All Ethics & Culture articles – Page 19
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ArticleDear SEC: The compliance community wants to be a partner, not a target
Communication between the Securities and Exchange Commission and the compliance community is not happening as robustly as compliance practitioners would like. The result is compliance officers are more concerned than ever the agency will target them in an enforcement action.
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ArticleBiogen discloses $900M agreement in whistleblower kickback suit
Massachusetts-based biotechnology firm Biogen reached a $900 million agreement in principle to resolve a False Claims Act lawsuit brought by a whistleblower alleging the payment of unlawful kickbacks to physicians.
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ArticleMind your language: How small changes in phrasing make big differences
Risk and compliance professionals are tasked with trying to change attitudes and behaviors to achieve their goals. Subtle adjustments of emphasis and wording can have a significant impact on their success.
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PremiumQ&A: Flex CECO Andy Powell on scorecard to measure ethical culture
Andy Powell, senior vice president and deputy general counsel, chief ethics and compliance officer at Flex, discusses with Compliance Week the company’s approach to ethics and compliance and how he sees the profession evolving.
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Article‘Uber Files’ a reminder of toxic leadership’s lasting stain
Uber’s troubled past is a story we already know, but the extent of the unethical activities alleged to have previously taken place within its walls still manage to make for gripping headlines—and serve as a reminder of the inescapable shadow of toxic leadership.
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Article‘Ethical Machines’ breaks down AI ethical risk mitigation planning
It’s only a matter of time before regulators legislate how companies vet artificial intelligence. Ethicist Reid Blackman’s new book, “Ethical Machines,” advises companies on how to implement AI ethical risk mitigation strategies and avoid regulatory, legal, and reputational fallout.
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ArticleSurvey: Widening remit driving cost of compliance higher, retention lower
Compliance functionality is vital to the future of financial services firms, but many are “struggling to meet their commitments while maintaining an appropriate risk and compliance culture,” according to the “Cost of Compliance Report 2022” by Thomson Reuters.
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ArticleSEC’s Peirce weighs CCO enforcement case against liability framework
What would it look like if the SEC adopted a chief compliance officer liability framework? Commissioner Hester Peirce offered a preview in a statement regarding an enforcement action against the CCO of a formerly registered investment adviser.
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ArticleUyghur Forced Labor Prevention Act should prompt due diligence reassessment
All companies with a global footprint should be reevaluating their supply chain due diligence and documentation practices to show the absence of forced labor in the wake of the Uyghur Forced Labor Prevention Act taking effect.
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ArticleHistoric EY fine latest by-product of KPMG cheating scandal
It is impossible to ignore the SEC’s $100 million fine against EY for employee exam cheating is double the amount the regulator penalized KPMG for its separate cheating scandal. Especially since the latter resolution appears to have served as a starting point for the SEC’s ruling on the former.
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ArticleEY fined record $100M for employee cheating scandal
Ernst & Young will pay $100 million after admitting to SEC charges addressing systematic cheating among its accounting professionals on CPA license exams over four years. The fine is the largest the agency has ever imposed against an audit firm.
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ArticleCCO skepticism toward DOJ compliance certifications justified
Chief compliance officer concerns regarding the Department of Justice’s new certification policy have not been alleviated by the agency’s inconsistent communication regarding the requirement.
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ArticleFormer Rite Aid compliance exec fined $305K over insider trading case
A former Rite Aid compliance executive agreed to pay a civil penalty of $305,129 to resolve SEC insider trading charges regarding sale of company stock.
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ArticleUSAA whistleblowers want to be heard—and now
Jaclyn Jaeger reflects on feedback received from former and current USAA employees following her three-part series detailing alleged violations of law and mismanaged compliance culture at the financial services giant.
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ArticleSEC acting chief accountant: Ethical culture key to auditor independence
Paul Munter, acting chief accountant at the Securities and Exchange Commission, released a statement acknowledging recurring issues agency staff have observed regarding auditor independence consultations.
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ArticleIndictment: Ex-CCO charged with wire fraud over misappropriated funds
Jennifer Campbell, a former chief compliance officer at an unnamed investment adviser in Buffalo, N.Y., faces criminal and civil charges for allegedly misappropriating approximately $500,000 in funds from client accounts.
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ArticleReal talk: How Best Buy manages challenges of DEI goals
Two years into its diversity, equity, and inclusion action plan, Best Buy leaders attended Compliance Week’s National Conference to discuss—in a refreshingly blunt manner—the retailer’s learnings.
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ArticleLaw firm Dechert, SFO criticized in ENRC case ruling
A High Court judge found the U.K. Serious Fraud Office induced a lawyer from Dechert acting for Eurasian Natural Resources Corp. to provide it with privileged and unauthorized information.
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ArticleCompliance leadership panel: Current state, future trends, more
Four senior compliance practitioners shared their insights on maintaining an ethical culture, embracing data analytics, determining compliance’s role in measuring ESG metrics, and more as part of a panel discussion at Compliance Week’s National Conference.
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ArticleGlencore fined $1B, placed under 3-year monitorship for FCPA violations
Glencore International AG, one of the world’s largest commodity traders, will be placed under a three-year compliance monitorship and pay more than $1 billion to resolve multiple investigations into alleged bribes paid in several countries over more than a decade.