Risk and Compliance Journal
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U.S. Seeks to Compensate Victims of BNP Paribas Violations
BNP Paribas SA was sentenced Friday to five years of probation and ordered to pay a $140 million fine. Along with the sentencing, the U.S. announced it would try to compensate victims of the bank's violations.
- Reputation
Lloyd’s Chairman on the Outlook for Risk and Insurance
John Nelson, who has been chairman of the specialist insurance market Lloyd’s since 2011, discusses new challenges for risk managers and the insurance industry.
- Compliance
Survey Roundup: Better Governance, Better Cybersecurity
A better global governance framework would be a significant step toward addressing the threats posed by new technologies, according to a new report.
- Bribery
Corruption Currents: Sheldon Adelson Blasts Sands FCPA Probes
Sheldon Adelson testified in a Las Vegas court and said an FCPA probe, in four years, hasn't found a shred of evidence.
- Compliance
Hacked Firms Could Keep Quiet Under New U.S. Law
Proposals for a national privacy law would allow companies to decide if breaches warrant telling customers.
- Bribery
The Morning Risk Report: FCPA Hiring Risks Are Relative
Is there a way for big banks to hire relatives of foreign government officials and steer clear of potential Foreign Corrupt Bribery Act troubles?
- Risk
How Companies Are Mining Data to Mitigate Risks
When members of a drug gang made a threat against the Detroit police chief, the Detroit Crime Commission was able to use specialist threat-assessment software to identify the threat. Companies are using the same methods to see risk.
- People Moves
Penalized Brown Brothers Compliance Officer Leaves For eClerx
The Brown Brothers Harriman compliance officer who was penalized last year for alleged oversight lapses has left the firm.
- Bribery
Corruption Currents: Vancouver Emerges as Money Laundering Hub
Vancouver is “emerging as a critical money laundering hub” for international criminals, due to a convergence of factors, experts say.
- Compliance
HSBC Judge Orders DOJ To Turn Over Monitor Report
The judge overseeing HSBC Holdings PLC's compliance with its anti-money laundering settlement has ordered the government to turn over a recent report on the bank's progress.
- Bribery
The Morning Risk Report: Baltimore Riots and Corporate Risk
Corporate managers used to thinking about political risk in the context of investments in emerging markets are finding it in the U.S.
- Data Security
DOJ Releases Cybersecurity Guidance for Breach Victims
The U.S. Department of Justice, as part of a broader roll out of its engagement with the corporate sector on cyber issues, released guidance containing what it sees as best practice for victims -- and potential victims -- of data breaches.
- Compensation
The Morning Risk Report: Companies Adopting Updated COSO Framework
Almost three-quarters of the U.S. stock-listed companies that have filed 10Ks with the SEC since Dec. 15, 2014 have transitioned to using the updated COSO 2013 framework for reporting internal controls of their financial reporting requirements.
- Whistleblowers
SEC Gives More Than $600,000 to Whistleblower in Retaliation Case
Watch out employers: retaliate against an employee whistleblower and the Securities and Exchange Commission might not just penalize your firm--they may also distribute part of that penalty to the alleged victim of retaliation.
Latest News
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Challenge to Consumer Financial Protection Bureau Rejected by Court WSJ
A federal appeals court Friday rejected a broadside challenge to the constitutionality of the Consumer Financial Protection Bureau, ruling the challengers lacked a proper basis for bringing the lawsuit.
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Plight of Maersk Tigris Ship Is Reminder of Supply-Chain Risks WSJ
The cargo-ship seizure in the Strait of Hormuz underscores the heightened risk and unforeseen costs of global commerce.
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BNP Paribas to Pay $140 Million Fine in Sanctions Case WSJ
BNP Paribas will pay a fine of $140 million and face a five-year probation for violating U.S. sanctions, putting its total financial penalty in the high-profile case at nearly $9 billion.
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FBI Probes Suspected Bribery in Russian Uranium Sales to U.S. WSJ
The U.S. is investigating whether senior Russian officials took bribes from contractors involved in handling uranium sold to the U.S.
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EBay Holders Back Proposal to Nominate Their Own Directors WSJ
EBay shareholders approved a measure that will give them more power to nominate directors of the e-commerce giant.
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Ex-Christie Ally Pleads Guilty in Bridge Scandal; Two Charged WSJ
David Wildstein, ex-ally of New Jersey Gov. Chris Christie, pleaded guilty to two counts of conspiracy and two former state officials were charged in the George Washington Bridge scandal.
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Ex-Goldman Programmer Guilty of Stealing Code WSJ
The split verdict for Sergey Aleynikov ends a tumultuous trial but leaves open the chance the yearslong saga could continue.
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Austrian Court Denies U.S. Request to Extradite Firtash WSJ
An Austrian court has ruled not to extradite Ukrainian billionaire Dmytro Firtash to the U.S., where he is facing bribery charges.
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INTL FCStone Unit to Pay $140,000 in CFTC Settlement WSJ
INTL FCStone Inc.’s futures brokerage has been ordered to pay $140,000 to settle charges that it failed to adequately supervise employees, the U.S. Commodity Futures Trading Commission said.
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Aviation Panel Urges Tougher Lithium Battery Shipment Standards WSJ
An international group of industry and government experts has decided to begin developing tougher packaging standards for shipments of lithium batteries as cargo on commercial aircraft.
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Big Banks Use Loophole to Avoid Ban WSJ
Big banks are using a little-known loophole to avoid triggering a Securities and Exchange Commission ban on selling certain lucrative products to clients in the wake of enforcement actions.
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FAA Warns About 787 Electrical Power Concern WSJ
Nearly four years after Boeing Co.’s 787 Dreamliner entered commercial service, federal regulators are moving to combat a potentially dangerous software glitch they said can cause a total loss of electrical power that would endanger the aircraft.
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Ford Expands Recall Over Door Latches WSJ
Ford is expanding a recall of small and midsize cars to fix door latches that may not stay closed under pressure from U.S. safety regulators.
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Researchers Develop ‘Smart’ Invisible Ink to Foil Counterfeiters WSJ
A difficult-to-duplicate invisible ink could make counterfeiting of bank notes very difficult, scientists at Northwestern University say.
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In Arbitration Cases, State Law Makes a Difference WSJ
Investors in states with strong securities and consumer-protection laws may stand the best chance of recouping money from failed investments in arbitration.
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Judge Orders American Express to Revise Merchant Agreements WSJ
A federal judge ordered American Express to let merchants steer customers to other forms of plastic payments, including debit cards.
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Port of Los Angeles Police Chief Indicted WSJ
The chief of police at the largest container port in the U.S. was indicted Thursday on corruption and tax charges stemming from an alleged revenue-sharing scheme.
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U.S. Lays Down Strict Railcar Rules WSJ
U.S. transportation regulators issued new rules for railroads hauling crude oil and ethanol requiring trains to be equipped with new brake systems.
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Saudi Aramco Appoints Acting President, CEO WSJ
Amin H. Nasser was named acting president and chief executive of Saudi Aramco following a 23-year career at the company.
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French Bank Settlement to Fund NYC Criminal Justice Initiatives WSJ
New York City will spend part of $447 million it will receive from a court settlement involving French bank BNP Paribas SA on initiatives for its criminal justice system, including establishing a database designed to help speed up court cases and reduce incarceration rates, officials said.
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Prudential Names Mike Wells CEO WSJ
U.K. insurer Prudential confirmed it has appointed U.S. head Mike Wells as chief executive, replacing Tidjane Thiam who is leaving to join Credit Suisse.
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Schwab Opts Not to Adopt Liquidity Fees WSJ
Charles Schwab said it doesn’t plan to charge liquidity fees or adopt redemption gates for its government funds, following expanded regulation that allows fund managers to do so during times of market turmoil.
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Ex-Albuquerque Police Chief Accused of Ethics Violations WSJ
New Mexico’s auditor released a report accusing Albuquerque’s ex-police chief of violating state law by brokering a lucrative contract to outfit city police with body cameras while serving as a consultant for the maker of the devices, Taser International.
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Puerto Rico Lawmakers Reject Tax Overhaul WSJ
Puerto Rico legislators rejected a tax overhaul that officials have called critical to the U.S. commonwealth’s effort to replenish government coffers, sending some bond prices to record lows.
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Ireland Beefs Up Data Privacy Office WSJ
After years of criticism that it has been too easy on tech giants like Facebook, the Irish data protection agency is expanding its workforce and moving to a new office in Dublin.
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WPP CEO Martin Sorrell Earns $66 Million for 2014 WSJ
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Yahoo Works to Avoid Brain Drain WSJ
Yahoo CEO Marissa Mayer has spent more than $2.1 billion to acquire 52 startups during her tenure, in most cases to bring in new blood. But keeping entrepreneurs happy at a lumbering tech company isn’t always easy.
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House Draft Bill Drops CME Payment Disclosures to Sunshine Database WSJ
Tucked into a Congressional draft bill called 21st Century Cures for jump starting medical innovation is a passage that would undo a portion of a federal law requiring drug and device makers to disclose payments to physicians.
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Small-Bank Regulatory Reform Stymied in Senate WSJ
Calls to lighten the regulatory burden on small- and medium-size banks continue to mount, but disagreement among key lawmakers is complicating legislative prospects for the foreseeable future.
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France Wins Extra Clout at Renault WSJ
Renault shareholders rejected a board-backed resolution that would have blocked the French government from getting double-voting rights in the auto maker, handing the economy minister a victory.
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N.Y. Fed’s Sarah Dahlgren to Resign as Head of Supervision WSJ
Sarah Dahlgren will resign as the New York Fed’s head of supervision Oct. 1 but will stay on as an adviser to President William Dudley through year’s end.
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Berkshire Prepares for Life Without Buffett WSJ
For years, Warren Buffett has elicited both admiration and envy for the deals he has pulled off, but a related question has long weighed on Berkshire investors’ minds: What happens when he is gone?
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DeloitteRisk management, strategy and analysis written and compiled by Deloitte
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FASB Issues Update on Cloud Computing Rule
New guidance from the FASB may affect certain software-as-a-service arrangements, as well as other cloud computing contracts, as the standard-setter seeks to clarify rules related to how a customer accounts for fees linked to software license elements. However, the new guidance does not prescribe how to account for cloud computing arrangements deemed to be service contracts.
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Global Economic Outlook, Q2, 2015: Weekend Reading
The economic situation is very different in each of the world’s leading markets: Europe is torn between two poles; the government is acting to thwart China’s slowdown; Japan is recovering; India is strengthening; and Brazil and Russia continue to face serious challenges. In the latest Global Economic Outlook report, Deloitte economists discuss the short-term situations in major economies.
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Executive Transitions: The Perils of the “Rescue Fantasy”
Decisions pertaining to people are among the hardest tasks confronting new or incoming executives. Often, new executives look back on the first year in their new roles and cite moving too slowly to resolve talent issues as their biggest regret, says Dr. Ajit Kambil, global research director for Deloitte’s CFO program. He discusses talent strategies related to reducing the time lost in trying to “rescue” key staff and the importance of knowing the critical trade-offs between individual rescue efforts and recruiting staff with the requisite skills and temperament to succeed.
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Top Insurance Regulatory Trends for 2015
The regulatory landscape for insurance will likely continue to be challenging and uncertain in the year ahead, and the industry can expect to face new rules and modified requirements that could significantly affect how companies operate. Learn about top regulatory trends in the U.S. and international arenas that could accelerate compliance, oversight and enforcement rulemaking activities in the coming year.
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Currency Risk a Growing Concern: CFO Signals Survey
The strength of the U.S. dollar raised concerns among CFOs, sparking some to become more deliberate about their hedging strategies, according to Deloitte’s first-quarter 2015 CFO Signals™ survey. Meanwhile, 35% of CFOs surveyed said they were decreasing their exposure to the euro to help manage their currency risks. Many CFOs also continued to say their most worrisome external risks relate to the health of Europe, China and other major economic zones.
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Strategy, Performance Gaining More Boardroom Focus: Global Survey
Boards are placing more focus on strategy and performance, but perhaps not enough on cybersecurity, as found in a recent global corporate governance benchmarking survey conducted by Deloitte Touche Tohmatsu Limited, “Global Director 360°: Growth from all Directions.” The latest edition of the report reflects the perspectives and insights of more than 300 boardroom directors at public and private companies across 15 countries and regions on a range of governance, compliance and risk issues.
Global Risk Map
Click to see corruption measures by country