Audit firms have certainly had their difficulties lately.
It's too early to tell if the Marketplace Fairness Act, which authorizes states to collect taxes on internet-based transactions, will become law. The bill made it easily through the Senate, but will likely face stiffer resistance in the House.
When the SEC updated its guidance on disclosure via social media last month, many applauded it for joining the modern communications era.
More companies are being victimized by inadvertent releases of information. Sometimes the results are simply embarrassing. Sometimes they are quite sensitive from a compliance standpoint. And sometimes they are almost dangerous.
These days, everyone claims they are in favor of corporate tax reform, especially when it comes to tax programs that take advantage of tax havens abroad. But that's where the similarities end. The debate in Washington has been heated so far, and it will likely stay that way. The conventional wisdom seems to be that scrutiny of corporate taxes will be high, which means companies had better have their act together when it comes to tax risk management.
In our industry, people have become accustomed to the ever-raging ERM vs. GRC debate. The conflict rears its head often, with partisans spewing a fair amount of vitriol. But if you were to pin down executives and ask what the distinction really is, you would end up with a lot of muddled answers.
As the GRC mandate spread throughout enterprises, many pondered the exact role of the CFO, the General Counsel, the Chief Risk Officer and the Chief Security Officer, not to mention the Chief Compliance Officer, all in relation to the board of directors and the CEO.
The conventional wisdom holds that the offices of the General Counsel and the office of the Chief Compliance Officer should be separate. That's the clear preference of regulators, and it makes a lot of sense. Internally, people get that there's a difference between the two offices, though the distinctions are often unclear and driven by some stereotypical thinking.
Compliance Week offers an interesting metaphor for GRC processes set up to grapple with AML concerns: "Who knew that the art of anti-money laundering (AML) compliance had so much in common with the science of spotting fake paintings?"
Former Forrester Research analyst Michael Rasmussen -- who coined the term GRC for governance, risk management and compliance back in 2002 -- offers a short history of the movement from his perspective.
Ex-Enron CEO Jeff Skilling, the poster child of corporate fraud and the de facto father of Sarbanes-Oxley, has never given up his fight to get out of jail. That long, expensive effort, which saw him take his case all the way to the Supreme Court, has finally paid off.
Fake press release continue to be problem, especially as media outlets continue to run with stories without checking releases for veracity.
The conventional wisdom lately has been that we live in a Golden Era for whistleblowers. We've seen some huge rewards handed out.
An FCPA investigation is no trivial matter, and you can bet the audit committee will be working overtime. And the extra work, in the mind of the Walmart board anyway, deserves extra compensation.
When it comes to assessing the state of the GRC market, it's tempting to call the glass three-fourths full.
Several states are moving to ban companies from looking at the social media activity of their employees.
It's fair to say that the fundamental premise of earnings guidance has changed significantly over the past few years. It was once a best practice of sorts -- an attempt to inform the market and keep expectations in line. But Reg FD has led to a sea change in thinking in the IR community. And more companies are concluding that continuing to offer guidance simply isn't worth the Reg FD hassles.
Are there any synergies between the compliance office and the human resources office? You bet there are, says Compliance Week.
The cyberthreat landscape has gotten very complex in recent years, giving rise to lots of anger and fear on the part of targets, but also to an extraordinary amount of innovation in the security industry.
A new report from Symantec has confirmed what many small business executives already know: Their companies are often the most vulnerable to cybercrime.