KPMG report: World’s largest companies slow to address climate change risks
The world’s 250 largest companies are not doing very well in recognizing and measuring financial risks related to climate change, so we’ve got some advice to those who are behind the curve.
How the pandemic and social justice matters have changed the GC role
General counsel have taken on significantly more responsibility since the start of the coronavirus pandemic and amid the current social climate, solidifying their role as a critical business partner, a recent study on corporate legal departments found.
2020 TRACE Bribery Matrix: U.S. falls from top 20; China on the rise
TRACE International’s 2020 Bribery Risk Matrix has the United States trending downward in multiple areas of business-related bribery risk.
Survey: Machine learning will (eventually) help win the war against financial crime
While the war against financial crime wages on, machine learning and artificial intelligence may give financial institutions the upper hand, according to a recent survey.
Volkswagen CCO Kurt Michels: Tips for surviving a monitorship
Fresh off his company’s compliance monitorship, Volkswagen CCO Kurt Michels shares ways to cultivate a trustful relationship with a monitor; finesse a company’s cultural makeover; and reestablish credibility in the wake of criminal behavior.
Guidance for safe data transfers post-Privacy Shield
The European Data Protection Board has issued guidance to help companies transfer data to the United States and other third countries safely after Europe’s top court in July ruled key methods used up until then were either invalid or unsafe.
COSO report: Elevating compliance leads to more informed decision-making
Many compliance departments are not independent, but instead report to other departments. COSO recommends compliance be separated out into its own division, led by a chief compliance officer with an executive-level position.
Choose your ending: What to do when your systems are hacked and ransom is demanded
What should you do if your firm is hit by ransomware? Choose your own ending to this tale about a clinic, a criminal, and coronavirus to learn the risks and rewards of each choice.
‘FinCEN Files’ reaction poll: Corporate culture blocks AML compliance
In the aftermath of the “FinCEN Files” leak, financial industry practitioners polled by Fenergo say changing the system needs to start within their own institutions.
NIST guidance tackles how to integrate cyber-security with ERM
New guidance from NIST aims to demystify a process with which many companies across all industries have long struggled: how to seamlessly integrate cyber-security risk into an overall enterprise risk management program.
CPE Webcast: Lessons from Carnival’s compliance redemption amid COVID-19
Compliance Week Editor in Chief Dave Lefort and data journalist Aly McDevitt host a 1-hour Webcast to discuss CW’s Carnival case study in addition to the behind-the-scenes making of the product.
Study: Financial crime compliance costs top $42B in U.S./Canada
A new study of financial crime compliance costs found spending by American and Canadian financial institutions is up sharply in 2020, driven in part by the coronavirus pandemic.
CAMs, coronavirus highlight audit committee transparency report
The 2020 Audit Committee Transparency Barometer, an annual report issued by the CAQ and Audit Analytics, explores new disclosure trends related to the coronavirus pandemic and critical audit matters.
Is human trafficking financial services’ blind spot?
A new report from BAE Systems demonstrates just how far we have to go in the fight against money laundering, particularly when it comes to human trafficking.
Leading the way: Diversity standouts among Canadian public companies
A new report assessing diversity disclosure trends among Canadian public companies also showcases several corporate standouts for chief ethics and compliance officers to benchmark their programs against.
Best practices for M&A cyber-security due diligence in a virtual world
The slowdown in mergers and acquisitions in the early stages of the coronavirus pandemic in March is waning, and M&A activity is approaching pre-pandemic levels again, with cyber-security risk now the top concern.
How Danske is cleaning up after a €200B money laundering scandal
It is not clear what action Danske Bank will take on the back of its investigation into Europe’s biggest-ever money laundering scandal, but it is a safe bet to think further improving compliance will be on the list.
Salary data: Women getting CCO opportunities, but pay disparity pervades
A crunching of numbers from our “Inside the Mind of the CCO” survey showed the same gender pay disparity that pervades corporate America also exists in compliance.
Ask a CCO: What will compliance look like in 5 years?
We asked nine prominent chief compliance officers to look into their crystal balls, and all of them saw data and advanced technology playing a larger role in the future of the profession.
What compliance can do to advance diversity and inclusion efforts
Experts offer best practices on how to ensure your D&I policies, training, and resources are sufficient at this social and cultural inflection point.
Ask a CCO: Compliance’s role in D&I efforts
We asked nine prominent chief compliance officers what they can do or are doing to create a more progressive workplace.
OECD report: Fear of enforcement drives fight against corruption
Fear of enforcement and the consequential reputational fallout of an enforcement action are the top drivers for developing an anti-corruption compliance program, states a new report by the Organization for Economic Co-operation and Development.
Survey: Practitioners weigh in on IIA’s new Three Lines Model
A look at results from a joint survey from Compliance Week and Workiva reveals companies could benefit from a deep dive into the IIA’s new Three Lines Model, especially in light of the recent pandemic.
Graphic: COVID-19 & Compliance
The coronavirus pandemic has created an entirely new set of challenges and responsibilities for compliance, as the data from our second annual “Inside the Mind of the CCO” survey shows.
Five ways the pandemic has changed compliance—perhaps permanently
It’s a good thing you’re all experts in partnering for change, as more than 3 in 4 of you think COVID-19 will have a permanent impact on some compliance functions.
Ask a CCO: How do you keep the focus on compliance during a pandemic?
We asked nine prominent chief compliance officers what has been the most difficult part of ensuring ethics and compliance has remained top of mind for employees during the pandemic.
Ask a CCO: What drew you to compliance?
We asked nine prominent chief compliance officers across a multitude of industries what initially drew them to the compliance profession.
Ask a CCO: Which skill comes in most handy?
We asked nine prominent chief compliance officers across a multitude of industries which skill they think is most important in their CCO role.
Enjoy ‘Compliance Officer Day’—you’ve earned it
In a 2020 full of Blursdays that all run together, it’s perhaps appropriate that the day created in your honor this year happens to fall when you don’t have to be in the office (otherwise known as your bedroom/kitchen table).
Inside the Mind of the CCO: 2020 a year like no other
Our second annual “Inside the Mind of the CCO” survey revealed that compliance practitioners, by and large, have stepped up to meet the unique challenges presented by this very different, very difficult year.
Report: Median general counsel salary rises again, to $2.6 million
General counsel compensation is steadily on the rise, according to the latest in-house counsel compensation report by Equilar and executive search firm BarkerGilmore. Inside, we also explore what companies seek in a general counsel.
Chapter 6: Carnival looks toward a new horizon
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.
Chapter 5: The storms merge
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?
Chapter 4: Carnival moves ethics and compliance to the fore
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.
Chapter 3: Carnival’s history as serial polluter catches up to it
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).
Chapter 1: Amid compliance overhaul, COVID-19 hits hard
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.
Chapter 2: Carnival put to the test as early COVID-19 hotspot
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.
Compliance Week presents: ‘A Tale of Two Storms’
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.
Benefits of bribery: New study separates fact from fiction
While bribery can provide companies with major short-term gains, there is little evidence to support many other beliefs surrounding the “return on investment,” according to a new study.
Report: 2019 restatements at 19-year low; revenue still top issue
According to Audit Analytics’ latest annual restatement study, the total number of restatements dropped for the fifth consecutive year to a 19-year low of 484, with revenue recognition still the biggest driver.
‘Tale of Two Storms’: Carnival compliance case study to launch Sept. 14
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.
Survey: Automating entity management greatly reduces compliance risk
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.
Survey: Coronavirus revealed weaknesses in companies’ GRC, data processes
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.
Survey: Weak leadership contributes to employee pressure to bend rules
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.
CPE Webcast: Survey insight into how COVID-19 impacted company leases
In this webinar panel discussion, we will share striking results from a recent COVID-19 lease impact survey and key insight into how companies’ real estate and equipment leases were impacted by shutdowns and stay-at-home orders.
New survey highlights internal audit’s vital role in fraud risk management
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.
Survey: Companies say lack of guidance, budget restrictions hamper compliance with CCPA
Complying with provisions of the California Consumer Privacy Act continues to be difficult for many companies, according to a new survey from Compliance Week and OpenText.
Survey: How COVID-19 has impacted companies’ leases
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.”
CPE Webcast: Third party risk management: Are programs up to scratch?
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.
CCOs show resilience in early survey data; compliance-blind NRA in crosshairs
The National Rifle Association “Failed It” big time if a suit alleging a lack of compliance controls proves true. Meanwhile, we tip our caps to the stalwart CCOs who carry on despite a cut in pay and resources due to the pandemic.