Today the need for segregation of duties is the same as it was in Dickensonian England: Put into place the people, processes, and technology that lowers risk, decreases the likelihood of fraud and the potential for conflicts of interest.
Corporate cultures need to progress from motivation by individual self-interest to inspiration for the greater good, from checks and balances to trust, and from rules-based behavior to being guided by what is right—just like strong safety cultures have already done.
Robust FCPA enforcement over the last several years has had some obvious effects. But less obvious, and perhaps more surprising, has been the effect of FCPA enforcement on foreign state-owned enterprises (SOEs), the entities that are often the recipients of the bribes themselves. And this might matter to FCPA compliance. Matteson Ellis reviews three recent developments that have resulted from FCPA enforcement.
Legal obligation lies at the heart of governance, risk, and compliance (GRC). The law compels action, and, in many cases, specifies the terms and conditions under which compliance is achieved. Whether compliance will be achieved is rarely in question, given the fines and penalties that can be issued by the court and regulatory bodies as consequences, but how compliance is achieved is always in question.
John “The Fraud Guy” Hanson answers three reader-submitted questions, providing his perspective as an independent corporate monitor.
Steve Priest reviews the lessons from the NFL referee fiasco and how it relates to the tragic flaw underlying most of our corporations, the relentless drive to improve profitability. This can be good, but sometimes, usually when arrogance overcomes prudence, people and companies do stupid things in the name of profitability.
Cravath, Swaine & Moore’s David Stuart focuses on issues that have come up with increasing frequency in recent years – the challenges associated with conducting cross-border investigations.
GRC tools have the ability to handle multiple missions in one integrated platform. PricewaterhouseCoopers’ Joe DeVita discusses getting the most out of your GRC tool. And that means thinking broader, more strategically, and holistically.
Corporate governance is very much on the minds of legislators, regulators and corporate senior management in Europe and beyond.
Regulators increasingly see governance as a key protector of financial stability and value. It can also be seen as a component of trustworthiness and reputation for nations competing in ever changing and unstable situations.
But what exactly is the so-called corporate governance problem?
Do we genuinely wish to learn from our previous mistakes?
Continuous controls monitoring (CCM) and continuous transaction monitoring (CTM) are increasingly becoming an integral part of the journey to achieve an effective and efficient GRC program. PwC’s Michael Baccala and Robert Clark talk about a practical way to take action on making full use of your enterprise risk planning investment in meeting your governance, risk and compliance obligations and doing it in a way that is well planned, effective, and as efficient as possible.