Today let’s return to that enforcement action against City National Bank, issued by federal banking regulators last week for City National’s systemic risk management shortcomings. We originally looked at the settlement order’s advice on risk assessments; next up is another common compliance challenge: customer due diligence. The recap here is that the Office of the…
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The Federal Trade Commission has ordered a South Carolina technology company to adopt stringent new policies for deleting personal customer data, yet another reminder that keeping such data when your company no longer uses it is not something regulators want to see. The company in question is Blackbaud Inc., which sells software to nonprofits to…
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Last week I had the good fortune to moderate a webinar on third-party risk management. We had outstanding guests who raised excellent points, and as usual, I ended up taking plenty of notes so that I could pass them along here. Let’s begin with an appreciation of just how tricky a problem third-party risk management…
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Another busy week for the Compliance Jobs Report. We start with two big moves in the internal audit world, plus more updates from Johnson & Johnson, McKesson, Principal Financial Group, and lots of others. Job leads this week in higher education, logistics, and video games; Meme of the Week goes out to online training. Always…
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We have another meaty enforcement action from the banking world today, a $65 million civil penalty against City National Bank for systemic failures of corporate governance, risk management, and internal controls. The case includes a laundry list of compliance reforms the bank needs to implement, with plenty of lessons for the compliance profession as a…
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U.S. antitrust regulators are reminding companies of their duty to preserve employee communications, including those from “ephemeral messaging” apps such as Slack or WhatsApp — with a warning that “failure to produce such documents may result in obstruction of justice charges.” So say the Antitrust Division of Justice Department and Federal Trade Commission, who issued…
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Today we return to artificial intelligence, with a look at the policies and procedures companies could use to govern the use of AI. State financial regulators in New York recently proposed guidance for AI in the insurance sector which goes into detail about policies and procedures — so let’s see what might be useful for…
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The Compliance Jobs Report this week has promotions and new hires to report from Walgreens Boots Alliance, Victoria’s Secret, BNP Paribas, Northrop Grumman, NXP Semiconductors, and lots more. We also have job leads in public education, finance, and crafts; and Meme of the Week goes out to management review controls. Always remember that we need…
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Sometimes the importance of internal accounting controls can be a little hard for compliance professionals to grasp, but fear not! A crazy tale from Hollywood this week gives us a great example of why internal controls matter and what can go wrong when they’re not working properly. The tale comes from Tom Hollander, the fairly…
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Financial regulators in New York have introduced new guidance on the character and moral fitness they expect to see for senior executives at banks and other financial firms working in the state — a big step forward in the quest to be sure that corporate executives are, ya know, ethical and stuff. The New York…
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