Posts by Matt Kelly

FCPA Issues Nick Microsoft $25M

Microsoft has agreed to pay $25.3 million to settle FCPA charges against subsidiaries in Hungary, Saudi Arabia, Thailand, and Turkey — the latest in a long line of cases where poor procedures to document sales discounts offered by local resellers paved the way for bribery of foreign government officials.  Microsoft will pay $16.5 million to…

Read More

More on Embedding, Automating Controls

controls

Last week I had a post about an SEC enforcement action against rent-to-own retailer Conn’s, where the SEC dinged Conn’s for using manually updated forecasting tools to estimate customer credit risk. Executives had low-balled their estimates for years, until that short-sighted maneuver finally forced the company to cut earnings and the share price tanked. Today…

Read More

Compliance Jobs Report: July 19

compliance jobs

The Compliance Jobs Report grinds through the summer doldrums this week, with personnel news at Dell, CNA Insurance, and Danske Bank. We have a surprising amount of news from vendors this week: customer wins, new products, and so forth; plus our usual notes on intriguing job openings. Our Meme of the Week goes out to…

Read More

Call for U.S. Olympics CCO

olympic

A special commission reviewing the sorry state of the U.S. Olympic and Paralympic Committee has published its final report, calling for the appointment of a chief compliance officer and sweeping reforms to the Olympic Committee’s corporate culture. Known as the Borders Commission, the group was established last year to review how the USOPC mishandled the…

Read More

Conn’s Lesson on Management Estimates

Oh, look. Another accounting enforcement action from the SEC, where poorly designed internal controls led to management’s abuse of estimates. Everyone put on your shocked face.  The SEC settled a case on Monday with Conn’s, a rent-to-own retailer based in Texas with $1.55 billion in annual sales. Conn’s agreed to pay $1.1 million in a…

Read More

How Good Training Finds Its Wings

I spent most of last week on vacation in California, which required a cross-country flight to get there. Since compliance professionals fly all the time, you know what that means: flight safety videos.  And, naturally, thoughts on compliance training.  After all, one of the biggest challenges for compliance training is how to keep the material…

Read More

Compliance Jobs Report: July 12

compliance jobs

The Compliance Jobs Report this week bounces from Danske Bank (new hire) to British Columbia Lottery (compliance leader sacked), from promotions in higher ed to new hires in cryptocurrency world, and much more news. We have our usual three intriguing job openings, and our Meme of the Week goes out to the antitrust crowd. I…

Read More

Whistleblower Fix Lurches Forward Again

internal reporting

More whistleblower protection news from Washington: the House has passed a bill to undo the damage of the Digital Realty Trust decision from the Supreme Court last year, which said that employees must first report their allegations to the SEC if they want to claim whistleblower protections under the Dodd-Frank Act. On Tuesday the House…

Read More

Notes on Managers & Internal Reporting

reporting

Ethisphere has released its latest study of ethics and compliance best practices, this time exploring the crucial role that managers play in supporting a strong culture of ethics and internal reporting. Compliance professionals should give the report a read because, as usual, these best practice studies give you a lot to think about. This report…

Read More

Random Compliance on My Mind…

compliance

Random thoughts about compliance, audit, and risk management to keep you entertained while I’m away on vacation this week…  The OFAC framework for sanctions compliance is an outstanding document. I understand that implementing its recommendations may be a pain in the neck, but it packs a tremendous amount of information into 12 pages. Line for…

Read More