Global Featured Wired

OSHA’s New Injury Recordkeeping & E-Submission Rule

Corporate Compliance Insights -

Each year, millions of workers suffer serious injuries and illnesses on the job. Under the Federal Occupational Safety and Health Act, employers must provide their workers with worksites free of recognized serious hazards. In order to help prevent work-related injuries and illnesses, the Occupational Safety and Health Administration (OSHA) has for decades required employers to The post OSHA’s New Injury Recordkeeping & E-Submission Rule appeared first on Corporate Compliance Insights.

(This is only a summary. Click on the headline to view the entire article at Corporate Compliance Insights and participate in the discussion.)

2018 NACHA Operating Rules: An Update on Changes Ahead

Corporate Compliance Insights -

Same Day ACH has been one of the largest changes to the ACH network and Phase 3 is the last part being implemented in March of 2018. How does Phase 3 affect a financial institution or even an Originating company when processing ACH payments in a faster settlement environment. In the fall of 2018, Third-Parties The post 2018 NACHA Operating Rules: An Update on Changes Ahead appeared first on Corporate Compliance Insights.

(This is only a summary. Click on the headline to view the entire article at Corporate Compliance Insights and participate in the discussion.)

New HIPAA Privacy Officer Training – Module 2

Corporate Compliance Insights -

HIPAA Privacy Officer Training will uncover all HIPAA and HITECH expectations in protecting patient and member’s right to privacy and the confidentiality of Protected Health Information (PHI) as you engage in treatment, payment, and healthcare operations (TPO) services. HIPAA Privacy Officer Training will cover all ongoing activities of a Privacy Program related to the development, The post New HIPAA Privacy Officer Training – Module 2 appeared first on Corporate Compliance Insights.

(This is only a summary. Click on the headline to view the entire article at Corporate Compliance Insights and participate in the discussion.)

Organizational Change Management (OCM) for FDA-Regulated Computer Systems

Corporate Compliance Insights -

The key challenge for many users and others working to validation computer systems involves their ability, or lack thereof, to control data and information. If processes change such that users who had a part in the review and approval of data and/or information are no longer required to participate, they may feel insecure, both about The post Organizational Change Management (OCM) for FDA-Regulated Computer Systems appeared first on Corporate Compliance Insights.

(This is only a summary. Click on the headline to view the entire article at Corporate Compliance Insights and participate in the discussion.)

New HIPAA Privacy Officer Training – Module 1

Corporate Compliance Insights -

HIPAA Privacy Officer Training will uncover all HIPAA and HITECH expectations in protecting patient and member’s right to privacy and the confidentiality of Protected Health Information (PHI) as you engage in treatment, payment, and healthcare operations (TPO) services. HIPAA Privacy Officer Training will cover all ongoing activities of a Privacy Program related to the development, The post New HIPAA Privacy Officer Training – Module 1 appeared first on Corporate Compliance Insights.

(This is only a summary. Click on the headline to view the entire article at Corporate Compliance Insights and participate in the discussion.)

HR Compliance 101 – For New HR And Non HR Managers

Corporate Compliance Insights -

OVERVIEW Knowing what to do in increasingly complicated employee situations can be difficult for even seasoned managers, especially if a manager has never had training.For a new manager these problems are intensified.For a new HR Manager this becomes a bigger problem as HR advises not just one manager but all managers throughout an organization. WHY The post HR Compliance 101 – For New HR And Non HR Managers appeared first on Corporate Compliance Insights.

(This is only a summary. Click on the headline to view the entire article at Corporate Compliance Insights and participate in the discussion.)

KYC/CDD Issues and the New CDD Requirements & AML Basics and Current Issues

Corporate Compliance Insights -

OVERVIEW This webinar will discuss the background of the KYC/CDD process as explained in the Federal Financial Institutions Examination Council’s BSA/AML Examination Manual. You will be exposed to the information you need to gather, how the information is used during the AML process, and how the regulators will examine you institution to ensure you comply The post KYC/CDD Issues and the New CDD Requirements & AML Basics and Current Issues appeared first on Corporate Compliance Insights.

(This is only a summary. Click on the headline to view the entire article at Corporate Compliance Insights and participate in the discussion.)

CAPA: Corrective and Preventative Actions and Addressing Non-Conformances

Corporate Compliance Insights -

OVERVIEW CAPA is both a precursor to and component of RCA that helps people prevent non-conformances from occurring and if all else fail; answer the question of why the non-conformance occurred in the first place. Root Cause Analysis (RCA) is a popular and often-used technique that helps people answer the question of why the problem. The post CAPA: Corrective and Preventative Actions and Addressing Non-Conformances appeared first on Corporate Compliance Insights.

(This is only a summary. Click on the headline to view the entire article at Corporate Compliance Insights and participate in the discussion.)

Risk Manager of the Year: Q&A with Rebecca Cady

Risk Management Monitor -

Rebecca Cady, vice president and chief risk officer of Children’s National Medical Center (CNMC) in Washington, D.C. was named the RIMS 2018 Risk Manager of the Year today. CNMC is the largest freestanding pediatric academic medical center and health system in the greater D.C. area., with annual revenues of nearly $1.2 billion.

She was praised by her peers for her success in elevating CNMC’s culture of safety, addressing risk on an enterprise basis and lowering the system’s total cost of risk. Under her leadership, programs continually seek to benefit the system’s 6,000-plus employees, and ultimately, the services they provide to children and their families. Cady spoke with Risk Management Monitor about her journey to the profession and the combination of challenges she faces as a health care risk manager.

Risk Management Monitor: Your professional career began as a labor and delivery nurse. How did you make your way into risk management?

Rebecca Cady: I was a staff nurse at a small, rural hospital in Kingsville, Texas. During a shift, several co-workers were gathered at the nurse’s station, discussing a lawsuit that many senior nurses were anxious about having to take part in.

They didn’t understand what was going on. I remember thinking: ‘What if lawyers knew what it was like to be a health care provider or practice medicine and nursing?’ It would help them do a better job of guiding the nurses and doctors through the legal process. I thought, ‘I could go to law school.’ And I did. It turned out to be a great idea because it has made for a fulfilling and interesting career.

RMM: After becoming a lawyer—and eventually partner—at a law firm, what drew you to CNMC?

RC: I saw this as an opportunity to get in the practice of avoiding litigation in the first place. I was attracted to the idea of working more closely with providers and in a hospital environment where I felt I could have a greater impact on the organization and manage its risk.

RMM: What is one of CNMC’s top challenges?

RC: Recruitment is up there. Pediatric neurosurgeons are not working at Starbucks while they’re looking for a job. In some of the specialties, there are very few qualified people. Being able to recruit and hire the best and the brightest, which we think our kids deserve, is hard because we’re competing with pediatric hospitals that are part of other systems.

RMM: In 2014, you updated the reporting systems to include reporting from mobile phones. What inspired that change?

RC: Being able to report an incident and have it instantly make its way up the chains of command was more of a way to cut past the tediousness of logging a report on paper, or even on a computer. I’m not a techie but I recognize that technology has the ability to make us more efficient and effective. We really do believe that more reports are better, because knowing about the low-level events that don’t reach patients or cause immediate problems can still be useful. You can then identify latent issues that need correcting and prevent something serious. Plus, it was embraced by our employees.

RMM: You are widely regarded by peers and co-workers as a relationship-builder and a strong communicator. What is your management style?

RC: My office is in the hospital and I make it a point to be visible. I go to meetings wherever possible and am present wherever possible, I administer our calls and speak at staff meetings as well and to the new residents and nurses as they come on board. The whole risk team is also out and about among the organization constantly, because having relationships builds trust and makes your job easier.

We’re not the department of ‘No.’ We’re the department of ‘Yes, If…’ Helping folks solve their problems – even if they seem small to you – is huge for them. And once they stop seeing you as the policeman, they see you as a business partner. Then they’ll start to call you earlier in the game when they are strategizing. That applies no matter what industry you’re in.

Learning the Basics on GDPR’s Right to Be Forgotten

Ethics & Compliance Matters™ by NAVEX Global -

Now that the European Union’s General Data Protection Regulation is nearly here, it’s time for ethics and compliance officers to really map out the challenges that lie ahead. One good place to start is with fulfilling the GDPR’s right to be forgotten. Let's discuss.

Breaking News in the Industry: April 17, 2018

Loss Prevention Media -

Sheriffs bust ring selling stolen cigarettes

A multi-jurisdictional operation involving state and local law enforcement agencies and prosecutors in Tampa, Florida, shut down a major stolen cigarette operation that spanned 20 counties. On April 12, Hillsborough County Special Investigations Division detectives, with the assistance of district patrol units, concluded a month-long investigation into stores illegally purchasing stolen cigarettes in Hillsborough County. Detectives were able to obtain probable cause for search warrants at 15 stores and 18 arrest warrants. During Operation Up in Smoke, undercover detectives sold 170 cartons of cigarettes to the various stores and received $3,620 as payment for the cigarettes. The true retail value of the cartons sold was $10,880. “Shutting down this illegal cigarette ring levels the playing field for businesses who do the right thing by following the law and complying with our regulations.

This is a win for everyone.” said Hillsborough County Sheriff Chad Chronister. Detectives served the court-authorized search warrants and seized the following items: approximately $60,000, four firearms, marijuana, synthetic marijuana, 142 stolen packs of cigarettes (sold by detectives) and miscellaneous paraphernalia. The marijuana was found in various forms, including plant material, oils, creams, edibles, and capsules. A total of 15 people were arrested as a result of this operation. An outstanding warrant remains for Jihad Nawabeet, who is a clerk at Snack Attack Store, in Tampa. Also participating in Operation Up in Smoke were the Florida Department of Law Enforcement, the Office of the Florida Attorney General, the Hillsborough County State Attorney’s Office, the Pasco County Sheriff’s Office and the Florida Division of Alcoholic Beverages and Tobacco. All together, these agencies made 17 arrests on 135 separate charges.  [Source: The Tampa Patch]

Fireworks distraction thieves hit jewelry store in mall [Viral Video]

In this case Miami-Dade police say it led to a “grand theft” at the Mayors Jewelers inside the sprawling Dadeland mall . It was about 6:30 p.m. when a man went into the jewelry store and asked an employee to show him an expensive watch, police said. “Once the subject had the watch in his possession, an unknown person set off fireworks in the vicinity of the store,” said Miami-Dade Police Detective Argemis Colome. The thief used the distraction to take off with the watch, Colome said. As shoppers ran from the area there were some minor injuries, police said. None of the injuries were related to the fireworks. Police did not provide a description of the watch that was stolen or indicate its worth. This is at least the third time in recent months that fireworks were used in Florida to cause a panic among shoppers so thieves could make a getaway. On New Year’s Eve, at the Zales Outlet jewelry store at Sawgrass Mills mall, a man stole an $11,400 Rolex watch after someone set off fireworks a few feet from the store’s entrance. And in Central Florida on April 8, 11 people were hurt, according to the Orange County Sheriff’s Office, when thieves used firecrackers at the Florida Mall to simulate gunshots. That incident was also a theft at a jewelry store, the sheriff’s office said.  [Source: SunSentinal]

Kansas man jailed after pulling knife on asset protection associate

Law enforcement authorities are investigating a suspect after an altercation with a store asset protection associate. Just after 11a.m. Sunday, police were dispatched to the Target store in Topeka, Kansas, where an AP associate attempted to stop a suspected shoplifter, according to Lt. Kelvin Johnson. During the incident, the alleged shoplifter attempted to punch the AP associate and then pulled a knife and ran north with the items he had taken from the store. A witness kept an eye on the suspect until police arrived. Following a brief foot pursuit, police captured the suspect identified as 29-year-old Casey J. St. John. He was booked into the Shawnee County Department of Corrections for Aggravated Robbery and Felony Obstruction, according to Johnson. The asset protection associate was not injured during the incident. A witness kept an eye on the suspect until police arrived. Following a brief foot pursuit, police captured the suspect identified as 29-year-old Casey J. St. John. He was booked into the Shawnee County Department of Corrections for Aggravated Robbery and Felony Obstruction, according to Johnson. The asset protection associate was not injured during the incident.  [Source: Hays Post]

Deputies searching for shoplifters accused of pointing pistol at LPA

The Sheriff’s Office Violent Crimes Unit in Harris County, Texas, is searching for two Kohl’s robbers accused of pointing a pistol at a loss prevention associate. According to police, a man and woman were shoplifting at a Kohl’s store in the 7100 block of the Barker Cypress when loss prevention associates noticed them hiding items in the bottom of a shopping cart. When the associates approached the two shoplifters they ran out of the store and pointed a pistol at the LP associates. The shoplifters were last scene driving away in a light blue and silver GMC pickup truck. The man is described as being 5 feet, 11 inches tall and weighing 180 pounds. The woman is described as being 5 feet, 7 inches tall and weighing 150 pounds. Crime Stoppers may pay up to $5,000 for information leading to the charging and/or arrest of the suspect in this case. Information may be reported by calling 713-222-TIPS (8477).   [Source: CW39 NewsFix]

Twin sisters arrested at for shoplifting

On April 1, officer Walter Larson was called to Walmart in Warwick, Rhodes Island, for a report of two women shoplifting, discovered they were twins, and arrested them both. Larson arrived at store and spoke with the manager, who told him he had observed two women, twins, later identified as Jessica Norberg, 38, and her twin sister, Jamie Nordberg, enter the store, according to Larson’s report. The loss prevention manager said the twins walked throughout the store, selecting a large amount of merchandise from each department, paying for some, but not all, at the register before leaving with the stolen items on their person, Larson reported. The LP manager confronted the women after they left the store without paying for the merchandise, and the women agreed to return to the manager’s office without incident. Inside the store, the stolen merchandise was assessed, with Jessica credited with stealing $423 and the other woman, Jamie, with stealing $277.30 from the store. Larson discovered that Jessica had an outstanding warrant for failing to appear in court, and Jaime had no prior arrests. The women were each scheduled in Third District Court for May 8.  [Source: Warwick Post]

Suspect pleads out in retail fraud case

A Branch County, Michigan, man arrested in connection with a Feb. 25 retail fraud at the Jonesville Walmart appeared in Hillsdale County District Court Wednesday morning for a probable cause conference. Nicholas Lynn Gigowski, 37, was arrested April 2 by the Hillsdale County Sheriff’s Office on a felony warrant charging him with first degree retail fraud and conspiracy to commit first degree retail fraud. On Wednesday morning, Gigowski pleaded guilty to second degree retail fraud, a one year misdemeanor, in a plea bargain arranged with the Hillsdale County Prosecutor’s Office who agreed to dismiss the more serious offense. “I was shopping with the intention not to pay,” Gigowski said. Gigowski admitted to Hillsdale County District Judge Sara S. Lisznyai that he and another man “shopped” for over two hours, placing around $1,000 worth of merchandise into a shopping cart. Gigowski further claimed that when the shopping spree was over, he and he alone pushed the cart full of merchandise out of an emergency exit door. “I acted on my own,” Gigowski said. “I pushed it out the emergency exit door.” Gigowski will appear back in district court for sentencing in May after a pre-sentence investigation report is completed. The man that was with Gigowski has yet to be charged in connection with the crime. Lisznyai also granted Gigowski’s request for a bond reduction to $10,000 with 10 percent allowed; he was previously being held on a $40,000 bond with 10 percent allowed.  [Source: Hillsdale Daily News]

The post Breaking News in the Industry: April 17, 2018 appeared first on LPM.

Citigroup $C Proxy Voting Recommendation

Corporate Governance -

Citigroup $C, a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions. Most shareholders do not vote because reading through 70 pages of the proxy is not worth the time for the small difference your vote will make. Below, I tell you how I am voting and […]

The post Citigroup $C Proxy Voting Recommendation appeared first on Corporate Governance.

Innovation in Compliance Episode 5: The Future of Disrupting Risk with Dan Torpey

FCPA Compliance & Ethics -

  Dan Torpey is a forensic accountant CPA and former auditor with over 30 years of public accounting experience. He’s a partner at Ernst & Young and the US leader of EY’s Investigation and Compliance services. With all those credentials, it should be no surprise that Dan is innovating in ways that will ripple through [...]

The post Innovation in Compliance Episode 5: The Future of Disrupting Risk with Dan Torpey appeared first on Compliance Report.

Appraisal Rights: Navigating the Maze After DFC Global, Dell, and Aruba

The Harvard Law School Forum on Corporate Governance and Financial Regulation -

Posted by Jeffrey J. Rosen and William D. Regner, Debevoise & Plimpton LLP, on Tuesday, April 17, 2018 Editor's Note: Jeffrey J. Rosen and William D. Regner are partners at Debevoise & Plimpton LLP. This post is based on a Debevoise & Plimpton publication by Mr. Rosen and Mr. Regner, and is part of the Delaware law series; links to other posts in the series are available here. Related research from the Program on Corporate Governance includes Using the Deal Price for Determining “Fair Value” in Appraisal Proceedings by Guhan Subramanian (discussed on the Forum here).

It’s easy to throw up your hands at the current state of the law on appraisal rights in Delaware. In a bit more than a decade an appraisal arbitrage industry has emerged—spawned by decisions that shares purchased post record date may be the subject of an appraisal proceeding without proof that they were not voted in favor of the transaction [1] and abetted by amendments to the statute creating a strong presumption that the interest rate on appraisal awards should be five percentage points above the Federal Reserve discount rate. [2]

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Median Employee Pay Not Quite the Spectacle Anticipated

The Harvard Law School Forum on Corporate Governance and Financial Regulation -

Posted by Deb Lifshey, Pearl Meyer & Partners, LLC, on Tuesday, April 17, 2018 Editor's Note: Deb Lifshey is Managing Director at Pearl Meyer & Partners, LLC. This post is based on a Pearl Meyer publication by Ms. Lifshey. …Yet May Still Spark Employee Relations and Media Fires

Congress—in the aftermath of the financial crisis in 2010—enacted a law requiring public companies to identify the compensation of their median-paid employee, compare that to the CEO as a ratio, and disclose it each year. As noted by the SEC in enacting rules to implement the legislation, Congress provided no rationale for the rule, although presumably it was intended to highlight perceived inequities between executive and average worker pay. Even more importantly, it required companies to disclose for the first time, not what executives were making, but what the median worker was paid. Fast forward eight years and we are left questioning whether the legislation is actually accomplishing its supposed intent. Based on our review of 500 proxies (as of March 30, 2018) tracked on our CEO Pay Ratio page, we think the answer is a resounding no, although it will have the unintended consequences of meddling with employee relations and keeping the media busy for a while.

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People on the Move: April 2018 Loss Prevention Personnel Transitions

Loss Prevention Media -

Professional advancement and building a successful loss prevention career can mean many things to many different people. For some, it may mean reaching a top leadership position at a particular company, perhaps serving as a director or VP of loss prevention/asset protection. For others, it may involve gaining experience in multiple professional fields in order to establish a unique and versatile role that capitalizes on various skill sets.

Some aspire to be the very best at a particular skill or discipline, building a base of knowledge and expertise that sets us apart from the rest. There are those who strive to leave a professional legacy, a lasting mark on the present and future of the loss prevention industry. Still others simply want the recognition that comes with reaching a particular level of performance and the security that it provides.

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There are many ways to evaluate our career vision and professional aspirations for loss prevention personnel. But what is most important is that we find the path that fits us best. We need to fashion and follow a professional development plan that leads us forward and builds our future, especially when involved in a profession that is evolving as quickly as retail loss prevention.

All of us in the LP community are proud of the accomplishments of those who have worked hard and earned a new place along the loss prevention career path. Please join us in congratulating the following loss prevention personnel on their recent career moves and promotions.

April 2018

Christopher Perry is now corporate asset protection manager at CKE Restaurants.

Jeannie Tatis is now a regional logistics loss prevention manager at Amazon.

Rachel Sultan is now a district asset protection manager at JCPenney.

John Baschoff is now a market asset protection manager at Sam’s Club.

David Gibson was promoted to corporate investigations supervisor at Neiman Marcus.

Jeremy Douglas was promoted to area loss prevention manager at Belk.

Joe Nekic was named head of loss prevention – Southern Gulf at M. H. Alshaya Co. (United Arab Emirates).

Julie Saitta was promoted to senior loss prevention investigator at DSW.

Bobby DeAgostino was promoted to senior director, safety and loss prevention at Floor & Décor.

Scott McEntyre was promoted to supply chain loss prevention manager at DICK’S Sporting Goods.

Bryan Windham is now a district loss prevention manager at Home Goods.

Chad Fischer, LPC was promoted to manager of investigations and safety at The TJX Companies.

Aaron Henderson, LPC, CFI, was promoted to vice president loss prevention and food safety at Penske Logistics.

Renee Flores was promoted to chief operating officer at Gristedes/Red Apple Group.

Inder Minhas is now a regional loss prevention specialist at Shoppers Drug Mart.

Lance Williams was named vice president of loss prevention at Variety Wholesalers, Inc.

Patricia Ishmael is now an area loss prevention manager at HMSHost.

Henry Johnson, CFI is now a regional loss prevention manager at Amazon.

Will Rutty is now a senior market asset protection manager at REI.

Alisha Crosier was promoted to area asset protection manager at JCPenney.

Luis A. Banuelos is now a regional asset protection manager at Orchard Supply Hardware.

Jeanne Songy is now project manager – loss prevention technology at Gap.

Matt Braun was promoted to director of anti-corruption compliance at L Brands.

Chester Blair was promoted to senior area loss prevention manager at Ross Stores, Inc.

Catherine Stasiowski was promoted to director, loss prevention and safety at Total Wine & More.

Shawn Abbott was promoted to director of asset protection technology at Stein Mart.

Joe Oliveira has been named director of asset protection at The Fresh Market.

Brian Huff, CPP was named director of loss prevention at rue21.

Pamela Velose was named vice president of loss prevention at Belk.

Jason Alexander is now a regional asset protection manager at BJ’s Wholesale Club.

Nicole Garcea, CFI is now a regional asset protection manager at BJ’s Wholesale Club.

James O’Brien was promoted to senior learning specialist at Nordstrom.

Andrew Wallace is now manager of corporate investigations – loss prevention operations at Neiman Marcus.

Ryan Krajewski is now a regional profit protection manager at JD Sports Fashion.

Kenny Douglas is now a regional loss prevention manager at Amazon.

Audrey Kohler was promoted to market organized retail crime manager at Lowe’s.

Mark Hernandez was promoted to corporate manager of investigations at The Home Depot.

Lindsay Canup was promoted to area loss prevention manager at Belk.

William Bednarz is now a regional asset protection manager at Food Lion.

Zebulon Strickland was promoted to organized retail crime investigator at Safeway.

Michael Cote was promoted to regional loss prevention manager at The TJX Companies.

Omar Lara was promoted to manager of corporate security and fire/life safety at Ross Stores.

Michala Serbousek was promoted to loss prevention systems administrator at Sephora.

Keith Johnson was promoted to regional loss prevention manager at Citi Trends.

Michael Simpson, LPC is now an area asset protection manager at JCPenney.

Brett Szrejna is now a regional asset protection manager at BJ’s Wholesale Club.

James Hart, CFI was promoted to district loss prevention manager at The TJX Companies.

Jordan Shelest was promoted to district loss prevention manager at TJX Canada.

David Vanoni was promoted to senior district loss prevention manager at Sephora.

Corey Seltz was promoted to compliance, safety, and asset protection operations manager – import flow at Walmart Distribution Center.

Brad Swain is now an area loss prevention manager at Ulta Beauty.

Matt Garlich, PSP was promoted to corporate loss prevention and security manager at Chico’s FAS.

Jason Anderson, LPC is now a district asset protection leader at CVS Health.

Scott Preuit was promoted to regional loss prevention manager at Old Navy.

Courtney Meek was promoted to senior manager, LP operations at Ross Stores.

Derek Fuentes was promoted to senior divisional manager of compliance, safety, and asset protection at Walmart Supply Chain.

Kelly Sanders is now a regional loss prevention manager at Athleta.

Donna Gudridge was named client program manager – NAM at Sekura Global.

Elena Mencos, CFI, CFE is now an area asset protection manager at DTLR, Inc.

Daniel Molloy was promoted to group shrink and security manager at Tesco (UK).

Andy Santiago, CFI is now an area asset protection manager at Walmart Logistics.

Alexander Ocasio, M.S. is now a district asset protection manager at Rite Aid.

Sonya Medlock, LPC is now a district asset protection manager at Walgreens.

Todd Budovsky is now a district asset protection manager at Walgreens.

Samuel “Bo” White, LPC is now a senior regional loss prevention and safety manager at Office Depot.

Jerry West is now an ORC investigator at Publix.

James Doss was promoted to market ORC manager at Lowe’s.

Review the March 2018 “People on the Move.”

Many of the loss prevention / asset protection career moves and promotions are reported to us by our career advisor partners. We are grateful for their collective efforts and diligence in delivering this information. If you would like to provide information pertaining to a recent promotion or career move that is not listed here, please send your submissions to peopleonthemove (at) lpportal (dot) com.

This post was originally published in 2017 and is updated regularly. 

The post People on the Move: April 2018 Loss Prevention Personnel Transitions appeared first on LPM.

Most Frequent Advisory Fee and Expense Compliance Issues

Compliance Building -

Last week, the SEC’s office of Compliance Inspections and Examinations released a risk alert on Most Frequent Advisory Fee and Expense Compliance Issues Identified in Examinations of Investment Advisers. It was a bit shocking.

Shocking mostly because the issues are mostly mechanical procedural errors that were contrary to the investment advisory agreement:

  • Using a different valuation method (cost versus fair value)
  • Using the market value at the end of the billing cycle instead of an average value
  • billing monthly instead of quarterly
  • billing in advance instead of in arrears

These are obvious mistakes, but not necessarily adverse to the client.

Others deficiencies did lead to increase costs to investors:

  • Failure to prorate for a partial billing cycle
  • Applying a higher rate
  • Charging additional fees
  • Charging more that the agreed to maximum rate
  • failing to aggregate client accounts for members of the same household which would have qualified the accounts for a discounted fee

 

Although the Risk Alert is focused on retail investment advisers, private funds do not get by unscathed.

OCIE staff has observed advisers to private and registered funds that misallocated expenses to the funds. For example, staff observed advisers that allocated distribution and marketing expenses, regulatory filing fees, and travel expenses to clients instead of the adviser, in contravention of the applicable advisory agreements, operating agreements, or other disclosures.

 

 

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