- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
If your company is faced with an all-out crisis—whether a cyber event, fraud, malfeasance, or product failure—it’s important to first step back and look at the situation.
If possible, ask your general counsel for an initial assessment directed at “sizing up what exactly you’re dealing with,” said William McLucas, a partner at law firm WilmerHale, during a panel discussion on managing crises at the Securities and Exchange Commission’s (SEC) Securities Enforcement Forum 2023 held in October.
If it’s clear regulators will be involved, immediately choose an approach for how to handle the next three days, he said.
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Gurbir Grewal, head of the Enforcement Division at the Securities and Exchange Commission, outlined the scenarios in which the agency would charge a chief compliance officer for securities law violations.
Businesses can be well prepared to manage a crisis by having continuity among stakeholders and avoiding leakage of privileged information to prevent conflict, a panel of legal and compliance experts shared at Compliance Week’s 2023 National Conference.
Regulators are collaborating—both domestically and internationally—more than ever before. And they expect companies to be doing the same, noted panelists during a session on collaboration between compliance and human resources at Compliance Week’s 2023 National Conference.
Insurers embracing artificial intelligence-based technologies might pose serious risks to companies buying insurance if the risk data used to price their insurance premiums is used to train AI algorithms or shared on commonly used chatbots like ChatGPT.
Risks posed by money laundering and the financing of terrorism have dramatically increased in Singapore, according to a recent survey of the city-state’s financial institutions conducted by the Monetary Authority of Singapore.
Establishing a set of policies and procedures to prevent employee use of nonauthorized electronic communications to conduct business is relatively straightforward. The hard part is monitoring compliance.
