Volkswagen gets a nod this week for successfully completing its 3-year compliance monitorship related to Dieselgate. Deloitte, on the other hand, lands on the wrong side of our list.
Former chief of the SEC’s FCPA Unit Kara Brockmeyer shared what regulators are looking for when they assess a company’s relationship with its third parties at Compliance Week’s TPRM virtual conference Thursday.
The ICA and ITN Productions Industry News have co-produced “Compliance: the new decade”: a series of reports addressing the role of the compliance professional and the latest insights, challenges, and opportunities for business growth.
Carnival will go through extraordinary scrutiny as it prepares to resume guest operations—not just in health, safety, and security but in environmental compliance as well. The storm is not over yet.
How can Carnival meet the expectations of a government-mandated environmental compliance plan and stay in the court’s good graces while the coronavirus brings business to a standstill?
A nearly 200-page report on managing climate risk in the U.S. financial system is comprehensively assembled by a group spearheaded by CFTC Commissioner Rostin Behnam, but the real work comes in its implementation.
This installment looks at how new Carnival CECO Peter Anderson restructured the Ethics and Compliance department and developed a culture action plan to drive change across the organization.
This installment looks back at Carnival’s history of environmental law convictions, plea agreements with the DOJ, criminal fines, and environmental compliance plans (yes, there is more than one).
It’s early 2020, and the world’s largest cruise line operator is about to confront an immutable collision of two storms: its court-mandated environmental compliance plan, more than 2 years in progress, and the imminent coronavirus pandemic.
As more and more Carnival ships become hotbeds of infection and the company faces harsh criticism, CEO Arnold Donald trumpets the company’s unwavering focus on compliance.
Our first-ever case study is the story of Carnival’s quest for compliance redemption, set in the context of not only new leadership and a court-appointed monitorship, but in the midst of a global pandemic.
As the state home to nearly 70 percent of Fortune 500 companies, the Delaware Department of Justice’s Memorandum of Understanding with OFAC represents a significant milestone for U.S. sanctions enforcement.
JPMorgan Chase, Danske Bank, Deutsche Bank, and Bank of America all either “Nailed It” or “Failed It” this week.
Like the Department of Justice before it, the Commodity Futures Trading Commission has issued guidance to companies on how it will evaluate compliance programs in connection with enforcement matters.
Maintaining the status quo with your vendor risk management program is no longer acceptable in today’s ever-changing marketplace as supply chains can drastically change overnight.
CW is excited to announce the upcoming publication of its first-ever case study, a deep dive into the history of environmental transgressions at Carnival, its path back to compliance under new leadership, and its shift to crisis management mode when COVID-19 hit.
This webinar debunks the myths of AI and ML in third-party risk technology and drills into reality with a pragmatic application of how your data can be harnessed to support various risk management use cases.
The AML community is guilty of tolerating the failing status quo, and very few have dared to confront, challenge, and disrupt the inefficient and ineffective practices. A proactive approach could be the solution, writes Martin Woods.
Establishing an effective data retention policy is a key step in managing and protecting one of your organization’s most valuable assets: it’s data.
How do we, as AML professionals, assess negative media alerts? It should start with a conversation with the client relationship manager, but it shouldn’t end there, writes Martin Woods.
In advance of her keynote at Compliance Week’s upcoming TPRM virtual event (Sept. 17-18), former SEC official Kara Brockmeyer discussed with CW the heightened risk third parties have during a pandemic and what companies can do about it.
A new study from Compliance Week and Diligent finds that many companies are still using unsecure and inefficient entity management processes, leaving them vulnerable to compliance risk.
How we came to learn about the fraud allegedly perpetrated by Wirecard offers important lessons in compliance and corporate governance, writes financial crime expert Martin Woods.
A new training offered by renown expert Paul C. Dwyer helps non-technical practitioners gain confidence in dealing with all aspects of cyber-security or cyber-risk.
In a split decision, the Securities and Exchange Commission has loosened requirements public companies must follow when they describe risk factors and legal proceedings in their financial statements.
Financial crimes expert Martin Woods writes that, in his experience, the big consultancy firms have made a substantial negative contribution to global AML endeavors.
Five federal regulatory agencies issued a reminder to banks and financial institutions that they should continually monitor risks associated with the accounts of foreign officials.
A North Carolina manufacturer that traces its origins back to the Wright brothers may have violated sanctions by doing business with two longtime customers purchased by a blacklisted Russian company.
A recent survey from Compliance Week and Riskonnect of 261 compliance and audit professionals found that half of the respondents were not prepared for the coronavirus pandemic with an updated crisis management plan.
A new global business ethics survey released by the Ethics & Compliance Initiative seeks to explain what factors contribute to employee pressure to compromise ethical policies or regulations and how to reduce that pressure.
John Carreyrou, the Wall Street Journal reporter who exposed Theranos and its founder Elizabeth Holmes as frauds, will be the keynote speaker on Day 2 of Compliance Week’s TPRM virtual conference Sept. 18.
Running a business “in the cloud” was once reserved for innovators and large enterprises, but now nearly every business on the internet is operating in the cloud.
Carnival Corp., already hit with a complete halt of business since April due to the coronavirus pandemic, is the latest major company to reveal the discovery of a ransomware attack.
Artificial Intelligence (AI) tools are being deployed in numerous areas by financial institutions and broker-dealer firms.
The Department of Justice last week issued its first FCPA opinion procedure in six years. Experts weigh in on the ruling, the gap between opinions, and more.
Wells Fargo announced Chief Compliance Officer Mike Roemer will depart two years after taking on the daunting task of transforming the troubled bank’s compliance and risk management efforts. Paula Dominick will succeed him as CCO.
The more internal audit plays a key role in the strategic management of fraud, the more effective and robust organizations’ fraud risk management processes seem to be, according to the results of a recent Kroll/IIA survey.
Many of the coronavirus-related risks recently highlighted by the Office of Compliance Inspections and Examinations are well-known, but the agency made a point of mentioning fees and expenses.
A fresh podcast from the Theranos whistleblower and a new compliance association for Black practitioners get a round of applause from us this week, while a complicated case involving McDonald’s lands the company on both the “Nailed It” and “Failed It” lists.
The COVID-19 pandemic has certainly changed the landscape of global risk, and many organizations are quickly adapting their third-party risk management processes as a result.
The Office of Foreign Assets Control announced a $5,000 settlement with a U.S. person for apparent sanctions violations—a reminder the regulator can pursue enforcement against individuals in addition to companies.
The coronavirus pandemic has wreaked havoc on companies’ leasing function, according to results from a recent survey from Compliance Week and Visual Lease. The study reveals how companies are tackling leasing issues in the “new normal.”
The Basel Committee on Banking Supervision recently issued an updated version of its guidelines on sound management of risks related to anti-money laundering and combating the financing of terrorism.
The Basel Committee on Banking Supervision is seeking comment from the financial services industry on its proposed principles for operational resilience that aim to enhance banks’ ability to withstand, adapt to, and recover from potentially severe adverse events.
The New York Attorney General’s lawsuit to dissolve the National Rifle Association might not play out as intended, but it nevertheless exposes a number of systemic compliance flaws at the organization that appear to still need to be addressed.
This webinar will discuss the results of the Compliance Week and Aravo TPRM benchmarking survey in the context of the DOJ’s Evaluation of Corporate Compliance Programs.
In the wake of drastic updates to the “Three Lines Model” for managing risk, IIA President and CEO Richard Chambers catches up with Compliance Week to discuss the changes, how COVID-19 has impacted the internal audit profession, and more.
Capital One and Capital One Bank (USA) were fined $80 million for failing to establish sound risk management processes and internal controls related to the company’s data breach last year.
No one knows a customer better than the customer. As such, financial crime expert Martin Woods believes the onus should be on the customer to provide the required data to keep KYC logs up to date.
As new insights are continually evolving, organizations around the world are trying to plan and develop their strategies for returning to the new “normal.”