We’re still a long way from the paperless office, but the paperless cab may be upon us. The Federal Motor Carrier Safety Administration (FMCSA) recently adopted a new rule that requires drivers of interstate commercial buses and trucks to record their hours using electronic logging devices (ELDs). According to the administration, widespread use of these devices, also known as electronic onboard recorders, will reduce hours-of-service violations by hampering efforts to misrepresent time put in on the job—and that reduction will result in fewer crashes and fatalities.
Audit, Compliance and Risk Blog
In December we saw in this space that a US Environmental Protection Agency inventory showed solid reductions in greenhouse gas (GHG) emissions in recent years. Now EPA has issued its annual Climate Protection Partnerships report, which contains more good news on the emissions front.
When you think of dangerous industries to work in, which ones come to mind? Construction, mining, longshoring, maybe even letter carrying, are obvious, but did healthcare make the list?
When filing insurance claims for cases involving extensive damage, consumers sometimes choose to hire a public adjuster (PA) to help them submit the claim to their insurer. The PA handles every detail of the claim, working closely with the policyholder and the insurer to obtain a prompt and reasonable settlement.
A recent change to rules around Proposition 65 lawsuits will make it easier for some businesses to avoid being prosecuted for infringement of the Safe Drinking Water and Toxic Enforcement Act. The alteration covers cases in which individuals allege inadequate warning signage regarding the release of substances known to cause cancer or birth defects or other reproductive harm. Such suits have proliferated under the legislation, embroiling business owners in costly legal battles.
In response to what it describes as “an alarming increase” in worksite injuries and fatalities related to communication tower activities, the federal Occupational Safety & Health Administration (OSHA) recently issued a memorandum for regional administrators. Intensified upgrades to cellular infrastructure (to cite an example from a few years ago, preparation to introduce 3G service) are likely contributing to the toll: 14 incidents in just a few months of 2013, a total greater than that of the previous two years combined.
Do you ever wonder whether auditing of greenhouse gas emissions is working? It may be a bit early in the game to say for sure, given that GHG emission tracking standards are a recent phenomenon. But an annual report compiled by the U.S. Environmental Protection Agency (EPA) may be a good gauge of trends in emission reductions, judging by its latest installment.
Dealers and brokers seeking hedging exposures to the Overnight Index Swap rate (OIS) are in luck. The Financial Accounting Standards Board (FASB) recently issued final guidance that allows dealer-brokers to designate the US OIS, the Fed Funds Effective Swap Rate, as a benchmark interest rate for hedge accounting purposes.
A recent case in British Columbia’s Supreme Court illustrates the difficulty of winning damages for loss and injury attributed to mold.
In the wake of a Securities and Exchange Commission (SEC) investigation, Knight Capital Americas LLC has agreed to pay a $12 million penalty for violating the SEC’s market access rule. On August 1, 2012, Knight Capital’s automated equity router incorrectly sent 4 million orders into the market in the first 45 minutes of trading while attempting to fill a mere 212 customer orders. Stock prices of nearly 150 companies listed on the NYSE were severely disrupted, and Knight Capital’s stock price collapsed. SEC sleuthing revealed that the glitch was the result of deploying new code in an old, compromised router.