All Compliance Week articles in Web Issue – Page 715
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Blog
ADM Names Chief Risk Officer
Food processing giant Archer Daniels Midland Company has named Mark Bemis as chief risk officer, in addition to his current role as senior vice president and president, North America. Details inside.
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Blog
Ding, Dong: EDGAR Fraud Calling
On May 14, PTG Capital Partners, a London-based investment firm, disclosed in a regulatory filing on the Securities and Exchange Commission’s EDGAR system that it offered to buy Avon for $18.75 a share. The firm, however is fictitious, raising questions of how EDGAR was gamed and why the filing was ...
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Blog
Former SEC Chairman Cox Weighs in on Administrative Proceedings
In detailed remarks on Wednesday, former SEC Chairman Christopher Cox weighed in on the growing controversy concerning the SEC's use of administrative proceedings. Chairman Cox offered insights into how the present situation came to be and how it might be resolved.
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Blog
Europe Moves Closer to Meeting Transparency Goals
Trying to reduce corruption risks around the globe, the Legal Affairs Committee of the European Parliament has voted for more disclosure of financial information from companies based in specific countries. This new requirement would also work in tandem with the European Commission’s tax transparency package, which calls for the exchange ...
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Blog
Survey: Overloaded CCOs Expect Increased Personal Liability
Compliance officers have two fears on their minds these days: increased regulatory fatigue and overload; and the threat of increasing personal liability for corporate misconduct. More than one-third of all firms already spend at least one day every week simply tracking and analyzing regulatory developments, according to Thomson Reuters’ annual ...
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Blog
FASB Proposes Changes to Revenue Standard
FASB has issued proposed revisions to the revenue recognition standard intended to head off the potential for varied interpretation of the standard and to simplify and reduce the cost of compliance in some areas. The board has focused the amendments on identifying performance obligations and accounting for revenue arising from ...
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Article
IIA to Push More Flexible Internal Audit Planning
Image: The Institute of Internal Auditors will unveil an overhaul of its professional practices framework this summer, including a push for audit executives to be more flexible in their audit planning. Whether that means a “rolling audit plan,” contingency funds for surprise risks, or other methods, many say the idea’s ...
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Article
Brit Banking Regulators Wield Attestation More Often
Deutsche Bank paid $345 million to British regulators for its role in the LIBOR scandal, $153 million of that stemming from a false attestation the bank submitted about its internal controls. Those attestations are emerging as a potent tool for the U.K. Financial Conduct Authority. “This case sends a strong ...
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Blog
Morton Salt Names General Counsel
Morton Salt has appointed Chad Walker as general counsel and corporate secretary. He succeeds Mary Doohan, who retired last year after a successful 23-year career with the company. Details inside.
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Article
Suddenly, Washington Is Back at Cyber-Security Discussion
Image: For the first time in years, Washington is abuzz with proposed changes to cyber-security disclosure, both in Congress and at the SEC. Above all, experts say, is a need to clarify terminology and expectations. “There should be minimum standards for what that security should be across the board,” says ...
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Article
As SEC Delays on Extractive Payments, World Moves Ahead
The SEC has fought all sides on its proposed rule to disclose payments to governments for mining rights: oil and gas companies on one hand saying the rule is flawed; activists on the other saying the rule is overdue. The trouble, however, is that while the SEC tussles in court, ...
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Blog
LRN Launches Catalyzing Conversations Toolkits
LRN, an ethics and compliance advisory services and education firm, today announced the launch of Catalyzing Conversations Toolkits, a turn-key solution designed to help mid-level managers start a dialogue with employees about the organization’s code of conduct and policies, as well as actively engage employees in E&C training. Details inside.
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Blog
Study: Social Media Befuddles Compliance
The average Fortune 100 firm has approximately 320 social media accounts and engages with more than 210,000 “followers” annually. The problem, according to a new study, is that the pace, scale, and informal culture of corporate social media creates regulatory risks that go beyond the traditional skill set of compliance ...
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Article
The Compliance Officer’s Role in Driving CSR Efforts
As corporate social responsibility becomes a business norm across Europe, two questions for compliance officers are what role they should play, and how they can leverage a vibrant CSR effort to enhance corporate culture and values. In part two of our look at CSR programs, this week we explore how ...
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Article
Anti-Corruption Compliance Improves in Defense Sector
Image: A new Transparency International report examining anti-corruption measures in the defense sector holds both good and bad news: Many defense companies have improved their ethics and anti-corruption compliance programs; plenty more still have lots to do. “It is clear that many companies in the industry are paying closer attention ...
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Blog
SFO Brings Corruption Charges Against Former Alstom Compliance Executive
Image: Title: LainéBritain’s Serious Fraud Office has filed corruption charges against a former head of ethics and compliance at Alstom, the beleaguered French firm subject to anti-bribery investigations in multiple countries. The charges against Jean-Daniel Lainé stem from bribes Alstom allegedly paid in the 2000s to supply trains to the ...
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Blog
What Really Serves Shareholders’ Best Interests
Proxy season is upon us, which means the annual call in many boardrooms to shake up the board of directors. Replacing directors does occasionally make sense, Compliance Week columnist Rick Steinberg says—but that’s not the same as surrendering to every activist’s demand for new people in the boardroom. Inside, Steinberg ...
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Blog
Investors Protest Private Company Standards
Efforts on the part of standard-setters to wring some complexity out of financial reporting might be helpful to preparers of financial statements, but investors are starting to pipe up in protest.