Newsletter | Volume 1

Issue I
Issue II
Issue III
Issue IV
Issue V
Issue VI
Issue VII
Issue VIII
Issue IX
Issue X
Issue XI
Issue XII
Issue XIII
Issue XIV
Issue XV
Issue XVI
Issue XVII
Issue XIX
Issue XX
Issue XXI
Issue XXII
Issue XXIV
Issue XXV
Issue XXVI
Issue XXIX
Issue XXX
Issue XXXI

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The Storyline (part IV) of the 8th annual European GRC Summit organized by Copenhagen Compliance

During this management meeting we are going to exchange ideas, reflect and learn from our experiences and mistakes from the recent credit and financial crisis and move on to better things. As wise old Rafiki in The Lion King said; 'The past can hurt. But the way I see it, you can either run from it, or learn from it.'

Riskability Governance Watch

Corporate governance issues have recently become a highly discussed and controversial management component, both at the directors and managerial level. In order for an individual company to develop its own customized framework and roadmap, each business unit must understand the political, structural and historical development in the organization.

Strengthening FCPA and UKBA Enforcement

There are always umpteen examples of the enormous costs of companies behaving badly as far as bribery and corruption compliance is concerned. Effective compliance, governance and ethics programs are a means to reduce such costs. Another useful method fosters a culture in enterprises where unethical behavior is either prevented, excluded, detected and resolved promptly. Businesses can also provide encouragement thru a proper mix of incentives. Carrot and stick philosophy is inadequate.

Fatca gets the fat cats out of the sack

Fatca requires U.S. financial institutions to impose a 30 percent withholding tax on payments made to foreign banks if the bank does not agree to identify and provide information on U.S. account holders to the SEC.

Risk Management, Accounting and Audit Matters

Over the past year, boards of directors continued to face increasing scrutiny from shareholders and regulators, and the consequences of failures became more serious in terms of regulatory enforcement, shareholder litigation and market reaction. We expect these trends to continue in 2014, and proactive board oversight and involvement will remain crucial in this challenging environment.

Copenhagen Compliance Code-of-Conduct Framework

The more employees know on what they must do, the more likely it is that they will to do it. The essential components and knowledge of good and bad behavior of all employees within the organization is dependent on clarity, certification, checking and consequences. Directors and managers must, therefore, predict and influence with policies, processes and performance.

Tone-at-the-Top revisited. Myth or Methodology

When Sarbanes-Oxley (SOX) implementation was at its height, our consultants were in and out of boardrooms and executive meetings and talked about The Tone-at-The-Top. When the tone went a bit musty we introduced the concept of Talk-the walk that was swapped by one-size-does-not-fit-all. No matter the superficial jargon the various paradigm changes, and compliance convergence the concept of Tone-at-the Top has survived and revitalized, probably due to the added responsibilities and liabilities of the board of directors and management.

When is a fine or settlement obscene?

Bank of America will pay $16.65 billion to settle fraud claims by federal and state enforcement agencies and regulators that relate back to the financial crisis of 2008. It is "the largest civil settlement with a single entity in American history," The agreement is indeed historical and goes far beyond the cost of doing business.

The Corruption risks Scandinavian businesses face when doing business in overseas markets

Current enforcement activities by the UK's Serious Fraud Office (SFO) and FCPA are signaling a new era of relentless investigation and prosecution of corrupt practices. The cases involve investigations for individuals and companies such as GlaxoSmithKline, Alstom UK, Airbus Group NV, Sweett Group and others. In this article, we review the recent bribery and corruption cases brought against Scandinavian companies.