All Compliance Week articles in Web Issue – Page 666
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Blog
Commerzbank Chooses New Chief Risk Officer
Commerzbank has promoted Marcus Chromik to become its new chief risk officer, effective Jan. 1, 2016. He succeeds Stefan Schmittmann, who informed the company in September of his intent to leave the bank at the end of this year. More inside.
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Blog
Deutsche Bank to Pay $258 Million for Sanctions Violations
Deutsche Bank today reached a $258 million settlement with the New York State Department of Financial Services and the Federal Reserve regarding transactions with countries and entities subject to U.S. sanctions, including Iran, Libya, Syria, Burma, and Sudan. As part of the settlement, the bank also has agreed to install ...
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Blog
Europe and Petrobras—What Has a Car Wash Wrought?
Image: The scope of the Petrobras corruption scandal is literally worldwide. Now, reports the Financial Times, Rolls Royce has become embroiled in the Brazilian national energy company’s “Operation Car Wash” snafu (dubbed so because the investigation literally started with a car wash), and is currently under investigation by the ...
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Resource
Free Guide: Conducting Pre-Contract Vendor Due Diligence
Today’s global, digital economy opens up a world of opportunities—and a whole new world of risk exposure. When important parts of your business can be fulfilled anywhere, risks may be everywhere.If one of your vendors takes a hit, you could take the fall. Which begs the question: Do you have ...
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Blog
U.K. Serious Fraud Office: ‘Why Engage At All?’
At a recent anti-bribery forum in London, Ben Morgan, joint head of bribery and corruption for the Serious Fraud Office, spoke about companies that have been prosecuted and investigated for bribery and corruption. Morgan pointed out that while no legislation is on the horizon to reward whistleblowers financially, ...
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Event
The Risk, Compliance, and Finance Executive Summit on Solving the Compliance Dilemma
New YorkNew York, NY 11111United States
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Blog
AICPA Begins Floating Revenue Recognition Drafts
Image: The American Institute of Certified Public Accountants has assembled 16 industry task forces to examine industry-specific implementation questions that are emerging as companies prepare to adopt the new principles-based revenue recognition standard. The working drafts provide insight and examples around nine specific questions, says Kim Kushmerick, senior technical ...
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Blog
Vimplecom Braces for Massive Bribery Settlement
Amsterdam-based Vimplecom, a global telecommunication services provider, announced today that it has set aside USD$900 million in connection with an ongoing bribery investigation. The Securities and Exchange Commission, the Department of Justice, and the Dutch Public Prosecution Service are conducting investigations relating primarily to VimpelCom’s business in Uzbekistan and prior ...
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Article
Parsing the Difference Between GRC & ERM
Image: Lots of executives know the difference between compliance and risk management conceptually. But the difference between “governance, risk, and compliance” and “enterprise risk management”—not so much. This week, we pick apart both acronyms. “Compliance is typically what 90 percent of GRC software does,” says Steven Minsky, CEO of software ...
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Blog
Caldwell Explains New Compliance Officer Counsel
Image: During remarks at a recent conference in New York, Assistant Attorney General Leslie Caldwell offered some insight about the Justice Department’s newly established compliance counsel position and how this individual will help the Criminal Division assess compliance programs. “Unfortunately, a surprising number of companies still lack rigorous compliance programs,” ...
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Article
Compliance Officers Brace for U.K. Senior Managers Regime
Image: During a panel discussion at Compliance Week’s Europe conference in Brussels last week, compliance executives discussed the broad implications of the new Senior Managers Regime, which makes senior executives personally accountable to regulators for their actions. You’ll also read a candid story of what a run-in with the Financial ...
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Blog
SEC Files Crowdfunding Fraud Complaint
In the same month that the Securities and Exchange Commission approved Regulation Crowdfunding, permitting startups and small businesses to raise capital by offering and selling securities through crowdfunding, the agency also filed its first complaint for crowdfunding fraud. The case highlights the emerging risk posed by online fundraising for the ...
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Article
Global Investigations in the Modern Era
“Europe” may be a nice short-hand for discussions about global business, but in reality is still 28 individual nations, each with their own laws and customs. Little surprise, then, that in several discussions about internal investigations at the Compliance Week Europe conference, the subject got complicated quickly. We have the ...
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Article
Consequences for Cloud Computing Accounting Start to Roll In
Image: Companies applying new guidance on accounting for cloud computing fees are finding the guidance is not so simple, and doesn’t always provide a sunny outcome on the financial statement, either. Prepare for detailed reviews of your contract, and possibly changes to key metrics and disclosures. “If someone thinks this ...
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Podcast
Podcast: The Compliance Risk of a Global Workforce
Research by ADP, a provider of human capital management services, found that an overwhelming majority of senior finance executives say monitoring tax, employment and payment-related rule changes has become increasingly time-consuming and fraught with risk. Part of the problem is a lack of access to the real-time, consolidated compliance data ...
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Article
As Compliance Risks Keep Rising, Banks Keep Rethinking
A sea change in risk is happening at big banks: Non-financial risks (read: regulatory compliance failures) are now driving the compliance conversation at large firms more than financial risks. “You can have adequate capital, adequate liquidity; but if you have the wrong kind of culture, that is where the problems ...
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Blog
Preparing for a Busy, and Political, Proxy Season
The 2015 annual meeting season was a whirlwind, driven by surprise voting outcomes and regulatory flip-flops on proxy access. The coming year could be even tougher, because presidential politics promises to turbocharge the corporate governance debate. This week, columnists Stephen Davis and Jon Lukomnik examine some of the likely issues ...
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Blog
Bristol-Myers Squibb Dodges Criminal FCPA Enforcement
Image: Last week Bristol-Myers Squibb announced that the Justice Department has decided to prosecute the company for a criminal Foreign Corrupt Practices Act. When you look at the facts of the misconduct, a declination seems a bit far-fetched, but our Man From FCPA, Tom Fox, takes a closer look at ...