Morning Risk Report
Insights and news on governance, risk and compliance.
The 10-Point.
A personal, guided tour to the best scoops and stories every day in The Wall Street Journal.
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A survey of about 600 compliance professionals found many are feeling the effects of regulatory fatigue, with 70% of respondents predicting regulators will publish even more regulatory information in the next year.
Carson Yeung Ka-sing, former owner of the Birmingham City Football Club, is dropping his appeal of a six-year prison sentence following his conviction on money-laundering charges after an appeals court rejected his attempt to get the conviction overturned.
Financial institutions are making some progress at instilling risk-based cultures in their organizations, but a survey of chief risk officers at financial institutions found 40% of respondents said their boards have yet to embed and establish a risk culture or to promote open discussions regarding risk.
A Securities and Exchange Commission official said Wednesday in a speech about its cooperation program that companies can derive benefits from working with the commission to resolve cases of wrongdoing.
Former South Korean Prime Minister Lee-Wan Koo was questioned Thursday in connection with an alleged bribery case that forced him to resign from office last month. Mr. Lee has denied all allegations against him.
Guidance released this week is designed to help insurers across the EU who are bulking up their risk models to meet pending Solvency II regulatory requirements.
Risk managers exaggerate the importance of privacy concerns with drones, and underestimate other more important risks, insurers and other experts said.
Enforcement actions against non-compliant community financial institutions rose sharply in the first quarter of 2015, mainly due to increased regulatory oversight as Dodd-Frank Act rules take effect, and because of an increased emphasis on anti-money laundering violations.
Caesars Entertainment Corp. said it’s holding talks with federal regulators over an investigation into its compliance with anti-money laundering laws.
Crime, like other lines of work, doesn’t pay women as much as it pays men. Although women masterminded over 60% of frauds against employers last year, they embezzled a median of only $242,000, about 30% less than men.
The crisis this week involves Anheuser-Busch’s response to the outcry over its use of a slogan on bottles of Bud Light that was interpreted by some as condoning rape culture.
A former compliance executive of Alstom SA, the French engineering giant, appeared in a Westminster court Tuesday to face bribery charges.
Iran has bought 15 second-hand civilian aircraft in the last three months. Nine were purchased by Mahan Air, which is under U.S. sanctions, through an Iraqi firm that denies the allegations.
Elizabeth Queen, vice president for risk management at Wolters Kluwer NV, talks about the company’s innovations on the risk front, including the decision to move some human resource functions into the risk management area.
Ice-cream maker Blue Bell Creameries said it would lay off 37% of its 3,900 employees as it works to recover from a sweeping recall of all its products last month because of a listeria outbreak.
The bidder of an apparently bogus takeover offer was said to be registered in a cluster of Indian Ocean islands.
Former Federal Reserve Chairman Ben Bernanke struck back at a bipartisan Senate bill designed to rein in the central bank’s emergency-lending powers.
Cambodian authorities arrested Russian businessman Sergei Polonsky for alleged immigration violations.
Lured by the promise of sanctuary and well-paid jobs in Malaysia, an estimated 50,000 Bangladeshis and Rohingya Muslims from Myanmar attempt the perilous sea voyage every year.
China stepped up its defense of its steel industry after a new probe into possible dumping added fuel to a growing international trade spat over the country’s steel exports.
Belgium’s privacy watchdog sharply criticized Facebook for treating the personal data of its users “with contempt” and failing to cooperate with its inquiries.
State Street Corp. disclosed that it expects to face a public enforcement action over deficiencies in its compliance programs.
UBS had hoped that the Justice Department would look past alleged violations of a 2012 settlement related to alleged interest-rate rigging. That hope has been dashed.
Hertz will raise U.S. airport retail car-rental fees by $5 a day and $20 a week, starting next month. The move is a gamble by a new CEO to boost profits in a competitive market.
Dozens of firms are sprouting to help U.S. food makers tackle a wave of new safety regulations and intensified enforcement of food laws.
FedEx lost a motion to dismiss Justice Department charges of conspiracy to distribute controlled substances related to its alleged role in transporting illegal prescription drugs.
Five years into the job, Brian Moynihan has struggled to move past the financial crisis, trying shareholders’ patience.
The Occupational Safety and Health Administration cited DuPont for 11 safety violations in the case of four worker deaths at the company’s plant in La Porte, Texas.
Pepco Energy’s $6.8 billion takeover by Exelon has been conditionally approved by Maryland, bringing deal a step closer to fruition.
Clorox said that former chief executive Donald R. Knauss will retire from his role as executive chairman on July 1, after just six months in the post.
Jay Y. Lee was elected chairman of the boards of two Samsung charitable foundations, likely another step in Samsung’s succession process.
The decision will turn on whether the gun seller should be included as a defendant in the suit—which also targets two other parties—and that depends on whether the plaintiffs can show their claim has a chance of success in state court.
Four former members of congress are charged with money laundering, embezzlement and other crimes related to an alleged corruption scheme at state-run oil firm Petroleo Brasileiro.
Two influential proxy advisory firms have urged Intel shareholders to vote against the reelection of director John Donahoe, eBay’s CEO, citing what they characterized as a poor attendance record.
To what extent should the FDA be allowed to reclassify a generic drug when the agency believes it is no longer equivalent to the brand-name version?
Xi Jinping’s anticorruption campaign has led to a temporary close of the Shenzhen's Tycoon Golf Course.
Internet pioneer Vinton G. Cerf warned Thursday that political and technological forces threaten universal access and integrity, which he described as the foundation of the Internet’s value.
Drug maker Actavis PLC has held discussions about resolving a federal investigation into marketing tactics at its Warner Chilcott division.
The state-owned electricity company, which says it fends off between 150,000 and 300,000 hacking attempts a day, is betting its future on cyber-security exports – software, hardware, training, and consulting to foreign governments, utilities companies and airports.
A lawsuit filed by two former employees against financial news provider Mergermarket Ltd. and a subsequent countersuit by Mergermarket against them are headed to a court-appointed mediator.
For Spiral Toys Inc. CFO Robert Stewart, Thursday was not all fun and games. The Securities and Exchange Commission charged Mr. Stewart and his son, Sean Stewart, a banker at Perella Weinberg Partners, with insider trading. In a parallel action, the U.S. Attorney’s Office for the Southern District of New York announced criminal charges against the Stewarts, according to the SEC’s press release.
Avon hasn’t received a bid from an entity calling itself PTG Capital, and the company is treating the purported proposal as a hoax.
Poisonings and other accidents involving concentrated laundry-detergent packets continue to be a problem in the U.S., despite changes made to packaging and labeling.
The House on Thursday passed legislation giving Congress a chance to review any nuclear agreement reached with Iran next month.
The Securities and Exchange Commission on Thursday charged Nationwide Life Insurance Co. with violating pricing rules relating to variable insurance contracts and underlying mutual funds.
Risk management, strategy and analysis written and compiled by Deloitte
Some public companies may have to disclose the relationship between executive compensation paid and the financial performance of the company if a proposed rule issued by the Securities and Exchange Commission (SEC) is approved in its current form. Another SEC rule proposal could add new dealer registration requirements to transactions related to cross-border security-based swaps. Public comment for both proposals, which are summarized in Deloitte's "Accounting Journal Entries" briefing, are due in July.
Now that many business schools and large corporations have grown enamored of “design thinking” perhaps it’s important to examine the trend critically. Larry Keeley, director, Deloitte Consulting LLP, and co-founder of innovation firm Doblin, describes why design is in ascendance, with an emphasis on how to make it as powerful, effective and transformational as it deserves to be.
As the SEC’s Conflict Minerals Rule approaches its second filing deadline in June, many registrants continue to face the challenge of gaining adequate visibility into their supply chains. Learn how documentation processes are being impacted by the rule and how ongoing legal action is impacting compliance ahead of Year Two filings.
Strategy, risk management and board composition are the leading areas of boards’ focus, according to a survey of more than 250 public companies by the Society of Corporate Secretaries and Governance Professionals in collaboration with the Deloitte LLP Center for Corporate Governance. The majority of respondents (85%) chose strategy as the top focus area, while 44% chose risk oversight. In addition, just 55% of respondents say their boards have discussed how to prepare for a shareholder activist.
Historically, insider threat mitigation has been predominately viewed as a cybersecurity challenge that is strictly an IT responsibility. But by taking a broader view, companies can help assure the business, protect employees and safeguard critical data, systems and facilities. Learn what to consider when designing, building and implementing a formal insider threat mitigation program.
The collateralized loan obligation (CLO) market continues to build upon its post-downturn momentum with the market currently exceeding over $100 billion in new issuance. Learn about implementation issues related to regulatory, tax and accounting concerns.