- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-12-14T15:00:00
A virtual currency exchange that tried to confuse and mislead regulators, banks failing after ignoring obvious risks, and a manufacturer that sold millions of its products in violation of U.S. export controls. Some of this year’s most notable compliance missteps might lead to regulatory changes that will affect everyone in their respective industries.
If there is a theme to Compliance Week’s annual list of ethics and compliance failures for 2023, it is this: Firms ignore regulators—and regulations—at their peril.
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Since the failure of Silicon Valley Bank nearly one year ago, the Federal Reserve Board has revamped its supervisory procedures to respond more quickly and forcefully once it identifies emerging risks at mid-sized and large banks, according to the agency’s vice chair for supervision.
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.
Systemic risk management lapses at a financial services firm, allegations of toxic culture at a video game giant, and more of the same baffling behavior from one of the world’s largest tech companies comprise CW’s list of the biggest ethics and compliance fails of 2021.
New Compliance Week Editor-In-Chief Ian Sherr shares his thoughts on where compliance is headed as businesses meet the realities of not just following the rules, but staying ahead of the pace of regulatory change at a global scale.
Top-of-mind issues addressed at Compliance Week’s Third-Party Risk Management & Oversight Summit, held June 3-4 in Atlanta, included safe deployment of artificial intelligence, assessing vendor viability and sustainability, understanding the role of procurement in risk ranking, the intersection (or lack thereof) between data privacy and cybersecurity, and many others.
Anne Morriss, co-author of “Move Fast and Fix Things,” advises compliance officers to tap into curiosity, communicativeness, and comfort with discomfort to build organizational trust, fast.
