Compliance Industry Tackles Super Bowl.It doesn't matter if you're a Giants fan or a Patriots fan: 82% of compliance officers in US banks say they wouldn't allow an employee to pay for business contacts to attend Super Bowl XLII  This article or section contains information about a sporting event or team.
NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- A survey of compliance officers at 71 top financial institutions has found that more than four-fifths would prohibit pro·hib·it tr.v. pro·hib·it·ed, pro·hib·it·ing, pro·hib·its 1. To forbid by authority: Smoking is prohibited in most theaters. See Synonyms at forbid. 2. Super Bowl tickets being given or received as gifts to business contacts. Commissioned by Complinet, the leading provider of dynamic and connected risk and compliance solutions to the global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry, the survey highlighted attitudes and understanding of business entertainment policies in relation to gift giving. The results reveal different approaches among compliance professionals with regard to entertainment, with the result that the majority err on the side of caution and would simply say 'no'. Whereas gift giving has set guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. that require attention when gifts are 'in excess of $100' as outlined by NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). Rule 3060 and NYSE NYSE See: New York Stock Exchange Rule 350, policies around entertainment - where a client is accompanied by an employee of the company - are less defined and more open to interpretation. The survey asked senior compliance professionals in 71 financial institutions about how they would handle Super Bowl ticket gift-giving with new customers, established customers and prospects. Compliance officers were also asked their views on employees receiving tickets from business partners. The results reveal a conservative approach and current confusion among compliance professionals with regard to gift-giving and entertainment, with the result that many err on the side of caution and find it easier to simply say 'no'. 82% of respondents In the context of marketing research, a representative sample drawn from a larger population of people from whom information is collected and used to develop or confirm marketing strategy. said they would not allow an employee to offer Super Bowl tickets to prospective or existing customers, including well established customers. Another 15% said they would allow tickets to be given to an established customer but not to a prospect or a new customer. Just over half of the compliance officers (52%) surveyed said they would not allow an employee to bring a prospect or a client to the Super Bowl, while 15% said they didn't know if they would allow it or not. Nicole Lefort, head of US Compliance Services for Complinet, said, "The survey highlights the need for busy compliance officers to stay abreast of rules and regulations surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. business entertainment when popular sporting events are on the horizon." 79% of respondents agreed with this assessment, saying they would like to receive business entertainment rules reminders and policy updates in advance of the Super Bowl, the World Series, NBA playoffs The NBA Playoffs is a four-round best-of-seven elimination tournament between sixteen teams in the Eastern Conference and Western Conferences (called Divisions, pre-1970) of the National Basketball Association, ultimately determining the league champion. and other key events in the US sporting calendar. Nicole Lefort continued, "In a market where firms are competing for clients it is critical that compliance professionals can balance their firm's regulatory obligations while being aligned to the business. Complinet's Policy Manager solution gives compliance professionals the information needed to get that balance right and to make informed decisions." About the survey Senior compliance professionals at 71 US financial institutions participated in the survey that was commissioned by Complinet in January 2008. About Complinet Complinet is the leading provider of dynamic and connected risk and compliance solutions to the global financial services industry. The company's solutions minimize exposure to risk by providing the information and technology to track and connect live external events, such as regulatory or sanction sanction, in law and ethics, any inducement to individuals or groups to follow or refrain from following a particular course of conduct. All societies impose sanctions on their members in order to encourage approved behavior. changes, with internal policy management and screening activities. Complinet was founded in 1997 and employs more than 200 people in its offices in New York, London and Dubai. Every day, industry professionals in more than 1,200 firms across 81 countries rely on Complinet to provide information, analysis and solutions that help them keep pace with changing regulations. In August 2007, Financial News named Complinet as one of the 21 technology companies most likely to shape the future of the financial services industry. www.complinet.com |
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