Posts by Matt Kelly
Citigroup, Part III: Better Board Oversight
Today we return to Citigroup and its $400 million regulatory settlement from earlier this month, a case that offers a cornucopia of lessons for risk and compliance professionals. This time around, we consider what Citi’s board will need to do to rectify the bank’s poor internal governance. First, let’s recap the case so far. The…
Read MoreJBS, Internal Controls, and the FCPA
Meat-processing giant JBS has agreed to pay $283.3 million to settle a brazen FCPA bribery scheme, with fascinating lessons for the compliance professional if you can endure the headache-inducing facts of the case. The Justice Department and the Securities & Exchange Commission announced the settlement Wednesday. JBS’ parent company J&F Investments, headquartered in Brazil, pleaded…
Read MoreCompliance Jobs Report: Oct. 16
A rather gossipy Compliance Jobs Report this week! We have news from the cryptocurrency world, a promotion at University of Wisconsin, and yet another compliance professional tapped to serve on a corporate board. Numerous work anniversaries to note, and job openings from tech to engineering to auto parts. Plus our Meme of the Week. As…
Read MorePCAOB Member Uncorks on Agenda
One of the five members of the Public Company Accounting Oversight Board blasted his own agency on Wednesday, saying that the regulator’s plans for the next 12 to 18 months are “a tragic mistake” that ignore the needs of investors and undermine the credibility of corporate financial reporting. The statement came from PCAOB board member…
Read MoreMystery in Deaths of Four Liberian Auditors
We have a grim reminder from Africa of the perils that risk assurance professionals face while fighting corruption: the chief auditor of the government of Liberia was found dead under mysterious circumstances over the weekend, and is the fourth Liberian government auditor to meet a suspicious end in two weeks. According to local news reports,…
Read MoreComing Soon: Navex Next Conference
Since compliance professionals are all living the virtual life these days, let’s run with that idea and mark your calendar: the largest virtual compliance conference in the world is happening next week. The Navex Next conference, hosted by NAVEX Global, takes place on Oct. 22. This is an upgraded version of what was formerly known…
Read MoreCitigroup, Part II: Better ERM Program
Today we continue our in-depth look at the enforcement action against Citigroup, because the case truly does raise a host of interesting audit and compliance issues. Our prior post looked at Citigroup’s struggles with data governance; now let’s examine how the bank needs to revamp its enterprise risk management. The consent order from the Office…
Read MoreCitigroup’s Governance Issues, Part I
Banking regulators have walloped Citigroup with a $400 million fine and a freeze on new acquisitions without regulatory approval, and given the bank a long list of improvements to make after years of ineffective risk management and poor internal control. The rebuke wasn’t unexpected, but is still tough medicine to swallow. Compliance professionals have much…
Read MoreCompliance Jobs Report: Oct. 9
Another busy Compliance Jobs Report this week. We have hires or promotions at Walmart, Google, Triumph Foods, HSBC, Ericsson, and many more; plus a bundle of workplace milestones to note; and some useful news for audit professionals between jobs. Also three intriguing job openings, from California to Texas — to outer space! As always, thank…
Read MoreTrump Admin and Diversity Training, Part II
Don’t die of surprise at this news, but the Trump Administration is dragging Corporate America into its attacks on diversity training and racial equity. Compliance officers would do well to understand what’s happening and prepare accordingly. The action is happening along two fronts. First, President Trump issued an executive order on Sept. 22 that directs…
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