Compliance Bits and Pieces – Compliance Week Edition

If you stuck around for my blog posts on Compliance Week 2010, I figured I would end the week with other attendee’s coverage:

Lanny Breuer at Compliance Week by Tom Fox on FCPA Compliance and Ethics Blog

He stated that tools which had been previously used to combat organized crime would now be employed in the fight against white collar crime, including both wiretaps and sting operations as were used against the gun manufacturing industry in the operations which culminated in the arrests of 22 individuals in Las Vegas in January of this year. He also discussed that many foreign governments had entered into collaboration agreements to facilitate cross-border investigations and enforcement actions.

Barney Less Than Frank About Auditor Reform by Francine McKenna in Going Concern

To the question about fears of going after the accounting firms, Rep. Frank rambled on about McCarthyism, the Inquisition and not spending time looking back – that’s what courts and prosecutors are for. I suspect the industry’s lobbyists and their campaign contributions have whispered in his ear. Employees of KPMG, PwC and Deloitte are among his top 25 contributors in 2009-2010 period. In the 2008 election year, all of the Big 4 made it to Rep. Frank’s top 20 contributors list.

SEC Commissioner Aguilar Says Still a Long Way to Go by Jaclyn Jaeger in Compliance Week‘s The Filing Cabinet

The SEC’s current way of doing things is not tough enough, SEC Commissioner Louis Aguilar told an audience of compliance and risk officers during Compliance Week’s annual conference in Washington D.C. this week. While problems in the market are “seamlessly connected, regulatory oversight is piecemeal,” he said.

JetBlue on Why CEO/Chair Split Works for Them by Melissa Klein Aguilar in Compliance Week‘s The Filing Cabinet

JetBlue Airways not only split the posts, but its board chairman, Joel Peterson, hails from outside of the airline industry—an approach he notes that not many companies have taken.

Observers Share Tips, Views On Navigating Social Media by Melissa Klein Aguilar in Compliance Week‘s The Filing Cabinet

Companies wrestling with how to navigate the rapidly changing social media landscape got some advice from executives whose companies have already taken the plunge. During a panel discussion at Compliance Week’s annual conference in Washington D.C., executives from Best Buy, Johnson & Johnson and The Travelers Companies shared their own experiences and tips for using social media tools such as Twitter and Facebook and crafting a corporate social media policy.

Grindler Touts Importance of Compliance, But Doubts Linger by Chris Matthews in Main Justice

“I want to emphasize… that having an effective compliance program will be taken under consideration when you have to talk to the government about a criminal violation,” Grindler said at the annual Compliance Week conference in Washington, D.C.

Fraud Chief: Effective Compliance Programs Can Prevent Monitors by Christopher M. Matthews in Main Justice

Criminal Fraud Section Chief Denis McInerney said Monday that an effective compliance program can prevent companies facing deferred and non-prosecution agreements from having to install an expensive compliance monitor. “If you have already established an excellent compliance program, then it will be less likely that we’ll install a compliance monitor, which can come at some cost to the company,” McInerney said.

Breuer: FCPA Facilitating Payments Worth Discussing by Christopher M. Matthews in Main Justice

Assistant Attorney General Lanny Breuer indicated Wednesday that the Justice Department was open to revisiting its exemption for “facilitating payments” under the Foreign Corrupt Practices Act. “That’s worth discussing,” Breuer, head of the DOJ’s Criminal Division, said during his remarks at the annual Compliance Week conference in Washington, D.C. “Facilitation payments — obviously this area is dynamic — so I don’t rule that out. I’m not currently aware of any real movement to make that change here. I think as other countries laws evolve and mature… I suspect over time, we too will be modifying our law.”

Creating a GRC Strategy Roadmap by Jaclyn Jaeger in Compliance Week‘s The Filing Cabinet

To build a successful enterprise governance, risk, and compliance program, companies need a solid roadmap that aligns people, processes, and information.David Walter, RSA director for Archer eGRC Solutions, discussed ways in which companies can achieve that, during a recent seminar at Compliance Week’s annual conference in Washington, D.C., this week.

Live Blogging from Compliance Week 2010 by Gordon Burnes for Open pages

Shelley Parratt of the SEC’s Corporation Finance Division gave the afternoon keynote on Day 2 of Compliance Week 2010. She spoke about the Commission’s program of enhanced disclosure.

Live Blogging from Compliance Week 2010 by Gordon Burnes for Open pages

US Rep and House Financial Services Committee Chair Barney Frank gave the opening keynote at Compliance Week 2010, day 2. As usual, he was witty and insightful. His remarks covered the conceptual underpinnings of financial services regulatory reform. He then took questions from the group.

Derivatives Spinoff Proposal ‘Goes Too Far,’ Says Frank Wall Street Journal

A key House Democrat signaled Tuesday that a controversial derivatives provision in the Senate’s financial-regulation bill could be stripped out during negotiations when the two chambers hammer out compromise legislation that could be signed into law by July 4.

Barney Frank Speaks Frankly About Financial Reform by Jaclyn Jaeger in Compliance Week‘s The Filing Cabinet

Now that the healthcare reform bill has been passed, legislators can begin to focus on another equally important issue: financial reform. “It’s very important for the financial industry that we get some stability,” Barney Frank, chair of the House Financial Services Committee, told an audience of compliance, risk, and audit executives during Compliance Week’s annual conference in Washington D.C. this week. It’s important to move quickly, he said, adding that the bill is very close to passage.

SEC Commissioner Aguilar Says Still a Long Way to Go by Jaclyn Jaeger in Compliance Week‘s The Filing Cabinet

The Securities and Exchange Commission still has a long way to go in its quest to understand the causes of the financial crisis and from deterring those who commit wrongdoing.

SEC Commish: Agency Needs to Get Tough on Miscreants Kara Scannel’s coverage from the Wall Street Journal’s Law Blog

If Securities and Exchange Commissioner Luis Aguilar has his way, corporate miscreants will face stronger sanctions.

Maximizing Privacy Effectiveness by Jaclyn Jaeger in Compliance Week‘s The Filing Cabinet

From internal investigations to data privacy issues to regulatory compliance, the overlap of privacy, security and compliance functions within an organization is inevitable. But where should privacy be housed in the organization to ensure effectiveness, and how should it interact with compliance, legal, and IT? These were only some of the questions answered during a panel at Compliance Week’s annual conference in Washington, D.C., this week

Update:

Parting Thoughts on Compliance Week 2010 by Compliance Week‘s Editor-in-Chief Matt Kelly

Well, the Compliance Week 2010 conference is now done and fading into history. The event was excellent, and credit belongs to all the attendees, speakers and helpers who altogether made our 2010 conference the largest and most successful we’ve ever had. Anyone who didn’t make it to Washington this year can see what you missed on our home page, but let me also share a few wrap-up thoughts here.

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