All Compliance Week articles in Web Issue – Page 710
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Blog
SFO Loses Corruption Trial Against Three
Three men charged with bribery offenses by Britain’s Serious Fraud Office were acquitted last week, after the jury was unable to reach a verdict on one count against the third defendant and was discharged. The SFO had charged the trio, former employees of Swift Technical Solutions, for paying bribes to ...
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Blog
Deloitte Inspection Report Shows Reduced Audit Deficiencies
PCAOB audit inspectors found fault with 21 percent of the audits inspected at Deloitte in 2014, lower than any rate delivered for any major firm since 2009 and lower than Deloitte’s failure rate from one year ago. The report also revealed a new format for PCAOB inspection reports. More inside.
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Article
CCOs Need to Be Schooled on Effective Training
Compliance and ethics training needs to move beyond the standard training video and PC-based testing. While online tests are an adequate exercise in rote memorization, experts say the future of effective training means understanding the unique psychologies of the workforce and managers, customizing your messages, and shaping training objectives around ...
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Blog
Survey: Shareholder Pressure Prompts Boards to Rethink Compensation
Nearly 60 percent of companies say their boards expanded compensation explanations in proxy statements as a result of shareholder feedback, and almost one-third of those boards changed executive compensation plans outright in response to pressure from investors. Those findings come from the National Association of Corporate Directors and respondents to ...
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Blog
Warren: SEC Chair’s Tenure ‘Extremely Dissapointing’
Image: Sen. Elizabeth Warren, (D-Mass.), at left, fired with both barrels at SEC Chairman Mary Jo White this week, in a blistering 13-page letter describing White’s tenure as “extremely disappointing” and full of “broken promises.” Among Warren’s concerns: the lack of a final pay-ratio rule and the dearth of guilt ...
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Blog
AccelOps Enhances Its Integrated IT Security Platform
AccelOps today announced new enhancements to its integrated IT security and operational intelligence platform that enables IT to rapidly detect, prevent, and respond to malicious attacks. Details inside.
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Article
FSOC Report Offers Tea Leaves for Future Regulatory Focus
What are the top threats to the U.S. financial system? In a new report, the Financial Stability Oversight Council cites cyber-security, financial innovations, and high-frequency trading among the problems regulators must address. Critics fret, however, that the agency wants “to get rid of the capital markets and replace everything with ...
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Article
Lessons From the BHP Billiton Case
Image: If compliance officers needed another reminder that the FCPA’s books-and-records provisions are still a dangerous trap for global businesses, look no further than the SEC’s recent $25 million fine against BHP Billiton. Observers say it offers valuable lessons in the SEC’s expansive interpretation of the law. “A check-the-box compliance ...
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Resource
Fortune 100 Compliance Report
Marketing teams are continuing to increase investments in social media as they see continued success from this new channel of communication. The average Fortune 100 firm has over 320 branded social accounts, with over 200,000 followers and 1,500 employee participants—creating a complex compliance landscape with a flood of messages from ...
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Article
Fighting Complexity With Integrated Compliance Efforts
More than ever before, managing compliance risk now requires a framework that unifies decentralized compliance activities. The goal: to streamline monitoring, testing, and reporting. That may sound difficult in theory—and, well, it’s difficult in practice too. Inside we have tales from Coca-Cola and Kimberly-Clark on how they try to integrate ...
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Article
More Hints at More Audit Committee Disclosure
Image: The SEC plans a concept release “soon” that could modernize audit committee disclosures for the first time in years, including touchy subjects like naming the audit engagement partner. Expect awkward questions to follow about how audit firms are hired and perform the work they do. “This foreshadows what I ...
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Article
Resolving Compliance and HR Turf Wars
Image: Compliance and HR have been tussling for years over which function owns company culture, when the truth is both have a crucial role to play. “If HR and compliance could come together and realize and accept that they’re on the same team … it could be a really powerful ...
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Blog
Four Lessons, and One Basic Rule, From the DuPont Battle
The high drama of this year’s proxy season happened in May, when DuPont thwarted a boardroom takeover pushed by hedge fund guru Nelson Peltz and his Trian Partners fund. How? This week, columnists Stephen Davis and Jon Lukomnik critique the basic strategy Trian used and the counter-offensive DuPont skillfully employed ...
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Blog
E*TRADE Names Acting Chief Risk Officer
E*TRADE Financial has named Paul Brandow as acting chief risk officer. Brandow will assume the chief risk officer role from Michael Pizzi, who will become chief financial officer, effective June 16, after current CFO Matthew Audette advised the company of his decision to leave to pursue a new opportunity. Details ...
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Blog
The Inland Real Estate Group Names Chief Accounting Officer
The Inland Real Estate Group, part of The Inland Real Estate Group of Companies, has named Prashant Bodhanwala as chief accounting officer. In this role, he will oversee accounting, financial strategic planning and financial analyses for Inland. Details inside.
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Blog
Paragon Offshore Names Chief Accounting Officer
Paragon Offshore has named Alejandra Veltmann as chief accounting officer. She reports to Chief Financial Officer Steven Manz. Details inside.
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Blog
How Dodd-Frank Is Working—and How It Isn’t
Image: Congress is back in session, which means another round of political bickering over reform of the Dodd-Frank Act. Alas, Compliance Week Editor Matt Kelly says, the law is already working as one would expect—that is, a little bit effectively, and a little bit stupidly. Compliance officers should not hold ...
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Blog
AK Steel CCO Named Corporate Secretary
AK Steel has named Joseph Alter as corporate secretary, in addition to his current roles as general counsel and chief compliance officer. Details inside.
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Blog
Ex-Wells Fargo CEO Slams ‘Absurd’ Compliance Spending
Image: Is the compliance ramp-up at big banks to blame for layoffs, including the 5,000 of them announced last month by JPMorgan? Richard Kovacevich, former CEO of Wells Fargo, seems to think so. “It is absurd that [banks] are investing that kind of money on compliance” he said of growing ...