New Report Identifies Fastest Growing Risks for Companies
D igital disruption and climate change have emerged as the two fasting-growing risk areas for organizations across industries, according to a new report. Based on feedback from more than 3,500 internal audit leaders around the world, global risk levels for digital disruption and climate change are projected to increase 20 Read More
SEC Launches Cross-Agency Enforcement Council
The Securities and Exchange Commission’s Division of Enforcement launched the Interagency Securities Council (ISC), which will enable federal, state, and local regulatory and law enforcement professionals to meet quarterly to discuss the latest in scams, trends, frauds, and mitigation strategies. The ISC’s objective is to strengthen the cohesion between federal, Read More
Citi Fined by OCC and Federal Reserve for Risk Management Failures
The Office of the Comptroller of the Currency and the Federal Reserve fined Citigroup and its subsidiary, Citibank, $136 million for violating the risk management remediation benchmarks set by a 2020 enforcement action. The OCC fined Citibank $75 million and the Fed fined the bank $61 million. The penalties resulted Read More
The Top Five Boardroom Issues Compliance Officers Should Be Discussing
GUEST BLOG POST Lately, I’ve been reflecting on my experience presenting compliance updates to boards, both during my industry days and now as a consultant. One thing that consistently frustrates me is seeing compliance officers deliver presentations that are completely reactive. The focus is always on the number of investigations Read More
Compliance Lessons from Credit Suisse’s $387M Risk Management Failure Penalty
UBS Group has been ordered to pay approximately $387 million in total penalties in a global resolution stemming from significant risk management failures by Credit Suisse related to its relationship with hedge fund Archegos Capital Management, the Federal Reserve Board announced. On July 24, the Federal Reserve Board announced a Read More
How Employees Are Using ChatGPT on the Job
Office workers are using ChatGPT, or similar conversational AI models, for various tasks and purposes. Some of these uses can create risks of which compliance officers should be aware. Here are a few examples: 1) Virtual Assistants: ChatGPT can act as a virtual assistant, helping office workers manage their schedules, Read More