Surveys & Benchmarking


Lefort_opinion

We bet you’ll love us: Free CW access for month of August

2021-08-02T11:00:00+01:00By

For the month of August, we’re tearing down our paywall. Readers can access our entire archive of news, benchmarking surveys, special reports, case studies, and Webcasts by simply creating a free account and signing in.

Whistleblower Day

Whistleblower Appreciation Day a chance to review improvements needed

2021-07-30T13:00:00+01:00By

On “National Whistleblower Appreciation Day,” it’s important to take stock of how far whistleblowing has advanced over the last few years. That said, there is still room for improvement. Aaron Nicodemus offers three suggestions.

Jeffrey Smith

Part 5: Waiting for payout a grueling test of tenacity for whistleblowers

2021-07-30T13:00:00+01:00By

The road to a payout for whistleblowers is long, lonely, and full of obstacles. Commitment to the idea that they are doing the right thing helped our whistleblower subjects endure years of hardship to bring their cases to conclusion.

Pharmaceuticals

Compliance ramifications of proposed $26B opioid deal for pharma industry

2021-07-29T17:27:00+01:00By

Three major drug distributors and drugmaker Johnson & Johnson reached a proposed $26 billion multistate agreement for their alleged roles in fueling the nationwide opioid epidemic. The settlement imparts compliance lessons on the pharmaceutical industry at large.

Andrew Russo

Part 4: Retaliation pervades while whistleblowers persevere

2021-07-29T13:00:00+01:00By

Retaliation for blowing the whistle comes in all kinds of forms. Our whistleblower subjects share their stories—from losing jobs to getting blacklisted to being the target of a newspaper hit piece.

Dee Dee Stone

Part 3: Blowing the whistle weighs uncertainty against moral duty

2021-07-28T13:00:00+01:00By

Once someone decides to blow the whistle, their life is forever changed. Their action stands to benefit many people they don’t even know while putting much in jeopardy on a personal level. Our whistleblower subjects each explain what led them to their determinations.

Brendan Delaney

Part 2: Internal reporting sends whistleblowers down path alone

2021-07-27T13:00:00+01:00By

Almost no one becomes a whistleblower by choice. A slow and steady whittling down of options often leads individuals to isolation in coming to their decision. Our whistleblower subjects share the roadblocks they faced in reporting internally.

Aaron Westrick

Part 1: Finding the fraud launches whistleblowers on life-changing journey

2021-07-26T13:00:00+01:00By

Whistleblowers aren’t born—they’re made. For five individuals that have taken on that mantle, the story began with discovering a problem that could no longer be ignored.

KPMG

FRC 2020/21 audit inspections: KPMG rebuked over continued struggles

2021-07-23T15:28:00+01:00By

The U.K. Financial Reporting Council released the results of its 2020/21 audit quality inspections, in which it singled out KPMG for “unacceptable” deficiencies regarding the firm’s audits of banks and similar entities.

Whistle - dark

CW whistleblower series: ‘Witness to Wrongdoing’

2021-07-21T13:00:00+01:00By

This in-depth CW series chronicles the timeline of a whistleblower—from identifying wrongdoing to reporting and enduring subsequent hardships. Exclusive interviews impart key lessons for compliance officers seeking to become an ally to these individuals.

Bankatrisk

New bank guidance expands on advice for handling third parties

2021-07-14T20:10:00+01:00By

Three federal banking regulators are seeking public input on the first comprehensive update to risk management guidance for financial institutions entering into business relationships with third parties since 2013.

Roundtable

ICA: Takeaways from risk assessment roundtable

2021-07-13T17:47:00+01:00By Jake Plenderleith, International Compliance Association

A recent roundtable on best practices for risk management saw delegates share their experiences in conducting assessments that are accurate, effective, and efficient.

AdobeStock_314226034

Five steps to elevate your average compliance program

2021-07-12T16:38:00+01:00By Joe Murphy, CW guest columnist

Why settle for an average compliance program when you can have so much more? It isn’t easy, but commitment to a handful of key requirements can push your program to the next level.

RisksAhead

Survey: Emerging TPRM trends in anti-corruption

2021-07-07T20:12:00+01:00By

Kroll’s newest anti-corruption benchmarking report highlights current TPRM trends such as evolving challenges with enhanced due diligence, the rise of automation, the growing incorporation of ESG matters into compliance programs today, and more.

Ransomware

TPRM 2021: What to do before, during, and after a ransomware attack

2021-07-07T14:21:00+01:00By

Two risk and compliance practitioners opened their cyber-playbooks at CW’s TPRM virtual event, explaining how to identify and address vulnerabilities, establish transparency with vendors, and strengthen an organization’s incident management program.

Ransomware

Takeaways from NYDFS ransomware guidance

2021-07-06T16:41:00+01:00By

The New York State Department of Financial Services has issued guidance for regulated entities describing best practices for reducing the risk of a ransomware attack.

ESG

Survey: How does your ESG initiative measure up?

2021-07-06T13:32:00+01:00By Compliance Week

What are the biggest challenges you face in establishing and carrying out your ESG framework? Please share your insights with Compliance Week and Fulcrum.

Stock drop

Audit report: Assessing risk landscape for IPOs

2021-07-01T20:00:00+01:00By

An initial public offering presents significant opportunities for market participants that are accompanied by equally notable governance risks, new research from Audit Analytics explores.

Dark money

FinCEN puts financial institutions on notice with first AML/CFT priorities

2021-06-30T17:59:00+01:00By

The Financial Crimes Enforcement Network tipped its hand at changes ahead for the Bank Secrecy Act in announcing the first government-wide list of priorities for anti-money laundering and countering the financing of terrorism.

John Wood Group

Compliance lessons from Wood Group’s $177M global bribery settlement

2021-06-28T17:37:00+01:00By

John Wood Group reached a $177 million settlement with authorities in the United States, the United Kingdom, and Brazil, concluding legacy bribery and corruption investigations into Amec Foster Wheeler companies.

Buildings

Embrace of RegTech driving financial services transformation

2021-06-24T20:17:00+01:00By

Large global financial institutions are utilizing advanced technologies like never before to help manage their regulatory compliance needs, driving major efficiencies within compliance, risk, and internal audit functions in the process.

McDonalds

Big week for breaches: McDonald’s, Carnival, and more

2021-06-18T19:20:00+01:00By

Multiple high-profile companies—including Carnival, Wegmans, McDonald’s, Volkswagen, and CVS—have confirmed in recent days they were either victims of a data breach or were alerted to a gap in their security controls.

Accounting trends

Study: Big Four audit hold still strong despite 2021 dip

2021-06-17T20:30:00+01:00By

The Big Four’s dominance on the public company audit market remains despite a slight dip in numbers in the last year, according to the latest research from Audit Analytics.

Cost rising

Study: Financial crime compliance costs climb 18 percent in 2020

2021-06-09T20:43:00+01:00By

Projected costs for financial crime compliance among financial services companies worldwide reached nearly $214 billion last year, according to the latest survey from LexisNexis Risk Solutions.

Coronavirus compensation

Survey: In-house counsel salary increases down amid pandemic

2021-06-08T16:12:00+01:00By

In-house counsel salaries across every industry took a hit in 2020 as a direct result of the coronavirus pandemic’s impact, according to the latest compensation survey by executive search firm BarkerGilmore.

Coronavirus look ahead

‘Cost of Compliance’ survey reflects post-COVID landscape

2021-06-07T20:02:00+01:00By

A year removed from the start of the pandemic, the long-term effects the shift in work culture will have on the compliance profession have become more apparent. The “Cost of Compliance Report 2021” by Thomson Reuters reflects these changes.

Ransomware

Colonial Pipeline fallout: Thwarting ransomware attacks requires collective defense

2021-06-01T18:11:00+01:00By

President Biden’s executive order on cyber-security largely applies to federal agencies. But its core message—that the public and private sectors must collectively defend against increasingly malicious ransomware attacks—should not be lost on companies.

Employee activism

Embracing employee activism is good for business

2021-06-01T12:03:00+01:00By

The benefits of being perceived as a company that values employee input might outweigh the drawbacks, experts believe.

Rising data

Report: GDPR fines more than doubled in Year 3

2021-05-27T17:05:00+01:00By

Data protection authorities issued 287 known GDPR fines between March 2020 and March 2021—a 120 percent increase in frequency, according to a new report from CMS.

McDevitt_opinion

Think big, act small: How the ‘PI Guidebook’ actualizes career goals

2021-05-25T12:00:00+01:00By

No one can hold your hand up the corporate ladder, but Executive Coach and Consultant Amii Barnard-Bahn is willing to give you a nudge up every rung in her new book.

Cloud data

Survey: Data access further complicated by emerging privacy laws

2021-05-21T16:50:00+01:00By

A recent survey of 100 executives from Fortune 500 companies found more than half are struggling to balance easy access to company data with privacy and security compliance under laws like the GDPR and CCPA.

Audit tech

Survey: Audit still facing hurdles with next-gen tech

2021-05-21T15:18:00+01:00By

Many senior audit leaders and their teams are still in the early stages of, or have not yet begun, implementing next-generation tools and strategies into their internal audits, according to a new survey.

Cloud supply chain

New NIST revisions expand scope of cyber supply chain risk management guidance

2021-05-20T18:04:00+01:00By

The National Institute of Standards and Technology is seeking comment on a revised version of its cyber supply chain risk management guidance that is intended for a broader audience of public and private companies.

VW Drive Bigger

Chapter 5: Volkswagen’s path to winning back trust

2021-05-20T13:00:00+01:00By

Its monitorship now complete, Volkswagen’s new focus is to rebuild its reputation among its customer base. It’s a long process, says Board Member Hiltrud Werner, one supported by a shift in strategy.

VW group board

Chapter 4: Tangible measures of cultural progress at Volkswagen

2021-05-20T13:00:00+01:00By

At the end of the day, how does an organization measure the effectiveness of company-wide cultural initiatives? Volkswagen has answers, utilizing perception workshops, mood barometers, and new diversity and inclusion initiatives as part of its culture rebuild post-Dieselgate.

Volkswagen T4I key initiatives

Chapter 3: VW operationalizes its Dieselgate monitorship

2021-05-19T13:00:00+01:00By

A revamped code of conduct and the Together4Integrity campaign stood out as significant milestones for Hiltrud Werner & Co. as Volkswagen began to embrace its Dieselgate monitorship as a way to improve company culture.

Hiltrud Werner index

Chapter 2: Volkswagen monitorship falls in line under Hiltrud Werner

2021-05-18T13:00:00+01:00By

While Larry Thompson assembled his team for the Dieselgate monitorship, Volkswagen countered with appointments of its own, including Hiltrud Werner as head of integrity and legal affairs. Their relationship would determine the success of the monitorship going forward.

Diesel emissions

Chapter 1: Volkswagen’s Dieselgate scandal exposed; enter Larry Thompson

2021-05-17T13:00:00+01:00By

The Volkswagen Dieselgate scandal wasn’t the work of one executive who thought to install illicit software into diesel motor vehicles. It was born from a “chain of errors that was never broken,” forming the basis for one of the largest and most high-profile corporate compliance monitorships in history.

Dirty window

CW presents: ‘Coming Clean: Volkswagen’s Dieselgate scandal and compliance monitorship’

2021-05-17T13:00:00+01:00By

Volkswagen’s recently concluded three-year monitorship is chronicled in CW’s latest in-depth case study, which spares no detail in following the world’s largest automaker’s comeback from its biggest mistake.

Lefort_opinion

5 reasons to be excited for Compliance Week 2021

2021-05-06T17:54:00+01:00By

Editor in Chief Dave Lefort shares what he’s most looking forward to ahead of Compliance Week’s 16th annual National Conference from May 11-13.

Blockchain

Risk matrix breaks down problem areas of blockchain technology

2021-05-05T18:13:00+01:00By

The use of blockchain technology brings with it a number of risks that prudent auditing and accounting professionals must smartly manage. It’s all described in a new risk matrix released jointly by the ISACA, AICPA, and CIMA.

Jaeger_opinion

Cancel culture stresses need for senior execs to practice mindfulness

2021-05-04T17:54:00+01:00By

Given the “cancel culture” era we are in today, writes Jaclyn Jaeger, the need for senior executives to be mindful about the things they say and do outside the workplace is more critical than ever before.

AdobeStock_354409954

LRN survey: Compliance and ethics rose to challenge of COVID-19

2021-04-30T16:54:00+01:00By

LRN’s “2021 Ethics & Compliance Program Effectiveness Report” highlights the strengthening of ethical culture that has occurred during the COVID-19 pandemic.

Suez Canal block

Bracing for impact: Supply chain risk management post-Suez Canal blockage

2021-04-27T15:25:00+01:00By

A month has gone by since a 1,300-foot cargo ship ran aground and blocked one of the busiest waterways in the world. For many industries, the ripple effects will continue to batter global supply chains for weeks to come, absent having in place a sound supply chain risk management program.

Coronavirus office

Six best practices for managing cyber-security upon return to office

2021-04-23T13:18:00+01:00By Marc Gilman, CW guest columnist

The hybrid work environment many organizations are expected to utilize as part of the gradual return to the workplace presents numerous cyber-security risks that require proactive attention.

Coronavirus domino effect

Study: How compliance managed COVID’s effects on incident reports

2021-04-20T19:21:00+01:00By

The coronavirus pandemic dramatically altered incident reports and investigations in 2020. Despite facing unprecedented challenges, as analyzed in NAVEX Global’s latest benchmark study, compliance officers met the moment.

Take note

Three tips for beginning a career in compliance

2021-04-12T16:24:00+01:00By Jason Morris, International Compliance Association

Substantial investments from industries like financial services have helped raise the status of compliance as a rewarding career path. Jason Morris of the ICA provides insight on where aspiring compliance officers can get started.

Archegos Capital

Compliance lessons, regulatory fallout from Archegos meltdown

2021-04-12T12:45:00+01:00By

There are plenty of unanswered questions following the recent meltdown of family office Archegos Capital Management—and plenty of compliance lessons to be learned, writes Aaron Nicodemus.

breach

Data breach disclosures drop in 2020, report says

2021-04-07T18:44:00+01:00By

Cyber-breach disclosures in 2020 were down 19 percent from 2019—the first drop in the statistic in five years, according to a new report from Audit Analytics.

Michaela Ahlberg

Michaela Ahlberg: Building a compliance program amid an FCPA probe

2021-04-06T15:49:00+01:00By

Michaela Ahlberg created a compliance program from scratch when she was hired by Swedish telecom Telia following allegations of corruption in its foreign business dealings. She shared what she learned with the audience at CW’s Financial Crimes virtual event.

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ESG

Survey: How does your ESG initiative measure up?

By Compliance Week

What are the biggest challenges you face in establishing and carrying out your ESG framework? Please share your insights with Compliance Week and Fulcrum.