This document discusses the personal liability of compliance officers based on recent regulatory cases and statements. It outlines expectations from regulators that compliance officers act as partners in preventing financial crimes and have whistleblower protections. However, there remains uncertainty around personal liability without explicit legal protections. The document recommends steps compliance officers can take to safeguard themselves, such as obtaining clear mandates, documenting responsibilities, escalating issues, and considering resigning as a last resort if serious concerns are not addressed.
Short presentation on 'internal controls for the class IPOL 8530 'The Finance Function' in Social Change Organizations'. This class is part of the Master of Public Administration (MPA) program in the Graduate School of International Policy & Management at the Monterey Institute of International Studies (MIIS). Presentation created by Alfredo Ortiz Aragón, adjunct professor.
Selecting the Right Valuation Expert (Series: Valuation)Financial Poise
You have a business interest, an asset, or a potential liability that you need to value. When do you need a valuation expert? While some negotiations or transactions may require an independent third party for appraisals, nearly all litigation on these topics will require an expert. How do you evaluate the credentials of an expert? What type of experience will you need your expert to possess? The process of selecting the appropriate expert starts with identifying the issues in dispute. This webinar explores the key factors you should consider in choosing your valuation expert.
To view the accompanying webinar, go to:https://www.financialpoise.com/financial-poise-webinars/selecting-the-right-valuation-expert-2021/
Law and Regulations for Private and Retail Banking (Asia-Pacific, Hong Kong),...Raul A. Lujan Anaya
Notes on Certificate Course (Postgrad.) in Banking, Corporate and Finance Law: Law and Regulations for Private and Retail Banking (Hong Kong, Asia-Pacific), in the University of Hong Kong, First Semester of 2014.
Enterprise Act 2016 and its impact on brokers - survey resultsBrowne Jacobson LLP
From 4 May 2017, the Enterprise Act updated the law to enable policyholders to recover unlimited damages caused by the late payment of claims from insurers. This is not a penalty against insurers for negligently delaying payment. Policyholders must demonstrate and evidence the actual loss they have suffered and show that it was caused by a delay in the payment of a claim. Any damages claim against the insurer must be brought within 1 year of the claims payment under the policy.
We have conducted a survey of insurers, brokers and loss adjusters to understand the expected impact of the Act. Here’s a summary of the key findings.
Visit our hub to access information and resources tailored to brokers: www.brownejacobson.com/brokers
Short presentation on 'internal controls for the class IPOL 8530 'The Finance Function' in Social Change Organizations'. This class is part of the Master of Public Administration (MPA) program in the Graduate School of International Policy & Management at the Monterey Institute of International Studies (MIIS). Presentation created by Alfredo Ortiz Aragón, adjunct professor.
Selecting the Right Valuation Expert (Series: Valuation)Financial Poise
You have a business interest, an asset, or a potential liability that you need to value. When do you need a valuation expert? While some negotiations or transactions may require an independent third party for appraisals, nearly all litigation on these topics will require an expert. How do you evaluate the credentials of an expert? What type of experience will you need your expert to possess? The process of selecting the appropriate expert starts with identifying the issues in dispute. This webinar explores the key factors you should consider in choosing your valuation expert.
To view the accompanying webinar, go to:https://www.financialpoise.com/financial-poise-webinars/selecting-the-right-valuation-expert-2021/
Law and Regulations for Private and Retail Banking (Asia-Pacific, Hong Kong),...Raul A. Lujan Anaya
Notes on Certificate Course (Postgrad.) in Banking, Corporate and Finance Law: Law and Regulations for Private and Retail Banking (Hong Kong, Asia-Pacific), in the University of Hong Kong, First Semester of 2014.
Enterprise Act 2016 and its impact on brokers - survey resultsBrowne Jacobson LLP
From 4 May 2017, the Enterprise Act updated the law to enable policyholders to recover unlimited damages caused by the late payment of claims from insurers. This is not a penalty against insurers for negligently delaying payment. Policyholders must demonstrate and evidence the actual loss they have suffered and show that it was caused by a delay in the payment of a claim. Any damages claim against the insurer must be brought within 1 year of the claims payment under the policy.
We have conducted a survey of insurers, brokers and loss adjusters to understand the expected impact of the Act. Here’s a summary of the key findings.
Visit our hub to access information and resources tailored to brokers: www.brownejacobson.com/brokers
Holding management to account: where is it all heading?Bovill
From March next year, the way in which regulators hold managers to account will be split squarely between bankers and non-bankers. In our September London briefing, we distinguished between the ‘senior managers regime’ and the ‘approved persons’ regime, between those that can do ‘significant harm’ and those with ‘significant influence’.
Corporate Governance Reforms Post Global Financial CrisisSanjay Uppal
Every financial crisis is typically followed by introduction of new regulations. However, the avalanche of new policies, guidance & regulations in recent years following the onset of the financial crisis will lead to unprecedented transformation in the governance of banks and financial services organizations.
The presentation analyses key events leading up to this crisis, changes in corporate governance sweeping across, US, UK & Europe and the challeges that organiations, regulators, governments and other stakeholder face in this period of transformation.
Webinar on Hidden Fees in 401k plans. How they impact plan holders and the potential liability that business owners and fiduciaries are now exposed to.
How to Avoid Malpractice & Disciplinary Actions - General Do's and Don'ts (Se...Financial Poise
This webinar presents basic practice pointers to avoid malpractice and disciplinary actions, and how to respond to claims of malpractice or unethical behavior if they arise. The panel also discusses the role that malpractice insurance plays in these situations and the ramifications of a malpractice judgment or disciplinary action. Model Rules addressed may include: those that govern the client-lawyer relationship (Rules 1.1 through 1.10; 1.13; and 1.16); those that that speak to transactions with persons other than clients (Rules 4.1 through 4.4); those that govern the responsibilities of managing and supervisory lawyers, subordinate lawyers, non-lawyer assistance, independence, unauthorized practice of law, and multijurisdictional practice (Rules 5.1 through 5.5); and those that govern communication, including advertising and solicitation of clients (Rules 7.1 through 7.5).
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/how-to-avoid-malpractice-disciplinary-actions-general-dos-and-donts-2021/
Presentation London 2012 on the application of the common law concepts of shadow directors and equitable subordination in a Danish context given by advokat Michael Carsted Rosenberg
Bovill briefing: FCA Senior Persons Regime - December 2014 & March 2015Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the December 2014 London and March 2015 Leeds briefing on the new Senior Persons Regime. For more information visit www.bovill.com.
Further information on the event is below:
On the hook and nowhere to hide
The regulators’ focus on senior individuals is greater than ever before and the personal cost of failing in your duties can be massive.
The new Senior Managers Regime will soon replace the Significant Influence Function (SIF) component of the Approved Persons regime for UK deposit takers and systemically important investment firms. The regime aims to increase accountability – and personal liability – for individuals who are Senior Managers in these organisations, and also sets the tone for those in other types of firms.
In this briefing, we:
• Give a brief refresher on upcoming changes to the SIF and Approved Persons world
• Look at the proposed Senior Managers Regime
• Reflect on the regulators’ increased scrutiny of individuals
• Offer some practical tips on how to keep out of the regulators’ ‘firing line’
Entrepreneurship 101: The Role of Boards, Advisory Panels, and Service ProvidersMaRS Discovery District
This presentation by lawyers from Heenan Blaikie LLP looks at the start-up and administration of a business through a corporation with a focus on the efficient use of professional service providers, the management of the corporation through a board of directors and the relationships among shareholders of the corporation.
Speakers: James McDermott and Andrea Safer, Heenan Blaikie
You can download an audio presentation by going to:
http://www.marsdd.com/portals/mars/events/videoarchive
http://www.marsdd.com/ent101
Click on the March 27, 2007 event.
Countering Financial Crime - The Importance of Effective TrainingAperio Intelligence
We are a corporate intelligence and financial crime advisory firm based in the City of London. We specialise in: conducting enhanced due diligence on high risk customers and third parties; integrity due diligence on critical acquisitions and investments; market entry and political risk analysis; and investigations. We provide tailored training and advisory services relating to financial crime, in particular anti-money laundering and sanctions compliance. Our clients include some of the world’s leading regulated financial institutions and corporations. Our team has decades of collective experience in advising clients on financial crime and intelligence gathering, helping them to manage risk and maximise potential.
Contact us today for further information on how we can help you.
Managing Leaves of Absence and Accommodating Disabilities (Protecting Your Em...Financial Poise
Your business likely functions more effectively when your employees are at work doing the work you hired them to perform? What are your rights (and obligations) as an employer when an employee is unable to work due to an illness or injury? Does the Family and Medical Leave Act apply? Do you operate in a jurisdiction that has recently enacted a sick leave law? What happens when an employee requests a reasonable accommodation because of a disability? These types of questions have been confounding employers for years and are likely to grow more complicated as state and local governments step in to fill the voids left at the federal level. Do not despair, though, as this webinar includes discussions of the mistakes commonly made by employers as well as a series of tips and pointers from a panel of experts who will help you navigate these and other thorny issues involving employees who are unable to work for health-related reasons.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/time-for-a-break-managing-leaves-of-absence-and-accommodating-disabilities-2021/
John Marshall Law School-alumnus Robert Heist is a Chicago, Illinois-based attorney and founder and president of the business law firm R. Connor & Associates, P.C., since 2001. During his career as an attorney, Robert Heist has gained experience practicing law in the areas of product and professional liability, employment practices, and corporate governance.
Corporate governance is the combination of rules, practices, and processes according to which companies are managed and operated. Its primary aim is to balance the interests of a company’s various stakeholders: shareholders, customers, and the government, to name a few.
Corporate governance also sets the direction of the company’s development and provides the roadmap for achieving the latter’s vision and goals. Thus, it impacts everything from action plans to performance management to corporate disclosures.
In its turn, the key influential factor on corporate governance is a company's board of directors.
Bad corporate governance may lead to the demise of a company, while good corporate governance utilizes the four basic principles of accountability, transparency, fairness, and responsibility.
Discus the development of the fraud examinerforensic accounting pro.pdfMALASADHNANI
Discus the development of the fraud examiner/forensic accounting profession since the 2001
Enron fraud. Discuss applicable standards and the core foundation of the profession.
Solution
Forensic accounting has been pivotal in the corporate agenda after the financial reporting
problems which took place in some companies around the world like Enron. These scandals
resulted in the loss of public trust and huge amounts of money. In order to avoid fraud and theft,
and to restore the badly needed public confidence, several companies took the step to improve
the infrastructure of their internal control and accounting systems drastically. It was this
development which increased the importance of accountants who have chosen to specialize in
forensic accounting and who are consequently referred as “forensic accountants.”
Forensic accounting relies on the fraud triangle to identify weak points in the business systems
and find possible suspects in cases of fraud. It consists of three core concepts which together
create a situation ripe for fraud: incentive, opportunity, and rationalization. People must have the
incentive and opportunity to commit financial fraud, as well as the ability to justify it. Recent
analysis has suggested adding a fourth concept to make a diamond—capability. Just because
someone has the opportunity or incentive to steal does not necessarily mean that they have the
capability to do so. For example, if someone does not understand how to make journal or ledger
entries in the books of accounts, they would not know how to manipulate numbers no matter
what the incentive or opportunity is.
The accounting scandals involving Enron, WorldCom, Global Crossing, and other companies
have put accountants in the public spotlight as never before in their history. After these
accounting scandals, public confidence in the accounting profession has been seriously
undermined. However, the scandals have created business for forensic accountants and
developed opportunities for forensic and investigative accounting. Forensic accountants have
been conducting these activities for quite some time in a quiet professional manner. New laws
and regulations resulting from these scandals will make the role of forensic accountants more
important than ever before in the business world.
Forensic accountants, also referred to as forensic auditors or investigative auditors, often have to
give expert evidence at the eventual trial. All of the larger accounting firms as well as many
medium-sized and boutique firms have specialist forensic accounting departments. Forensic
accountants utilize an understanding of business information and financial reporting systems,
accounting and auditing standards and procedures, evidence gathering and investigative
techniques, and litigation processes and procedures to perform their work. Forensic accountants
are also increasingly playing more proactive risk reduction roles by designing and performing
extended procedures as part of stat.
Holding management to account: where is it all heading?Bovill
From March next year, the way in which regulators hold managers to account will be split squarely between bankers and non-bankers. In our September London briefing, we distinguished between the ‘senior managers regime’ and the ‘approved persons’ regime, between those that can do ‘significant harm’ and those with ‘significant influence’.
Corporate Governance Reforms Post Global Financial CrisisSanjay Uppal
Every financial crisis is typically followed by introduction of new regulations. However, the avalanche of new policies, guidance & regulations in recent years following the onset of the financial crisis will lead to unprecedented transformation in the governance of banks and financial services organizations.
The presentation analyses key events leading up to this crisis, changes in corporate governance sweeping across, US, UK & Europe and the challeges that organiations, regulators, governments and other stakeholder face in this period of transformation.
Webinar on Hidden Fees in 401k plans. How they impact plan holders and the potential liability that business owners and fiduciaries are now exposed to.
How to Avoid Malpractice & Disciplinary Actions - General Do's and Don'ts (Se...Financial Poise
This webinar presents basic practice pointers to avoid malpractice and disciplinary actions, and how to respond to claims of malpractice or unethical behavior if they arise. The panel also discusses the role that malpractice insurance plays in these situations and the ramifications of a malpractice judgment or disciplinary action. Model Rules addressed may include: those that govern the client-lawyer relationship (Rules 1.1 through 1.10; 1.13; and 1.16); those that that speak to transactions with persons other than clients (Rules 4.1 through 4.4); those that govern the responsibilities of managing and supervisory lawyers, subordinate lawyers, non-lawyer assistance, independence, unauthorized practice of law, and multijurisdictional practice (Rules 5.1 through 5.5); and those that govern communication, including advertising and solicitation of clients (Rules 7.1 through 7.5).
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/how-to-avoid-malpractice-disciplinary-actions-general-dos-and-donts-2021/
Presentation London 2012 on the application of the common law concepts of shadow directors and equitable subordination in a Danish context given by advokat Michael Carsted Rosenberg
Bovill briefing: FCA Senior Persons Regime - December 2014 & March 2015Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the December 2014 London and March 2015 Leeds briefing on the new Senior Persons Regime. For more information visit www.bovill.com.
Further information on the event is below:
On the hook and nowhere to hide
The regulators’ focus on senior individuals is greater than ever before and the personal cost of failing in your duties can be massive.
The new Senior Managers Regime will soon replace the Significant Influence Function (SIF) component of the Approved Persons regime for UK deposit takers and systemically important investment firms. The regime aims to increase accountability – and personal liability – for individuals who are Senior Managers in these organisations, and also sets the tone for those in other types of firms.
In this briefing, we:
• Give a brief refresher on upcoming changes to the SIF and Approved Persons world
• Look at the proposed Senior Managers Regime
• Reflect on the regulators’ increased scrutiny of individuals
• Offer some practical tips on how to keep out of the regulators’ ‘firing line’
Entrepreneurship 101: The Role of Boards, Advisory Panels, and Service ProvidersMaRS Discovery District
This presentation by lawyers from Heenan Blaikie LLP looks at the start-up and administration of a business through a corporation with a focus on the efficient use of professional service providers, the management of the corporation through a board of directors and the relationships among shareholders of the corporation.
Speakers: James McDermott and Andrea Safer, Heenan Blaikie
You can download an audio presentation by going to:
http://www.marsdd.com/portals/mars/events/videoarchive
http://www.marsdd.com/ent101
Click on the March 27, 2007 event.
Countering Financial Crime - The Importance of Effective TrainingAperio Intelligence
We are a corporate intelligence and financial crime advisory firm based in the City of London. We specialise in: conducting enhanced due diligence on high risk customers and third parties; integrity due diligence on critical acquisitions and investments; market entry and political risk analysis; and investigations. We provide tailored training and advisory services relating to financial crime, in particular anti-money laundering and sanctions compliance. Our clients include some of the world’s leading regulated financial institutions and corporations. Our team has decades of collective experience in advising clients on financial crime and intelligence gathering, helping them to manage risk and maximise potential.
Contact us today for further information on how we can help you.
Managing Leaves of Absence and Accommodating Disabilities (Protecting Your Em...Financial Poise
Your business likely functions more effectively when your employees are at work doing the work you hired them to perform? What are your rights (and obligations) as an employer when an employee is unable to work due to an illness or injury? Does the Family and Medical Leave Act apply? Do you operate in a jurisdiction that has recently enacted a sick leave law? What happens when an employee requests a reasonable accommodation because of a disability? These types of questions have been confounding employers for years and are likely to grow more complicated as state and local governments step in to fill the voids left at the federal level. Do not despair, though, as this webinar includes discussions of the mistakes commonly made by employers as well as a series of tips and pointers from a panel of experts who will help you navigate these and other thorny issues involving employees who are unable to work for health-related reasons.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/time-for-a-break-managing-leaves-of-absence-and-accommodating-disabilities-2021/
John Marshall Law School-alumnus Robert Heist is a Chicago, Illinois-based attorney and founder and president of the business law firm R. Connor & Associates, P.C., since 2001. During his career as an attorney, Robert Heist has gained experience practicing law in the areas of product and professional liability, employment practices, and corporate governance.
Corporate governance is the combination of rules, practices, and processes according to which companies are managed and operated. Its primary aim is to balance the interests of a company’s various stakeholders: shareholders, customers, and the government, to name a few.
Corporate governance also sets the direction of the company’s development and provides the roadmap for achieving the latter’s vision and goals. Thus, it impacts everything from action plans to performance management to corporate disclosures.
In its turn, the key influential factor on corporate governance is a company's board of directors.
Bad corporate governance may lead to the demise of a company, while good corporate governance utilizes the four basic principles of accountability, transparency, fairness, and responsibility.
Discus the development of the fraud examinerforensic accounting pro.pdfMALASADHNANI
Discus the development of the fraud examiner/forensic accounting profession since the 2001
Enron fraud. Discuss applicable standards and the core foundation of the profession.
Solution
Forensic accounting has been pivotal in the corporate agenda after the financial reporting
problems which took place in some companies around the world like Enron. These scandals
resulted in the loss of public trust and huge amounts of money. In order to avoid fraud and theft,
and to restore the badly needed public confidence, several companies took the step to improve
the infrastructure of their internal control and accounting systems drastically. It was this
development which increased the importance of accountants who have chosen to specialize in
forensic accounting and who are consequently referred as “forensic accountants.”
Forensic accounting relies on the fraud triangle to identify weak points in the business systems
and find possible suspects in cases of fraud. It consists of three core concepts which together
create a situation ripe for fraud: incentive, opportunity, and rationalization. People must have the
incentive and opportunity to commit financial fraud, as well as the ability to justify it. Recent
analysis has suggested adding a fourth concept to make a diamond—capability. Just because
someone has the opportunity or incentive to steal does not necessarily mean that they have the
capability to do so. For example, if someone does not understand how to make journal or ledger
entries in the books of accounts, they would not know how to manipulate numbers no matter
what the incentive or opportunity is.
The accounting scandals involving Enron, WorldCom, Global Crossing, and other companies
have put accountants in the public spotlight as never before in their history. After these
accounting scandals, public confidence in the accounting profession has been seriously
undermined. However, the scandals have created business for forensic accountants and
developed opportunities for forensic and investigative accounting. Forensic accountants have
been conducting these activities for quite some time in a quiet professional manner. New laws
and regulations resulting from these scandals will make the role of forensic accountants more
important than ever before in the business world.
Forensic accountants, also referred to as forensic auditors or investigative auditors, often have to
give expert evidence at the eventual trial. All of the larger accounting firms as well as many
medium-sized and boutique firms have specialist forensic accounting departments. Forensic
accountants utilize an understanding of business information and financial reporting systems,
accounting and auditing standards and procedures, evidence gathering and investigative
techniques, and litigation processes and procedures to perform their work. Forensic accountants
are also increasingly playing more proactive risk reduction roles by designing and performing
extended procedures as part of stat.
A quick review of those issues that confront both public & private companies, C & S Corps, LLC's, Trusts & Partnerships in today's transparency driven business environment.
The 2017 Regulatory and Examination Priorities Letter1, published by FINRA on January 4th, is a fitting reminder of the resolve of Regulators to better execute their mission of investor protection and market integrity. Although the Libor and FX scandals might seem like distant memories, Regulators have continued on the war path. We would like to share some thoughts based on work we have been involved in last year. The idea is to help lawyers and banks have a grown-up discussion and be prepared if, or rather more likely, when, the Regulator knocks at the door.
The 2017 Regulatory and Examination Priorities Letter, published by FINRA on January 4th, is a fitting reminder of the resolve of Regulators to better execute their mission of investor protection and market integrity. Although the Libor and FX scandals might seem like distant memories, Regulators have continued on the war path. We would like to share some thoughts based on work we have been involved in last year in a regulatory competition investigation.
The 2017 Regulatory and Examination Priorities Letter1, published by FINRA on January 4th, is a fitting reminder of the resolve of Regulators to better execute their mission of investor protection and market integrity. Although the Libor and FX scandals might seem like distant memories, Regulators have continued on the war path. We would like to share some thoughts based on work we have been involved in last year. The idea is to help lawyers and banks have a grown-up discussion and be prepared if, or rather more likely, when, the Regulator knocks at the door.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
1. inCOMPLIANCE®
33
PERSONAL LIABILITY
inCOMPLIANCE®
33
inCOMPLIANCE®
33
inCOMPLIANCE®
33
Getting personal
Thomas Wan Chee Kien considers the personal liability
of compliance officers, and offers advice for those
looking to protect themselves
I
n recent years, a perception has
emerged that compliance officers
have become more exposed, on
a personal level, to regulatory and
government enforcement action,
especially given the increasing number
of regulatory and criminal cases,
financial sanctions and accountability
regimes.1
Against this backdrop, many
are questioning the personal risks that
compliance officers face.
Through examining a number
of recent examples, this article
considers the personal liabilities
of compliance officers under the
various accountability regimes,
and the expectations and desired
outcomes of regulators and law
enforcement. It also proposes ways in
which compliance officers can better
safeguard themselves.
Regulators’ expectations
A number of recent examples
highlight the regulators’ views on
compliance officers.
In November 2015, the former
US deputy attorney general Sally
Yates addressed the American
Banking Association and American
Bar Association Money Laundering
Enforcement Conference, saying that:
“compliance professionals are the
Department of Justice’s crucial partner
in the fight against white-collar crime”.2
In May 2016, in the case of Taft v
Agricultural Bank of China, Ltd3
, Judge
Paul A Engelmayer in the Southern
District of New York ruled that a
compliance officer at the Agricultural
Bank of China (ABC) could bring
a claim for retaliation under the
whistleblower protections contained
in the Bank Secrecy Act. The court
agreed with the plaintiff, Natasha
Taft, that a memorandum she wrote
to the Federal Reserve Bank of New
York against ABC constituted an
independent report and not one made
on behalf of ABC in her capacity as
a compliance officer. “Compliance
officers act as arms of the government,
and this decision reinforces the rights
that these individuals have in the
workplace,” said Brian Heller, a lawyer
for Taft.
In March 2015, Georgina Philippou,
the then-acting Director of
Enforcement and Market Oversight of
the UK Financial Conduct Authority
(FCA) said, when imposing a fine on
a chief compliance officer for Bank of
Beirut4
: “We are reliant on compliance
officers ... to act as an important line of
defence, to support effective regulation
at firms and to show backbone even
when challenged by their colleagues.”
In June 2015, in a public statement
titled “The Role of Chief Compliance
Officers Must be Supported”,
Commissioner Luis A Aguilar of the US
Securities and Exchange Commission
(SEC) said: “Chief compliance officers
of Investment Advisers (CCOs) play an
important and crucial role in fostering
integrity in the securities industry.
They are responsible for making sure
that their firms comply with the rules
that apply to their operations. As part
of that effort, CCOs typically work
with senior corporate leadership to
instil a culture of compliance, nurture
an environment where employees
understand the value of honesty and
integrity, and encourage everyone
to take compliance issues seriously.
CCOs of investment advisers (as with
CCOs of other regulated entities)
also work to prevent violations from
occurring in the first place and, thus,
prevent violations from causing harm
to the firm, its investors, and market
participants. Given the vital role that
CCOs play, they need to be supported.
Simply stated, the Commission needs
capable and honest CCOs to help
protect investors and the integrity of
the capital markets … Moreover, the
Commission has used its Whistleblower
programme, to protect and reward
CCOs who did the right thing”.
He added that: “CCOs are vital to
the protection of investors and the
integrity of the capital markets. To that
end, the Commission works to support
CCOs who strive to do their jobs
competently, diligently, and in good
faith – and these CCOs should have
nothing to fear from the SEC.”
In June 2015, Commissioner Daniel
M Gallagher, in a Statement on Recent
SEC Settlements Charging Chief
Compliance Officers With Violations of
Investment Advisers Act Rule 206(4)5,
said: “The risk is much too high for
the compensation. In my experience,
firms tend to compensate compliance
personnel relatively poorly, especially
compared to other associated persons
possessing the supervisory securities
licenses compliance personnel typically
have, likely because their work does
not generate profits directly. But
because of their responsibilities,
compliance personnel receive a great
deal of attention in investigations,
2. inCOMPLIANCE®
34
PERSONAL LIABILITY
and every time a violation is detected
there is, quite naturally, a tendency
for investigators to inquire into the
reasons that compliance did not detect
the violation first, or prevent it from
happening at all. The temptation to
look to compliance for the ‘low hanging
fruit’, however, should be resisted.
There is a real risk that excessive
focus on violations by compliance
personnel will discourage competent
persons from going into compliance,
and thereby undermine the purpose
of compliance programmes in general.
That is, we should strive to avoid the
perverse incentives that will naturally
flow from targeting compliance
personnel who are willing to run
into the fires that so often occur at
regulated entities.”
Compliance
officers would be
well advised to
take prudent steps
to better safeguard
themselves in the
current regulatory
enforcement
environment
Remaining uncertainty
While the above developments are
generally positive for the compliance
profession and compliance officer,
there remains some uncertainty as to
personal liability, as currently there
are not any global laws or regulations
that explicitly ‘protect’ the compliance
officer when doing their job and
discharging their duties responsibly
and dutifully.
Thus, in the meantime, compliance
officers would be well advised to take
prudent steps to better safeguard
themselves in the current regulatory
enforcement environment. Some
possible steps are:
• To get a clear mandate and formal
appointment of the compliance role
from the board
• To develop a clear job description
and a clear mission statement for the
compliance group and compliance
function
• To obtain formal appointment in
writing and from the regulator
• To obtain adequate indemnification
and insurance protection from the
firm / employer
• To document clear lines of
supervision and reporting (with clear
supervisory liabilities) within the firm
• To work closely with the regulator(s)
and understand their regulatory and
supervisory objectives
• To review the firm’s policies and
procedures, using a risk-based
approach and compliance risk
assessments. Repeal any that it is not
possible to follow or adhere to
• To continue all required compliance
testing and reviews, even during
emergencies
• To respond to all material audit and
regulatory findings, breaches and
non-compliance immediately, and
get senior management attention to
do so
• To respond to all red flags of possible
misconduct. Pay particular attention
to whistle-blowing, customer
complaint and staff misconduct
reports
• To negotiate but not compromise on
what is not acceptable under the law
and regulations
• To address the ‘two or multiple
hats’ problem, in which compliance
officers have to perform other
functions in addition to the key
compliance role
• To escalate all material issues to the
board and senior management.
• To request permission to obtain
advice from independent legal
counsel if there is a disagreement
with senior management
• To contemplate whistle-blowing or
resigning only as a last resort if the
board and/or senior management
are not willing to address serious
concerns.
Wan Chee Kien,
Thomas is the Tutor
at ICTA in Singapore,
and teaches various
ICA courses in GRC,
AML/CFT and FCP in
Asia-Pac. He is a
FICA, IBFA and CFTP
(Snr)
1. e.g. the UK FCA’s Senior
Managers Regime, the Hong
Kong SFC’s Managers in
Charge, and ASIC’s Banking
Executive Accountability
Regime in Australia. Others
are contemplating similar
regimes, e.g. Malaysia
(http://www.bnm.gov.
my/index.php?ch=en_
announcement&pg=en_
announcement&ac=608)
and Singapore (http://
www.mas.gov.sg/
News-and-Publications/
Consultation-Paper/2018/
Consultation-Paper-on-
Proposed-Guidelines-on-
Individual-Accountability-and-
Conduct.aspx)
2. https://www.justice.gov/opa/
speech/deputy-attorney-
general-sally-quillian-yates-
delivers-remarks-american-
banking-0
3. https://law.justia.com/cases/
federal/district-courts/new-
york/
4. https://www.fca.org.uk/news/
press-releases/financial-
conduct-authority-imposes-
%C2%A321m-fine-and-places-
restriction-bank-beirut
5. https://www.sec.gov/
news/statement/sec-cco-
settlements-iaa-rule-206-4-7.
html
Get more on the CPD
Portal
• The complexities of CCO liability
https://www.int-comp.org/cpd/
complexcco
• Evolution in the role of
compliance officer
https://www.int-comp.org/cpd/
evolutionco
• The Role of the Compliance
Officer as Psychologist
https://www.int-comp.org/cpd/
COPsychologist
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