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Compliance Risk-Based Approaches

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. ... 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 -
WilmerHale

Obligations for Deployers, Providers, Importers and Distributors of High-Risk AI Systems in the European Union’s Artificial...

WilmerHale on

In this blog post, we will focus on obligations that the European Union’s Artificial Intelligence Act (AI Act) sets for deployers, providers, importers and distributors regarding high-risk AI systems....more

Polsinelli

The EU AI Act is Here, and the Clock is Ticking!

Polsinelli on

The EU AI Act is here, folks! Now that the Act has been officially published in the OJEU, it will go into force in 7 days on August 2, 2024. Now is the time to set your timers to align with the compliance calendar...more

WilmerHale

What Are High-Risk AI Systems Within the Meaning of the EU’s AI Act, and What Requirements Apply to Them?

WilmerHale on

In this blog post, we will focus on the identification of “high-risk AI systems” under the Artificial Intelligence Act (“AI Act”) and the requirements applying to such systems. As explained in our previous blog posts, the AI...more

Fenwick & West LLP

BIS Report Highlights Increased U.S. Export Controls Enforcement and Risks to Industry

Fenwick & West LLP on

The Bureau of Industry and Security (BIS) released its latest Don’t Let This Happen to You! report, summarizing recent U.S. export control civil and criminal enforcement actions....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

European Parliament Adopts Artificial Intelligence Act

On March 13, 2024, European Union policymakers finally passed the long anticipated Artificial Intelligence Act (AI Act), the world’s first comprehensive artificial intelligence (AI) legislation, providing employers with...more

Goodwin

Series 1 - The World’s First AI Regulation Is Here

Goodwin on

Yesterday, March 13, 2024, the European Parliament approved the EU Artificial Intelligence Act (“AI Act”), a sweeping AI governance framework which presents the first comprehensive law in the world aimed at ensuring AI...more

Baker Donelson

Who's Who under the EU AI Act: Spotlight on Key Actors

Baker Donelson on

Who will play the leading role if we make a new series about AI? If you interview Steven Spielberg, Sundar Pichai, and Sam Altman, you might receive three distinct ideas ranging from the 2001 classic "AI: Artificial...more

Benesch

European Union Artificial Intelligence Act: An Overview

Benesch on

On March 13, 2024, the EU AI Act received its final assent from the EU Parliament with 523 votes in favor, 46 against and 49 abstentions, bringing it one step closer to adoption. Minor linguistic changes are still to be...more

Latham & Watkins LLP

FRB Clarifies Supervision of Digital Assets and Bank-Fintech Partnerships

Latham & Watkins LLP on

A new program addresses innovative banking activities such as bank-fintech partnerships and digital assets while reinforcing guardrails around stablecoin activity. On August 8, 2023, the Board of Governors of the Federal...more

WilmerHale

Building Ransomware Resilience - A Proactive Strategy for Businesses and Regulators

WilmerHale on

The rise of ransomware attacks has prompted the international community to explore a range of approaches to deter these attacks, including the use of sanctions, the further development and instantiation of norms governing...more

The Volkov Law Group

Assessing Third-Party Sanctions Risks (Part II of III)

The Volkov Law Group on

The task of designing appropriate third-party sanctions controls requires reverse engineering of relevant caselaw, particularly, the Epsilon Electronics case, which I reviewed in Part I of this series, and the Department of...more

The Volkov Law Group

OFAC Settles with Hong Kong Trading Company for $5.2 Million for Violations of Iran Sanctions Program

The Volkov Law Group on

OFAC is off to a quick start in 2022.  After announcing its Airbnb enforcement action in the beginning of January, OFAC announced a settlement with Sojitz (Hong Kong) Limited, a Hong Kong, China-based company that engages in...more

The Volkov Law Group

Takeaways from OFAC’s Sanctions Compliance Guidance for Virtual Assets and Cryptocurrency

The Volkov Law Group on

In early October, OFAC released a guidance brochure on sanctions compliance, specifically tailored for the cryptocurrency and virtual assets industry.  For seasoned compliance veterans, it ends up reading like a refresher...more

Snell & Wilmer

FinCEN, OFAC and the IRS Place Virtual Currencies Under a Real-World Regulatory Microscope

Snell & Wilmer on

The Financial Crimes Enforcement Network (“FinCEN”) and the Office of Foreign Assets Control (“OFAC”) have recently stepped up the pressure on virtual currency companies. Increased regulatory scrutiny has largely taken the...more

Manatt, Phelps & Phillips, LLP

[Webinar] COVID-19: The Road Ahead for Commercial Health Insurance - April 23rd, 2:00 pm - 3:00 pm ET

Examine the Evolving Challenges That Lie Ahead for Healthcare Stakeholders and State Regulators—and What You Can Do Now to Prepare and Protect Your Organization—at a New Manatt Webinar. Effective health insurance...more

Thomas Fox - Compliance Evangelist

Casebook of Sherlock Holmes: The Lion’s Mane and Risk-Based Monitoring

By using risk-based monitoring, you can begin to see things in “almost real-time, time-based trends of real data that you can then jump on and try to make adjustments before things get really wacky.” The implications to the...more

Thomas Fox - Compliance Evangelist

Starbucks and Lessons for the Compliance Practitioner in Risk Management

Recently Starbucks generated extremely negative news for having Philadelphia police arrest two persons who were waiting for a third person for a meeting. I want to use this most recent black eye for Starbucks and an earlier...more

Thomas Fox - Compliance Evangelist

Holmes, Innovation & Compliance: Part IV – Interpreting Data

I continue to explore the intersection of Sherlock Holmes, innovation and compliance by starting today with the story The Adventure of Silver Blaze....more

Thomas Fox - Compliance Evangelist

What Level of Due Diligence Should You Perform

Today, I want to take a deep dive and exploration of the levels of due diligence. Due diligence is generally recognized in three levels: Level I, Level II and Level III. Each level is appropriate for a different level of...more

Hogan Lovells

Foreign device manufacturers should anticipate greater chance of FDA inspection under new FDA leadership

Hogan Lovells on

Under the Trump administration, foreign device manufacturers may see new compliance pressures and increased inspections by the FDA. In this video, Michael Heyl discusses this growing trend and shares insights on how foreign...more

Thomas Fox - Compliance Evangelist

Risk in Compliance Week: Part V – So What?

This week I have devoted my blog posts to thinking about the management of risk by considering the tools of forecasting, risk assessment and risk-based monitoring. I have been assisted on this journey by Ben Locwin, Director...more

Thomas Fox - Compliance Evangelist

Risk in Compliance-Part III, Risk-Based Monitoring

Today I continue my exploration of risk in compliance by starting a consideration of risk-based monitoring. As I have the previous two days, I honor a television star who died last week and today it is Mike Connors. While...more

The Volkov Law Group

ISO 37001: Why Your Anti-Corruption Policy Needs to Go Global

The Volkov Law Group on

Ten years ago the standard anticorruption policy was nearly exclusively FCPA-focused. DOJ and SEC enforcement actions were the primary, if not the only, concern for corporate executives and board members. The UK Bribery Act...more

Foley & Lardner LLP

Top Compliance Issues Facing Manufacturers in 2016

Foley & Lardner LLP on

In the last several years, the U.S. has been aggressively enforcing laws governing exports and international conduct. This is amply illustrated by the continuing imposition of large penalties on multinational companies for...more

Foley Hoag LLP

Possible Examination by SEC of Exempt Reporting Advisers

Foley Hoag LLP on

Marc Wyatt, Acting Director of the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”), recently took part in a meeting of the ABA Hedge Fund Sub-Committee on November 20,...more

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