GRC Report Staff

In the wake of persistent market uncertainties and last year’s banking sector turmoil, the Basel Committee on Banking Supervision has once again taken a firm stance on global banking resilience. Meeting in Basel on November 19–20, 2024, the committee zeroed in on advancing regulatory consistency, improving risk management practices, and equipping supervisors with sharper tools for navigating the complexities of today’s financial ecosystem.

Dell Technologies and Iron Bow Technologies have agreed to pay a combined total of $4.3 million to resolve allegations of submitting non-competitive bids under a U.S. Army contract. The settlement addresses claims that the two companies overcharged the Army through a scheme that undermined the integrity of the Army’s procurement process.

The Public Company Accounting Oversight Board (PCAOB) delivered a sharp reprimand to five international audit firms that repeatedly failed to meet basic reporting requirements. Bush & Associates, Barton CPA, Crowe Hussain Chaudhury, KPMG India, and RSM Brasil were not just fined—they were publicly called out for undermining the fundamental transparency that investors rely on.

A significant transformation is taking place in corporate reporting. The International Sustainability Standards Board (ISSB) has introduced new standards that go beyond traditional financial metrics, challenging companies to provide a more comprehensive view of their sustainability impact.

Drexel Hamilton, a well-known broker-dealer, is facing serious penalties from the Financial Industry Regulatory Authority (FINRA) after it was found to have misrepresented retail orders during new issue municipal bond offerings. The firm has been censured, fined $300,000, and ordered to return over $837,000 in profits from its improper practices, which were conducted between 2016 and 2018.

The Council of the European Union has adopted a new regulation today to oversee Environmental, Social and Governance (ESG) rating activities, following a similar move by the UK government earlier this month to bring these influential metrics under regulatory supervision.

The Hague Court of Appeal delivered its judgment last Tuesday in the closely watched appeal between Shell and Friends of the Earth Netherlands (Milieudefensie). While the court reaffirmed that Shell is responsible for reducing its carbon emissions, it concluded that the company should not be bound by a specific reduction rate.