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Sustainability Reporting: Where Do We Stand — and Where Are We Headed?

Coalitions of stakeholders in the business world agree that combating climate change stands as a crucial long-term measure. But those actions are next-to-moot if investors can't assess and benchmark their effects with standard sustainability reporting. In a context in which society is demanding initiatives to combat climate change, the debate on corporate sustainability reporting is...

An unidentified New Yorker protests vaccine mandates at work.

While Courts Consider OSHA’s Vaccine-or-Test Mandate ETS, Businesses Are Caught in Limbo

The Fifth Circuit Court has permanently blocked the OSHA vaccinate-or-test ETS. But judicial review continues. In the meantime, businesses can do little more than educate themselves on the matter. On November 4, 2021, the Occupational Safety and Health Administration (OSHA) issued an Emergency Temporary Standard (ETS) that requires businesses that employ 100 or more employees...

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No Small Task: Improving and Measuring Diversity at the Top Requires Continued Attention

A diverse, equitable and inclusive culture contributes to organizations' success by positioning directors and senior executives to add value in evolving markets. Do your board and C-suite measure up? Diversity in the boardroom and the C-suite encompasses such attributes as education, experience, gender, racial and ethnic background, geographic origin, age, digital savvy and specific areas...

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Delaware Supreme Court’s Facebook Decision Restores Deference Given to Boards in Shareholder Litigation

In recent years, corporate directors have faced an increased risk of shareholder derivative litigation, often based on claims of mismanagement or oversight failures. Insurance premiums have increased in kind, but a recent Delaware Supreme Court decision reverses this trend. Directors’ exposure to potential liability has increased as courts — once more deferential to boards —...

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Why We Need to Add Health to ESG

As environmental, social and governance (ESG) penetrate corporate boardrooms, one key factor within this mindset barely registered until the onset of the COVID-19 pandemic: public health. Governments on both sides of the Atlantic have done their best with regard to public health. It’s time for businesses to step up and get behind public health, and...

Credit Suisse building in Zurich.

Credit Suisse Ignored $250+ Million Shortfalls and Contracted with “The Master of Kickbacks” to Facilitate the Tuna Bonds Scheme

Credit Suisse agreed to pay $547 million to resolve a bribery and fraud scheme involving investments and financing arrangements for $850 million loan for the EMATUM tuna fishing operation. The fallout has dealt the Mozambique economy a crippling blow. Credit Suisse Group AG, a global financial institution, and its London-based European subsidiary, Credit Suisse Securities...

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With Updated AML/CFT Priorities, Businesses Across Verticals Face Unprecedented Exposure to FinCEN and OFAC Scrutiny

Updated enforcement priorities and guidance on facilitating ransomware payments remind companies of all types to establish holistic AML policies and programs — and revisit them as events warrant, write Saul Ewing Arnstein & Lehr partner Joe Valenti and associate Christie McGuinness. The Financial Crimes Enforcement Network (FinCEN) this summer announced America’s first government-wide priorities list...

Gartner Executive Poll Finds More Are Worried About Ransomware Than Pandemic

Gartner Executive Poll Finds More Are Worried About Ransomware Than Pandemic

The threat of new ransomware models was the top concern facing executives in the third quarter of 2021, according to Gartner's Emerging Risks Monitor Report. Concerns about ransomware topped pandemic-related concerns, including supply chain disruptions, according to the survey of 294 senior executives across industry and geography. “The negative impact of evolving ransomware attacks is...

Survey: As Regulated Organizations Continue to Ramp Up Collaboration Tool Usage, Compliance Concerns Persist

Survey: As Regulated Organizations Continue to Ramp Up Collaboration Tool Usage, Compliance Concerns Persist

Rapid adoption of collaboration tools during pandemic helped ensure employees and customers in financial services industry were connected, but research reveals that quick uptake of these platforms elevates compliance risk in regulated industries like finance. More than eight in 10 financial services executives say their companies are turning off key productivity and usability features of...

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Setting the Bar for Digital Innovation

The global pandemic forced many companies to accelerate their digital transformation efforts. As we reflect on lessons of the past 18 months, what must executive management and the board do to continue digital innovation going forward? Most are well aware of the churn in the S&P 500 over time. And many are aware that expected...

Apotex, Sandoz, Taro to Pay $447M Over FCA Violations Involving Price-Fixing of Generic Drugs

Apotex, Sandoz, Taro to Pay $447M Over FCA Violations Involving Price-Fixing of Generic Drugs

The Justice Department's probe into the generic pharmaceutical industry has resulted in three new settlements. Each arose from deferred prosecution agreements over violations of the False Claims Act anti-kickback statute. The healthcare industry faces cascading risks — one risk flows to another with compounding financial results. Three generic drug companies just experienced this cascading liability....

Menendez, Rubio, Merkley Lead Probe Into U.S. Firm’s Reported Use of Uyghur Forced Labor in China

Menendez, Rubio, Merkley Lead Probe Into U.S. Firm’s Reported Use of Uyghur Forced Labor in China

Menendez, Rubio and Merkley ask Universal Electronics to provide details of agreement with Xinjiang government to transfer 400 workers to company's Chinese factories A bipartisan trio of senators is asking for answers from U.S..-based electronics firm Universal Electronics after a report by the Reuters news agency said the company could be implicated in forced-labor practices...

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Proposed Inter-Agency Guidance Would Rewrite the Book on Third-Party Risk Management and Raise the Bar for SOC 2 Compliance

The Fed, OCC and FDIC took an unprecedented step this summer in proposing a joint third-party risk management and information security framework that could apply broadly across the financial industry. In 2013, the Office of the Comptroller of the Currency (OCC) provided guidance to national banks for assessing and managing risks associated with third-party relationships....

Allianz Report Finds Companies Need Stronger Controls to Stem Ransomware Tide

Allianz Report Finds Companies Need Stronger Controls to Stem Ransomware Tide

Multiple factors are pushing ransomware, including growing attack patterns that include double and triple extortion, criminal business models taking advantage of ransomware, cryptocurrencies and wave of supply chain attacks During the COVID-19 crisis, another outbreak took place in the cyber space: a digital pandemic driven by ransomware. In a new report, cyber insurer Allianz Global...

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Library Fines are Not Fine

The New York City Public Library system recently gave compliance professionals a lot to think about. The typical compliance program follows this recipe: Identify expected behaviors Punish those who don't comply In the world of libraries, patrons are expected to return books on or before the due date. If they don't, they must pay a...