Compliance

As companies begin to implement the new standard, it’s critical to understand the accompanying business and technology implications that follow. PwC’s latest report offers top-of-mind considerations to prepare for the process, data, system and control impacts and offers a five-step plan to ensure compliance with the new standard. Additional key elements include: Differences between the Full Retrospective Method and Modified...

Implementing a GRC technology solution can be a boon for your business. That is, if it's done with an appropriate, well-thought-out approach. Deloitte's Tim Cercelle, an Advisory director in the firm's Regulatory & Compliance group, offers key strategies to ensure your GRC tool works for you, and not the other way around.

One of the greatest challenges corporate compliance practitioners face is securing buy-in from staff on compliance objectives, as well as their participation in meeting these goals. To do that, the compliance function can't be viewed as "The Land of No," but as a valued partner in the success and profitability of the business. So where do we begin?

Despite the DOJ's best efforts -- in the form of prosecutions and prison sentences -- some individuals continue to engage in corporate misconduct. The DOJ's recent memo on individual accountability warns against protecting those culpable in the wrongdoing, whatever their position. If the organization wants credit for cooperation, the DOJ expects full disclosure.

As the corporate purse strings tighten, it's not uncommon to start hearing whispers about "compliance fatigue." But the reality is that the compliance function requires relatively little in the way of funding, and the financial savings achieved by remaining compliant are huge. It must be easy to lose sight of these facts. Let's retire this term, shall we?

With the announcement of the Joint Comprehensive Plan of Action in July, the UN Security Council's nuclear-related sanctions against Iraq will be lifted. Several Asia-Pacific countries are exempt from U.S. secondary sanctions on imports of Iranian oil; what will their response be? Experts at Clifford Chance provide an analysis.

Some might say recruiting and retaining top talent is an art: gut instinct is nearly as important in making hiring decisions as experience. However, even the most seasoned hiring managers can misjudge a candidate's fit for the organization. Incorporating people analytics into the process can help to fill those vacancies quickly -- and keep them filled.

Earlier this year, the EPA established a new rule to bring clarity to which wetlands and waters are protected under the Clean Water Act. The ruling was challenged, and a preliminary injunction has been granted. There’s still a fair amount of uncertainty around the subject, however. Companies developing on or near these areas should proceed with caution.

W-2 employee or 1099 contractor? Many businesses in the booming freelance economy have struggled to classify workers properly and have found themselves out of compliance with federal labor regulations. Armed with the right tools and insights, companies can enjoy the benefits of an on-demand workforce AND remain compliant.

To date, protections for whistleblowers have primarily covered those reporting to external authorities, but that's changing; in the very near future, employers can expect that staff who bring to light issues of noncompliance internally will enjoy the same protections from retaliation. Does your organization encourage its staff to speak up?

The U.S. Treasury regularly fines businesses for transacting with entities on OFAC sanctions lists. Though evidence shows most corporate financial departments fail to check their buyers and sellers rigorously against these lists, several easy, inexpensive approaches are available for accomplishing this task, thus increasing compliance and avoiding the threat of stiff penalties.

Some people love to trot out the old adage, "the customer is always right." And in the interest of keeping the customer happy, employers are generally pretty accommodating. Companies should feel comfortable setting boundaries, however; if, for instance, a customer expresses a desire to only work with people of a certain race, that's a demand that can go unfulfilled.