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The Morning Risk Report: Compliance Officers Play Leading Role in Pursuing Diversity Goals
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Compliance officers can help drive diversity and inclusion efforts at companies, said an ethics and compliance executive at VF Corp., the owner of Vans. PHOTO: RICHARD B. LEVINE/ZUMA PRESS
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Good morning. Corporate compliance officers are getting more involved in diversity and inclusion efforts, using their expertise in helping employees adhere to laws and company policies to push for change.
Many companies made commitments to promote racial equality last year following the murder of George Floyd while in police custody, including by hiring and promoting Black employees and fostering a workplace culture where all employees feel welcome.
[Continued below...]
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Compliance officers can help lead the change, said Kellye Gordon, vice president of ethics and compliance and legal operations at apparel and footwear company VF Corp. Their skills in engaging with company leadership, building teams from the ground up, and setting up training and awareness programs can be put to use in the drive to increase diversity and inclusion, Ms. Gordon said.
A risk and compliance officer’s specialty in helping mitigate financial risks can be applied to helping alleviate governance risks that may arise from a lack of diversity, said Moni Robinson, director of compliance for fintech firm Elevate Credit in Dallas.
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New York Financial Regulator: Cybersecurity Must Be Top Compliance Priority
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Financial institutions should treat the growing risk posed by ransomware attacks as a top compliance priority, New York’s top financial regulator said Wednesday.
Many institutions are still lacking in basic protections, said Linda Lacewell, superintendent of the New York State Department of Financial Services. “It's a little shocking actually, when you peel back the onion—as our cyber team is now doing—and you see multifactor authentication is still not in place.”
Companies such as the Brazilian meatpacker JBS SA and Colonial Pipeline Co. have been hit in recent weeks with damaging cyberattacks. The Department of Financial Services enforces its own cybersecurity regulations and advises banks not to pay ransom to hackers.
Ms. Lacewell, who spoke at a virtual conference hosted by the Association of Certified Anti-Money Laundering Specialists, said that institutions should elevate the compliance function to counter the threat. “Compliance can't be viewed as some kind of back-office function cost center. It's essential to protecting the assets of the business,” she said.
—Dylan Tokar
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The SEC intends to consider revising how the national best bid and offer benchmark is calculated. PHOTO: ANDREW KELLY/REUTERS
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The Securities and Exchange Commission is considering changes to some of the stock market’s most fundamental rules in light of the surge in trading over the past year by individual investors in meme stocks such as AMC Entertainment Holdings Inc. and GameStop Corp.
Speaking to an industry conference Wednesday, SEC Chairman Gary Gensler outlined a broad examination of market structure, including the role high-speed traders play in executing many small investors’ orders and the rise of online brokers, whose technology can entice people to do more trading.
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President Biden revoked a Trump-era attempt to ban Chinese-owned apps TikTok and WeChat, substituting Wednesday an executive order mandating a broad review of apps controlled by foreign adversaries to determine whether they pose a security threat to the U.S.
The new order doesn’t target any companies specifically, but creates the potential for an even broader crackdown on Chinese-owned apps than the Trump administration orders it replaces by mandating a review of all software applications with potential ties to countries such as China.
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House lawmakers have drafted legislation designed to curb the market power of large online platforms by restricting them from certain lines of business and curtailing their ability to buy competitors, according to documents viewed by The Wall Street Journal.
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During her trip, Vice President Kamala Harris repeatedly discouraged migrants from traveling to the southern U.S. border, while promoting U.S. economic investments in Central America and laying out new measures to tackle corruption in the region.
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Royal Dutch Shell PLC said it would accelerate its efforts to cut its carbon emissions in the wake of a Dutch court ruling last month ordering the oil giant to take more drastic action.
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Former Volkswagen AG Chief Executive Martin Winterkorn and other executives will pay the company a total of $351 million to settle lawsuits for their alleged roles in a decadelong emissions fraud that continues to cast a shadow over the car maker six years after it was disclosed by U.S. authorities, the company said Wednesday.
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A group of music publishers representing the songwriters of hits from Ed Sheeran, Ariana Grande and the Rolling Stones is suing Roblox Corp. for copyright infringement, alleging the videogame company used their musical works without permission or payment.
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While Apple’s earlier moves affected only apps within its iOS operating system, the latest changes have broader ramifications for web tracking. PHOTO: RICCARDO ANTIMIANI/EPA/SHUTTERSTOCK
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Digital advertisers are studying new Apple Inc. measures that they fear will limit access to data about users, changes industry participants see as an escalation of the tech giant’s crackdown in the name of consumer privacy.
Apple’s changes, unveiled during its developer conference Monday, threaten to restrict companies’ abilities to track users’ web behavior and gather information on them from third parties such as data brokers. The announcement comes months after Apple’s curbs on in-app tracking roiled the digital-ad industry, and the changes will be part of a new version of Apple’s operating system this fall.
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JBS USA Holdings Inc. paid an $11 million ransom to cybercriminals who last week temporarily knocked out plants that process roughly one-fifth of the nation’s meat supply, the company’s chief executive said. The ransom payment, in bitcoin, was made to shield JBS meat plants from further disruption and to limit the potential impact on restaurants, grocery stores and farmers that rely on JBS, said Andre Nogueira, chief executive of Brazilian meat company JBS SA’s U.S. division.
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Orders for Ferraris and other luxury cars have suffered during the pandemic. PHOTO: ALBERTO PIZZOLI/AGENCE FRANCE-PRESSE/GETTY IMAGES
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Ferrari NV hired a top executive from the semiconductor industry as its new CEO, as car makers focus on microchips and digital technologies that increasingly control everything from brakes to entertainment systems.
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GameStop Corp. named a new chief executive and finance chief, and made Ryan Cohen chairman, as the videogame retailer looks to leverage its recent popularity with investors to reverse years of languishing sales and strategic missteps.
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Wall Street is selling a record number of junk bonds meant to finance environmental projects, but many have an important catch: The borrowers don’t guarantee that they will use the money for green purposes.
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A Radial fulfillment center in Rialto, Calif. Chief Executive Ilias Simpson says stores are still struggling to restock inventory, so in some cases ‘you can window-shop, but you still need to purchase online.’ PHOTO: HAL BERGMAN
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Shoppers may be back at the mall, but e-commerce providers are betting consumers will keep a firm grip on their digital shopping carts as pandemic restrictions ease.
Logistics operators whose businesses boomed during the Covid-19 online-ordering surge say they are maintaining their investments and upbeat outlooks. They expect the rush to online commerce that came at the start of the pandemic has altered buying habits long-term.
“There may be some adjustment, but overall…that leap we took from the pandemic is here to stay,” said Kraig Foreman, president of e-commerce for DHL Supply Chain North America, a unit of Deutsche Post AG.
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