Risk Management

News & Analysis as of

New FDIC Study is Predictive of Upcoming Risk Management Examinations

When the FDIC finishes an examination of a bank and finds that improvements are recommended in certain areas, the recommendation is delivered to the bank in the Report of Examination as Matters Requiring Board Attention...more

HIPAA Audit Check-Up – Where We Are and What’s to Come

Phase 2 of the HIPAA audits is fully underway, and covered entities now can take a breath if they have not received a desk audit request. But we still are at the beginning of Phase 2, with more to come. ...more

How to Develop a HIPAA Incident Response Team

Covered entities and business associates are required to identify and report breaches of unsecured protected health information (“PHI”) and security incidents. “Breach” is defined as the acquisition, access, use, or...more

SEC Cracks Down On Anti-Whistleblower Severance Agreements

The federal Securities and Exchange Commission (SEC) has issued six-figure fines to two different employers in the past several weeks, claiming that each crafted restrictive severance agreements that violated agency rules...more

U.S. Army ERDC Conducting Survey to Inform Risk Management Tool for Developing Nano-Enabled Products and Nanomaterials

The U.S. Army Engineer Research and Development Center (ERDC) is developing a web-enabled information and screening tool intended to help small businesses integrating or developing nanoscale materials address uncertainty...more

HIPAA Security Rule Compliance for Providers & Business Associates in Three Easy Steps

On August 4, 2016, the Office for Civil Rights (“OCR”) of the U.S. Health & Human Services Department (“HHS”) announced a $5.55 million HIPAA settlement with Advocate Health Care Network (“Advocate”), the largest...more

Financial Stability Board Reports on Risks Posed by Central Counterparties and the CCP Workplan

The Financial Stability Board published a progress report on its CCP workplan. The progress report provides an update on implementation of a workplan agreed on by the FSB, the Basel Committee on Banking Supervision, the...more

Bridging the Week - August 2016 #3

Another Publicly Traded Firm Sanctioned by SEC For Allegedly Undercutting Whistleblower Protections Through Severance Agreements: Health Net, Inc., a formerly publicly traded company whose securities were registered with the...more

Nursing Facilities to Face Surveyors’ Review of Photo and Video Policies

The Centers for Medicare and Medicaid Services (CMS) this month took aim at the unauthorized taking and sharing of photos and videos – including through social media – in nursing facilities. In response to media reports and...more

Your Employee, Worried About Zika, Has to Travel to Miami. Now What?

Your industry’s major conference is set for Miami Beach – the land of sun, beaches, and, now it seems, mosquitoes carrying the Zika virus. Your key sales employee — the one who was setting up your booth for the...more

FFIEC Provides Banks with Guidance Following the SWIFT Hacks

On June 7, 2016, the Federal Financial Institutions Examination Council (FFIEC) reminded banks of the cyber risks associated with interbank messaging and wholesale payment networks. FFIEC made its announcement after hackers...more

5 Things Compliance Executives Need their Boards to Know

Boards of directors (or their delegated committees) typically allocate very little time to oversight of an organization’s ethics and compliance program during their packed board agendas. It is not at all unusual for the top...more

Anti-Corruption, Sanctions and Export and Import Risks

Forgive me for overusing the term “convergence” but when the shoe fits, I say “wear it.” If you are managing corporate risks and responsible for securing export licenses, ensuring that you are complying with OFAC sanctions...more

FCPA Compliance Report-Episode 274, Scott Lane on an holistic approach to third party management [Video]

In this episode, I visit with Red Flag Group CEO Scott Lane on a holistic approach to third-party risk management....more

$2.75 Million OCR Settlement Underscores the Importance of Risk Management and Analysis

How the theft of a single password-protected laptop turned into an enterprise-wide review of an organization’s data protection practices. Following the announcement of a recent settlement between the U.S. Department of...more

Compliance is a Business

Compliance is a business. That statement should not come as a shock or even a surprise to anyone who has worked in the corporate world. Every part of a business should work towards doing business. Yet many compliance...more

Investment Management Legal + Regulatory Update - August 2016

Regulation - Next on the SEC’s Regulatory Agenda: A Chief Valuation Officer? - First, the SEC required funds to designate a chief compliance officer. Then, the SEC proposed that funds designate a liquidity...more

EU General Data Protection Regulation: Are You Prepared?

On April 27, 2016 the European Council and Parliament adopted a new data protection law: the General Data Protection Regulation (GDPR). The following briefing is a summary of key issues and a checklist of initial tasks to...more

Three Reasons BOEM’s Updated Financial Assurance and Risk Management Requirements Are Unenforceable

The Interior Department’s Bureau of Ocean Energy Management (BOEM) has finally issued its promised Notice to Lessees (NTL) No. 2016-N01, “Requiring Additional Security,” which supersedes NTL No. 2008-N07, “Supplemental Bond...more

6 Organisational Culture Warning Signs You Can’t Afford to Ignore

In a new white paper, Robert Smith, Director, Compliance & Ethics, Serco Group Plc shares a detailed account of the organisation’s journey from scandal back to cultural health—and lessons any organisation can learn from their...more

It’s Not the Olympics, but OCR Sets New HIPAA Settlement Records

Athletes at the Rio Olympics aren’t the only ones setting records this year. Hoping to send a “strong message” about the importance of safeguarding electronic protected health information (PHI) and conducting mandated risk...more

Third Party Risk Management Not Just Due Diligence

The term “due diligence” is an overused expression in the compliance world. It has become a term to mean heightened concern or investigation. No one can really define what it means except to say it has different meanings in...more

MAS issues revised Guidelines on Outsourcing

Institutions will need to meet deadlines to conduct a self-assessment of existing outsourcing arrangements, rectify identified deficiencies, and put in place measures to mitigate interim risks where a deficiency is...more

The Lawyers' Lawyer Newsletter - Recent Developments in Risk Management - August 2016

Joint Clients — Confidentiality — Right to See Clients' File - New York State Bar Association Committee on Professional Ethics Opinion 1070 (10/9/15) - Risk Management Issue: In a joint client representation, if one...more

Record-Breaking HIPAA Settlement Sends Strong Message to Covered Entities

This month marked the largest HIPAA settlement to-date for a single entity. Advocate Health Care Network (“Advocate”) agreed to pay $5.5 million and adopt a corrective action plan after an investigation by the Department of...more

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