All Ethics & Culture articles – Page 14
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News Brief
Reports: Morgan Stanley fines bankers up to $1M for off-channel communications
Morgan Stanley fined its employees up to $1 million for using unauthorized communication channels in violation of recordkeeping rules, according to multiple reports.
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Audit exam cheating findings spark concern of endemic trend
Recent penalties against Big Four audit firms KPMG, PwC, and EY over allegations of widespread exam cheating have raised concerns prompting regulators to investigate the extent of the practice.
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Good faith not good enough in navigating global supply chain laws
Differences in the level of duty of vigilance among supply chain legislation in countries including the United States, United Kingdom, and Germany mean best efforts to root out and stop slave labor and other worker exploitation are not enough, according to experts.
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News Brief
CFTC commissioner urges crypto gatekeepers ‘step up and call for compliance’
Christy Goldsmith Romero of the Commodity Futures Trading Commission called out gatekeepers—lawyers, accountants, auditors, compliance professionals, and others—for failing customers in the unregulated cryptocurrency market.
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Resource
e-Book: ‘Inside the Mind of the CCO’ on the 2022-23 compliance landscape
Twenty years removed from the passage of the Sarbanes-Oxley Act, compliance has established itself as a key component of the global business landscape. And yet, 2022 brought new priorities to the fore for many in the profession.
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Article
Joining the dots between ESG and corruption
A report from Transparency International UK sets out the case for why business integrity and corruption should be considered as core issues in the context of impact environmental, social, and governance investing.
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Does ESG offer opportunity? Or is it just another area for compliance friction?
Compliance practitioners share their experiences navigating responsibilities related to environmental, social, and governance without stepping on the toes of other colleagues.
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Compliance budgets, staffing brace for impact of recession prep efforts
Respondents to our “Inside the Mind of the CCO” survey whose businesses are anticipating an economic recession note smaller budgets and the delay of new initiatives among efforts already undertaken to cut costs.
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Article
Survey: Measuring the impact of code of conduct training
Respondents to a survey from Compliance Week and online compliance training provider Traliant largely described their organization’s code of conduct training as effective, but the opportunity for customized, dynamic courses can take learning to the next level.
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Resource
Survey Report: Measuring the impact of code of conduct training
In the past, compliance training was regarded by companies as optional. Organizations can no longer afford to take that view.
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Article
Three KPMG firms disciplined in $7.7M enforcement sweep
The Public Company Accounting Oversight Board announced $7.7 million in total penalties against three separate KPMG firms and four individuals for varying violations of audit standards and ethical rules, including alleged exam cheating.
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Article
U.S. law to stop Uyghur forced labor remains compliance challenge
It’s been six months since the Uyghur Forced Labor Prevention Act took effect, and businesses are no clearer today on how to comply with it, those familiar with the law said.
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Article
Five compliance triumphs from 2022
Positive contributions in the areas of ESG, AI responsibility, and setting standards regarding CCO liability highlight the latest installment of CW’s annual list of laudable ethics and compliance moments.
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Top ethics and compliance failures of 2022
Businesses not taking AML requirements seriously, years of noncompliant off-channel communications catching up to financial services titans, and a manufacturing firm that shared revenue with terrorists comprise CW’s list of the biggest ethics and compliance fails of 2022.
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Article
‘A profound sense of loss’: Inside Elon Musk’s Twitter culture teardown
Former and current Twitter employees share insights into the state of the social media company’s “toxic” culture and “morose, fearful” atmosphere since Elon Musk stepped on the scene.
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Article
Avaya discloses ICFR weaknesses linked to whistleblower logs
Avaya Holdings disclosed its assessment of internal control over financial reporting in its fiscal year 2021 annual report can’t be relied upon, along with acknowledging weaknesses in its ethics and compliance program.
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Article
Elon Musk, Twitter, and lessons in (mis)management
Senior executive shakeups, mass employee layoffs and resignations, major advertisers halting their ads—Elon Musk’s acquisition of Twitter provides a case study in leadership mismanagement for the ages.
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Article
Elizabeth Holmes sentenced to 11-plus years in prison
Theranos Founder Elizabeth Holmes was sentenced to more than 11 years in prison Friday after being convicted of fraud earlier this year for her actions as head of the defunct blood-testing company.
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Resource
e-Book: State of compliance in 2022: Emphasis on values, communication
Compliance is still about following the rules, but growing emphasis on values cannot be understated.
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Article
S&P Global fined $2.5M over conflict of interest lapses
Credit rating agency S&P Global Ratings agreed to pay $2.5 million and improve its compliance practices to settle allegations by the SEC that its marketing team pressured the ratings team concerning the rating of a particular mortgage-backed security transaction.