Surveys & Benchmarking


2022

NAVEX: Top 10 risk and compliance trends for 2022

2022-01-20T19:15:00+00:00By

Diversity, equity, and inclusion; prioritizing ESG; business continuity; and more highlight the latest edition of NAVEX’s annual list of risk and compliance trends worth monitoring.

AML-Europe

Report: Financial crime fines down in 2021; AML penalties drop 78 percent

2022-01-19T16:38:00+00:00By

Fines for corporate crimes last year fell by more than half to 8.7 billion euros (U.S. $9.9 billion) from 2020’s total of €20 billion (U.S. $22.6 billion), according to a report released by research firm AML Intelligence.

Ransomware cover

CW case study to offer 360-degree view of ransomware attack

2022-01-19T13:00:00+00:00By

Learn through the eyes of the C-suite at Vulnerable Electric, a fictional private utility company impacted by a significant ransomware attack, as part of Compliance Week’s upcoming case study set to begin publishing Jan. 31.

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Report: GDPR fines surpass $1B in 2021; breach notifications also rise

2022-01-18T22:06:00+00:00By

Nearly €1.1 billion (U.S. $1.2 billion) worth of fines have been issued against organizations in the past year for violations of the General Data Protection Regulation, according to the latest annual report by law firm DLA Piper.

Liability

CCO liability framework seeks to acknowledge compliance support concerns

2022-01-12T20:55:00+00:00By

The National Society of Compliance Professionals has drafted a framework that urges regulators to consider chief compliance officer liability more holistically, in the context of the compliance culture within a CCO’s firm.

FCPA-July

Report: FCPA investigations, enforcement actions hit 10-year lows in 2021

2022-01-10T22:04:00+00:00By

The number of enforcement actions brought under the Foreign Corrupt Practices Act in 2021 fell to the lowest total in a decade, according to a new report by the FCPA Clearinghouse at Stanford Law School.

Money

Report: Financial services fines drop 49 percent in 2021

2022-01-10T18:50:00+00:00By

The value of penalties against global financial services firms in 2021 dropped to half the total levied in 2020, according to research by compliance technology provider Fenergo.

Crypto scam

Report: Cryptocurrency-related crime reaches record $14B in 2021

2022-01-07T18:25:00+00:00By

The amount of illicit cryptocurrency transactions reached an all-time high in 2021 at $14 billion, according to a Chainalysis study due out next month. The rise coincides with significant increases in the overall volume of crypto transactions.

Business pyramid

How to identify ultimate beneficial owners

2022-01-05T16:39:00+00:00By Teodora Harrop, for International Compliance Association

As financial institutions continue to face enhanced public scrutiny and potential regulatory attention, it is important they allocate competent resources to their AML programs regarding beneficial ownership.

AuditTech

ISACA issues audit resources on SOX, VPNs, agile auditing

2021-12-23T15:46:00+00:00By

The ISACA, an international professional association focused on IT governance, released three new resources designed to assist audit professionals in enhancing their skills to meet the needs of the evolving audit landscape.

AuditInspectionFeature

Cybersecurity trends continue in 2021 audit committee transparency report

2021-12-20T19:17:00+00:00By

The most dramatic increase in audit committee disclosures in proxy statements for the second consecutive year was in responsibility for cybersecurity risk oversight, according to the latest report from the Center for Audit Quality and Audit Analytics.

HandsBuildingBlocks

Survey highlights need for better data integration between risk and compliance

2021-12-20T16:27:00+00:00By

A recent survey from Compliance Week and Riskonnect presents a compelling argument for companies to invest in bridging the gap between risk management and compliance data.

Climate globe

OCC guidance: Six principles for large banks managing climate risks

2021-12-20T14:23:00+00:00By

The Office of the Comptroller of the Currency published draft guidance for large banks to identify, measure, monitor, and control climate-related risks to ensure the safety and soundness of their institutions and the market.

Sustainability measures

TCFD recommendations more than building block for SEC climate disclosure rules?

2021-12-16T17:39:00+00:00By

SEC Chair Gary Gensler has hinted the agency’s highly anticipated climate-related disclosure rules will likely be pegged to an international framework, specifically mentioning the Task Force on Climate-Related Financial Disclosures. How can the TCFD help companies prepare for what’s ahead?

United States European Union cooperation

Biden corruption strategy puts FCPA in spotlight overseas

2021-12-15T16:43:00+00:00By

President Joe Biden’s strategy on countering corruption shows tackling corporate abuses overseas is firmly back on the U.S. agenda. As such, European companies and executives should beware: The Foreign Corrupt Practices Act is likely to get a dusting off.

Data Harvest

Survey: Benchmark your data protection controls

2021-12-14T21:15:00+00:00By Compliance Week

How does your company tackle data protection compliance? Share your insights with Compliance Week and BRYTER.

Accountingbestpractices

Report: Restatements drop to record low in 2020

2021-12-14T20:07:00+00:00By

Financial statement restatements by public companies declined in 2020 to their lowest level in 20 years, according to the latest Audit Analytics study.

BAE 300x200

CPE Webcast: Takeaways: 2021 Global State of Anti-Money Laundering

2021-12-14T14:00:00+00:00Provided by BAE Systems

More than 60 percent of those surveyed in a recently published “2021 Global State of Anti-Money Laundering” report by BAE Systems said advanced criminal techniques have become even harder to spot in the last 12 months.

Fintech

Risk and compliance considerations for fintech startups and their bank relationships

2021-12-14T13:00:00+00:00By

Fintech startups are typically free to enjoy rapid growth without the burden of strict regulatory oversight. But as scrutiny over the industry grows, so does the urgency for fintechs to get their compliance house in order.

ITM 2021 practitioner profiles

Graphic: 2021 CCO salary practitioner profiles

2021-12-13T13:00:00+00:00By Compliance Week

Benchmark against your peers with chief compliance officer salary data from over 300 respondents to our annual Inside the Mind of the CCO survey.

ITM 2021 ESG pillars

Graphic: Ranking the pillars of ESG

2021-12-13T13:00:00+00:00By Compliance Week

Environmental, social, or governance—which does your company prioritize? Respondents to our Inside the Mind of the CCO survey were generally split, with trends emerging at industry level.

Privacy data access

NYDFS guidance addresses common MFA problems—and how to fix them

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

The New York State Department of Financial Services outlined common vulnerabilities in multi-factor authentication and how to address them from a cybersecurity risk management standpoint.

Joe Biden

Compliance takeaways from Biden strategy on countering corruption

2021-12-06T20:50:00+00:00By

President Joe Biden’s sweeping anti-corruption initiative includes developments in two key areas of interest for the compliance profession: the U.S. beneficial ownership registry and a new proposal to expand reporting requirements on cash real estate transactions.

Audit

What companies/auditors need to know for 2021 year-end audits

2021-12-06T13:00:00+00:00By

The continued effects of the pandemic, along with the implementation of new accounting standards, have companies and their auditors confronting substantial change in year-end audits.

London cityscape

U.K. Corporate Governance Code gaps remain despite reporting improvements

2021-11-29T19:59:00+00:00By

U.K. companies have improved corporate reporting—particularly on environmental and social issues—despite more instances of noncompliance with the Corporate Governance Code, according to the Financial Reporting Council’s latest review.

Shipping boat

How agile companies succeed in the throes of supply chain woes

2021-11-22T15:26:00+00:00By

In the midst of unimaginable global supply chain chaos, leading companies are adjusting their supply chains in a variety of ways, turning disruption into competitive advantage.

SEC office

SEC enforcement report: Total actions down in FY2021; first-of-their-kind cases up

2021-11-19T16:45:00+00:00By

The number of total enforcement actions filed by the Securities and Exchange Commission fell 3 percent in fiscal year 2021, according to the agency’s annual enforcement report.

ESG vector

Compliance must carve out role in company ESG efforts

2021-11-19T13:00:00+00:00By

Respondents to our “Inside the Mind of the CCO” survey agree compliance should play a key part as businesses determine their ESG strategy—either through primary oversight or meaningful participation.

aaron mind graphic

Inside the Mind of the CCO: New responsibilities come to fore in 2021

2021-11-19T13:00:00+00:00By

For the third straight year, respondents to our “Inside the Mind of the CCO” survey indicated lack of support and resources as the No. 1 part of their job that keeps them up at night. It’s cause for concern, especially as the role’s mandate grows.

Cybersecurity

The year of ransomware: How companies are boosting cybersecurity controls

2021-11-18T13:00:00+00:00By

High-profile ransomware events over the last year have prompted businesses to beef up cyber defenses through new investments, increased training, and more, according to our “Inside the Mind of the CCO” survey.

Diversity

DEI & compliance: Signs of advancement and complications

2021-11-18T13:00:00+00:00By

A global outcry for racial justice reached a crescendo in 2020, and corporate America pledged to “meet the moment” with transformative change. According to our “Inside the Mind of the CCO” survey, there are macro signs of companies trying to move the needle, but gaps in DEI progress remain.

Bribe

2021 TRACE Bribery Matrix: Post-Trump U.S. still outside top 20

2021-11-17T21:50:00+00:00By

A negative trend in the U.S. business bribery risk environment that began under the Trump administration has yet to reverse, according to TRACE International’s 2021 Bribery Risk Matrix.

McDevitt_opinion

Stop normalizing the gender pay gap

2021-11-17T13:00:00+00:00By

Our “Inside the Mind of the CCO” survey revealed women in compliance were paid far less than men. In a profession where practitioners are hailed as paragons of ethical integrity, why is this OK?

Happy businesspeople

Compliance: The happiest profession on Earth?

2021-11-17T13:00:00+00:00By

While the “Great Resignation” takes its toll on many industries, compliance officers responding to CW’s “Inside the Mind of the CCO” survey still near-unanimously say they are happy with their jobs. Amii Barnard-Bahn speaks with practitioners for their insights into the disparity.

SEC

SEC rewrites whistleblower record books during historic FY2021

2021-11-15T23:08:00+00:00By

The SEC announced more whistleblower awards to more recipients in fiscal year 2021 than all prior years combined, according to the agency’s annual report to Congress.

Global sanctions

What it takes to work in sanctions compliance

2021-11-12T18:49:00+00:00By Visar Jaha, for International Compliance Association

Sanctions compliance veteran Visar Jaha explores for the ICA what it takes to be a successful in ensuring compliance with sanctions regimes within a firm.

Climate change ideas

OCC acting head: 5 climate questions bank boards should be asking

2021-11-08T20:57:00+00:00By

Michael Hsu, acting head of the Office of the Comptroller of the Currency, explores the role of bank boards to promote improvements in climate risk management practices at their banks.

PCAOB inspections 2020

PCAOB 2020 inspection reports: PwC bucks deficiency trend, dethrones Deloitte

2021-11-04T23:30:00+00:00By

PwC ended its three-year run of increasing deficiency percentages to boast the lowest rate among Big Four firms in the PCAOB’s 2020 inspection reports—the first time Deloitte hasn’t performed best since 2016.

ESG bank

Survey: More financial institutions using scenario analysis to manage climate risk

2021-11-03T15:58:00+00:00By

Financial institutions are growing more sophisticated in the way they incorporate scenario analysis into their risk assessments and in quantifying their climate-related risks, a new survey from the Global Association of Risk Professionals finds.

Corporate reporting

FRC reporting review: COVID-19 disclosures lacking, new climate-related mandates

2021-10-28T17:42:00+01:00By

In its annual review of corporate reporting, the U.K. Financial Reporting Council found companies are struggling to provide stakeholders with enough detail about COVID-19 disruptions. The regulator also announced new requirements for climate-related disclosures.

Data money

IAPP report: Privacy spend rising, with further growth expected

2021-10-27T20:47:00+01:00By

Corporate spending on managing privacy risks has risen significantly since last year, with 6 of 10 privacy professionals believing budgets will continue to increase over the coming year, according to the latest IAPP survey.

Supply chain shipping

Five strategies for reducing tariff costs in the global supply chain

2021-10-27T20:38:00+01:00By

Recent events beyond the pandemic have global supply chains responding to a whole new compliance regulatory landscape. A panel of experts at a recent industry event explain where to look for potential cost savings.

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.

AuditResources

PCAOB 2020 inspections preview: Deficiencies still high, although some improvements

2021-10-22T16:35:00+01:00By

The Public Company Accounting Oversight Board noted a high number of recurring deficiencies in its audits reviewed despite improvements over the previous year as part of its 2020 inspection observations spotlight.

Real estate accounting

Real estate rationalization programs on rise amid COVID

2021-10-20T21:18:00+01:00By

As the COVID-19 pandemic continues and businesses make strategic changes in response, one of the primary areas of focus is managing where employees will work and evaluating real estate portfolios.

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.

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.

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.

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.

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Data Harvest

Survey: Benchmark your data protection controls

By Compliance Week

How does your company tackle data protection compliance? Share your insights with Compliance Week and BRYTER.