Surveys & Benchmarking


OCC

OCC sets sights on big banks in updated penalty guidance

2022-11-30T20:55:00+00:00By

The Office of the Comptroller of the Currency’s new procedures for assessing civil penalties establishes fines as high as $400 million for misconduct—more than double the highest total in previous guidance—based on the size of the institution and severity of the violations.

SEC office

Big penalties, admissions fuel record SEC enforcement year

2022-11-16T22:01:00+00:00By

The Securities and Exchange Commission collected more than $6.4 billion in enforcement penalties, fees, and interest in fiscal year 2022—the largest amount in the agency’s history and a massive increase over a transition year in 2021.

NFT

Navigating using NFTs in business applications

2022-11-16T16:33:00+00:00By

Non-fungible tokens can take many forms. There are potential business applications already in use, and many more are being developed as technology evolves.

Code of conduct

How to build an effective code of conduct

2022-11-14T20:21:00+00:00By Paul Eccleson, for International Compliance Association

Literature and survey results regarding codes of conduct and ethics reveal the elements of strong (and weak) examples.

Australian Parliament

​Australia privacy law proposal sets steep penalty mark for breaches

2022-11-14T19:27:00+00:00By

The Australian government is weighing stringent new privacy reforms that would establish among the steepest penalty regimes in the world—up to AUD$50 million (U.S. $33.5 million)—for serious or repeated breaches.

CW_Europe_Web

Self-help author promotes culture of kindness at CW Europe event

2022-11-03T19:27:00+00:00By

Companies should consider the benefits of “being kind” to promote employee well-being and a better culture of compliance, author David Hamilton shared during a keynote speech at Compliance Week Europe.

ESG

KPMG finds large companies ‘on the precipice of a new era’ of ESG reporting

2022-11-01T13:09:00+00:00By

Sustainability reporting has seen steady growth over the past three decades while overall perspectives about environmental, social, and governance reporting have seen dramatic shifts, according to the latest findings of KPMG’s Global Sustainability Report.

Automation

Automation can improve AML compliance but won’t replace human touch

2022-10-28T16:41:00+01:00By

While automation has the potential to transform anti-money laundering compliance, it will not replace the human practitioners relied upon to get investigations to the finish line, experts discussed at the ACAMS annual conference in Las Vegas.

Business stamp

Survey: How businesses are confronting governmental licenses in M&As

2022-10-27T17:30:00+01:00By

The results of a recent survey conducted by Compliance Week and Avalara found most businesses consider governmental licenses as part of due diligence efforts during mergers and acquisitions, yet the opportunity for risk management improvements remains.

Diversity

Diversity and inclusion’s power in compliance

2022-10-24T11:30:00+01:00By Holly Thomas-Wrightson, International Compliance Association

A panel of experts hosted by the ICA and Broadgate discussed the impact of diversity and inclusion initiatives on their own lives and why developing effective D&I policies and procedures within a firm is vital to attracting and maintaining talent.

CFTC building

CFTC FY2022 enforcement results: Record penalties, digital asset crackdown

2022-10-21T19:42:00+01:00By

The Commodity Futures Trading Commission highlighted its enforcement accomplishments from the 2022 fiscal year, including more than $2.5 billion ordered through restitution and penalties across 82 actions.

AIdata

AI monitoring benefits must be weighed against employee skepticism

2022-10-17T15:18:00+01:00By

The EU’s agency for occupational safety and health released a report examining the risks and opportunities of AI-based worker management systems for employee’s physical and mental wellbeing.

Bribery

Report: Global anti-bribery enforcement levels hit record low

2022-10-13T12:34:00+01:00By

Only the United States and Switzerland can be considered “active enforcers” in tackling foreign bribery, while countries like the United Kingdom and Israel have taken a step back, according to the latest report from Transparency International.

Optus2

Cyber risk management lessons from Optus data breach

2022-10-11T19:05:00+01:00By

The Optus data breach should serve as a reminder for all organizations that cybersecurity incidents are serious business risks that are costly to make right.

Biogen

Pharma, whistleblower lessons learned from $900M Biogen settlement

2022-10-11T15:45:00+01:00By

Experts discuss the ramifications of Biogen’s $900 million settlement for False Claims Act violations, including the $266.4 million whistleblower bounty in the case believed to be the largest single award under any government program.

Dominik Waszczynski

Q&A: Hellmann compliance head on choosing a whistleblower tool

2022-10-06T15:11:00+01:00By

Dominik Waszczynski, head of global compliance at Hellmann Worldwide Logistics, shares with Compliance Week the decision-making process that led to the company’s selection of a new and improved whistleblower hotline tool.

Audit

​AA study: Total audit fees rise in 2021

2022-10-05T14:35:00+01:00By

Total audit fees increased in fiscal year 2021 as the number of Securities and Exchange Commission registrants reached its highest total in six years, according to the latest annual review from Audit Analytics.

ESG_Wheel_Web

ESG Summit: Adapting businesses should look beyond what is financially material

2022-09-27T13:25:00+01:00By

Christopher Geiger, vice president of internal audit and enterprise risk at Lockheed Martin, explained how businesses must form resilience as they prepare for future risks regarding environmental, social, and governance during CW’s virtual ESG Summit.

Employee compensation

Survey: Performance incentives drive general counsel compensation rise

2022-09-23T17:03:00+01:00By

Compensation among general counsel at some of the nation’s top corporations increased about 8.1 percent in 2021, compared to 2020 levels, according to the latest annual benchmarking report from Equilar.

ask cco 3x2 20225

Ask a CCO: Tech most subject to regulator scrutiny over next 5 years?

2022-09-23T13:00:00+01:00By Compliance Week

Four senior compliance practitioners offer what they believe will be the technology currently on the market that will receive the most attention from regulators over the next five years.

Supply chain

ESG Summit: Holistic approach to supply chain risk an ‘investment differentiator’

2022-09-22T16:51:00+01:00By

Two experts explained how the C-suite as a whole—not just compliance officers—should be focused on the holistic approach to supply chain risk management during a session at CW’s virtual ESG Summit.

ask cco 3x2 20224

Ask a CCO: Accounting for regulator expectations in using new tech

2022-09-22T13:00:00+01:00By Compliance Week

Regulatory environments are ever evolving; four senior compliance practitioners detail what their respective businesses do to ensure compliance while utilizing new technologies.

Roadmap_ESG2022

Experts: Where to start on your ESG journey

2022-09-21T19:36:00+01:00By

ESG directors from Tenneco and Amneal Pharmaceuticals shared best practices for businesses broaching the initial phases of environmental, social, and governance reporting at CW’s virtual ESG Summit.

ask cco 3x2 20223

Ask a CCO: Due diligence during Year 1 of implementing new tech

2022-09-21T13:00:00+01:00By Compliance Week

The first year is critical in assessing the success of implementing a new technology. Four senior compliance practitioners reveal how their respective firms carry out due diligence during implementation.

ask cco 3x2 20222

Ask a CCO: How does your firm assess the efficacy of new tech?

2022-09-20T13:00:00+01:00By Compliance Week

Four senior compliance practitioners describe how they evaluate new technologies to determine whether they are the right fit for their respective companies.

Rite Aid

ESG Summit: How Rite Aid is preparing to comply with SEC’s climate disclosure rule

2022-09-19T21:01:00+01:00By

Amanda Patrick, Rite Aid’s director of ESG/corporate sustainability, shared the retail pharmacy chain’s sustainability journey so far and how it is readying to meet the SEC’s potential disclosure mandates during her keynote address at CW’s virtual ESG Summit.

ask cco 3x2 2022

Ask a CCO: How do you get buy-in from leadership to invest in new tech?

2022-09-19T13:00:00+01:00By Compliance Week

Four senior compliance practitioners share keys to delivering a strong business case to management to secure budget resources for investment in new technologies.

DOJ wall

DOJ to emphasize individual accountability, prior misconduct in corporate crime probes

2022-09-16T15:50:00+01:00By

Deputy Attorney General Lisa Monaco announced sweeping changes to the Department of Justice’s efforts to fight corporate crime, including new guidance regarding individual accountability, voluntary self-disclosure, compliance monitors, and ways to strengthen compliance culture.

EU Artificial Intelligence

Experts: Europe’s AI Act to push companies to confront technology’s use

2022-09-15T16:00:00+01:00By

The Artificial Intelligence Act, along with upcoming EU rules addressing digital markets and services, should have companies considering their use of AI and other emerging technologies to determine how the laws might impact their business.

Technology concept

Strategies for balancing risk/reward of investing in new technologies

2022-09-14T16:15:00+01:00By

Taking a step back before committing to a technology project to weigh the risks and rewards can prove beneficial in the long term. Consider the following best practices.

Work remote

NAVEX survey: Remote work, whistleblower trends to test speak-up cultures

2022-09-13T18:15:00+01:00By

Maintaining a speak-up culture requires increased attention from businesses with many employees still working remote, putting more of an onus on the reporting function, according to the latest NAVEX study.

RTO cartoon index

In person or remote? Best practices for navigating tension of hybrid work model

2022-09-13T14:00:00+01:00By

Remote workers enjoy the flexibility. In-person employees love they’ve got the office to themselves. But there is a risk these two types of employees will begin to resent each other, creating a corporate culture clash, labor and compliance professionals say.

CVS

Opioid cases against retail pharmacy chains yield compliance lessons

2022-09-12T16:22:00+01:00By

Two cases involving five retail pharmacy chains winding their way through court foretell a long and costly road ahead for all companies across the pharmaceutical supply chain battling litigation for their alleged roles in fueling the opioid epidemic.

ESGReporting

FRC: 12 best practices for better ESG data collection

2022-09-09T16:06:00+01:00By

The U.K. Financial Reporting Council released guidance on how companies can collect and use environmental, social, and governance data to inform better decision-making.

Alstom

Upheld ex-Alstom exec’s acquittal affirms ‘setback’ for FCPA’s reach

2022-09-01T15:04:00+01:00By

The latest development in the nearly decadelong Lawrence Hoskins court case has the potential to open the door for foreign nationals involved in aiding U.S. companies with foreign bribery schemes to escape liability under the Foreign Corrupt Practices Act, according to experts.

Greenwashing

EU countries take varied approaches to combating greenwashing

2022-08-31T14:25:00+01:00By

European regulators are taking greater steps to clamp down on companies’ misleading ESG claims, but experience shows different countries have differing priorities about tackling dishonest marketing.

Accounting

Workforce changes impacting accounting and finance recruitment, retention efforts

2022-08-30T17:48:00+01:00By

More than 80 percent of public companies reported accounting and finance talent retention issues over the past 12 months, according to a Deloitte Center for Controllership webcast poll.

Texting

Big bank messaging app crackdown exposes policy holes, monitoring struggles

2022-08-24T12:00:00+01:00By

U.S. regulators have signaled through an impending widespread enforcement sweep they are zeroing in on banker use of messaging apps to discuss business matters. The cases emphasize the need for financial services firms to enhance their monitoring and recordkeeping.

Amii_opinion

The art and skill of delivering bad news

2022-08-23T12:00:00+01:00By

Amii Barnard-Bahn shares her six-step process to help increase receptiveness when communicating bad news and reduce the likelihood of backlash toward the message being delivered.

Inflation concept

Fraud risks grow as cost of living soars

2022-08-15T18:43:00+01:00By Jake Plenderleith, International Compliance Association

Just as fraud grew during the Covid-19 pandemic, so will it now flourish with prices at historic highs. The question is just how widespread this fraud surge will prove to be and what can be done to help prevent it.

screens

We bet you’ll love us: Try Compliance Week risk-free for 30 days

2022-08-12T10:39:00+01:00By

For a limited time, Compliance Week is offering 30-day free trial memberships to demonstrate the value we bring to those who serve the cause of ethics and compliance.

The Home Depot

DOJ-informed compliance guidance helps Home Depot prep for potential scrutiny

2022-08-10T12:00:00+01:00By

How can a company prove its compliance bona fides to a regulator, should one ever come knocking on its door? The Home Depot has prepared for such a scenario with detailed guidance pegged to the DOJ’s “Evaluation of Corporate Compliance Programs.”

Health records

Proposed NIST cybersecurity guide incorporates HIPAA Security Rule

2022-08-04T14:56:00+01:00By

The National Institute of Standards and Technology is seeking comment on proposed guidance intended to help healthcare organizations that fall under the regulatory umbrella of the Health Insurance Portability and Accountability Act’s Security Rule.

Human trafficking

How compliance can help prevent human trafficking

2022-08-01T17:49:00+01:00By David Povey, International Compliance Association

There are many organizations that seek to prevent human trafficking, but their work can sometimes seem distant and detached from our roles as compliance professionals. We must consider how to bridge that gap, with a particular focus on supply chains.

Cyber-security

IBM report: Data breach costs up, contributing to inflation

2022-07-28T20:48:00+01:00By

The global average cost to mitigate cybersecurity issues resulting from a data breach increased to an all-time high of $4.35 million and could be contributing to current inflation trends, according to the latest annual report from IBM.

Boardroom

New environmental, social issues made for ‘unprecedented’ 2022 proxy season

2022-07-27T13:31:00+01:00By

Companies across many industries were kept on their toes during the 2022 proxy season, with shareholders filing an extraordinary number of proposals pertaining to a broad array of environmental and social issues.

Arrogant boss

How to deal with cultural arrogance

2022-07-26T17:00:00+01:00By Paul Eccleson, for International Compliance Association

Arrogance is an unpleasant trait to deal with in our professional careers. It is, however, perennial. Learning how and when to face it will be a long-term useful skill.

KPMG UK

FRC 2021/22 audit inspections: KPMG praised; BDO and Mazars rebuked

2022-07-20T15:32:00+01:00By

Improvements at KPMG resulted in each of the Big Four returning no audits requiring significant improvement during an inspection cycle for the first time in the last five years, according to the U.K. Financial Reporting Council’s latest quality review results.

Bad communication

Mind your language: How small changes in phrasing make big differences

2022-07-19T16:20:00+01:00By Paul Eccleson, for International Compliance Association

Risk and compliance professionals are tasked with trying to change attitudes and behaviors to achieve their goals. Subtle adjustments of emphasis and wording can have a significant impact on their success.

Climate policy

Survey: Firms early to prep for SEC’s climate-related disclosure rule

2022-07-18T12:45:00+01:00By

Respondents to a Compliance Week/CohnReznick survey assessing readiness for the SEC’s climate-related disclosure mandate aren’t waiting to see how the proposed rule plays out before getting their compliance house in order.