Following over two years of comment and debate, the final Volcker Rule officially went into effect on April 1, 2014. While most banks have until July 21, 2015 to reach Volcker Rule compliance, those with over $50 billion in consolidated trading assets and liabilities are required to report to regulators beginning June 30, 2014.
Technology allows businesses around the world to easily communicate and access data, increasing both business opportunities and worker productivity. However, this same technology also makes corporate data more vulnerable to theft and harder to protect. Lost or stolen data has significant financial repercussions; misplaced devices or server crashes are estimated to cost the average business $586,000 a year. Data theft was recently estimated to cost companies $250 billion a year, according to the National Crime Prevention Council.
The Occupational Safety and Health Administration (OSHA) recently released a guide to help small businesses develop an effective hazard communication program and comply with OSHA’s revised Hazard Communication Standard (HCS). The HCS is aimed at improving employees’ understanding of the health and physical hazards associated with chemical substances.
Human error remains the biggest threat to healthcare data privacy, according to the latest study on patient privacy and data security by the Ponemon Institute. Healthcare organizations also continue to struggle with increasingly complex federal and state privacy and security regulations. And healthcare employees are contributing to higher breach risks with their unsecured personal devices.
Although it may seem straightforward to request a new employee fill out the required Form I-9 to verify work eligibility, it actually requires a light touch. Employers must request enough information to comply with the Immigration Reform and Control Act of 1986 (IRCA), but not too much — or the wrong kind — which could imply discrimination.
Canada's first conviction of an individual under the Corruption of Foreign Public Officials Act (CFPOA) is expected to set a precedent for future corruption cases as regulators continue their crackdown on global corruption. Following the conviction last fall of an Indian-Canadian businessman, prosecutors are now seeking a four-year prison term for his efforts to bribe government officials in India in an attempt to win the business of a state-owned airline.
The cost of data breaches continues to rise globally. Businesses in the U.S. are spending the most addressing the problem — an average of $5.85 million over the last two years, according to the Ponemon Institute's 2014 Cost of Data Breach Study. The annual study involving 314 companies in ten countries put the average cost of a data breach at $3.5 million, a 15% increase over 2012.
Federal regulators have been particularly aggressive in enforcing the Foreign Corrupt Practices Act (FCPA), making it crucial for companies to take anti-corruption training seriously.
Employment is heavily regulated in the U.S., where it is illegal to discriminate against a job applicant or an employee because of the person's race, color, religion, sex (including pregnancy), national origin, age (40 or older), disability or genetic information. It is also illegal to discriminate against a person because he or she made a discrimination complaint, filed a charge of discrimination, or participated in an employment-discrimination investigation or lawsuit.
Social media is an increasingly essential tool in today's business environment but as employers are learning, it carries inherent risks. More employers are taking disciplinary action and implementing social media policies to protect themselves against specific risks of social media misuse, according to a new survey by law firm Proskauer Rose.