On Jan. 27, 2009, Compliance Week and Integrity Interactive presented an editorial roundtable focusing on supply chain and vendor management risks. They were kind enough to invite me to participate. There is an article about the roundtable in the next issue of Compliance Week and a copy is available on line: Roundtable Discusses Supply Chain … Read more »
Category: Compliance Programs
The Unexpected Benefits of Sarbanes Oxley
The April 2006 issue of the Harvard Business Review has an article by Stephen Wagner and Lee Dittmar on The Unexpected Benefits of Sarbanes Oxley. Although the article is somewhat dated when it talks about the second year under Sarbanes Oxley, it foretells some of the current thoughts in compliance. Compliance is good for business. Two … Read more »
Recommended Annual Review for Hedge Funds and Other Private Fund Managers
Bingham McCutchen has put together a Recommended Annual Review for Hedge Funds and Other Private Fund Managers. Bingham put together a laundry list of regulations, policies and filings that you should review on at least an annual basis: Compliance Policies and Procedures Form ADV Part 1 and Form ADV Part II Form SH Anti-Fraud Rule … Read more »
Tips for Getting Your GRC Program Running Quickly
Mike Hoefgen of CA put together some Tips for Getting Your GRC Program Running Quickly. Even if you do not put your compliance program into the GRC archetype there are some useful thoughts. It is not a project. GRC / compliance is an on-going business process. I encountered this when I was in knowledge management. … Read more »
Bingham’s Take on Compliance Reviews of an Extraordinary Year
Nancy M. Persechino of Bingham McCutchen LLP put together her take on the Compliance Reviews of an Extraordinary Year. She also includes a chart of the changes in law and rules, new guidance, and enforcement actions (.pdf). Given the market turbulence of the past year and the rapidly changing business and regulatory environments, many CCOs … Read more »
AICPA Exposure Draft on Compliance Audits
The AICPA released a Proposed Statement on Auditing Standards for Compliance Audits (.pdf) This would replace SAS No. 74 Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance. Comments or suggestions on any aspect of this exposure draft would be appreciated. To facilitate the ASB’s consideration of responses, comments should … Read more »
Second Circuit Affirms Ionia Management Case
The Second Circuit Court of Appeals focused on the standard for convicting a company of criminal charges for acts of its managers and employees in US v. Ionia. The Second Circuit declined to change the standards for corporate criminal liability and keeps Respondeat Superior in place. The court found there was ample evidence that the … Read more »
President’s Working Group on Financial Markets Reports
Asset Managers’ Committee and the Investors’ Committee of the President’s Working Group on Financial Markets Reports have released their best practices reports for hedge fund managers and investors, respectively: Asset Managers’ Committee Report (.pdf) and the Investors’ Committee Report (.pdf). In the Asset Manager’s Committee Report: A Manager should establish a comprehensive and integrated compliance … Read more »
Risk-Based Compliance
Certain customers, vendors, and intermediaries represent a higher compliance risk than others. Risk indicators include geography, relationships to government officials, business type, method of payment, and dollar volume. In places where risks are very low, compliance burdens can be reduced. Where risks are not low, compliance is heightened . When there are more red flags, … Read more »
SEC Internet Enforcement
In the December Issue of Compliance Week, Bruce Carton tells some of the history of the SEC’s enforcement history. One of the first internet efforts was an email address for the public to send tips. Back in 1996 there were about 20 complaints a day. Now there as many as 10,000 a day. With all … Read more »