewal stumps for proactive compliance in first speech

2021-10-08T17:49:00+01:00By

In his first publicized speech as director of the Securities and Exchange Commission’s Division of Enforcement, Gurbir Grewal spoke to the importance of “modeling excellence” in compliance efforts.

Metals

Metals Technology Initiative issues new anti-corruption resources

2021-10-08T15:43:00+01:00By

The Metals Technology Initiative has launched a new website making its guidance on gifts and hospitality and third-party due diligence freely accessible.

ask cco 3x2 pendergrass

Ask a CCO: How do you get leadership to support compliance?

2021-10-08T13:00:00+01:00By Compliance Week

Seven senior compliance practitioners impart how to get leadership to understand the value compliance offers the business and commit to supporting ethical initiatives.

DOJ

DOJ to enforce False Claims Act in regulating contractor data breaches

2021-10-07T18:12:00+01:00By

The Department of Justice will use the False Claims Act to pursue cases of cybersecurity-related fraud by government contractors and grant recipients—including claims against entities that fail to report breaches and hacks in a timely manner.

ask cco 3x2 schwager

Ask a CCO: How to ensure right things done for right reasons

2021-10-07T13:00:00+01:00By Compliance Week

How do you encourage employees to do the right things for the right reasons? Seven senior compliance practitioners share what they and their respective companies do to best get results.

Countdown clock

Fed increasing LIBOR scrutiny as finish line nears

2021-10-06T17:51:00+01:00By

Financial institutions’ transition efforts away from the London Interbank Offered Rate will be intensely scrutinized by the Federal Reserve as the expiration deadline of the benchmark interest rate looms.

ask cco 3x2 caballero

Ask a CCO: How do you prevent whistleblower retaliation?

2021-10-06T13:00:00+01:00By Compliance Week

Seven senior compliance practitioners detail the steps their respective companies take to ensure whistleblowers are not retaliated against when reporting potential misconduct.

Taro Pharmaceuticals

Compliance implications of drugmakers’ $447M False Claims Act settlements

2021-10-05T19:26:00+01:00By

Three pharmaceutical manufacturers—Taro Pharmaceuticals USA, Sandoz, and Apotex Corp.—will pay a total of $447.2 million for alleged violations of the False Claims Act related to price-fixing.

Nicodemus_opinion

Lessons learned from actions of Facebook whistleblower Frances Haugen

2021-10-05T16:09:00+01:00By

Many whistleblowers are forced to take their complaints outside the company because their attempts to address the problems internally are rebuffed or ignored. Facebook is paying the price for that inaction.

ask cco 3x2 katz

Ask a CCO: What makes a good internal reporting system?

2021-10-05T13:00:00+01:00By Compliance Week

Seven senior compliance practitioners explain what they believe to be the key tenets of an internal reporting system that encourages employees to come forward with reports of potential misconduct.

Speaker podium

Updated PhRMA Code addresses company-sponsored speaker programs

2021-10-05T11:40:00+01:00By

New voluntary standards issued by the Pharmaceutical Research and Manufacturers of America will soon take effect offering guidance related to company-sponsored speaker programs.

Global money dealings

Pandora Papers: Takeaways for compliance

2021-10-04T20:16:00+01:00By

The “Pandora Papers” could open Pandora’s box for all businesses and organizations found to be entangled in its worldwide web of shell companies, offshore tax havens, and secret trusts.

Neiman Marcus

Neiman Marcus data breach exposes personal info of 4.6M customers

2021-10-04T18:47:00+01:00By

Luxury retailer Neiman Marcus discovered last month a May 2020 data breach that exposed personal and financial information contained in the online accounts of approximately 4.6 million customers.

ask cco 3x2 carrington

Ask a CCO: How do you encourage internal reporting?

2021-10-04T13:00:00+01:00By Compliance Week

Seven senior compliance practitioners share how they encourage employees to come forward with reports of potential misconduct in support of the greater mission of instilling a culture of compliance.

Goldman Sachs stocks

SEC charges ex-Goldman compliance analyst with insider trading

2021-09-30T19:08:00+01:00By

The Securities and Exchange Commission charged a former senior compliance analyst at Goldman Sachs who abused his position of authority unbeknownst to the investment bank with insider trading.

McDevitt_opinion

‘Raise Your Game, Not Your Voice’ a guide for ethics-minded professionals

2021-09-30T16:16:00+01:00By

Lisa Beth Lentini Walker and Stef Tschida’s guidebook teaches compliance practitioners how to win others over in the maelstrom without adding to the noise.

Compliance steps

New SEC marketing rule offers opportunities, compliance challenges

2021-09-28T17:36:00+01:00By

The SEC’s new marketing rule allows certain types of advertising, endorsements, and testimonials that were previously prohibited. Investment advisers are “excited” about the new possibilities—but compliance officers must warn them of the risks.

Cybersecurity Best Practices for the Compliance Practitioner

Introducing: Cybersecurity training customized for compliance

2021-09-28T13:31:00+01:00By Darren R. Hayes, CW Cybersecurity Course Author

The professor who created CW’s first-ever self-directed learning module explains what compliance practitioners can expect to get out of the course—and why it’s an essential tool in an evolving cyber-risk landscape.

cybersecurity

On-demand training: Protect your company from cyber risks

2021-09-28T10:01:00+01:00

Take this self-directed, interactive course to deepen your understanding of cybersecurity risks and learn about the latest regulations to keep your organization compliant and prepared for today’s dangerous cyber-environment.

Data future

KPIs and collaboration: How Vivint, Agilent handle data collection

2021-09-27T17:09:00+01:00By

Compliance leaders from Vivint and Agilent Technologies shared how they are successfully integrating data intelligence into their organization’s operations at a recent Diligent virtual summit.

Climate globe

SEC offers guidance on climate change disclosure shortcomings

2021-09-24T20:30:00+01:00By

A sample letter released by the Securities and Exchange Commission this week lays out common mistakes firms make with their climate change disclosures.

Remote oversight

Anti-corruption leaders share upsides of remote compliance program

2021-09-23T17:05:00+01:00By

COVID-19 has altered how companies operate their anti-corruption compliance programs, but not necessarily for the worse, according to experts from PepsiCo and Cook Group who shared their experiences at a recent Diligent virtual summit.

Wells Fargo

Fed Chair Powell: Wells Fargo asset cap will remain in place

2021-09-23T16:38:00+01:00By

Federal Reserve Chair Jerome Powell said Wells Fargo’s asset cap will remain in place until the bank has “comprehensively” fixed its governance and compliance deficiencies.

Green reporting

CMA’s Green Claims Code latest effort in greenwashing crackdown

2021-09-23T16:11:00+01:00By

Companies have until the end of the year to stop making misleading claims about the green credentials of their products and services or face regulatory action, the U.K. Competition and Markets Authority has warned.

ESG

ESG survey: Measure, monitor, and enhance your strategy

2021-09-22T18:01:00+01:00By

A Compliance Week and Fulcrum survey of more than 200 compliance, audit, legal, and finance executives worldwide revealed support for ESG initiatives, but uncertainty about how to monitor progress and measure results.

Questioning

Big Four mishaps in U.K. underscore need to challenge auditors

2021-09-22T15:55:00+01:00By

Companies should question their auditors throughout the audit process, particularly in the wake of a spate of recent enforcement actions in the United Kingdom targeting the Big Four and other large firms for audit deficiencies.

Treasury Department

Treasury sanctions virtual currency exchange as part of ransomware response

2021-09-21T20:43:00+01:00By

The U.S. Department of the Treasury announced “robust actions” to counter ransomware, including blocking the assets of a Russian virtual currency exchange that has facilitated payments for at least eight ransomware variants.

MUFG

OCC raps MUFG Union Bank for risk management deficiencies

2021-09-21T16:39:00+01:00By

MUFG Union Bank, which has entered into agreement to be acquired by U.S. Bank, received a cease-and-desist order from the OCC for “unsafe or unsound practices regarding technology and operational risk management.”

Coinbase

With approach to Coinbase, SEC shows its hand on cryptocurrency

2021-09-21T13:37:00+01:00By

By reacting to Coinbase’s now-scrapped Lend program proposal with a Wells Notice, the SEC sent a message that cryptocurrency companies should not expect the agency to bend to their will.