NEWS
Regulatory
Governance, Risk and Compliance Issues
It seems that Norway is the least compliant country
in the Nordics. In 2011 three men have been found guilty of embezzling millions
of kroner from the largely state-owned oil company Statoil. In 2012 Telenor
had to write of almost 4 billion NOK after losing telecom licenses in India.
In 2013 Yara International paid 48 million U.S. dollars in fines for the
bribery cases the company committed in Libya, India and Russia. In 2014
it is a salmon farmer and processor: Marine Harvest ASA
Let the framework and roadmap of Copenhagen Compliance®
achieve an increased the overall business performance by leading (tone-at-the-top),
planning (prepare a GRC technology plan), performing (integrating GRC processes),
enabling (monitoring GRC processes) and auditing (internal controls) within
the area of governance, risk management, compliance, IT-security and ethics
(GRC) principles, policies and processes.
Say on Pay is one of the most tangible and successful
provision of the landmark reform law, the 900 pages Dodd-Frank Act of 2010.
Many regulatory compliance observers believe that the nonbinding shareholder
vote on executive compensation has opened the door to a wider discussion
on other governance topics.
Companies have Bribery and Corruption controls and
even paid accountants, solicitors and consultants to advise them. If the
processes are not documented, tested, embedded and integrated, quite often
the oversights verdict is; not good enough. The failure to implement a holistic
and automated solution is the root cause for a system and control failure.
Issues related to whistleblowers can differ from the
various acts like the US Dodd-Frank Act, FCPA and the UK Bribery Act; however
all of these legislation require that companies doing business in the UK
to be in compliance to whistleblower actions and procedures.
Regulatory
Financial Compliance Issues
Financial institutions have to make significant changes
to respond to global AML regulatory changes. Amongst the most important
AML regulatory compliance components include the Financial Action Task Force's
recommendations, the U.S. Foreign Account Tax Compliance Act, and the Fourth
European Money Laundering Directive. Therefore, AML has never been higher
on management's agenda to avoid the damaging regulatory fines and regulatory
oversight actions could even be a threat to the license-to-operate.
As many countries work to reduce the problems related
to the “too big to fail” banks has not failed, but the financial industry
continues to be concentrated in the hands of a few large players. Due to
the high degree of potential systemic risk involved the expected concentration
has lessened since the financial crisis. In a handful of countries 2-4 banks
still control 50-60 per cent of all banking assets.
For some reason, many companies’ in general but
financial services in particular sit on their hands, acting as if it is
business as usual, nothing has changed and does not wish to lead the game
of implementing new regulatory compliance mandates. What are the risks businesses
are taking with their relaxed approach to these known impending regulatory
changes? What are some of the reasons why implementation is complacent?
During these credit crunch crisis times, Crowd funding
could be a good way to get capital for new creative idea or project. It
requires a good concept, adequate preparation, an existing and expanding
community and a little bit of luck to take off and succeed. There are many
success stories that the reality can often be a surprise.
IT
SECURITY ISSUES
No company will ever be 100% secure to avoid cyber
threats. The threat environment is simply too clever and moving too fast.
Rather than focusing on a bulletproof IT security structure organizations
need to evaluate and balance the cost of breach and intrusion as compared
to the stolen easily available data is worth anything.
Copenhagen Compliance is a strategic partner together
with a Danish business daily Børsen in organising The IT Value conference
on 14-15th may 2014 at the Bella Center exhibition hall. Copenhagen Compliance
will give the following rebates for the Børsen IT Value event on the 14-15th
may 2014 at Bella center
Copenhagen Compliance has continuously provided guidance
on how organizations can implement a governance and risk-based approach
to IT security issues, by making these issues visible, measurable and actionable.
At the conference on 22nd -23rd September 2014, we will demonstrate the
Security Risk Management tools that support both advanced reporting capabilities
and interconnectivity to ensure that remediation actions for IT breaches,
controls and tests.
In 2005, Roberta Romano, from The Genius of American
Corporate Law fame, timely and rightly described the Sarbanes-Oxley Act
(SOX) as "quack corporate governance." Since then the virtues of SOX has
played a significant corporate governance (G) role in reforming the company's
internal controls and more central role in restructuring Risk Management
(R); from the nature and description of SOX findings in counseling the directors
and senior managers on the potential risks and even more important role
in modernising compliance (C); from fear of the policeman (jail and fines).
After the financial crisis the components of GRC is used to address complex
global GRC issues and add values and ethics by integrating GRC in business
processes to monitor transparency, ownership, accountability and to create
awareness of the business ideals and standards of ethical and professional
conduct.
Corporate
Social Responsibility Issues
The aim of Copenhagen Compliance during the Bhutan
CSR conference is to develop The Corporate Social Progress framework, by
creating an integrated CSR framework to promote lasting sustainable change
and the company’s social and environmental performance. The index can
be used by all stakeholders as a tool to benchmark CSR success, improve
CSR policy, and catalyze CSR actions.
For decades Ford, GM and other car manufacturers of
Detroit, fought every piece of legislation that required building motors
that were fuel efficient and environmental friendly. The lobbyists from
the US auto industry in the 1980-90’s overdid their job so well that they
brought about the miserable the downfall of Detroit
How the effective use of e-learning can transfer the
skills necessary to embed a compliance culture – and how to measure the
impact. There is a need for training to focus on the 'skills' that are required
by their workforce to mitigate the risk of a compliance breach
This is absolutely an unique supply chain management
system, developed by the uneducated and illiterate Mumbai Dabbawalas and
it has been recognized by the Forbes business magazine as a six-sigma system!
Compliance training is viewed by organisations as
an area in which technology can deliver a big win. This is the final part
on compliance e-learning tools to provide you with engaging, cheaper and
more personalised content online. How to close the gap between results and
expectations with skills-based Compliance Training
