Risk Management


Videoconference

Lessons from Zoom: Coronavirus exposes videoconference risks

2020-04-03T17:04:00+01:00By

Stay-at-home orders during the coronavirus pandemic have led to explosions of use for popular videoconferencing platforms, some of which have struggled to adjust to new privacy concerns.

CoronavirusQuestions

Ask Amii coronavirus mailbag: How prepared can you be for the unknown?

2020-04-03T15:53:00+01:00By

In this special edition of the Ask Amii Mailbag, executive coach and former Chief Compliance Officer Amii Barnard-Bahn answers questions on tackling the unchartered territory of the coronavirus pandemic.

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Survey: Lessons from those who weren’t ready for coronavirus

2020-04-02T14:58:00+01:00By

Survey respondents who said their companies weren’t prepared for the coronavirus pandemic said they failed to recognize that the pandemic would morph from a far-away, supply chain disruption issue into a complete business shutdown at home.

Business chaos

Survey: With ethical dilemmas aplenty, compliance in position to lead

2020-04-01T14:27:00+01:00By

The coronavirus has turned everyday no-brainers into ethical quandaries, which makes it all the more critical for ethics to play the role of conscience for the business.

Houseparty

App offers $1M bounty for proof of alleged hacking smear campaign

2020-03-31T18:44:00+01:00By

Popular face-to-face social networking app Houseparty is on the defensive amid claims of a data breach, offering a $1 million bounty for proof in what it believes may be a “paid commercial smear campaign.”

Coronavirus future

Survey: Past crises prepared compliance for coronavirus pandemic

2020-03-31T15:16:00+01:00By

A benchmarking survey from Compliance Week found practitioners weren’t prepared for the specific coronavirus crisis, but that previous crises (think 9/11) left them ready to be leaders during this global pandemic.

EuropeLockdownCOVOID-19

8 compliance challenges facing European companies in coronavirus crisis

2020-03-26T18:13:00+00:00By

Due diligence, data, solvency, and supply chain management risks are just some of the issues Europe’s employers are struggling with as normal business has come to a standstill during the coronavirus pandemic.

Sick business

So your company’s CEO has coronavirus. Does the world have to know?

2020-03-25T15:11:00+00:00By

As infections stemming from the coronavirus pandemic continue to mount around the world, publicly traded companies face questions about when and where to disclose that their CEO or other key executives have contracted the virus.

EyeOnDataPrivacy

CCPA, SHIELD Act to take back seat during coronavirus pandemic?

2020-03-24T18:26:00+00:00By

With state attorneys general now fixated on “stay at home” directives amid the coronavirus pandemic, oversight of data privacy regulation may dip. But consumers—and the plaintiffs’ bar—are still watching.

processunity300x200

Mar. 24 | Supercharge your vendor risk management

2020-03-24T14:05:00+00:00Provided by , by

The saying goes–an ounce of prevention is worth a pound of cure. In the world of Third-Party Risk, prevention comes from automation and prescriptive analytics such as financial health, that help you gain visibility into the risk profile of a potential vendor.

Accounting

Coronavirus begins disrupting public companies’ financial reporting

2020-03-23T21:08:00+00:00By

Companies are reporting ways in which the coronavirus pandemic is hurting their bottom lines, as well as steps they are taking to reduce spending as disruptions ripple through their supply chains and rattle their customer bases.

Swedbank

Swedbank cuts ex-CEO’s severance following AML probe

2020-03-23T16:22:00+00:00By

Swedbank has canceled the severance pay of its former CEO and accepted a record fine of 4 billion Swedish Krona (U.S. $390 million) in the wake of the findings of an independent investigation into its anti-money laundering deficiencies.

Bribe

TRACE: Bribery enforcement down in 2019

2020-03-20T17:32:00+00:00By

Risks in the extractives and aerospace industries are still prevalent, but the number of overall global and U.S. enforcement cases involving bribery dropped in 2019, according to the latest report from TRACE International.

Data money

U.K. AML report: Data analysis of risks lacking

2020-03-20T16:57:00+00:00By

Implementation of risk-based processes and the data analysis that sits behind them are among the biggest weaknesses laid out in a review of AML efforts in the accounting and legal sectors conducted by the U.K.’s financial watchdog.

Swedbankcrop

Swedish regulator fines Swedbank record $390M for AML deficiencies

2020-03-20T15:07:00+00:00By

Swedbank AB has been issued a record 4 billion Swedish Krona (U.S. $390 million) administrative fine for what Sweden’s financial watchdog called “serious deficiencies in its management of the risk of money laundering in its Baltic operations.”

TimeForChange

Tee International revamps internal controls amid investigation

2020-03-19T16:46:00+00:00By

Tee International disclosed enhancements to its compliance, risk management, and internal controls amid an ongoing investigation by authorities in Singapore into its former group chief executive for allegedly stealing company funds.

Graph spike

Business lessons from past pandemics: Be ready for a second wave

2020-03-18T18:51:00+00:00By

Past pandemics—and there have been four in the last 100-plus years—offer critical lessons for businesses striving to make socially responsible decisions today while also remaining operational in the future.

Italy flag

Analysis: Cyber-attacks spike in Italy linked to coronavirus

2020-03-18T15:03:00+00:00By

Italy, a region in quarantine, is experiencing a spike in attempted cyber-attacks to capture the login credentials of employees working remotely. But not all the attacks have been successful, and that’s where the lessons lie.

Hackers

5 tips to immunize yourself against coronavirus-emboldened hackers

2020-03-17T20:16:00+00:00By

In this time of fear and uncertainty, it’s more critical than ever to practice good cyber-security hygiene (just think of it as the technical version of proper handwashing).

Swedbank_Automat

Swedbank announces new risk chief as probe nears end

2020-03-17T16:31:00+00:00By

Swedbank announced the appointment of Rolf Marquardt as chief risk officer just over a week prior to the expected announcement of the findings of a probe into its AML shortcomings conducted by law firm Clifford Chance.

Coronavirus

As America girds for coronavirus lockdown, China’s experience offers hope

2020-03-16T19:30:00+00:00By

As America nears the dark tunnel of a coronavirus-caused government lockdown, it can learn from the experiences of China, which is about to exit from the other end.

UKCoronavirus

Advice for European compliance officers dealing with coronavirus

2020-03-16T17:49:00+00:00By

Although the coronavirus situation is constantly changing, lawyers say there are several areas of corporate life that are going to test compliance officers and which management will need greater assurance on.

Contract

‘Force majeure’ in spotlight with coronavirus; what’s next?

2020-03-13T21:00:00+00:00By

The coronavirus pandemic has elevated “force majeure”—a rarely-used, relatively obscure contract provision—to a top-of-mind issue for companies scrambling to figure out where gaps are forming in their supply chain.

Crisis management

Eight steps for designing a coronavirus crisis management plan

2020-03-13T20:27:00+00:00By

With the coronavirus on everyone’s mind these days, companies are having to walk a fine line between taking care to communicate necessary and important information while also preventing widespread panic.

David Lefort

Ethical leadership more important than ever during coronavirus crisis

2020-03-13T15:22:00+00:00By

Not a single one of us can predict with any kind of certainty what will come next. And that’s exactly why we need strong ethical voices now more than ever.

Coronavirus

Coronavirus: Tips for risk management

2020-03-13T14:01:00+00:00By

As the coronavirus worldwide pandemic spreads, the ramifications for any business has gone from temporary disruption to a serious impediment. Here are 10 steps your company can take to mitigate its risks.

Houston Astros

Ethics and compliance lessons from Astros’ cheating scandal

2020-03-12T19:59:00+00:00By Carrie Penman and Mark Robertson, Compliance Week Guest Columnists

The Astros’ sign-stealing scandal offers important lessons for leaders of all organizations about the risks associated with a win-at-all-costs or short-term outlook.

Work from home

Employees working from home to avoid coronavirus? Protect your data

2020-03-12T19:54:00+00:00By

With the coronavirus threat having moved on from disrupting your business’s supply chain to threatening your employees’ health at home, now is the time to implement that company-wide remote workplace plan.

Jonny Frank

10 tips to meet government expectations of remediation programs

2020-03-11T20:39:00+00:00By Jonny Frank, Compliance Week Guest Columnist

A DOJ-appointed independent compliance monitor has some important advice for companies in trouble that may mean not just remediation credit, but more importantly reputation restoration and the avoidance of larger problems down the line.

Duke and Quigley

Wells Fargo former board chairs hesitant to accept accountability

2020-03-11T20:17:00+00:00By

Elizabeth Duke and James Quigley remained unwavering about accepting any sort of accountability in their oversight roles as former board members of Wells Fargo at a tense Congressional hearing Wednesday.

askamii

Ask Amii mailbag: Your reputation, employee relations, and more

2020-03-11T16:34:00+00:00By

The latest edition of the Ask Amii mailbag answers queries on how to protect your reputation when your leaders break the rules; Amii also shares her perspective from the trenches on toiling as the ethical employee.

NAVEX coronavirus cover img

e-Book: Best practices for identifying and managing coronavirus risks

2020-03-11T09:36:00+00:00Provided by

The alarming worldwide spread of the coronavirus has not only sent financial markets crashing, it’s created a cascade of risks that every compliance practitioner will need to proactively manage.

Charlie Scharf

Wells Fargo CEO says bank’s past behavior ‘deeply disturbing,’ vows change

2020-03-10T20:20:00+00:00By

Wells Fargo CEO Charlie Scharf, who has led the scandal-plagued megabank for four months, was upfront about the bank’s failure to stem abuses in its banking, lending, and auto insurance divisions when he testified at a Congressional hearing Tuesday.

Iran

Compliance best practices for ever-evolving Iran sanctions

2020-03-10T16:11:00+00:00By

A new executive order issued in January places additional sanctions on a much broader portion of Iran’s economy and, from a compliance and risk management standpoint, puts a broader range of companies in the crosshairs of U.S. enforcement.

Shipping

Coronavirus’ negative effect on global shipping could last weeks, or months

2020-03-09T19:38:00+00:00By

Companies wondering how to handle risks the worldwide coronavirus outbreak will have on global supply chains should look for clues to the Great Recession of 2008-09, the last time so much capacity stood idle.

Climate

FCA seeks comment on proposed climate-related disclosure requirements

2020-03-06T17:50:00+00:00By

The U.K. Financial Conduct Authority is asking for comment on newly published proposals outlining climate-related disclosure requirements for premium listed issuers.

Contract

Can ‘force majeure’ save your company from the coronavirus?

2020-03-05T14:52:00+00:00By

Some businesses—particularly in the global shipping industry—are hoping a provision contained in the fine print of many contracts can avert disastrous financial losses caused by the coronavirus outbreak.

Lacerca-Fabiana

How one California-based CCO is responding to coronavirus risk

2020-03-05T14:35:00+00:00By Compliance Week

We recently spoke with the compliance chief for California-based biopharmaceutical Aimmune, Fabiana Lacerca-Allen, about her role in helping her company proactively plan for and respond to the risks posed by COVID-19.

Bank fail

Former U.S. Bank risk officer pays $450K for AML compliance failures

2020-03-04T19:44:00+00:00By

The former chief operational risk officer at U.S. Bank has agreed to pay a $450,000 penalty for his role in the bank failing to implement and maintain an effective anti-money laundering compliance program.

50 percent rule

Q&A: Clearing up confusion with OFAC’s 50 Percent rule

2020-03-04T16:16:00+00:00By

Compliance Week spoke with Tiffany Archer, regional ethics and compliance officer and corporate counsel at Panasonic Avionics Corporation, on demystifying OFAC’s 50 Percent rule.

CoronavirusTravel

Companies consider employee travel bans as coronavirus proliferates

2020-03-03T20:50:00+00:00By

While not yet the norm, employee travel bans are being bandied about by companies across the globe in light of the increasing coronavirus risk; the policy could lead to a trend toward virtual meetings.

Good news Bad news

Six compliance lessons from Wells Fargo’s really bad week

2020-02-28T17:29:00+00:00By

Two more settlements reached by Wells Fargo with regulators in the span of a week impart yet more “what not to do” ethics and compliance lessons.

Shanghai

Coronavirus safeguards mean corporate ghost towns in China

2020-02-27T17:11:00+00:00By

China’s economy may be stuck in neutral for months by mandated quarantines and business shutdowns as well as resistance from local authorities to issue work resumption permits.

Coronavirus

Coronavirus impact: How tech, medical, retail industries are responding

2020-02-25T16:03:00+00:00By

Surrounded by uncertainty, the coronavirus outbreak has quickly catapulted high on the list of hot risk topics for business leaders everywhere.

Coronavirus

Disruptions caused by coronavirus affecting global supply chain

2020-02-24T21:20:00+00:00By

The burgeoning coronavirus outbreak not only sent markets crashing on Monday, it also put a spotlight on companies whose supply chains have been severely disrupted by the ongoing crisis.

Money laundering

Compliance lessons from Julius Baer’s ‘serious AML failings’

2020-02-21T15:52:00+00:00By

Compliance officers can learn a lot from the anti-money laundering compliance shortcomings at Julius Baer Group, as well as from what the bank is now doing to enhance its risk management and AML compliance controls.

KYC

Understanding the why in CDD

2020-02-13T20:05:00+00:00By Jake Plenderleith, International Compliance Association

Compliance practitioners might know how to undertake customer due diligence, but may never ask themselves why and might have limited knowledge of other anti-money laundering areas.

Chinese hackers

Equifax indictment and the making of a Chinese cyber-attack

2020-02-10T19:21:00+00:00By

The DOJ announced four members of the Chinese military have been indicted on charges of hacking into the computer systems of Equifax, ultimately resulting in the largest-ever breach of consumer data. From an ERM standpoint, the indictment offers an inside look at the making of a Chinese cyber-attack.

Treasury

Treasury lists ‘compliance weaknesses’ as U.S. finance vulnerability

2020-02-07T20:17:00+00:00By

A new report published by the Department of the Treasury cites compliance weaknesses among the most significant illicit finance threats and vulnerabilities facing the U.S. financial system.

RiskLessons

Study: Compliance officers in finance face ‘unnecessary risks’

2020-02-04T20:32:00+00:00By

Compliance officers in the financial services industry face “unnecessary risks” that undermine effectiveness and regulatory goals, according to a new report by the Compliance Committee of the New York City Bar Association.