Surveys & Benchmarking


ESG assurance

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Path to ESG assurance a crawl-walk-run exercise

2023-09-21T14:23:00+01:00By

It’s important companies exercise patience when determining when to begin an assurance engagement, experts explained during a session at CW’s virtual ESG Summit.

Emissions measurement

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Scope 3 emissions best practices: Be transparent, thorough

2023-09-20T21:46:00+01:00By

There is much companies can do—and must do, given upcoming regulatory requirements—to rein in Scope 3 emissions, sustainability expert Susan McNichols discussed at CW’s virtual ESG Summit.

Business meeting

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Survey: Tech gaps, third parties pose biggest ABAC threats

2023-09-20T14:07:00+01:00By

A recent survey conducted by Compliance Week and Morgan Lewis determined areas of insufficient resource support to combat bribery and corruption, along with trends in third-party due diligence.

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Resource

Survey Report: Tech gaps, third parties pose biggest ABAC threats

2023-09-19T20:46:00+01:00Provided by Morgan Lewis

Compliance professionals asked to assess their anti-bribery and corruption efforts indicated resource support deficiencies in areas including staffing and technology, according to a survey conducted by Compliance Week and Morgan Lewis.

GHG emissions

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Experts: SEC or not, Scope 3 GHG disclosure requirements coming

2023-09-19T19:08:00+01:00By

The actions of companies like Amazon and new legislation passed in California prove it’s no longer a question of if companies will be required to disclose their greenhouse gas emissions—it’s a question of when, experts told attendees at CW’s virtual ESG Summit.

Carolina Ceballos

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Q&A: Paxos CCO on defying stereotype of lax controls in digital asset industry

2023-09-13T13:03:00+01:00By

Carolina Ceballos, the first full-time chief compliance officer at Paxos, shares with Compliance Week what the blockchain infrastructure platform does, its culture, and how it uses compliance as a competitive advantage.

Lexmark

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Q&A: Lexmark sustainability chief on defying ESG criticism to ‘stay the course’

2023-09-08T14:14:00+01:00By

John Gagel, chief sustainability officer for Lexmark International, shares with Compliance Week why the private company tracks its greenhouse gas emissions and plans to comply with the climate-related disclosure rule proposed by the Securities and Exchange Commission.

US privacy

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From 5 to 11: Keeping up with new state data privacy laws

2023-09-06T15:00:00+01:00By

If multi-state businesses thought at the start of 2023 complying with a patchwork of U.S. state privacy laws was going to be a lot of work, now they must be overwhelmed. Experts assess the fast-evolving U.S. privacy landscape.

DOJ

News Brief

FCPA opinion shines light on reasonable expenses for foreign officials

2023-09-01T18:37:00+01:00By

A Foreign Corrupt Practices Act review published by the Department of Justice offers further clarity around when the agency would determine expenses paid on behalf of a foreign official to be deemed “reasonable and bona fide.”

ESG concept

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Appreciating ESG fraud risk management

2023-08-31T13:00:00+01:00By Tim Klatte, CW guest columnist

The factors that surround the environmental, social, and governance disciplines have grown from just a few to more than 50 considerations, indicating all three ESG elements carry equal weight when evaluating a proper corporate strategy.

AML Euros

Article

A day in the life of an MLRO

2023-08-28T19:28:00+01:00By Jason Holt, for International Compliance Association

Discover the key responsibilities and skills of a money laundering reporting officer from Jason Holt, global head of financial crimes compliance at U.K-based investment manager abrdn.

SEC office

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New SEC rules for private fund advisers will keep compliance teams busy

2023-08-28T13:44:00+01:00By

Even though compliance dates for the Securities and Exchange Commission’s new private fund rules are a year to 18 months away, compliance teams should start analyzing the impact now, according to experts.

Cyber

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Preparing for SEC cybersecurity rules an opportunity for collaboration

2023-08-25T13:40:00+01:00By

Businesses can prepare for the Securities and Exchange Commission’s upcoming cybersecurity disclosure rule by going through it and identifying key gaps in compliance.

Cyber locks

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Cyber expert: Reach for data security to achieve compliance

2023-08-23T20:17:00+01:00By

Data security and compliance are not one and the same but have enough overlap that organizations can take steps when building a data security program to move closer to achieving compliance.

Accessible vehicle

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Why MobilityWorks shifted from manual to automatic for dealer compliance

2023-08-21T12:43:00+01:00By Erik Ingersoll, CW guest columnist

Erik Ingersoll, director of risk and compliance at MobilityWorks, shares the advantages the wheelchair accessibility vehicle provider has gained from switching to an automated compliance system to track its licenses.

Brasseur_opinion

Opinion

Keep ‘your’ in mind while reading ‘Living Your Best Compliance Life’

2023-08-15T12:00:00+01:00By

Author Mary Shirley establishes her ethics and compliance advice book as relatable for all practitioners, junior or senior level. The result is an enjoyable read that offers something for everyone from any E&C background.

oct3

Webcast

Oct 3 | Global compliance trends: Discussing anti-bribery and corruption survey findings

2023-08-11T18:03:00+01:00Provided by Morgan Lewis

This webcast will break down the key findings of an anti-bribery and corruption survey report and offer additional insights into what global compliance professionals had to say about their ongoing and emerging concerns.

ESG

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KPMG survey: ESG-related concerns in M&A derailing deals

2023-08-09T16:56:00+01:00By

Material findings related to environmental, social, and governance due diligence have disrupted mergers and acquisitions, forcing companies in the United States and abroad to back out of deals, according to a study from KPMG.

Wall Street

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SEC, CFTC call for self-reporting to reduce off-channel comms backlash

2023-08-09T15:10:00+01:00By

The Securities and Exchange Commission and Commodity Futures Trading Commission have indicated they will be more forgiving to financial services firms that voluntarily self-report recordkeeping violations and take remedial actions before being asked to do so.

Bedrossian_headshot_color

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Q&A: FlightHub compliance officer on shift to culture of compliance

2023-08-07T15:46:00+01:00By

Sona Bedrossian, FlightHub Group’s general counsel and compliance officer, explains to Compliance Week how the online travel agency embeds compliance into its technology.

Audit concept

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AA report: Inflation helps drive audit fees to all-time high

2023-08-03T20:15:00+01:00By

Average audit fees paid to external auditors by Securities and Exchange Commission registrants reached record totals in fiscal year 2022, according to the latest annual study.

Cyber-security

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Risks, opportunities under SEC’s cyber incident disclosure rule

2023-08-02T19:57:00+01:00By

The clock is ticking for public companies to put in place policies and practices to meet the requirements of the Securities and Exchange Commission’s newly approved cybersecurity incident disclosure rule.

Investigations

Article

Financial crime investigations: Leveling up

2023-08-01T15:54:00+01:00By James Thomas, International Compliance Association

The drive toward upskilling in the field of investigations is not exclusive to the law enforcement and intelligence communities. Investigations knowledge and expertise among those working within industry will also become an increasingly valued commodity.

BAT_web

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Common sanctions compliance trip points from 2023 enforcement cases

2023-07-31T16:00:00+01:00By

Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.

Compass

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Survey: Financial institutions doing more with less by outsourcing compliance

2023-07-26T18:16:00+01:00By

Respondents to a recent survey conducted by Compliance Week and Guidehouse largely indicated outsourcing improved the effectiveness of their compliance program in fighting financial crime, though limits remain on how much can be outsourced.

Cyber

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IBM report: Data breach costs at all-time high; AI helping detection

2023-07-25T20:47:00+01:00By

The global average cost of a data breach reached a new all-time high of $4.45 million in 2023, according to IBM’s annual report.

AuditOpinionFeature

News Brief

PCAOB chair: Rising audit deficiency rates ‘completely unacceptable’

2023-07-25T18:15:00+01:00By

A steady increase in the rate of deficiencies observed by the Public Company Accounting Oversight Board during audit inspections the past three years has the head of the agency calling on firms to “make changes to turn things around.”

Suspicious activity

Article

The importance of quality SARs

2023-07-24T16:24:00+01:00By Jon Prentice, International Compliance Association

Good suspicious activity reports make it easier for financial intelligence units to prioritize and process investigations, enabling better results in the global fight against financial crime.

ESG tech

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Tech capabilities key to finance support of ESG reporting

2023-07-24T13:09:00+01:00By

Finance and accounting is increasingly relied on to provide support regarding companies’ ESG disclosures without being granted additional resources. Technology that enables automation serves as a solution to reduce this burden.

Google building

News Brief

Tech giants, White House agree to AI risk management guidelines

2023-07-21T15:29:00+01:00By

Technology companies including Google, Meta, and OpenAI agreed to a series of voluntary commitments they’ll make regarding their management of risks when developing artificial intelligence systems.

City skyline

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Survey: U.S. bank failures prompt reassessment of third-party risks

2023-07-20T15:01:00+01:00By

Nearly half the respondents to a Compliance Week and Riskonnect survey regarding the recent U.S. banking crisis said they changed or considered changing their third-party risk management procedures as a result of the turmoil.

Supreme Court

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Corporate implications of SCOTUS affirmative action reversal

2023-07-19T19:25:00+01:00By

The trickle-down effects of the Supreme Court’s decision overturning affirmative action in college admissions have already come to light. With legal attacks on diversity, equity, and inclusion efforts on the horizon, private employers should risk assess their programs.

Illumina

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M&A lessons from EU’s maximum $476M fine against Illumina

2023-07-18T12:40:00+01:00By

The European Commission imposed maximum disciplinary measures in fining U.S.-based biotechnology company Illumina €432 million (U.S. $476 million) regarding its “gun-jumping” merger with cancer detection company Grail.

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Resource

Survey Report: U.S. bank failures prompt reassessment of third-party risks

2023-07-18T07:30:00+01:00Provided by

The recent banking crisis—in which three mid-sized U.S. banks failed—prompted just under half of compliance professionals across all industries to reassess their TPRM procedures, according to a recent survey conducted by Compliance Week and Riskonnect.

TPRM sanctions panel

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Potential sanctions violations: To voluntarily self-disclose or not?

2023-07-14T19:15:00+01:00By

The Department of Justice scrutinizing sanctions on par with how it views bribery under the Foreign Corrupt Practices Act alters the calculus of whether a company should voluntarily self-disclose potential violations, experts discussed at CW’s TPRM Summit.

Business success

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Survey: Investment adviser compliance ramps up testing on advertising, marketing

2023-07-13T17:55:00+01:00By

The most popular mock exams conducted by compliance professionals at investment adviser firms this year have been on the Securities and Exchange Commission’s advertising/marketing rule, according to a new poll.

California skyline

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California privacy reg delay offers little more than short reprieve

2023-07-13T16:29:00+01:00By

Many businesses are breathing a sigh of relief following a court ruling that delayed enforcement of certain provisions of the California Privacy Rights Act, but companies should not rest on their laurels, according to experts.

WIC networking

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Self check-ins key to personal, professional growth

2023-07-10T16:49:00+01:00By

“Risk assess yourself constantly.” Expert speakers at Compliance Week’s Women in Compliance Summit dispensed this career advice in more ways than one.

WIC Amii

Opinion

Women in Compliance Summit proves value of congregating, allyship

2023-07-07T19:14:00+01:00By

Compliance Week’s inaugural Women in Compliance Summit featured two days dedicated to elevating attendees and addressing some of the unique challenges women face in the profession.

AuditResources

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FRC 2022/23 audit inspections: Big Four steady; BDO and Mazars improve

2023-07-06T19:35:00+01:00By

The U.K. Financial Reporting Council noted overall improvement in annual inspection and supervision results for the largest audit firms for a fourth consecutive year as part of its latest quality review.

AI risks

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Experts: Ways to stay ahead of generative AI risks

2023-07-06T15:33:00+01:00By

Not all companies can rely on bans or restrictions to employee use of generative artificial intelligence like ChatGPT. Instead of telling people what they can’t do, focus on what they can do.

Training

Article

Creating impactful compliance training

2023-07-06T15:28:00+01:00By Jon Prentice, International Compliance Association

Speakers as part of a webinar hosted by the International Compliance Association discuss practical tips for engaging learners via compliance training beyond the traditional tick-box approach.

TPRM Huntley

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TPRM Summit takeaways: Tech risks, board and audit relationships

2023-07-05T17:10:00+01:00By

The impact of new technologies like generative artificial intelligence on the third-party risk management landscape was among the points of discussion addressed at Compliance Week’s TPRM Summit in Atlanta.

AIMaze

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Kroll survey: Firms rapidly adopting AI tools for financial crime compliance

2023-06-29T15:04:00+01:00By

A new survey of senior leaders and risk professionals from around the world found more than half the respondents have turned to artificial intelligence technology to address a perceived rise in financial crime risks, although most solutions are still rather new.

Artificial intelligence

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Experts: Pressure on compliance to begin assessing AI Act impact

2023-06-29T12:09:00+01:00By

Compliance functions are largely unprepared for the European Union’s AI Act, with many still unaware of what artificial intelligence their organizations are using or the risks the technology poses to their business, according to experts.

Cybercrime

Article

MOVEit ransomware attack shows sophistication of cybercriminals

2023-06-28T00:06:00+01:00By Paul Dwyer, for International Compliance Association

In an era marked by an increase in digital threats, it’s vital to understand how sophisticated cybercriminal syndicates like Clop can impact the financial sector.

Uber building

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Learning from Uber’s DEI setback: Why structure, collaboration matter

2023-06-23T18:33:00+01:00By

Experts look back at Uber’s recent diversity, equity, and inclusion fiasco and illuminate hazards to avoid, allowing organizations to gain a stronger footing on their own DEI journeys.

Cybersecurity offices

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NAVEX report: Driven by cyber threats, infosec compliance top of mind

2023-06-22T21:15:00+01:00By

Compliance teams are taking more responsibility for issues related to information security and data privacy, motivated by increasing threats posed by data breaches and cyber intrusions, according to a new survey from NAVEX.

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Webcast

CPE Webcast: How well do you know your third-party risks?

2023-06-15T14:00:00+01:00Provided by

The speed of Silicon Valley Bank’s collapse was scary. But what is even scarier was the number of businesses affected by the collapse—not because they did business directly with SVB but because their vendor(s) did business with the bank.

File transfer hack

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Shades of SolarWinds in lessons from MOVEit hack

2023-06-14T17:50:00+01:00By

A ransomware attack affecting some of the U.K.’s largest corporations has highlighted once again how exposed organizations can be if the levels of cybersecurity used by their third parties are not as strong as expected.