Risk Management


Business argument

Materiality, Scope 3 emissions elicit debate in SEC climate rule comments

2022-07-06T13:40:00+01:00By

Comment letters in response to the SEC’s climate-related disclosure rule have laid out opponents’ issues with the proposal, while supporters have used the process to buttress the agency’s case for implementing it.

SEC building

SEC’s Peirce weighs CCO enforcement case against liability framework

2022-07-05T17:41:00+01:00By

What would it look like if the SEC adopted a chief compliance officer liability framework? Commissioner Hester Peirce offered a preview in a statement regarding an enforcement action against the CCO of a formerly registered investment adviser.

AI regulation

Survey: Spending on AI, new tech to increase despite known risks

2022-07-05T13:44:00+01:00By

Companies are set to ramp up spending on artificial intelligence and other technologies in the coming years despite expectations of rising legal disputes over its use and implementation, according to a new survey.

Mass storage

Financial volatility, supply chain disruptions among PCAOB 2022 inspection focuses

2022-07-05T13:40:00+01:00By

The Public Company Accounting Oversight Board will pay increased attention to how auditors are addressing changing risk landscapes because of the current economic environment during its 2022 inspections.

Credit Suisse

Credit Suisse money laundering verdict start of new era of Swiss enforcement?

2022-07-01T17:58:00+01:00By

Credit Suisse became the first major Swiss bank to be prosecuted for money laundering in the country after the Federal Criminal Court of Switzerland found the bank guilty of washing money connected to a Bulgarian drug smuggling syndicate.

control risks 300x200

CPE Webcast: Managing challenges of sanctions screening in your third-party risk program

2022-06-30T14:00:00+01:00Provided by Control Risks

Sanctions are one of the most important risk factors to consider in any compliance program. No one wants to be found to have business ties to a sanctioned entity given the potential for significant financial penalties and reputational damage.

China flags

Uyghur Forced Labor Prevention Act should prompt due diligence reassessment

2022-06-30T12:15:00+01:00By

All companies with a global footprint should be reevaluating their supply chain due diligence and documentation practices to show the absence of forced labor in the wake of the Uyghur Forced Labor Prevention Act taking effect.

refinitiv thumbnail

e-Book: Avoiding pitfalls of working in high-risk regions

2022-06-30T07:07:00+01:00Provided by

The issues of working in high-risk regions have always been there, but recent dynamic events and circumstances have added unique challenges.

Russia sanctions

FinCEN/BIS alert flags Russia export control evasion indicators

2022-06-29T18:11:00+01:00By

The Financial Crimes Enforcement Network and Bureau of Industry and Security warned financial institutions to be on the lookout for new and novel ways individuals and entities in Russia and Belarus are attempting to evade export controls.

Mergers

Survey: Tell us about your M&A compliance

2022-06-29T14:33:00+01:00Provided by Avalara

Take part in this 3-minute survey to help benchmark your mergers and acquisitions pain points against those of your peers. One lucky respondent will win a $200 Amazon gift card for completing the survey.

Brasseur_opinion

Historic EY fine latest by-product of KPMG cheating scandal

2022-06-29T13:44:00+01:00By

It is impossible to ignore the SEC’s $100 million fine against EY for employee exam cheating is double the amount the regulator penalized KPMG for its separate cheating scandal. Especially since the latter resolution appears to have served as a starting point for the SEC’s ruling on the former.

Money

Transaction monitoring: How we can do better

2022-06-28T18:22:00+01:00By Teodora Harrop, for International Compliance Association

While the requirement to undertake transaction monitoring evolved because of AML legislation, its importance has been magnified and reinforced by increased regulatory attention and significant fines.

EY

EY fined record $100M for employee cheating scandal

2022-06-28T16:38:00+01:00By

Ernst & Young will pay $100 million after admitting to SEC charges addressing systematic cheating among its accounting professionals on CPA license exams over four years. The fine is the largest the agency has ever imposed against an audit firm.

Brasseur_opinion

CCO skepticism toward DOJ compliance certifications justified

2022-06-27T15:36:00+01:00By

Chief compliance officer concerns regarding the Department of Justice’s new certification policy have not been alleviated by the agency’s inconsistent communication regarding the requirement.

RisksAhead

OCC risk report: Russian sanctions, staffing churn increase compliance challenges

2022-06-24T18:19:00+01:00By

The Office of the Comptroller of the Currency warned banks and financial institutions about elevated operational risks caused by geopolitical tensions and a heightened compliance risk environment complicated by regulatory changes, policy initiatives, and difficulties in hiring qualified professionals.

Gibraltar flag

FATF adds Gibraltar to AML/CFT watchlist; Malta removed

2022-06-24T13:58:00+01:00By

The Financial Action Task Force added Gibraltar to its list of jurisdictions working with the organization to improve the countering of money laundering, terrorist financing, and proliferation financing within their borders.

African currency

FCA fines Ghana International Bank $7.1M for AML failings

2022-06-23T14:27:00+01:00By

The U.K. Financial Conduct Authority fined Ghana International Bank £5.8 million (U.S. $7.1 million) for deficiencies in its anti-money laundering controls over its correspondent banking activities.

JLT UK

FCA fines JLT Specialty $9.7M for financial crime control lapses

2022-06-22T20:41:00+01:00By

The U.K. Financial Conduct Authority fined a unit of insurance broker Jardine Lloyd Thompson Group 7.9 million pounds (U.S. $9.7 million) for failing to control financial crime within its South and Central American subsidiaries.

accenture300x200

CPE Webcast: Can the compliance function keep up with warp-speed change?

2022-06-22T11:00:00+01:00Provided by Accenture

Across the globe and sectors, we are seeing a compliance risk landscape that is evolving and becoming more complex. We are also seeing compliance functions respond to mounting internal and external demands, escalating compliance costs, and operating with constrained budgets and resources.

Sayari 300x200

CPE Webcast: Unmask offshore holdings of Russian oligarchs using public data

2022-06-21T14:00:00+01:00Provided by Sayari

The cascade of sanctions condemning Russia’s assault on Ukraine has governments and financial regulators investigating Russian oligarchs, many of whom exploit gaps in public disclosure laws through offshore assets

Russia economy

‘Have contingency plans’: TPRM expert on confronting Russia risk exposure

2022-06-21T12:31:00+01:00By

Melanie Gallagher, head of third-party risk management at financial software company Intuit, offered best practices for navigating sanctions compliance risks at CW’s TPRM Summit in Chicago.

TPRM2022 Linda Tuck Chapman

Five prevailing themes from TPRM Summit

2022-06-17T21:56:00+01:00By

Editor In Chief Kyle Brasseur recaps popular points of discussion across Compliance Week’s two-day Third-Party Risk Management Summit held in Chicago.

Jaeger_opinion

USAA whistleblowers want to be heard—and now

2022-06-16T17:13:00+01:00By

Jaclyn Jaeger reflects on feedback received from former and current USAA employees following her three-part series detailing alleged violations of law and mismanaged compliance culture at the financial services giant.

300x200 logo

Webcast: Importance of adopting a cybersecurity risk management framework

2022-06-16T14:00:00+01:00Provided by

More and more commercial organizations are voluntarily adopting cybersecurity risk management frameworks like NIST CSF, COBIT, ISO, and others considering recent legislation, executive orders, and reporting requirements.

Supply chain

Strain in your supply chain no excuse for compliance shortcuts

2022-06-16T11:23:00+01:00By

With the Russia-Ukraine war’s ever-expanding sanctions landscape, supply chain strain and risk of enforcement are sharply increasing. Speakers at a recent event hosted by Drexel University’s Kline School of Law offered best practices.

Cybersecurity offices

Survey: Cyber threats, remote work, financial pressures key ABC concerns for 2022

2022-06-15T19:06:00+01:00By Adrianne Appel

Compliance programs globally expect to shoulder more responsibilities in 2022, according to Kroll’s latest Anti-Bribery and Corruption Benchmarking Report.

july21

July 21 | Getting started with third-party risk management

2022-06-15T18:30:00+01:00Provided by

Nearly every business does due diligence when onboarding and renewing contracts, but many times the work stops well short of a program to efficiently manage strategic third parties, their contributions to business performance, and the risks they could pose to the organization.

july28

July 28 | Why firms are moving to identity proofing platforms

2022-06-14T15:18:00+01:00Provided by

When it comes to remotely onboarding customers, businesses have adopted eKYC solutions to ensure their new customers are who they say they are and are suitable to do business with. But most eKYC solutions are limited in scope.

Phone apps

Addressing fraud via social media

2022-06-14T10:38:00+01:00By Jon Prentice, International Compliance Association

Fraud and social media have a special relationship, with the two frequently combining to cause harm, distress, and loss to an enormous number of people.

TPRM2022 room

Primer: Third-Party Risk Management & Oversight Summit

2022-06-13T11:00:00+01:00By

Editor In Chief Kyle Brasseur previews Compliance Week’s Third-Party Risk Management Summit, a two-day conference solely dedicated to the sharing of knowledge and experience within TPRM.

Workiva logo 300x200

CPE Webcast: SEC climate disclosure proposed mandate: What you need to know

2022-06-09T14:00:00+01:00Provided by

What might the SEC’s proposed climate disclosure mandate mean as finance and sustainability teams begin implementing and maturing their programs to deliver both business and ESG value?

Cryptocurrency wallet

Lummis-Gillibrand bill would regulate crypto for first time

2022-06-08T17:49:00+01:00By

The Responsible Financial Innovation Act, introduced by Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), seeks to regulate digital assets, blockchain technology, and cryptocurrencies in the United States for the first time.

CFTC

CFTC comment request gauging future action on climate-related risks

2022-06-03T13:44:00+01:00By

The Commodity Futures Trading Commission is seeking public comment on climate-related financial risks that could inform the agency’s future guidance, interpretations, policy statements, and/or rulemaking.

ESG vector

Survey: Legal heavily involved in ESG strategy, less so in compliance

2022-06-02T16:57:00+01:00By Adrianne Appel

Less than one-fifth of global corporate legal departments in a recent survey reported heavy involvement with environmental, social, and governance compliance, though three-quarters said they had been extremely involved in drafting their companies’ ESG strategy.

Best Buy

Real talk: How Best Buy manages challenges of DEI goals

2022-06-02T11:45:00+01:00By

Two years into its diversity, equity, and inclusion action plan, Best Buy leaders attended Compliance Week’s National Conference to discuss—in a refreshingly blunt manner—the retailer’s learnings.

Deutsche Bank

Deutsche Bank asset management head resigns amid greenwashing probe

2022-06-01T18:10:00+01:00By

Asoka Woehrmann, chief executive of DWS Group, has resigned amid an investigation by German officials into allegations of greenwashing within the asset management unit’s investment portfolio.

RecordsMgmt

The importance of maintenance and record-keeping

2022-05-31T16:32:00+01:00By Jon Prentice, International Compliance Association

Stringent maintenance and record-keeping measures are part of the foundations of an effective compliance and risk management framework, so their neglect is as puzzling as it is unwise.

Westpac

Report: Westpac New Zealand progressing on risk culture improvements

2022-05-31T14:27:00+01:00By

An independent report ordered by the Reserve Bank of New Zealand into Westpac New Zealand has found the bank is “moving in the right direction” in addressing risk culture deficiencies.

CW2022 Leadership Panel

Compliance leadership panel: Current state, future trends, more

2022-05-31T11:51:00+01:00By

Four senior compliance practitioners shared their insights on maintaining an ethical culture, embracing data analytics, determining compliance’s role in measuring ESG metrics, and more as part of a panel discussion at Compliance Week’s National Conference.

Lafarge

Court rules Lafarge to face crimes against humanity charges

2022-05-31T11:51:00+01:00By

A French court ruled Lafarge should face charges of complicity in crimes against humanity after its subsidiary allegedly paid up to €13 million (U.S. $14 million) to armed groups—including the Islamic State—to keep its Syrian cement factory running between 2012-14.

Risk reward

Factors to consider when implementing risk assessment technology

2022-05-26T16:43:00+01:00By Holly Thomas-Wrightson, International Compliance Association

With the growing demands of huge data sets, an everchanging regulatory landscape, and constantly evolving typologies, the challenge of assessing, documenting, and managing financial crime risk has never been greater.

Global business

Best practices, common pitfalls in working in high-risk countries

2022-05-25T13:50:00+01:00By

A panel of compliance professionals discussed the increasingly relevant topic of working in high-risk countries, sharing their experiences and lessons learned at Compliance Week’s National Conference in Washington, D.C.

Glencore HQ

Glencore fined $1B, placed under 3-year monitorship for FCPA violations

2022-05-24T21:47:00+01:00By

Glencore International AG, one of the world’s largest commodity traders, will be placed under a three-year compliance monitorship and pay more than $1 billion to resolve multiple investigations into alleged bribes paid in several countries over more than a decade.

15388_onetrust300x200_582496

CPE Webcast: The CISO’s role in ESG: Aligning with your business’ goals

2022-05-24T14:00:00+01:00Provided by

Compliance policies must expand to align with ESG objectives, especially as the Securities and Exchange Commission proposes new rules for climate disclosures.

Olympus

Lessons learned from Olympus compliance monitorship

2022-05-24T11:39:00+01:00By

Christine Gordon, chief compliance officer at Olympus Corporation of the Americas, spoke about her company’s experience working with a DOJ-selected independent monitor at Compliance Week’s National Conference.

BNY Mellon

BNY Mellon fined $1.5M by SEC for misstatements on ESG mutual funds

2022-05-23T17:30:00+01:00By

BNY Mellon Investment Adviser has agreed to pay a $1.5 million fine to the Securities and Exchange Commission for making “misstatements and omissions” on environmental, social, and governance mutual funds it managed over three years.

Brasseur_opinion

Ten highlights from Compliance Week 2022

2022-05-23T11:30:00+01:00By

Editor In Chief Kyle Brasseur recaps the moments that stood out to him most from Compliance Week’s first in-person event since 2019.

Compliance Week Landing Page - 2x

White paper: How Compliance Can Prevent Risk and Rapidly Respond to Change

2022-05-20T18:25:00+01:00Provided by BRYTER

The compliance and risk landscape grows more complex each day, and the rate of change in the space is only accelerating.

CW2022 Matthew Friedman

Expert: Combating modern slavery starts with understanding the issue

2022-05-18T15:13:00+01:00By

Matthew Friedman, an expert on international human trafficking with more than 30 years of experience, discussed the importance of companies addressing modern slavery in their supply chains as part of a virtual fireside chat on the human factor of ESG at Compliance Week’s National Conference.

CW2022 Kenneth Polite

DOJ’s Kenneth Polite to CCOs: Tell me your compliance success stories

2022-05-17T22:56:00+01:00By

Kenneth Polite Jr., head of the Department of Justice’s Criminal Division and a former chief compliance officer, delivered a dynamic keynote address emphasizing the importance of empowering compliance to avoiding prosecution at Day 2 of Compliance Week’s National Conference.