GRC Report Staff

The Australian Prudential Regulation Authority (APRA) has released findings from its second climate risk self-assessment survey, offering insights into how financial institutions are addressing climate-related risks. The survey, aimed at all APRA-regulated banks, insurers, and superannuation trustees, drew responses from over half of the invited entities. It builds upon a smaller 2022 assessment that initially focused on large entities, marking a broadening effort to gauge sector-wide climate resilience.

Archer-Daniels-Midland Co. (ADM.N), a global leader in agricultural and nutrition markets, has announced that its Chief Compliance Officer, Ben Bard, will step down early next year, citing personal reasons. The news arrives at a precarious moment for ADM, as the company struggles with escalating scrutiny over accounting issues that have forced it to delay regulatory filings and overhaul financial practices.

A new report from EY reveals a troubling disconnect between corporate climate action and the urgent need to combat climate change. The 2024 EY Global Climate Action Barometer found that while the quality and coverage of climate-related disclosures have improved, the pace of corporate action is still not sufficient to avoid the looming climate crisis. As global temperatures soar, companies worldwide continue to fall short of the necessary targets outlined in the 2015 Paris Agreement.

Meta Platforms, Inc. is facing a serious financial and regulatory reckoning in South Korea. In a decisive move, the country’s Personal Information Protection Commission (PIPC) has fined Meta $15.6 million for a series of data privacy violations, including unauthorized handling of sensitive personal data, refusal to grant legitimate data access to users, and a failure to implement necessary security safeguards.

The International Auditing and Assurance Standards Board (IAASB) has taken a major step toward bringing clarity and consistency to sustainability reporting with its new International Standard on Sustainability Assurance 5000 (ISSA 5000). This new standard aims to raise the bar for ESG (environmental, social, and governance) data assurance, giving investors and regulators more confidence that what they see in sustainability reports reflects reality.

Security giant Paragon Systems has agreed to pay $52 million to settle accusations that it rigged the system meant to benefit small businesses. The Herndon, Virginia-based contractor, which supplies security guards to federal buildings nationwide, stands accused of using fake "small businesses" as fronts to win contracts set aside for disadvantaged groups, all while allegedly funneling millions in kickbacks to its executives.

The Commodity Futures Trading Commission (CFTC) has awarded nearly $4 million to two whistleblowers whose timely and crucial information helped bring a significant enforcement action to a successful resolution. This decision underscores the vital role whistleblowers play in maintaining the integrity of U.S. markets and supporting regulatory enforcement.