Culture, cyber-risk, and third-party risk are all prime examples of areas that if not managed properly can hit an organization hard right where it hurts: its reputation. Guest columnist Chuck Saia shows how you can turn these challenges into opportunities.
One size definitely does not fit all when it comes to managing know-your-customer and anti-money laundering exposures, but a risk-based approach to these challenges still poses a complex solution that requires time, energy, and dedication, writes Neil Jeans.
As shareholders become increasingly vocal about corporate governance, engaging shareholders directly with robust communications is key, but easier said than done, writes guest columnist Blake Stephenson, NASDAQ head of governance managaement and strategy.
Corporate America has another example of executive misconduct to ponder as we all break for Christmas: Martin Shkreli, the boorish and now former CEO of Turing Pharmaceuticals arrested on other fraud charges last week. Most of his deeds, Compliance Week editor Matt Kelly says (in his last column as editor), may have been legal—but they were also offensive, and great examples of what corporate ethics is really about.
This week European officials agreed to a final text for a sweeping new data protection law. Compliance officers in the United States should brace themselves: not only does the legislation threaten huge fines and complicate corporate marketing efforts enormously; it underlines the fundamentally differing views Europeans and Americans have on privacy. Good luck, editor Matt Kelly says, building a compliance program across that gap.
Now that the Federal Reserve has raised interest rates for the first time in seven years, it’s as good a time as any to worry about risks in the banking system; and thankfully two different regulators—the U.S. Office of the Comptroller of the Currency, and the International Organizations of Securities Commissions—have given us some fresh reason to fret, so let’s get to it, says CW Editor Matt Kelly.
A large part of success for compliance programs at hinges on the chief compliance officer’s ability to shepherd change through the organization. But let’s be honest: managing change is not something many big businesses do well. Partly that is because companies today try to achieve too much change too quickly, Compliance Week editor Matt Kelly writes; partly companies are not good at change management practices.
Last week the U.K. Financial Conduct Authority whacked Barclays with a fine of £72 million ($109 million) for sloppy oversight of a huge private-client deal brimming with financial crime risk. The more you read the details of the transaction and how poorly bank executives managed it, the more you see how this particular enforcement action speaks volumes to what is important in corporate compliance today. Editor Matt Kelly has more inside.
Monday’s news of the merger between Pfizer and Allergan, one of the largest corporate deals ever, is the high-water market for a huge year of M&A activity. That M&A craze poses huge challenges to compliance officers for third-party risk, from IT systems to count third parties (harder than you think) to crafting strong policies for sprawling global enterprises. Inside, editor Matt Kelly examines some of those headaches—none with easy solutions.