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Business Risk can be more or less depending upon the industry it belongs to. However, it is important for all organizations to establish internal controls. It will act as a measure to deter wrongdoing. It also acts as a tool, safeguarding the company’s interests. It ensures the organization complies with state and federal laws, rules, and regulations concerning financial data management. Implementing strong internal controls helps enhance operational efficiency. Carrying out external or internal audits ensures accurate timely financial reporting.

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American technology and consulting company Gartner, Inc. agreed Friday to pay the SEC $2.45 million to settle charges that it violated the FCPA by bribing officials at the South Africa Revenue Service.The SEC charged Connecticut-based Gartner in an administrative order with violating the FCPA’s anti-bribery, books and records, and internal accounting controls provisions. The company settled without admitting or denying the SEC’s findings.

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The US Securities and Exchange Commission has reportedly issued its largest-ever award in it’s cash-for-tips program.The Wall Street Journal, citing people familiar with the matter, reported that the SEC’s record $279 million whistleblower award was related to a bribery case against Swedish telecommunications giant Ericsson.

In December 2019 the US DoJ confirmed Ericsson had agreed to pay more than $1 billion to settle a probe into alleged corruption including bribing public officials in a number of countries.

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LONDON: Boards of listed companies face tougher hurdles from January 2025 to show investors they have effective safeguards against fraud to ensure accurate financial reports, Britain’s corporate governance watchdog is proposing.

Following collapses at retailer BHS and builder Carillion, the government ordered reviews that produced recommendations including stronger internal controls at companies to improve audit quality. The government rejected calls to introduce a version of the stringent US Sarbanes-Oxley law, which requires company directors to personally attest to the accuracy of financial statements, or risk going to prison for breaches. Instead, Britain’s Corporate Governance Code, a form of “soft” law, is being updated.

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As enforcement of the Foreign Corrupt Practices Act becomes increasingly vigorous, multinational companies are finding themselves in a complex and dynamic regulatory environment. Over the past two decades, the Foreign Corrupt Practices Act (FCPA) has undergone a transformation that few could have predicted.

Emerging from relative obscurity, it has risen to become a significant concern for international businesses. This concern is primarily driven by the robust enforcement of the FCPA by regulatory authorities such as the US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ). With increasing scrutiny, particularly concerning payments to foreign officials, a solid understanding of the FCPA has become crucial for businesses operating abroad. At the heart of the FCPA is the prohibition against payments to foreign officials. This has become a central concern for corporations after several high-profile cases put the spotlight on the risks of non-compliance. 

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As all industry veterans know, internal controls are vital to launching an online gaming operation in new jurisdictions. But the internal control drafting and implementation process should be seen as more than a tick box on the checklist to launch in the new jurisdiction. If appropriately implemented, internal controls can play a critical role in promoting accountability, transparency, and ethical behavior within an organization, ensuring that it operates in a manner that complies with relevant laws and regulations. In addition to staying out of regulatory trouble, a stable internal control environment also prevents and errors from occurring in trading and payments teams, helps ensure the accuracy and completeness of financial reporting, and can even increase operational efficiency by reducing redundancy within the organization. These high-level tips can greatly improve the internal control process for online gaming operators.

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In the first quarter of 2023, material weaknesses increased by 25%. For businesses, there’s no greater alarm than a material weakness. Even the possibility of a material weakness can cause panic inside the company and shareholders. And as recent cases indicate, merely mentioning a material weakness appears to solicit an adverse reaction from investors, dropping stock prices. A material weakness is a flaw in an internal control that results in a material misstatement. This means the organization’s financial data is unreliable and ineffective for evaluating its financial soundness and, therefore, a reasonable stock price. Material weakness occurs when one or more of a company’s internal controls over financial reporting (ICFR) fails. Companies must disclose material weaknesses in their SEC filings when they are identified. If auditors find a material weakness, they must notify the audit committee to correct the identified issue. Investors, auditors, and analysts rely on companies to report accurate financial information. Companies with weak or inadequate internal controls create opportunities for misstatements, fraud, and poor management decisions, leading to shareholder losses. When material weaknesses are reported, it can result in reputational risk and increased costs

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THE SECURITIES and Exchange Commission (SEC) on Monday warned illegal lending companies of the new penalties under Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act (FCPA), as it took down another illegal lending operation In a media release, the regulator said entities engaged in abusive debt collection practices may now be criminally prosecuted for violating Section 8(d) of FCPA. Under the FCPA rules and regulations, financial service providers as well as their collections agents and representatives are prohibited from using abusive collection or debt recovery practices against their consumers. Additionally, violators of the law will be penali zed with a maximum fine of P2 million or up to five years of imprisonment, or both.

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Market regulator, Securities and Exchange Board of India (SEBI) has come out with consultation papers proposing additional surveillance and internal control systems, at asset management companies (AMCs). The move comes after various whistleblower complaints and front running cases in the mutual fund industry. The consultation paper suggests that senior management at AMCs should be responsible for putting surveillance and an internal mechanism in place to reduce fraudulent transactions and any possible misconduct by employees, traders, dealers etc.

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Contact: Mr Nereo Guzman Mendoza

Email: nguzman@businesssolutionvalley.com

Tel: +52 811 181 3514

Control Quotes:

Tell me and I forget. Teach me and I remember. Involve me and I learn. -Benjamin Franklin