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Compliance

Compliance programs typically refer to formalized institutional procedures within corporations and organizations to detect, prevent and respond to indvidual and widespread instances of regulatory... more +
Compliance programs typically refer to formalized institutional procedures within corporations and organizations to detect, prevent and respond to indvidual and widespread instances of regulatory violations.  In response to many corporate scandals evidencing rampant unethical business practices, many nations, including the United States, began passing strict regulatory frameworks aimed at curbing these abuses. Notable pieces of legislation in this area include the U.S. Foreign Corrupt Practices Act (FCPA), Sarbanes-Oxley (SOX), and the U.K. Bribery Act, to name a few. The foregoing statutes and the severe penalties often associated with them form the basis of many modern institutional compliance programs. less -

The Obvious Partnership — Compliance and Cybersecurity

by Michael Volkov on

Cybersecurity compliance, like the compliance profession, is rapidly growing. The forces pushing cyber compliance are two-fold: the ever-increasing and changing nature of cyber threats and harms, and the logical application...more

US Bancorp Pays $613 Million And Joins The Ranks Of AML Violators

by Michael Volkov on

Prosecutors and regulators are targeting global banks.  The beginning of 2018 has seen dominated by enforcement actions of financial institutions – the Federal Reserve’s unprecedented enforcement action against Wells Fargo;...more

Advancing Compliance Training in 2018

Regulatory compliance requires a large portion of not only an organization’s budget but time needed to train employees on an expanding list of regulations. With regulators increasing their efforts in compliance and new...more

Holmes, Innovation & Compliance: Part III – CCO as Data Translator

by Thomas Fox on

I continue my innovation themed blog week, overlaid with a Sherlock Holmes premise. Today I use The Adventure of the Speckled Band to introduce the topic of the Chief Compliance Officer (CCO) as a data translator. ...more

10 Hallmarks of an Effective Compliance Program - #1 Top Management Through the Organization

by Thomas Fox on

Episode One of a ten-part series for compliance professionals. In this new series of audio white papers, Thomas Fox looks at the 10 Hallmarks of an Effective Compliance Program. Material in this audio white paper is...more

The Glassdoor Effect: When the Virality of Social Media Mixes with the Fragility of Trust

by NAVEX Global on

Social media does not only provide channels for employees to talk, it also by its very nature encourages and cultivates discussions that may not have happened otherwise. Pair this with a brewing global state of distrust, and...more

Holmes, Innovation & Compliance: Part II – Using the Digital Twin

by Thomas Fox on

Yesterday I began a five-part series on the intersection of Sherlock Holmes, innovation and compliance by considering lessons from A Study in Scarlet converged with the digital transformation of compliance. Today, I want to...more

My friend, the agent, blackmailed me

This week I'm traveling to the Middle East for the first time in ten years. It’s a welcome return to a region where I spent a lot of time, and where I enjoyed dealing with agents and end users. Those agents were hard working,...more

Cybersecurity in the investment management industry

by Ropes & Gray LLP on

Paulita Pike, Ropes & Gray investment management partner, addresses privacy and cybersecurity challenges facing the investment management industry. ---------- Cybersecurity and data privacy are important topics for...more

Rabobank Coughs Up $368 Million and Pleads Guilty to Conspiracy to Money Launder and Obstruct Investigation

by Michael Volkov on

The Justice Department announced a guilty plea by a subsidiary of Rabobank, a Dutch global bank, to a conspiracy to violate money laundering laws and obstruct a regulatory investigation of Rabobank’s activities in California....more

Holmes, Innovation & Compliance: Part I – Digital Strategies

by Thomas Fox on

Today begins a week of double themed blog-posts. First, I am back with an homage to Sherlock Holmes. The second theme will be innovation in the compliance department. ...more

First State Charges Broker-Dealer in Connection with Violations of DOL Fiduciary Rule

On February 15, 2018, the Enforcement Section of the Massachusetts Securities Division (the “Division”) of the Office of the Secretary of the Commonwealth charged a registered broker-dealer (the “Broker-Dealer”) that operated...more

Kerr to Warriors – Stand in My Shoes

by Thomas Fox on

Interactivity should make a conversation open and more fluid. You can obtain this by talking with and not just talking to an employee. The purpose of interactivity builds upon the first prong of intimacy. ...more

Leadership Lessons from The King’s Speech

by Thomas Fox on

I want to consider the leadership lesson for a Chief Compliance Officer (CCO) through an exploration of its two protagonists, King George VI and his speech therapist, Lionel Logue....more

Planning for the Perilous Consequences of a Data Breach

by Michael Volkov on

The nightmare scenario for corporate boards and senior executives revolves around the impact of a major data breach. We have seen this first hand with Equifax, Anthem Healthcare, and Target, as prime examples. In the Equifax...more

Across the Board-Episode 15, Joe Howell on Board Governance and Risk Oversight

by Thomas Fox on

One of the ongoing questions from members of Board of Directors is how to resolve the tension between oversight and managing. I recently had the opportunity to visit with Joe Howell, the Executive Vice President (EVP) of...more

Resale Price Maintenance and Restrictions on Online Selling Still Dominate CMA Concerns

by Bryan Cave on

The Competition and Markets Authority (CMA), the principal UK competition regulator, maintains a register of competition law advisory and warning letters it sends to businesses it believes could be breaching competition law....more

Strange But True: Recent EPA and State Actions Show Breadth of Environmental Enforcement

by Williams Mullen on

A trilogy of recent federal and state enforcement actions show just how far agencies will go to enforce environmental regulations. Now may be a good time for a compliance audit....more

The Long Road Back to Redemption: Wells Fargo’s Path to Remediation (Part II of II)

by Michael Volkov on

Wells Fargo’s ability to grow its business is on hold for a year while it designs and implements a remediation program to address deficiencies in its board governance, risk management and compliance program. ...more

Can AI help compliance teams work smarter?

As cognitive computing continues to make great strides, how can compliance professionals harness the power of machine learning and artificial intelligence (AI) to help solve the regulatory challenges they encounter on a daily...more

Using AI in Compliance: Going Forward – Part IV

by Thomas Fox on

Over the past few blog posts, I have been considering the use of artificial intelligence (AI) to make compliance more robust in the three prongs of prevent, detect and remediate. ...more

Compliance into the Weeds-Episode 70-AI in a Hotline App

by Thomas Fox on

In this episode, Matt Kelly and I go into the weeds on the fascinating subject relating to the intersection of compliance and technology: AI and hotlines. Matt blogged on and podcasted with Scott LaVictor, CEO of Neighborhood...more

Using AI in a Compliance Function – Part III, Implementation

by Thomas Fox on

I am exploring the use of artificial intelligence (AI) to make compliance more robust in the three prongs of prevent, detect and remediate. This series is based upon an article in the Harvard Business Review (HBR), entitled...more

Often, The Best Compliance Presentations Are After The Compliance Presentation

Over the past three weeks, I have had the pleasure of presenting to and engaging with, compliance and commercial leaders in some wonderful venues including Prague, Malta, and Dubai, as well as Miami, Houston, and Dallas, back...more

Federal Reserve Hits Wells Fargo with Unprecedented Enforcement Action (Part I of II)

by Michael Volkov on

In an extraordinary action, with significant ramifications for the financial industry, the Federal Reserve recently announced a series of enforcement actions against Wells Fargo....more

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