Control Chatter
April 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 are 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 professional certifications, online 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%
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.
Why Internal Controls Are Important in your Business?
Internal controls are measures and tools to protect the interest of the company against wrongdoings. It ensures that a company complies with the state and federal laws and regulations in managing the financial data of the organization. Having strong internal controls can improve efficiency and ensure accuracy in financial reporting during external and internal audits. The internal controls prepared by an organization also help in preventing frauds, ensuring the integrity of the financial data, and promoting accountability. The internal controls of each company are different from the other and are designed by keeping in mind the size of the company and structure. Efficient and effective internal controls help in meeting the objectives of the company.
DOJ and SEC Kick Off the Second Quarter with Major FCPA Settlement with International Waste Management Company
April 20, 2022
On April 20, 2022, the U.S. Department of Justice (DOJ) and Securities and Exchange Commission (SEC) separately announced that Stericycle Inc. (Stericycle), an international waste management company headquartered in Lake Forest, Illinois, has agreed to pay more than $84 million to resolve parallel investigations by authorities in the United States and Brazil. The investigation is related to the bribery of foreign officials across several countries in Latin America. According to the DOJ press release announcing the resolution, “between 2011 and 2016, Stericycle caused hundreds of bribe payments” amounting to over $10.5 million “to be made to officials at government agencies and instrumentalities in Brazil, Mexico, and Argentina.” 
Australia’s Westpac Banking Fined A$113M for Multiple Compliance Breaches
April 22, 2022
An Australian court ordered Westpac Banking Corp. to pay A$113 million ($82.92 million) in penalties for multiple compliance failures across its businesses, after hearing the last of the six cases filed against it by the country’s corporate watchdog. The Federal Court fined Westpac A$40 million for one of the six cases, related to charging advice fees to over 11,800 deceased customers in the latest hearing, the Australian Securities and Investments Commission (ASIC) said on Friday. It was the biggest fine of all the six cases. ASIC’s legal actions that were initiated in November include the lender’s compliance failures across its banking, superannuation, wealth management and insurance business over many years.
Bridging the integrity gap through governance, trust, and transformation
According to EY’s Global Integrity Report 2022, the pandemic has made it harder for businesses to act with integrity.
By Arpinder Singh
April 25, 2022
The last two years have been tumultuous for India Inc. as many companies scrambled from survival to recovery mode. The onset of the third wave of the pandemic at the beginning of the year brought on a looming sense of uncertainty, with companies gearing up for another phase of upheaval. This year’s Union Budget focuses on the ‘four pillars’ aiming at economic upswing and growth, but with factors like the financial crunch still weighing heavy, an evolving work environment, and increased fraud risks, it may not be an easy course to chart. According to EY’s Global Integrity Report 2022, the pandemic has made it harder for businesses to act with integrity. The challenge will be to take the learnings of the pandemic and incorporate them into developing a resilient roadmap to steer through the new normal.
The Foreign Corrupt Practices Act
25 April 2022
When resolving alleged violations of the Foreign Corrupt Practices Act (FCPA), US authorities have a range of options available to them. In addition to the standard consequences for violation of US laws, including penalties, disgorgement and imprisonment of individuals, US authorities also may require a company to appoint an independent FCPA compliance monitor. The monitor, who must not have any material connection to the company, its executives or its directors, is charged with objectively evaluating the company’s compliance with the FCPA and the measures in place to mitigate corruption risk. An effective monitor also will indirectly assist a company with developing and implementing an effective compliance programme by providing an outsider’s assessment of the programme and making actionable recommendations for improvements.
Audit committee expectations intensify as assets hit $1 billion
By Debra Cope
APRIL 26, 2022
Every year, growth propels numerous community banks past asset thresholds that have significant supervisory implications. As banks approach two key thresholds—$500 million and especially $1 billion — they must begin preparing for new risks and regulatory expectations, according to Richard Kloch Jr., a partner in Crowe’s financial services consulting practice. Many of the changes play out in the audit committee, Kloch notes. At $500 million in assets, banks are required under the FDIC Improvement Act of 1991, or FDICIA, to have an audit committee that is made up primarily of outside directors. In addition, they must submit an annual report that includes an independent auditor’s report to the audit committee and management reports that clearly state management’s responsibility for establishing and maintaining adequate internal controls over financial reporting.
Can you afford compliance?
Maintaining compliance for both regulatory and industry-driven standards is complex and expensive, yet fundamental to a financial institution’s ability to provide payment services.
As the rate and complexity of compliance changes increase, financial institutions are constantly under pressure from regulators that are adopting agile principles designed to protect the evolving financial ecosystem. Financial institutions also have to balance the growth of modern instant payment rails, the need to support mandated overlay services, and the emergence of new and sophisticated forms of risk. For financial institutions, there is a difficult balance in managing compliance while investing in innovative, customer-centric and competitive capabilities. Further, as the speed of transition to a digital environment increases, so do regulatory and compliance requirements.
This post was written by AI
What began as good-natured tech tinkering last week ended down the rabbit hole of AI-powered and its unsettling implications for compliance. And what a deep hole it is. First, an introduction. The Generative Pre-trained Transformer 3 (GPT-3) is an AI-powered language model that generates text that sounds like it could have been written by a human. GPT-3 was developed by OpenAI, a company founded and funded, in part, by Elon Musk. GPT-3 is powerful and considered the gold-standard for autoregressive language models.

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:
At the end of the day, you can't control the results; you can only control your effort level and your focus.
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