Surveys & Benchmarking


Walmart

News Brief

Walmart shares successes behind supplier emissions reduction initiative

2024-02-27T12:25:00+00:00By

Retail giant Walmart announced the completion of an initiative to reduce emissions in its supply chain six years earlier than its intended target.

Working two jobs

Article

Compliance’s role in managing challenges related to employee side hustles

2024-02-26T15:00:00+00:00By Camelia Gardot, CW guest columnist

Employees engaging in side businesses—part-time jobs or new company creations—can introduce a myriad of risks for a company.

DOJ wall

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DOJ official: Expect more cybersecurity false claim enforcements

2024-02-23T14:05:00+00:00By

The announcement of a record year in several areas of False Claims Act enforcement at the Department of Justice was accompanied by a warning that more significant cases are coming, particularly regarding cybersecurity-related claims.

Employee relations

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Experts: No easy fix for U.K. senior manager accountability shortcomings

2024-02-23T12:22:00+00:00By

Legal experts generally agree the U.K.’s record for prosecuting board-level executives for financial and economic crime could be better. But some believe there is a problem criticizing poor enforcement when the legislation in place has its own shortcomings.

Brasseur_opinion

Opinion

Ten things I’m excited for at CW National 2024

2024-02-22T13:00:00+00:00By

A new month and a new venue but a lot of the same you love about Compliance Week’s National Conference. CW Editor in Chief Kyle Brasseur shares what he’s looking forward to most at the 2024 edition of the annual event.

DOJ building

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The path to DOJ cooperation credit: Analyzing recent FCPA cases

2024-02-20T14:55:00+00:00By

Recent enforcement actions offer guidance on what the Department of Justice considers to be an “imminent threat” of disclosure or government action, what it means by “prompt” disclosure, and how a company can earn credit for revealing all relevant facts.

caseiq 300x200

Event

Virtual Roundtable: What to make of new DOJ corporate enforcement priorities

2024-02-20T13:00:00+00:00Provided by CaseIQ

Compliance Week is hosting a virtual roundtable during which experts will break down recent policy changes at the Department of Justice and what they mean for corporate compliance programs.

Teamwork

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LRN survey: Compliance programs shifting focus from bribery, corruption

2024-02-16T22:35:00+00:00By

Many ethics and compliance programs have refocused their efforts away from bribery and corruption and onto data security and privacy, complex government regulations, artificial intelligence security, and other contemporary challenges, a survey from LRN found.

Cloud Computing

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Toeing the ‘fine line’ of cloud security compliance

2024-02-14T22:26:00+00:00By

When organizations move their data or operations to the cloud, the compliance team has their work cut out and then some, experts discussed at CW’s Cyber Risk & Data Privacy Summit.

Whistle

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Experts: SCOTUS ruling shifts onus to employers in whistleblower cases

2024-02-12T21:35:00+00:00By

The Supreme Court’s unanimous decision to reaffirm whistleblower protections under the Sarbanes-Oxley Act in a case involving UBS has wide ramifications in many other industries beyond financial services, according to legal experts.

Bank of America

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Table: SEC, CFTC off-channel communications penalties

2024-02-09T17:00:00+00:00By Compliance Week

The Securities and Exchange Commission and Commodity Futures Trading Commission have combined to levy about $2.8 billion in penalties (so far) against firms and their affiliates in response to recordkeeping failures regarding employee use of off-channel communications for business purposes.

Data privacy

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Compliance with growing number of U.S. privacy laws ‘a matter of culture change’

2024-02-07T14:00:00+00:00By

Different deadlines associated with the 13 U.S. state privacy laws currently on the books, including grace periods and enforcement dates, have proven challenging for compliance, experts discussed at CW’s Cyber Risk & Data Privacy Summit.

Data breach

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Experts: Good data breach response grounded in preparation

2024-02-06T15:24:00+00:00By

Two chief compliance officers and an attorney discussed preparation for the “when, not if” threat of a data breach during a panel at CW’s Cyber Risk & Data Privacy Summit.

AI climate

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Jury out on viability of AI in ESG reporting

2024-02-05T12:13:00+00:00By

Tech vendors believe ESG reporting is a ripe market for artificial intelligence to help companies sift through data and ensure compliance with both mandatory and voluntary reporting standards. Compliance officers appear less sure.

cybercrime_web

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ACAMS survey: Budget cuts, criminal tech innovation top 2024 threats

2024-02-01T21:06:00+00:00By

Nearly 800 financial crime professionals said the biggest threats to the effectiveness of their anti-money laundering programs are budget cuts and their inability to keep pace with more aggressive and innovative uses of technology by criminals to commit fraud.

China scrutiny

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What future holds for PCAOB post China crackdowns

2024-01-31T13:32:00+00:00By

The Public Company Accounting Oversight Board’s first enforcement settlements with mainland China and Hong Kong firms won’t be the last, as the chair of the regulator says its “just getting started.” U.S. firms must be mindful of the specific ethical issues highlighted.

Working with AI

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Deloitte survey: Companies unprepared for AI governance, risk challenges

2024-01-30T18:31:00+00:00By

Just 25 percent of corporate leaders felt their organizations were highly prepared to handle the governance and risk issues posed by generative artificial intelligence, a Deloitte survey found.

AI finance

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The pros and cons of generative AI in AML compliance

2024-01-29T14:00:00+00:00By Mario Menz, CW guest columnist

Generative artificial intelligence providers often promote their technologies as revolutionary tools that can enhance anti-money laundering processes. But the issues and shortcomings associated with the technologies must also be acknowledged.

Philips

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FCPA violations in China: Lessons learned from 2023 cases

2024-01-25T18:01:00+00:00By

Enforcement actions regarding alleged violations of the Foreign Corrupt Practices Act at 3M, Albemarle, Clear Channel Outdoor, and Royal Philips each had China touchpoints. Experts assess third-party risk management lessons learned from each case.

Crypto coins

News Brief

FINRA report highlights crypto communication violations

2024-01-24T22:54:00+00:00By

The Financial Industry Regulatory Authority announced it uncovered potential violations of its disclosure rules in 70 percent of crypto asset communications reviewed during a targeted exam.

Computer hacked

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OFAC official urges company transparency on ransomware events

2024-01-19T21:59:00+00:00By

Despite its reputation as a fierce enforcer of sanctions, the Office of Foreign Assets Control has a softer side and wants to help companies that are hit with ransomware attacks, according to the agency’s senior compliance officer.

Bank AML

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AML pros say tech, not hiring, will keep them ahead of financial crime

2024-01-17T22:45:00+00:00By

A survey of financial crime professionals found that while three of every four companies added more anti-money laundering employees in 2023, nearly all respondents said growing their department’s headcount alone won’t keep up with emerging risks.

Salary

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Disclosure rules not enough to curb U.K. salary gaps

2024-01-15T14:16:00+00:00By

The issue of “fat cat” pay awards was reignited in the United Kingdom after a think tank found a typical FTSE 100 CEO earned the average annual salary for a full-time worker after just four days into the new year.

Business data

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Lessons from Albemarle, ABB: How data-driven compliance can help your firm

2024-01-12T20:32:00+00:00By

Andrew McBride, chief risk officer of Albemarle Corp., and Tapan Debnath, head of integrity, regulatory affairs and data privacy at ABB, discussed how and why their respective organizations use data analytics to conduct business as part of a recent webcast.

Cybercrime

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NIST report: Mitigating the risks of cyberattacks on AI systems

2024-01-11T21:11:00+00:00By

Cyberattacks on artificial intelligence systems are increasing, so it’s important users know their vulnerabilities and try to soften the damage if they get hit, according to a new report by the National Institute of Standards and Technology.

SEC

News Brief

SEC risk alert flags observed deficiencies at security-based swap dealers

2024-01-11T17:13:00+00:00By

A new risk alert from the Securities and Exchange Commission highlighted common deficiencies and weaknesses in the compliance programs of security-based swap dealers.

Fraud victim

News Brief

FinCEN analysis: Most common identity-related suspicious activities

2024-01-10T17:48:00+00:00By

Fraud remains the leading form of identity-related suspicious activity cited in Bank Secrecy Act reports by a large margin, while technologies enable greater overall risks around exploitation, according to new research from the Financial Crimes Enforcement Network.

Brasseur_opinion

Opinion

Ten things I’d like to see happen in 2024

2024-01-08T16:02:00+00:00By

Election years in the United States, United Kingdom, and at European Parliament, along with ongoing geopolitical tensions, make 2024 difficult to predict—aside from the expectation compliance officers will be busy.

Questions raised

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Need to know: FinCEN beneficial ownership information reporting

2024-01-05T17:50:00+00:00By

Many reporting companies are still unsure whether their organization is required to file beneficial ownership information with the Financial Crimes Enforcement Network or are completely unaware of the new requirements. For those with questions, we have answers.

Rite Aid building

Premium

Compliance lessons from Rite Aid facial recognition case

2024-01-04T20:11:00+00:00By

The Federal Trade Commission was clear in its recent enforcement action against Rite Aid regarding its expectations for companies using facial recognition technology or any biometric security or surveillance systems.

Org structure

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Money, size, industry: Multiple factors at play in setting compliance reporting lines

2023-12-19T22:38:00+00:00By

Compliance teams most often report to their firm’s legal department, our “Inside the Mind of the CCO” survey found. However, heavily regulated companies and those with fewer employees saw different trends emerge.

Binance

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Top ethics and compliance failures of 2023

2023-12-14T15:00:00+00:00By

A virtual currency exchange that sought to mislead regulators, banks failing after ignoring obvious risks, and a manufacturer that sold millions of its products in violation of U.S. export controls are among those that make up CW’s list of the biggest ethics and compliance fails of 2023.

Discover Financial Services

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Five compliance triumphs from 2023

2023-12-13T15:00:00+00:00By

A financial services giant’s compliance mea culpa that could serve to benefit the rest of the profession, a chemical company’s praised FCPA settlement, and an example of the value of whistleblowers highlight CW’s annual list of laudable ethics and compliance moments.

Phone

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Tackling off-channel communications? Don’t forget ephemeral messaging

2023-12-11T17:42:00+00:00By

As if creating policies and procedures to handle employee use of off-channel communications is not difficult enough, ephemeral messaging platforms can make it even more difficult to recover messages in transit.

Data on computer

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Efficiency, consistency among goals of modernized TPRM program

2023-12-11T15:30:00+00:00By

Managing directors at KPMG share how firms are making strides in building robust third-party risk management programs for the future.

Compensation vector

Premium

Graphics: 2023 CCO/CECO salary trends

2023-12-07T16:00:00+00:00By

Year 5 of our “Inside the Mind of the CCO” survey saw the average salary of responding chief compliance officers and chief ethics and compliance officers decline slightly, while other statistical trends repeated from previous iterations.

AI risks

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Surveys: Finance, legal execs share concerns around AI use

2023-12-06T17:27:00+00:00By

Finance executives and general counsel alike say their firms and leadership teams are unprepared for the risks and benefits of artificial intelligence, according to two recent surveys.

McDevitt_opinion

Opinion

Book review: Demythologizing money laundering, demystifying AML compliance

2023-12-05T18:00:00+00:00By

Movies and TV shows might have launched a thousand armchair experts on the topic of money laundering, but few can explain how or why it’s done. Ola Tucker’s book, “The Flow of Illicit Funds,” does exactly that.

Digital data

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Survey: Companies bullish on new tech amid enhanced sanctions scrutiny

2023-12-05T16:00:00+00:00By

Emerging technologies like automation and generative AI are on the radar as difference-makers for businesses serious about keeping pace with increasing regulatory scrutiny toward third-party due diligence and sanctions compliance, a survey conducted by Compliance Week and Certa found.

CFTC

News Brief

CFTC proposes guidance for voluntary carbon credits

2023-12-04T19:28:00+00:00By

The Commodity Futures Trading Commission promoted the need for developing high-integrity voluntary carbon markets in publishing proposed guidance for the listing of voluntary carbon credit derivative contracts.

Albemarle web

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DOJ cooperation credit breakdowns: Albemarle, Tysers, H.W. Wood

2023-12-04T18:00:00+00:00By

Nicole Argentieri, acting head of the Department of Justice’s Criminal Division, breaks down where Albemarle, Tysers Insurance Brokers, and H.W. Wood went right—and wrong—on the cooperation credit and remediation fronts as part of their FCPA settlements with the agency.

Executive board

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The road from CCO to board: What compliance professionals need to know

2023-12-04T16:00:00+00:00By

Chief compliance officers and chief ethics and compliance officers desire progressing to the board more than any other role change, our “Inside the Mind of the CCO” survey found. So, what does it take for compliance to get on a corporate board?

Phone apps vector

Premium

Compliance officers share lack of faith in off-channel comms monitoring policies

2023-11-30T16:00:00+00:00By

Addressing employee use of off-channel communications for conducting business was clearly on the minds of compliance officers who responded to our “Inside the Mind of the CCO” survey, but their confidence in their related policies and procedures was surprisingly weak.

AI use

Premium

Despite AI hype, compliance remains hesitant adopter

2023-11-29T16:00:00+00:00By

Most compliance professionals say their teams are not using artificial intelligence to assist with compliance obligations, according to our “Inside the Mind of the CCO” survey.

Kyle Welch, Associate Professor, George Washington University

Podcast

Digital Transformation of Compliance podcast: GWU Professor Kyle Welch

2023-11-28T17:00:00+00:00By

In this episode of the Digital Transformation of Compliance podcast series, Kyle Welch, a George Washington University associate professor of accountancy, discusses findings from his research on internal whistleblowing and compliance dashboards built by publicly traded U.S. companies to leverage hotline data.

ESG data

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More companies enter ‘discovery phase’ of ESG reporting in 2023

2023-11-28T16:00:00+00:00By

Climate-related disclosure efforts are amplifying year over year, despite persistent and persnickety pain points, as more organizations widen the scope of their ESG journeys, our “Inside the Mind of the CCO” survey found.

Singapore money

News Brief

Singapore banks say money laundering risks up after $2B scandal

2023-11-27T19:38:00+00:00By

Risks posed by money laundering and the financing of terrorism have dramatically increased in Singapore, according to a recent survey of the city-state’s financial institutions conducted by the Monetary Authority of Singapore.

aaron mind graphic

Premium

Inside the Mind of the CCO: Compliance feeling regulatory heat in 2023

2023-11-27T16:00:00+00:00By

Our fifth annual “Inside the Mind of the CCO” survey saw keeping up with regulatory policies dethrone resource support as the biggest concern among all respondents for the first time.

certa thumbnail

Resource

Survey Report: Companies bullish on new tech amid enhanced sanctions scrutiny

2023-11-27T14:36:00+00:00Provided by Certa

If sanctions are the top enforcement priority for the Department of Justice, companies have got the message, according to a recent study.

cisa_web

News Brief

CISA guidance provides cyber risk mitigation strategies for healthcare

2023-11-20T19:26:00+00:00By

New guidance released by the Cybersecurity and Infrastructure Security Agency offers best practices for organizations in the healthcare and public health sector to adopt to combat rising cyber threats.