Compliance Insider

Issue 12 > Compliance Alerts

Companies urged to adopt policy and training to combat social media risk

Companies must have a social media policy that defines the appropriate use of social media both at work and at home, said speakers at the SCCE 2014 Compliance & Ethics Institute in Chicago. Such a policy should explicitly explain what employees can and cannot discuss publically, it should reference appropriate employee behaviour, and it should explain the consequences of policy violations.

Issue 12 > Compliance Alerts

Compliance officers should make training fun

Compliance officers should be creative and implement fun ways to train employees on compliance if they wish to engage them in the subject. Barbara Harmon and Cynthia Morrison were speaking at the SCCE 2014 Compliance & Ethics Institute in Chicago, they gave some training ideas for officers to use in their companies.

Issue 12 > Compliance Alerts

Antitrust compliance programmes needed to combat risk

Increasing antitrust risks such as dawn raids and extraditions, as well as the huge fines that can be imposed on companies, now warrant the creation of an effective antitrust compliance programme. Speakers at the SCCE 2014 Compliance & Ethics Institute in Chicago made the assertion in a session that focused on how best to effectively promote antitrust compliance in organisations and build a programme that supports the effective management and mitigation of antitrust risk.

Issue 12 > Compliance Alerts

Cyber threats are real and cannot be ignored

In the modern world, the threat of cyber theft is as real as any other crime, and although we might feel safe behind a key board the issue needs to be taken as seriously as any other. Speaking on the topic at the SCCE 2014 Compliance & Ethics Institute in Chicago, the FBI’s James Comey used the following metaphor: if you are walking across a car park late at night, you become more conscious of the dangers. You do not look at your feet and listen to music. Instead, you take your car keys out early, and you walk quickly and with confidence to avoid becoming a target for muggers.

Issue 12 > Compliance Alerts

Use gut-check test when gift giving in Asia

Companies should use the gut-check test when it comes to giving gifts in Asia, claimed presenters at a pre-conference breakout session at the SCCE’s annual Compliance & Ethics Institute in Chicago. Speaking at a session entitled: ‘Effectively managing corruption and bribery risk in leading global markets’, presenters informed compliance professional delegates how they could best help their companies navigate this potentially tricky area.

Issue 12 > Compliance Alerts

Former CEO of Chicago camera company pleads not guilty

The former CEO of the company hired to provide red light cameras in Chicago has entered a not guilty plea amid corruption allegations. Karen Finley has been accused of playing a role in a decade-long scheme that saw her company obtain business through US$2 million of bribes.

Issue 12 > Compliance Alerts

Failure to report sales starves investors of information

The former chief executive officer of a biotech company has been charged with concealing the sales of his company’s stock, with the lack of reporting starving investors of the information required to make predictions and speculations about the company’s prospects.

Issue 12 > Spotlights

Training: Re-evaluating your compliance training

Training is one of the core elements of any compliance programme, and generally accords a great deal of time and a significant portion of a compliance team’s budget. However, more often than not, not enough time is spent thinking about the effectiveness of the training or about how to make it more relevant for the people being trained. This is true even in some of the world’s best companies.

Issue 12 > Column

How insurance products can help manage the risk of bribery

Global companies all face the risk that their staff or partners will pay a bribe in order to win business. This risk can be mitigated by putting compliance programmes in place; however, there is also a way to reduce the impact of the risk on a single entity: insurance. By pooling resources and sharing the impact with a group of parties with similar risks, businesses can insure against the risk of bribery.

Issue 12 > Research

An examination of codes of conduct from some of Brazil’s largest companies

Brazil has seen a major growth in commerce in recent years, largely due to the success of Brazilian-owned and traded corporations, a stable economy, and an increased global focus on expanding and capitalising on Brazilian markets. As a result of legislation and industry leadership, there have also been a number of developments in the country’s corporate governance culture.

Issue 12 > Case Study

Employee candidate integrity – do you know who you are hiring?

As part of the growth, expansion or re-direction of any company, there comes a point in time when one or more important strategic hires need to be made. These might include a CEO, board members or senior managers being hired with the aim of improving business performance.

Issue 12 > World Watch

Where is Russia going?

Russian accession to the OECD Anti-Bribery Convention in February 2012, together with revisions of a wide range of policy areas in order to become an OECD member, at first appeared to be a huge leap forward. As part of this process, in January 2013 Russia introduced Article 13.3 of the Federal Anti-Corruption Law, which requires all entities in Russia to implement measures for preventing corruption. In essence, this is an unambiguous requirement for Russian companies to have compliance programmes in place. In accordance with the law, companies that fail to implement compliance programmes may be prosecuted even if no bribery is discovered.

Issue 11 > Compliance Alerts

Guilty verdict for former US governor shows politicians and gifts do not mix

A local court in Virginia in the United States has found former state governor Bob McDonnell, and his wife Maureen, guilty of corruption. A federal jury reached the conclusion that McDonnell, once considered a possible running mate to presidential candidate Mitt Romney in 2012, had abused his office by doing favours for a wealthy vitamin executive in return for gifts and loans.

Issue 11 > Compliance Alerts

FIFA’s bidding report delayed again

A report into alleged corruption during the bidding process for the 2018 and 2022 FIFA World Cups could be delayed for a second time. This follows FIFA’s chief investigator Michael Garcia already postponing the initial date for the report’s release in July until the first week of September.

Issue 11 > Compliance Alerts

Halliburton makes US$1.1 billion Deepwater Horizon settlement

Houston-based Halliburton has agreed to pay a US$1.1 billion settlement in connection with the 2010 Deepwater Horizon oil spill, in a move that will limit its liability in any future court ruling. It also continued to deny any wrongdoing in connection with the oil spill, adding that the settlement was not an admission of liability.

Issue 11 > Compliance Alerts

Microsoft issued with public ultimatum by Chinese regulators

Chinese antitrust regulators have given software maker Microsoft 20 days to respond to a series of questions about ‘incompatibility issues’ with its Windows operating system. The ultimatum was made by the State Administration for Industry and Commerce (SAIC) on 1 September following questioning of the company’s vice-president David Chen.

Issue 11 > Compliance Alerts

Cobalt terminates business with two Angolan partners

Cobalt International Energy has terminated ties with two Angolan oil partners in which top government officials from the African country held stakes but failed to disclose them to the Houston-based company.