Control Chatter
March 2022
News that Control Professionals need to know
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ICI digital credentials and badges
We are committed to providing you with the tools necessary to achieve your professional goals and we understand that communicating your credentials in an ever-expanding online marketplace can be challenging. That is why we will be partnering with Credly to provide you with a digital version of your credentials. Digital badges can be used in email signatures or digital resumes, and on social media sites such as LinkedIn, Facebook, and Twitter. This digital image contains verified metadata that describes your qualifications and the process required to earn them. Credentials you can earn will include our certifications, training courses and ICI membership.
Test your Knowledge of Internal Control
The Internal Control Institute has developed two mini assessments to test your knowledge. A CICS Common Body of Knowledge Mini Assessment that helps an individual determine their knowledge as it relates to organizational governance and control practices. Results point out areas of knowledge that may require additional training and experience. The assessments also provides a measurement to the individual's readiness for CICS certification.
Start becoming an Internal Control professional today!
The ICI "Certification Series" of online courses
The ICI "Certification Series" has been completely updated and is available online to everyone around the world! Course content prepares individuals to design and/or assess internal control and to assist management in installing internal control processes. In addition, the series prepares candidates for the Certified Internal Control Specialist (CICS) Examination. To review the course catalog click
To register for one or all of the online training programs click here:
Online course pricing has been reduced by over 70%

The 13th Annual Forum for Internal Auditors which was held in cooperation with ICI, in Amman-Jordan during the period 20-22/3/2022.
Internal Control Chatter
Each month the staff of The Internal Control Institute reviews hundreds of articles related to Internal Control and Corporate Governance. Here are brief summaries of some of the top articles (along with links to the original article) that may be of interest to you.
‘It’s going on at all levels,’ says former employee. ‘All the executives are aware of it.’
By Russell Brandom
Mar 25, 2022
In 2016, Yasser Elabd noticed a $40,000 payment to a client in Africa that didn’t smell right. The payment came from Microsoft’s business investment fund — money meant for closing deals and opening up new lines of business. But the customer named in the request wasn’t a customer at all, at least not according to the internal client list. He was a former Microsoft employee who had been terminated for poor performance, and he’d left the company so recently that its rules would have barred him from approval.
What Does Compliance Mean to Business Owners?
MARCH 26, 2022
Compliance is a term often mentioned in business environments. In recent years, as new challenges in all industries have emerged due to the pandemic, new standards surrounding compliance have appeared. As a result, companies are working harder than ever to keep up with the industry and federal guidelines for their operation. However, staying compliant with the correct rules and procedures isn’t just a meaningful way to capture the attention of your target audience and demonstrate your professional nature.
How to maintain SOX compliance while exploring modern financial solutions
March 25, 2022
Though we now find ourselves in 2022, much of contemporary American life traces back to the events of Sept. 11, 2001. The post-9/11 era, they call it. But 2001 didn’t stop there — to those of us in the financial world, Enron’s bankruptcy presented a similar keystone moment, the effects of which continue to play a role in today’s processes. Just as the Patriot Act immediately followed 9/11, the Sarbanes-Oxley Act passed a few months after Enron and similar regulatory scandals rocked the corporate and financial worlds. Sarbanes-Oxley — also known as Sarbox or SOX — ensured the conditions that allowed those scandals to take place could not arise again.
SMBC Nikko and Five Executives Indicted in Japan
Friday, 25 March 2022
Japan’s SMBC Nikko Securities and a handful of executives have been indicted and arrested for alleged market manipulation. The brokerage – a unit of Sumitomo Mitsui Financial Group (SMFG) – is taking the arrests and indictments and of the company itself «extremely seriously,» according to a press release published on its website Thursday.
The results of the investigation and evidence disclosure by the prosecution will be reviewed, SMBC Nikko Securities said.
However, we cannot deny that there was a shortcoming in the internal control system, and in that sense, we recognize that we are bound to be held responsible as a company.
What To Expect When You're Expecting (An FCPA Investigation): Federal Officials Look Ahead To 2022
by Jayce Born , Jonathan Green and John N. Nassikas
23 March 2022
As promised, we're back with another update from the ABA's 37th Annual White Collar Institute in now slightly rainy San Francisco. The second day of the conference brought us a panel with insights on the federal government's Foreign Corrupt Practices Act (FCPA) priorities, most notably from panelists David Last, Chief of the DOJ's FCPA Unit, and Charles Cain, Chief of the SEC's FCPA Unit. While Last and Cain were both proud of their teams' work in Fiscal Year 2021, they each were looking forward to the year ahead, too. They said the public can expect to see the DOJ and SEC increase the number of significant resolutions of FCPA matters this year.
Compliance and Ethics Lessons Learned from KT Corps’ $6.3 Million FCPA Settlement
Misconduct Included Bribes to Government Officials and an Executive Slush Fund Used to Pay Political Contributions
by Michael Volkov
The SEC’s FCPA settlement with South Korean telecom KT Corporation was relatively light, thanks in part to the latter’s cooperation. But the company’s missteps remain a cautionary tale for ethics and compliance. Here’s where KT Corporation ignored red flags and missed course-correcting opportunities.
The SEC on February 17 announced its first FCPA enforcement action in 2022: South Korean telecommunications company KT Corporation agreed to pay $6.3 million to settle corruption violations. As part of the settlement, it agreed to pay $3.5 million in civil penalties and $2.8 million in disgorgement.
How To Build Trust With Continuous Compliance
Mar 17, 2022
If 2021 was an indication of the future of information security compliance, we can expect an escalating number of regulations, standards, audits and due diligence. The past year was littered with stories of strict compliance enforcementin-depth audits and scrutiny on change management, vendor due diligence and people-based conduct risk. Rapidly scaling companies need to maintain their compliance over time, not just pass inspection at a singular point in time. Similarly, as a business grows, so do the number of risks, the likelihood of an impactful control failure and the number of opportunities to be non-compliant escalate.
Do You Know Your Critical Data?
If you haven’t determined your critical data yet, first take a look at this article and then start your work as soon as possible…
By Gokhan Polat
March 13, 2022
With the regulatory legislations in data protection such as GDPR / KVKK, an accepted understanding of how to obtain, process, share and protect data, especially personal data, has started to develop. Data governance capability is one of the most important indicators of the maturity level of this understanding in a company. I will address the process of identifying critical data, which is one of the primary steps of data governance, through a few questions. Exactly first we need to know where our data is.

The Internal Control Institute™ (ICI) improves organizational Internal Control worldwide by providing training, products and services and individual Professional Certifications
recognized internationally. The Institute's Board of Advisors has determined it would like to further expand into areas where it is not directly represented. ICI provides world-class
programs and its intellectual property to affiliates free of charge and shares all program
revenue with them. If your organization is interested in partnering with ICI to earn revenue while you contribute to the development of the internal control profession worldwide please contact Dr. Michael Pregmon, Jr., Chief Operations Officer, by email at or by phone at 727-538-4113 in the USA.

Below is a list of WorldWide Affiliates currently serving the profession. If your area is not represented please consider partnering with ICI
2021 Certification Training Program & Exams

ICI and affiliates around the world have a busy training program scheduled for 2021. For more details on the CICS Training programs on offer visit the Events page on our website by clicking on the link below.

ICI World Wide Affiliates

Contact: Mr Aminur Rahman
Tel: +88 01749 400600
Contact: Soulémane BABA DAMAGUI
Tel: +0022997492600
Contact: Mr Humphrey Chawafambira
Tel: +267 75618647
Contact: Mr Eduardo Person Pardini
Tel: +55 11 2599 8360
Contact: Mr Eric Kamegne
Tel: +237 658 292 978
The website of ICI Cameroon is now operational

Our first CICS session in April is online only
Contact: Mr Qiu Jianting
Tel: 400-098-1119 or 010 68004176
Contact: Mr. Yves Dupont
Tel: 0032 2 305 35 25
Contact: Mr Summit Goyal
Tel: +91 9810 575 613
Contact: Mr Nereo Guzman Mendoza
Tel: +52 811 181 3514
Middle East
Contact: Mr Belal Abdul Jabbar
Tel: +962 6 5927171
Myanmar & Cambodia
Contact: Mr Sanjeev Gathani
Tel: +65 9655 4633
Contact: Mr Joel Aluko
Contact: Mr Muhammad Farooq Hammodi
Contact: Mr Cosmin Serbanescu
Tel: +40 752 525 525
Singapore, Malaysia, Indonesia & Taiwan China
Contact: Mr Bob Seetoh
South Africa
Contact: Ms Sedie Jane Masite
Email: or
Contact: Ms Nadia Yaich
Contact: Ms Ilknur Tunc
Tel: +90 312 442 50 15
Contact: Mr Jesus Salazar Ras
Tel: +58 426 737 8096 or + 58 416 291 3788
Contact: Mr Nguyen Thanh Tung
Tel: 848 3803 5020
Contact: Dr Proctor Nyemba
Tel: +263 4 443124
Control Quotes:
"The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails."
William Arthur Ward
About ICI
The Internal Control Institute™ (ICI) is a worldwide organization devoted exclusively to internal control and corporate governance. The Institute is dedicated to the development of world-class educational programs and best practice guidelines on internal control and corporate governance, based on the Sarbanes-Oxley Act and the COSO internal control framework.
Visit us on the web at the Internal Control Institute