All Compliance Week articles in Web Issue – Page 771
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Resource
Top 10 Ethics & Compliance Recommendations for 2015
What should you be tracking with regard to ethics and compliance this year? Is your program prepared? We asked industry experts, colleagues and ethics and compliance officers what they see as the top issues pertaining to ethics and compliance in 2015. We’ve gathered their best thinking and prepared a summary ...
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Blog
CenterPoint Energy Names Chief Accounting Officer
CenterPoint Energy has promoted Kristie Colvin to the role of chief accounting officer. Colvin joined the company in 1989 and has served in a variety of financial roles with increasing responsibility. Details inside.
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Blog
Rheinmetall Subsidiary Fined $46 Million for Bribery
Rheinmetall AG, a German-based auto parts maker and defense contractor, disclosed in a statement this week that one of its subsidiaries, Rheinmetall Defense Electronics, reached a $46 million settlement with German prosecutors to resolve allegations of bribery. Details inside.
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Blog
Dallas Airmotive Pays $14 Million for FCPA Violations
Dallas Airmotive, a provider of aircraft engine maintenance, repair and overhaul services, has reached a $14 million settlement with the Department of Justice to resolve criminal charges over violations of the Foreign Corrupt Practices Act. The settlement resolves charges that Dallas Airmotive bribed government officials in Latin America in order ...
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Event
Enterprise Risk Management: Understand, Implement and Maintain a Complete ERM Program
Las Vegas, NVUnited States
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Blog
Budget Bill Targets Dodd-Frank’s Derivatives Restrictions
Dec. 10—Seeking to avoid another government shutdown, the House has approved the fiscal year 2015 Omnibus Appropriations bill, legislation that will provide discretionary funding for the vast majority of the federal government for the remainder of the current fiscal year. Notable inclusions in the bill—now before the Senate—are a $150 ...
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Blog
Citigroup’s Legal Expenses Reach $2.7 Billion
Citigroup announced this week that it has set aside $2.7 billion to cover legal costs for the fourth quarter in connection with several ongoing regulatory investigations. “We believe these legal charges should cover a significant portion of our outstanding legal matters based on current information,” Citigroup CEO Michael Corbat said. ...
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Blog
Justice Department Extends Standard Chartered DPA
The U.S. Attorney's Office for the District of Columbia and the Department of Justice have decided to extend for three more years a deferred prosecution agreement reached with British bank Standard Charted Bank in 2012, finding that it has not satisfied the requirements of the original agreement—and may have ...
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Blog
Banking Union Moves Ahead With Bail-Out Fund Rules and Chairman Pick
Image: Dec. 10—The European Union has taken important steps in recent days regarding a bloc-wide banking union. The Council of the European Union has agreed to an eight-year phase-in plan to switch banks from national resolution funds contributions to the bloc-wide Single Resolution Fund. Meanwhile, the European Commission selected Germany’s ...
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Blog
U.K. Financial Regulator Sharpening Focus With New Structure
Image: Dec. 10—The Financial Conduct Authority, which took over financial regulation for the United Kingdom in 2013, is undertaking a complete restructuring to better deliver on its objectives, protect consumers and market integrity, and promote competition. The agency announced that certain divisions will be consolidated with new ones created for ...
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Blog
Study: Many Businesses Struggle With Anti-Corruption Controls
Image: Dec. 10—Three years after the U.K. Bribery Act came into force, many businesses are still struggling to implement the procedures necessary to prevent corruption as expected by the Ministry of Justice. More than one-third of almost 3,000 anti-corruption controls assessed by GoodCorporation were graded as inadequate in a recent ...
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Blog
Madoff's Secretary Gets Lighter Sentence Due to Her 'Unusually Small Stature'
"Madoff secretary gets 6 years after judge cites ‘small stature’" When I came across the headline above in yesterday's New York Post, I thought that while "small stature" was an odd way to characterize the role of Madoff's secretary in his massive fraud, it did make sense that someone who ...
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Blog
New IntelligenceBank GRC Tool Simplifies Risk, Compliance Management
IntelligenceBank, an Australia-based privately-held business process management company, has announced the launch of IntelligenceBank GRC, a new customizable plug-and-play solution that enables risk managers to create their own registers for risk, incidents, conflicts of interests, manage internal controls within a single platform, and more. Details inside.
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Blog
Audits Failures Linked to Execution, Not Process Problems
Image: Dec. 10—Audits fail not so often because the audit firm’s process was flawed, but because individual auditors or engagement teams fail to adhere to firm methodologies, according to Jay Hanson, a member of the PCAOB. At a national accounting conference on regulatory issues, Hanson said he sees much more ...
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Blog
Fed Seeks New Capital Requirements for Biggest Banks
Image: Dec. 9—The Federal Reserve is proposing a new risk-based capital surcharge for the most systemically important firms. The proposed rule would implement a new methodology for determining “global systemically important” banks and increase mandated capital conservation buffers by as much as 4 percent. The proposal establishes five broad categories ...