Risk Management


JPMorgan Chase

JPMorgan Chase fined $250M for ‘unsound’ internal control practices

2020-11-25T18:18:00+00:00By

The OCC fined JPMorgan Chase Bank N.A. $250 million for weaknesses in its internal controls and internal audit for its fiduciary activities.

Climate

KPMG report: World’s largest companies slow to address climate change risks

2020-11-24T17:21:00+00:00By

The world’s 250 largest companies are not doing very well in recognizing and measuring financial risks related to climate change, so we’ve got some advice to those who are behind the curve.

Odebrecht site

Four years later, Odebrecht’s external monitorship ends

2020-11-24T16:57:00+00:00By

Odebrecht has reached the end of its compliance monitorship, four years after pleading guilty and resolving charges with authorities in the United States, Brazil, and Switzerland for violations of the Foreign Corrupt Practices Act.

Medical speaker

Rare OIG Special Fraud Alert cautions the use of speaker programs

2020-11-23T17:46:00+00:00By

In a rare move, the U.S. Department of Health and Human Services’ Office of Inspector General issued a Special Fraud Alert warning of inherent fraud and abuse risks associated with speaker programs.

United States sanctions

Biden will tread carefully on sanctions, seek international consensus, experts say

2020-11-23T16:28:00+00:00By

Experts believe President-elect Joe Biden will likely take his time before making big moves to unwind the dizzying array of sanctions levied by his predecessor, President Donald Trump.

Help

OCIE director’s warning: Insufficient CCO support won’t fly

2020-11-19T21:42:00+00:00By

In a year turned upside down by the coronavirus pandemic, one thing hasn’t changed in the eyes of the SEC: The best compliance programs are supported by senior management and have adequate staffing, technology, and training.

world-map

2020 TRACE Bribery Matrix: U.S. falls from top 20; China on the rise

2020-11-19T21:24:00+00:00By

TRACE International’s 2020 Bribery Risk Matrix has the United States trending downward in multiple areas of business-related bribery risk.

EntityMgmt

e-Book: The Benefits of Centralizing and Automating Entity Management

2020-11-19T03:00:00+00:00Provided by

This e-Book from Compliance Week and Diligent explores results from the recent survey, “Automated entity management greatly reduces compliance risk.”

Crypto

Cryptocurrency’s future: What compliance needs to know

2020-11-17T19:15:00+00:00By David Povey, International Compliance Association

Cryptocurrency is complicated, but it’s not going away anytime soon. David Povey of the ICA takes a look at what regulators are trying to do and offers tips on where compliance officers can go to study this complex topic further.

ICA partnership offers AML education in Lithuania

2020-11-17T16:57:00+00:00By GRC Announcements

The International Compliance Association announced a partnership with Kazimieras Simonavičius University in Lithuania to offer the ICA’s full suite of professional qualifications.

AILaw

Survey: Machine learning will (eventually) help win the war against financial crime

2020-11-17T16:45:00+00:00By

While the war against financial crime wages on, machine learning and artificial intelligence may give financial institutions the upper hand, according to a recent survey.

processunity300x200

CPE Webcast: Build a world-class vendor risk program with limited resources

2020-11-17T14:00:00+00:00Provided by

Today, many organizations find themselves stretched thin with limited resources and unable to put together a world-class vendor risk management program.

Climate

U.K. eyes history with climate change disclosure plan package

2020-11-16T17:14:00+00:00By

Financial services firms in the United Kingdom must soon begin reporting what material financial impact they experience from climate change under a new disclosure mandate that is the first of its kind in the world.

COVID-Prep

Webcast: COVID-19 Employee Training

2020-11-16T15:00:00+00:00By Compliance Week

This one-hour Webinar covers what coronavirus pandemic training and education are needed to safely re-enter the workplace.

Dr. Kurt Michels

Volkswagen CCO Kurt Michels: Tips for surviving a monitorship

2020-11-12T21:06:00+00:00By

Fresh off his company’s compliance monitorship, Volkswagen CCO Kurt Michels shares ways to cultivate a trustful relationship with a monitor; finesse a company’s cultural makeover; and reestablish credibility in the wake of criminal behavior.

Data globe

Guidance for safe data transfers post-Privacy Shield

2020-11-12T20:21:00+00:00By

The European Data Protection Board has issued guidance to help companies transfer data to the United States and other third countries safely after Europe’s top court in July ruled key methods used up until then were either invalid or unsafe.

Coronavirus list

U.K. watchdog seeks disclosures on COVID-19, climate change

2020-11-12T20:14:00+00:00By

COVID-19 and its impact on operations and the bottom line tops the Financial Reporting Council’s list of what it wants to see in company reports for 2021.

woods

More data, more problems with FinCEN international transfer proposal?

2020-11-12T18:10:00+00:00By

A recent international wire transfer rule change proposed by U.S. regulators could go a long way toward combatting terrorist financing, but the increased transaction reporting may overwhelm an already taxed system, writes Martin Woods.

covington300x200

CPE Webcast: Harnessing power of data analytics to meet compliance obligations

2020-11-12T11:00:00+00:00Provided by Covington

The updated DOJ guidance on the evaluation of compliance programs emphasizes the importance of obtaining, tracking, and acting on compliance-relevant data.

Compliance executive level

COSO report: Elevating compliance leads to more informed decision-making

2020-11-11T22:35:00+00:00By

Many compliance departments are not independent, but instead report to other departments. COSO recommends compliance be separated out into its own division, led by a chief compliance officer with an executive-level position.

Coronavirus fails

OCC report: Banks sound, but compliance risks elevated amid pandemic

2020-11-11T19:10:00+00:00By

The U.S. banking industry is stable nearly nine months into the coronavirus pandemic, but the OCC warns of increased risks for banks seeking to comply with the Bank Secrecy Act and consumer protection and fair lending requirements.

revenera 300x200

CPE Webcast: Getting real about the license complexity of Linux

2020-11-10T14:00:00+00:00Provided by

How deep do you need to go to uncover potential license compliance issues that could cause you problems now or when you least expect it? Have you considered snippet-level analysis? Should you?

Werner

VW integrity chief: Culture has changed … and we have stress test to prove it

2020-11-09T17:38:00+00:00By

In a Q&A with Compliance Week, Volkswagen integrity chief Hiltrud Werner said that while compliance efforts “never have a finish line,” the company has made great strides since Dieselgate.

Cyber risk

Audit committee best practices for understanding and acting on cyber-threats

2020-11-05T20:44:00+00:00By

Cyber-security risk oversight is the area with the greatest increase in audit committee disclosures in proxy statements, so you better make sure you’ve got a handle on understanding your responsibilities.

Citi

Citigroup chief risk officer to depart amid risk management overhaul

2020-11-03T19:38:00+00:00By

The chief risk officer at Citigroup is set to depart from his role in the wake of a $400 million enforcement action that ordered the firm to overhaul its risk management and compliance programs.

Board table

Emerging state board diversity laws encourage proactive approach

2020-11-03T16:40:00+00:00By

As more states enact statutes that directly address diversity in the boardroom, corporate boards that have not already done so would be wise to begin strategizing their diversity efforts now.

Marcus Pleyer

Working together to stop money laundering: A conversation with Marcus Pleyer

2020-11-02T22:13:00+00:00By International Compliance Association

Dr. Marcus Pleyer, president of the Financial Action Task Force, emphasized his commitment to stopping money laundering in a wide-ranging and forward-looking discussion at the ICA’s BIG Compliance Festival.

Coronavirus look ahead

New bank resiliency guidance tackles cyber-risk, pandemic planning

2020-11-02T17:45:00+00:00By

Federal banking regulators have released new operational resiliency guidance aimed to strengthen risk management around technology-based failures, cyber-incidents, pandemic outbreaks, natural disasters, and more.

woods

Manchester Arena tragedy offers stark lesson in training importance

2020-11-02T17:39:00+00:00By

As the public inquiry into the Manchester Arena bombing of 2017 plays out in the United Kingdom, lessons can be gleaned on the importance of providing thorough and complete training to employees in all fields.

Kurt Michels

CCO Philippe Vollot has a plan for Danske’s compliance reboot

2020-11-02T16:57:00+00:00By

Danske Bank CCO Philippe Vollot knows his journey to build a robust compliance program and culture at the troubled lender is far from over.

covington300x200

CPE Webcast: Enforcement risks and compliance pitfalls for corporations

2020-10-29T14:00:00+00:00Provided by Covington

Three recent major enforcement actions related to alleged domestic bribery activity, including a $200 million deferred prosecution agreement with a major utility, may signal a renewed focus by the Department of Justice into corruption corporate interests at the state and local levels in the U.S.

Jim Beam

Bribes, falsified records cost Beam Suntory $19.6M in FCPA settlement

2020-10-28T18:43:00+00:00By

Alcoholic beverage maker Beam Suntory agreed to pay $19.6 million to resolve Foreign Corrupt Practices Act charges of improper payments by its Indian subsidiary.

Bank loan

OCC deems ‘true lenders’ responsible for actions of third-party partners

2020-10-28T16:30:00+00:00By

The Office of the Comptroller of the Currency’s finalized “true lender” rule clarifies how banks are responsible for the compliance obligations and actions of their third-party lending partners.

Goldman Sachs

Goldman board demands accountability with widespread 1MDB clawbacks

2020-10-28T14:58:00+00:00By

The board of directors at Goldman Sachs Group will attempt to claw back approximately $174 million from a dozen current and former executives—one of the largest clawback attempts ever—in the aftermath of the 1MDB scandal.

ICA launches new certification in corporate governance

2020-10-27T22:01:00+00:00By GRC Announcements

The International Compliance Association has relaunched its Specialist Certificate in Corporate Governance course designed to provide an understanding of the requirements and principles of good corporate governance.

refinitiv 300x200

CPE Webcast: Third-party risk in the era of COVID-19

2020-10-27T14:00:00+00:00Provided by

This webinar will discuss how companies are making changes to their onboarding processes and supply chain due diligence and how COVID-19 has shifted priorities and budgets going forward.

FourOptions

Choose your ending: What to do when your systems are hacked and ransom is demanded

2020-10-26T14:54:00+00:00By

What should you do if your firm is hit by ransomware? Choose your own ending to this tale about a clinic, a criminal, and coronavirus to learn the risks and rewards of each choice.

GoldmanSachs

Compliance lessons from Goldman Sachs’ $2.9B 1MDB settlement

2020-10-23T15:05:00+01:00By

Jaclyn Jaeger explores compliance takeaways from Goldman Sachs’ $2.9 billion global bribery settlement for its role in the 1MDB scandal.

Hester_Peirce

SEC Commissioner Hester Peirce mulling CCO liability framework

2020-10-22T19:37:00+01:00By

SEC Commissioner Hester Peirce revealed in a recent speech that she is considering developing a draft framework that would aim to clarify when the Commission may seek personal liability in compliance cases.

NIST

NIST guidance tackles how to integrate cyber-security with ERM

2020-10-22T15:34:00+01:00By

New guidance from NIST aims to demystify a process with which many companies across all industries have long struggled: how to seamlessly integrate cyber-security risk into an overall enterprise risk management program.

processunity300x200

CPE Webcast: Empower visibility for an efficient vendor risk program

2020-10-22T14:00:00+01:00Provided by

Managing third-party risk for your organization is increasingly becoming more urgent with today’s environmental and geopolitical challenges, business continuity issues and regulatory demands.

Carnival

CPE Webcast: Lessons from Carnival’s compliance redemption amid COVID-19

2020-10-21T18:00:00+01:00By Compliance Week

Compliance Week Editor in Chief Dave Lefort and data journalist Aly McDevitt host a 1-hour Webcast to discuss CW’s Carnival case study in addition to the behind-the-scenes making of the product.

Berkshire Hathaway

Berkshire Hathaway fined $4.1M for Iran sanctions violations

2020-10-21T16:59:00+01:00By

The U.S. Department of the Treasury’s Office of Foreign Assets Control assessed a $4.1 million fine against Berkshire Hathaway for “egregious” violations of sanctions against Iran committed by a subsidiary in Turkey.

woods

Avoiding the compliance pitfalls of bias, bullying, and blind spots

2020-10-21T16:45:00+01:00By

As compliance professionals we have an important role to play in helping businesses confront and challenge the three Bs of bias, bullying, and blind spots. If we can’t see it, we can’t police it, and that is our job, writes Martin Woods.

Cost rising

Study: Financial crime compliance costs top $42B in U.S./Canada

2020-10-21T16:39:00+01:00By

A new study of financial crime compliance costs found spending by American and Canadian financial institutions is up sharply in 2020, driven in part by the coronavirus pandemic.

Blind

Is human trafficking financial services’ blind spot?

2020-10-20T16:24:00+01:00By Jake Plenderleith, International Compliance Association

A new report from BAE Systems demonstrates just how far we have to go in the fight against money laundering, particularly when it comes to human trafficking.

trueoffice300x200

CPE Webcast: 5 reasons why your compliance program doesn’t meet DOJ guidance

2020-10-20T14:00:00+01:00Provided by

In a world where most compliance solutions claim to be compliant with the latest DOJ guidance, let’s take a closer look at the framework designed for evaluating corporate compliance programs, how that has evolved over the years, and critical questions you should be asking.

columnist icons

USAA $85M fine for compliance failures lacks justification

2020-10-16T15:58:00+01:00By

The OCC’s recent $85 million penalty assessed against USAA for compliance risk management failures leaves too many questions unanswered for a fine that size, writes Jaclyn Jaeger.

M&A activity

Best practices for M&A cyber-security due diligence in a virtual world

2020-10-15T16:12:00+01:00By

The slowdown in mergers and acquisitions in the early stages of the coronavirus pandemic in March is waning, and M&A activity is approaching pre-pandemic levels again, with cyber-security risk now the top concern.

Political donations

SEC ‘pay-to-play’ enforcement surge projected in 2021

2020-10-14T19:36:00+01:00By

More donations in a high-stakes election year means more chances that the Securities and Exchange Commission will pursue investigations related to its often overlooked “pay-to-play” rule.