All Compliance Week articles in Web Issue – Page 708
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Blog
OCC: Cyber-Security Priorities for 2015
Comptroller of the Currency Thomas Curry last week provided an overview of the top cyber-security priorities that the Office of the Comptroller of the Currency will be focusing on for the remainder of 2015. These priorities include the release of a new cyber-security assessment tool that financial institutions can use ...
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Blog
Arthur J. Gallagher Names Chief Risk Officer
Arthur J. Gallagher, the international division of Arthur J. Gallagher & Co., a global insurance brokerage and risk management services firm, has appointed Carol Richmond as chief risk officer. In this role, she will oversee the management of risk and exposure across the division and ensure that all legal and ...
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Article
New ‘Blacklisting’ Rules Have Contractors in Uproar
Image: Uncle Sam is poised to impose sweeping new reporting obligations on government contractors to disclose labor law violations for the prior three years. Trade associations are spitting nails over the rules, but meanwhile, compliance officers have yet another reporting risk that needs process and attention. “You don’t want a ...
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Blog
Former KPMG Partner Scott London out of prison, back to work
Scott London—the former KPMG partner who pleaded guilty to insider trading in June 2013 and was sentenced to serve 14 months in prison in April 2014—is out of prison and back to work. London is now employed as the assistant to the CFO of a computer company.
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Article
ITT Complaint Shows Off-Balance-Sheet Woes Aren’t Off-Stage Yet
An SEC lawsuit against ITT Educational Services could shape up to be another textbook case of what goes wrong when companies try to deal with problematic accounting away from the eye of investors. The problem this time: off-balance sheet vehicles that masked ITT’s defaulting student loans. Where were the auditors? ...
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Blog
Regulators Finalize Dodd-Frank Diversity Policies
Under a Dodd-Frank Act requirement, federal banking regulators, the SEC, and the Consumer Financial Protection Bureau have issued a formal policy for assessing the diversity policies and practices of the entities they regulate. The regulators call for a “model assessment” that would include a self-assessment by each covered entity of ...
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Blog
Improving EITF to Improve Accounting Practice
FASB’s Emerging Issues Task Force turns 30 this year, and with that comes its third 10-year review of how the EITF should consider new accounting issues. This week, columnist Robert Herz offers his thoughts on where the EITF can improve, including what issues it addresses and voting practices to make ...
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Article
The Workflows You Need to Use After a Data Breach
Compliance officers have enough scrambling to do after a data breach. Not understanding the steps to take, or not being in proper position to take them, only makes matters worse. Inside, guest columnist John Reed Stark walks through all the steps your company needs to take—including those to take before ...
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Blog
Innocent Attorney Tries to Clear Name He Shares With Securities Fraudster
Itamar Cohen, age 52, of Thornhill in Ontario, Canada recently pleaded guilty in New Jersey to a $17 million stock fraud. This has created considerable stress and drama for Itamar Cohen, age 53, of Thornhill in Ontario, Canada -- an innocent attorney who is the victim of this unfortunate coincidence.
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Article
How Do You Solve a Problem Like EDGAR?
Image: In a way, the person who submitted false filings to the SEC last month proposing a fictional takeover of Avon Products did the corporate filing community a favor: He reminded everyone how bad the SEC’s EDGAR filing database can be. Ideas to modernize EDGAR are many; ability to achieve ...
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Blog
FASB Proposes Changes to Stock Compensation, Equity Method Rules
FASB is proposing updates to accounting standards that would target complexity in the accounting for stock compensation plans and the equity method of accounting. The board has proposed eight measures to revise requirements around income tax consequences, classification of cash flows, and more. In addition, FASB seeks to eliminate the ...
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Article
Demystifying the Risks of Board-Level Risk Committees
Image: In the wake of the financial crisis, many large financial institutions created new, board-level risk committees to oversee their most critical risk issues. For other industries, the decision to create a risk committee isn’t so simple—and isn’t without some risk-taking itself. “You have to guard against the risk that ...
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Article
Export Control Reform Still Lags, Leaving Compliance Programs in Lurch
Image: Anyone involved in international trade might hope that one day, in the long run, export control reform will alleviate the compliance burden companies face now. In the short run, however, expect even more pain as reform ideas inch along. “This is one of the most complex and changing environments ...
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Event
Supply Chain Management: Strategy and Planning for Effective Operations
Chicago, ILUnited States
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Blog
Basel Pitches Bank Rules to Remedy Interest Rate Shocks
The Basel Committee on Banking Supervision, with a consultative document released on Monday, is seeking public comment on proposals regarding what measures large banks should take, and how much reserve capital they should hold, to weather interest rate risks. More inside.
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Blog
Argument for Small-Company Compliance Exemptions
Image: Smaller public companies regularly lament that the costs of regulatory compliance are disproportionately large for them and serve little useful purpose for their investors. Sometimes those complaints aren’t worth more than a good eyeroll—but sometimes they have merit. This week, Editor Matt Kelly tells the tale of yet another ...
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Blog
SEC Settles Fraud Charges at Tech Firm
Computer Science Corp. has agreed to pay $190 million to settle charges by the Securities and Exchange Commission that the company and former executives concealed from investors problems with a high-profile client and manipulated financial results, in addition to fudging with accounting at overseas units.
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Blog
Morf Media Names Chief Compliance Officer
Morf Media, a compliance training company for the mobile workforce, has named Angela Bazigos as chief compliance officer and head of the life sciences business unit. In this role, Bazigos will help drive the company’s leadership initiatives in providing strategic compliance training software solutions to life sciences organizations around the ...