Surveys & Benchmarking


CW2022 Think Tank

Compliance execs get candid on industry challenges at CW think tank

2022-05-17T01:20:00+01:00By

Fifteen high-level compliance executives discussed the challenges and opportunities presented by an ever-changing compliance landscape during a first-ever executive think tank session at Compliance Week’s 2022 National Conference in Washington, D.C.

FedEx containers

FedEx’s social mission: Diversity drives better business

2022-05-13T11:00:00+01:00By

FedEx’s DEI strides—including becoming a minority-majority employee company in the U.S. for the first time in its history in fiscal year 2018—are not by accident. The company’s long history of hiring a diverse workforce and promoting from within is among the keys to its success.

FedEx plane

​Growth vs. green: FedEx’s environmental balancing act

2022-05-12T11:00:00+01:00By

When FedEx published its first Global Citizenship Report in 2008, its greenhouse gas emissions were already top of mind. Yet, the company has struggled to strike a balance between achieving year-over-year decreases in total emissions while it has expanded in the last decade-plus.

Investigation costs

Report: Investigation costs rising, driven by data assessment inefficiencies

2022-05-11T20:18:00+01:00By

More than three-quarters of respondents to a Kroll global benchmark report said they have conducted an internal investigation into fraud or corruption within the past three years and that the cost of such probes is on the rise.

FedEx sorting depot

‘A marathon, not a sprint’: FedEx carbon-neutral pledge tests longtime ESG efforts

2022-05-11T11:00:00+01:00By

In March 2021, FedEx announced an audacious goal: to achieve carbon-neutral operations globally by 2040. How did the company develop this pledge, and how will it track its progress and hold itself accountable to intermediate goals?

FedEx truck

Desire for transparency launches FedEx on ESG journey

2022-05-10T11:00:00+01:00By

Since 2008, FedEx has produced detailed reports on its ESG initiatives. The company’s chief sustainability officer discusses the decision-making process behind the first report, determining materiality, and more in Part 1 of this four-part special report, published in partnership with the ICA.

AML Czech crowns

Report: European AML compliance efforts remain substandard

2022-05-04T18:13:00+01:00By

European governments need to step up their efforts to combat money laundering and terrorist financing because their current capabilities are below par, according to a report by the Council of Europe’s Moneyval unit.

Project management

Tips from a project management expert on avoiding failure

2022-05-04T12:15:00+01:00By

Research shows more than 60 percent of projects undertaken fail. Antonio Nieto-Rodriguez, considered the No. 1 project management expert in the world, shares steps to take to avoid contributing to this statistic.

SECcrop

Survey: Are you prepared for the SEC’s climate-related disclosure rule?

2022-04-26T10:28:00+01:00Provided by

Let us know what you think of the SEC’s proposed climate-related disclosure rule and whether your company will be prepared to comply.

Lease accounting

Survey: Lease accounting implementation at critical point

2022-04-19T13:24:00+01:00By

The “2022 Global Lease Accounting Survey” from EY and LeaseAccelerator covers how public and private companies address U.S. and international accounting requirements and challenges they have had and expect to face post-implementation.

Whistle

NAVEX: Whistleblowers ‘more emboldened than ever’

2022-04-18T18:40:00+01:00By

NAVEX’s 2022 “Hotline & Incident Management Benchmark Report” provides chief compliance officers with valuable insight into how their hotline and incident management program stacks up against their peers.

Glass ceiling

Breaking the glass ceiling in ethics and compliance

2022-04-18T13:11:00+01:00By Jane Levine, CW guest columnist

Jane Levine, chief compliance officer at DailyPay, shares three suggestions for ensuring women are empowered within the ethics and compliance profession.

Accounting coronavirus

Report: Pandemic fuels goodwill impairment spike in 2020

2022-04-11T20:12:00+01:00By

Goodwill impairment recorded by U.S. public companies more than doubled in 2020, but the total still fell short of the figure observed at the onset of the 2008 financial crisis, according to the latest annual report from Kroll.

Rising data

AA study: Cybersecurity breach disclosures surge in 2021

2022-04-08T15:26:00+01:00By

The number of cybersecurity breaches disclosed by public companies in 2021 increased 44 percent while reports of ransomware attacks also surged, according to the latest Audit Analytics study.

Big Four Auditor Changes 2022

Audit client turnover 2021: Deloitte, Grant Thornton lead national firms; EY, KPMG, PwC see declines

2022-03-31T13:49:00+01:00By

Deloitte and Grant Thornton each had net increases in new public company audit clients in 2021, but all but one of the other Big Four and global and national firms experienced net decreases or no change, according to the latest annual study.

Data lock

Closing the data risk gap: How technology enables data protection

2022-03-31T13:00:00+01:00By

Legal and compliance teams ranked data privacy and cybersecurity threats the No. 1 biggest risk entering 2022. Further survey results reveal roadblocks to organizations’ proactive compliance.

Sustainability metrics

How to prepare for SEC’s climate-related disclosure rule

2022-03-23T22:07:00+00:00By

The Securities and Exchange Commission’s proposed climate-related disclosure rule would force companies that have been reluctant to initiate a self-examination of their environmental impact to do so, posthaste. Experts weigh in on where to start.

Dark money

Report: Number of AML fines up, penalty totals down in 2021

2022-03-23T16:23:00+00:00By

The number of anti-money laundering fines assessed against financial institutions globally reached its highest amount in six years during 2021, though the penalty amounts associated with those enforcement actions dropped notably, according to Kroll’s annual benchmark report.

USAA

Compliance implications of USAA order addressing AML lapses

2022-03-22T16:59:00+00:00By

The consent order issued by the Office of the Comptroller of the Currency against USAA Bank imparts lessons for compliance officers in the financial services industry on how—and how not—to maintain a Bank Secrecy Act/anti-money laundering compliance program.

Bribe

TRACE: U.S. bribery enforcement continued decline in 2021

2022-03-18T18:21:00+00:00By

The number of U.S. foreign bribery enforcement actions slowed notably in 2021, while the overall pace of transnational anti-bribery enforcement actions and investigations lagged worldwide, according to TRACE International’s latest enforcement report.

Russia sanctions

Advice for navigating ‘fast and furious’ Russian sanctions landscape

2022-03-18T17:04:00+00:00By

To help sort through the grey area of evolving sanctions and export control restrictions against Russia, chief compliance officers should consider a handful of key best practices.

Apple

Apple, Pfizer among new additions to ethical company list

2022-03-15T16:29:00+00:00By

Ethisphere announced the 2022 edition of its “World’s Most Ethical Companies” list, which recognized 136 companies that have demonstrated a commitment to ethical business practices.

HSBC

Learning points from HSBC’s fine for AML failings

2022-03-14T18:55:00+00:00By Teodora Harrop, for International Compliance Association

Significant investment in systems has not been fully effective in mitigating financial crime risk. A fine of nearly £64 million (then-U.S. $84 million) imposed on HSBC by the U.K. Financial Conduct Authority in December is a particularly potent example.

Allison Herren Lee and Hester Peirce

Top 10 reasons to attend Compliance Week 2022

2022-03-09T18:12:00+00:00By

A keynote with two SEC commissioners; interactive sessions on global sanctions, ESG, and ethical leadership; and a new conference location and format highlight Dave Lefort’s list of reasons to be excited for CW’s first in-person event in nearly three years.

Central Bank of Russia

FinCEN warns financial institutions of Russian sanctions evasion

2022-03-08T21:40:00+00:00By

The Financial Crimes Enforcement Network issued guidance highlighting the types of red flags financial institutions should be looking for to detect potential Russian sanctions evasion attempts.

Source of wealth

Source of funds/source of wealth: Knowing the difference and best practices

2022-03-04T12:50:00+00:00By Holly Thomas-Wrightson, International Compliance Association

With the similarity of their nature and how they overlap, not to mention how often they are mentioned in the same breath, it can easily lead to confusion when trying to remember which is which between source of funds and source of wealth.

Russian hacker

Steps for preparing for potential Russian cyberthreats

2022-03-03T21:45:00+00:00By

As the West seeks to isolate Russia, the country might retaliate with state-sponsored cyberattacks. Although Russia is suspected to have launched such attacks before, the scale and scope could be much bigger this time, experts warn.

Russia supply chain

Analysis: Scope of supply chain disruptions from Russian invasion of Ukraine

2022-03-02T18:00:00+00:00By

Analysis conducted by supply chain risk management platform Interos highlights the scope of global supply chain disruptions on U.S. and European companies resulting from Russia’s invasion of Ukraine.

Trending down

Report: Record low number of going concern opinions in FY2020

2022-02-28T17:17:00+00:00By

Public companies receiving going concern audit opinions during fiscal year 2020 were at the lowest number and percentage in the past 21 years, with little change among common issues, according to the latest report from Audit Analytics.

AuditResources

Audit committees rolling with punches of evolving role

2022-02-24T19:46:00+00:00By

Two prominent audit committee chairs speak to the results of a Deloitte Center for Board Effectiveness and Center for Audit Quality report on audit committee practices and the major issues audit committees face today.

GHG emissions

Report: Companies overhyping net zero commitments

2022-02-22T12:00:00+00:00By

A study of leading global companies including Amazon, Google, Walmart, and Volkswagen has found many firms are exaggerating or misreporting the progress they are making to meet their own environmental targets.

EyeOnDataPrivacy

Third-party cybersecurity monitoring: Tips for keeping vendors honest

2022-02-18T17:33:00+00:00By

A continuous monitoring cybersecurity strategy for third-party risks goes a long way toward proactively identifying external vulnerabilities. At CW’s virtual Cyber Risk & Data Privacy Summit, a panel of experts shared leading practices.

Global

Strategies for complying with multiple data privacy regimes

2022-02-18T17:32:00+00:00By

Complying with multiple data privacy regimes is not simple, but it is increasingly becoming expected. A panel at CW’s virtual Cyber Risk & Data Privacy Summit offered their advice regarding the current global privacy landscape.

Accounting fraud

Report: Accounting enforcement at SEC, PCAOB down in 2021

2022-02-18T12:33:00+00:00By

The amount of accounting and audit enforcement actions by the Securities and Exchange Commission and Public Company Accounting Oversight Board decreased in 2021, resulting in a sharp decline in monetary settlements, according to Cornerstone Research.

Business defense

Why high-growth companies should prioritize data privacy

2022-02-17T16:16:00+00:00By

A group of experts at CW’s virtual Cyber Risk & Data Privacy Summit explained how complying with data privacy regulations from Day 1 can provide high-growth companies with certain competitive advantages.

Cybersecurity

Best practices to achieve a continuous assurance cybersecurity model

2022-02-17T16:15:00+00:00By

A panel of cybersecurity experts shared tips for achieving continuous assurance and getting necessary buy-in at CW’s virtual Cyber Risk & Data Privacy Summit.

DOJ

DOJ Fraud Section 2021 review: FCPA resolutions down

2022-02-16T20:50:00+00:00By

The Department of Justice entered into eight corporate resolutions in all of 2021, a decrease from 13 the previous year, according to the Fraud Section’s annual report. Three resolutions included violations of the Foreign Corrupt Practices Act.

ESG vector

ESG reporting: A summary of investor needs and wants

2022-02-14T12:01:00+00:00By

An investor-focused panel at a recent event shared views on investors’ perspectives about current and future use of ESG metrics and disclosures and where common ground can be found between the providers and users of the information.

Net zero

Making the transition to net zero in the United Kingdom

2022-02-10T16:01:00+00:00By James Thomas, International Compliance Association

As the United Kingdom aims to become “the world’s first net zero-aligned financial center,” financial institutions are being required to have “a robust firm-level transition plan setting out how they will decarbonize.” Where should they start?

Accor

How Accor manages global data privacy compliance

2022-02-09T13:37:00+00:00By

Marie-Christine Vittet, vice president of compliance at hospitality chain Accor, shares with Compliance Week the company’s journey toward a global data privacy compliance program.

RSM

​Mixed results for Marcum, RSM in 2020 PCAOB inspections

2022-02-04T19:40:00+00:00By

The Public Company Accounting Oversight Board published 2020 inspection reports for a handful of large U.S. audit firms outside the Big Four. Marcum and RSM had the most audit deficiencies identified of the group.

Ransomware Epilogue

Epilogue: What happened to Betsy?

2022-02-03T13:00:00+00:00By

The “patient zero” of fictional private utility company Vulnerable Electric’s ransomware crisis learns her fate.

Ransomware Chapter 4

Chapter 4: Recovery and lessons learned post-ransomware attack

2022-02-03T13:00:00+00:00By

Whether fictional private utility company Vulnerable Electric pays the ransom or not in the aftermath of its cyber incident, the two pathways quickly splinter off in different directions with varied endings, each with important lessons to be learned.

Audit concept

AA study: Total audit fees decline in 2020 for first time in decade

2022-02-02T23:52:00+00:00By

Total and average audit fees in 2020 each declined for the first time since 2010, according to the latest Audit Analytics research.

Ransomware Glossary

Ransomware case study glossary

2022-02-02T13:00:00+00:00By

The field of cybersecurity features a growing list of terminology to describe the many forms, channels, and motivations behind cyberattacks and hacking culture. Learn further definitions for some key terms featured throughout the ransomware case study.

Ransomware Chapter 3

Chapter 3: Ransomware eradication prompts tough choice: To pay or not to pay?

2022-02-02T13:00:00+00:00By

No matter what, the deck is stacked against fictional private utility company Vulnerable Electric as it weighs whether to pay the $5 million ransom demanded by a cybercriminal who breached its systems. Which path do you take?

Business values

LRN survey: Shared elements of ‘high-impact’ ethics and compliance programs

2022-02-01T19:43:00+00:00By

Board engagement, changes to meet the needs of employees working remotely, simplified and searchable policies and procedures, and more were key among the traits of high-impact ethics and compliance programs as defined by LRN’s annual effectiveness report.

Ransomware Chapter 2_2

Chapter 2, Part 2: Ransomware damage control and when to alert stakeholders

2022-02-01T13:00:00+00:00By

Systems at fictional private utility company Vulnerable Electric remain impacted in the aftermath of a ransomware attack, but the chief executive decides it’s time to be forthright with employees and customers.

Ransomware Chapter 2_1

Chapter 2, Part 1: Containment key to ransomware defense

2022-02-01T13:00:00+00:00By

With Day 2 of fictional private utility company Vulnerable Electric’s ransomware crisis comes the need to grasp the extent of its situation. The cyber incident response team’s synchronized efforts are pivotal as time is of the essence.

Data money

Survey: Privacy budgets rise as businesses see consistent ROI

2022-02-01T12:57:00+00:00By

Companies believe effective privacy management improves trust, transparency, and provides a return on investment, according to the latest benchmark study by technology vendor Cisco.

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SECcrop

Survey: Are you prepared for the SEC’s climate-related disclosure rule?

Provided by

Let us know what you think of the SEC’s proposed climate-related disclosure rule and whether your company will be prepared to comply.