BOSTON, MA--(Marketwire - Jan 10, 2013) - Compliance Week, a publisher of news on corporate governance, risk and compliance, announced its list of top compliance trends it expects to shape global business in 2013.
Founded in 2002, Compliance Week helps its subscriber base of financial, legal, audit, risk and compliance executives comprehend and comply with the constantly evolving global regulations and standards to which public companies must adhere.
Global regulators, accounting standard setters, and foreign enforcement agencies have a full pipeline of new initiatives, many of which will affect U.S. businesses. Here are some of the top developments to watch on the global compliance front in the coming year.
1. Business IT will finally go mobile, and compliance risks will go haywire. As mobile devices overtake PCs as the most common Web access device worldwide, employees will be using tablets, smartphones, and other devices to do their jobs and access corporate data -- whether companies like it or not. The nightmare that follows: corporations no longer "owning" their IT systems or keeping full possession of their data, with numerous risks to consumer privacy, legal liability, IT security and more in tow.
2. SEC Whistleblower program fuels uptick in enforcement actions. With the SEC's whistleblower program, established under the Dodd-Frank Act, set to shift into high gear and the Justice Department signaling no slow down in vigorous enforcement of the Foreign Corrupt Practices Act, 2013 is likely to be another year of heightened enforcement against regulatory scofflaws. So far, there has only been one payment by the SEC to a whistleblower, but the whistleblower tips have piled up and cases based on them will start to move through the pipeline.
3. Major governance changes in Europe. The European Commission will introduce a series of reforms throughout the year, including greater disclosures on risk management, board diversity, corporate governance reporting, and executive pay. How will a global business square those governance approaches with the substantively different standards that still exist in the United States? That is an excellent question nobody has yet answered.
4. Compliance remains the number one risk. Companies say regulation and compliance risk will be their No. 1 threat, but only 60 percent of the firms surveyed by Ernst & Young said they had implemented measures to address the threat. Will 2013 be the year the other 40 percent wake up?
5. Bigger compliance budgets. Budgets to manage financial crime and compliance are a high priority, with hot areas including fraud management and money laundering controls.
"With the Dodd-Frank Act rulemaking nearly complete, 2013 might be a slightly quieter year for regulatory change in the United States. That's not the case for Europe and other global regions -- or for U.S. companies doing overseas business," said Matt Kelly, editor-in-chief of Compliance Week. "Looking beyond the top five compliance trends, we also expect to see that Emission plans go up in smoke, and that after 30 years of debate, inventive companies might finally be able to apply for an EU-wide patent in 2013. We also expect to see Shareholder Spring 2.0, as European shareholders throw their weight around; clever tax planning could become a reputation-risk time bomb in 2013."
For a full list of top global compliance trends, go to: http://www.complianceweek.com/whistleblowers-to-play-a-bigger-role-in-enforcement-in-2013/article/272852/
In addition to publishing a weekly newsletter and monthly magazine, Compliance Week holds many events each year. Its annual 8th annual conference, Compliance Week 2013, is the most prestigious event designed for senior compliance, risk and audit executives at global corporations. Compliance Week, which will run May 20 - May 22 in Washington, D.C., features content-rich keynote sessions, lively concurrent panel discussions and presentations, along with small-room "Conversation" sessions, networking opportunities and more. For more information or to register, please visit http://www.complianceweek.com/8th-annual-conference/section/2777/.
About Compliance Week
Compliance Week, published by Haymarket Media, Inc., is an information service on corporate governance, risk and compliance that features weekly electronic newsletters, a monthly print magazine, proprietary databases, industry-leading events, and a variety of interactive features and forums. Follow Compliance Week on Twitter, Facebook and LinkedIn.