Richard M. Steinberg
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Ten simple ways to manage risk … or not
When it comes to risk management, know how to spot the difference between programs that look good and programs that work, says Richard Steinberg.
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San Francisco, we have a problem
Richard Steinberg asks: If Wells Fargo CEO John Stumpf had realized how big his problems were about to become, would he have acted differently?
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A culture of sexual harassment
Columnist Richard Steinberg looks at the sexual harassment suit against Fox News CEO Roger Ailes and its impact on corporate culture, asking, “What to do when the CEO is also chairman?” That’s why board independence is so important, says Steinberg.
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6 more ‘C’mon, man!’ moments
Regular followers of CW columnist Richard Steinberg will recognize his ‘C’mon, man, moments’—those peculiar business world goofs that leave us all perplexed. From overboarding to outlandish expense reporting, enjoy this latest installment.
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Are long-standing directors the ‘new insiders’?
The notion persists that long-tenured directors are too familiar with the organization to provide useful, objective leadership. But as CW columnist Richard Steinberg points out, there is definitely something to be said for deep experience and expertise.
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Risk reporting to the board
On the heels of Jim DeLoach’s “Six Principles for Improving Board Reporting,” Richard Steinberg offers four more principles regarding board risk oversight to ensure effective risk management, establish who is responsible for it, put board reporting in its proper context, and set channels of communication.
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Seven myths of boards of directors—part II
Last month, Rick Steinberg looked at myths around corporate governance, including accusations levied by some institutional investors and others. Here he looks at more such myths, with analysis and insight into which claims are on point—and which are not—along with how some accusers appear to be seeking to serve their ...
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Seven myths of boards of directors
Various myths surround corporate governance, especially when it comes to the accusations levied by institutional investors and others on the governance scene. CW columnist Rick Steinberg examines three such myths in the first of a two-part series, as he addresses to what degree accusers are seeking to hold boards to ...
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Global risks driving transformational change
As risk management in general improves, we are seeing more CEOs embracing risk management as a concept and as a practice. But we also see misdirected focus and lack of attention to some of the greatest risks and opportunities facing their companies. Where companies are getting it right, they’re driving ...
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Missing Links in Regulators’ View of Compliance Programs
We recently heard from Assistant Attorney General Leslie Caldwell about what she and her staff considers what is—or is not—an effective compliance program. Most notably, she noted that many companies have what appear to be good structures on paper but fail in practice to devote adequate resources and management attention—with ...
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Why All the Fuss Over Culture?
We hear a great deal about corporate culture and its relevance to such matters as internal control, risk management, whether to pursue a merger or acquisition, and the effect on regulators’ investigations and enforcement actions. It seems we can’t get away from hearing about it, and we begin to wonder ...
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Report Card on This Year, and Governance Predictions for 2016
As one year closes and another begins, so does the cycle of talk on what corporate governance issues will challenge Corporate America in 2016. Inside, columnist Richard Steinberg reviews what he thought the big issues of 2015 would be (cyber-risk, shareholder proxy access, CEO succession, etc.), and how those subjects—and ...
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What Went So Wrong at VW
The full consequences of Volkswagen’s “emissions evasion” scandal are just starting to be understood. The governance failures that led to the misconduct, however, are not new. Pressure from the chief executive, ineffective directors, a workforce that does not take compliance seriously; we have heard all that before. This week, columnist ...
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So You Want To Be a Board Member
Being a director of a major company is a pretty good gig. It brings prestige, challenge, and financial reward—but also stress, time commitment, and even legal liability. This month, columnist Rick Steinberg talks about how executives (including compliance officers, with a skill set rapidly growing more important) can get invited ...
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Culture Ate Strategy at Toshiba
Management guru Peter Drucker famously said culture eats strategy for breakfast. This time around, we examine Toshiba’s $1.2 billion financial fraud to see how true that saying is. Inside, columnist Richard Steinberg looks at the cultural patterns of Japan generally and Toshiba specifically that led to this meltdown, which reinforce ...
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More ‘C’mon, Man’ Moments
It’s that time again: time for another roundup of flawed characters, flawed controls, and poor outcomes. Columnist Rick Steinberg offers his latest look at sloppy thinking and risk management that led to some truly dumb ideas, from allowing guns on airplanes to losing your career over a skipped subway fare ...
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Breaking Risk Management Down to Manageable Size
Effective risk management may seem daunting, and many companies say they fell victim to misconduct because nobody ever considered whatever risk event came to pass. The reality, Compliance Week columnist Rick Steinberg writes, is that many risks have happened before, and companies can anticipate them. Inside, he reviews the building ...
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Is CEO Pay Over the Top?
Proxy season is now over, littered with the usual adjectives about CEO pay: “supersized,” “outsized,” “piggish,” “outrageous,” and “embarrassing.” This week, columnist Rick Steinberg sounds a cautionary note amid the complaints—that CEOs are still critical to an organization, and hiring the right one encompasses a blizzard of detail. The board ...
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What Really Serves Shareholders’ Best Interests
Proxy season is upon us, which means the annual call in many boardrooms to shake up the board of directors. Replacing directors does occasionally make sense, Compliance Week columnist Rick Steinberg says—but that’s not the same as surrendering to every activist’s demand for new people in the boardroom. Inside, Steinberg ...
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Better Ways for Boards to Care About Reputation Risk
Reputation risk is never far from a board’s mind, and rightly so. That doesn’t necessarily mean boards should make management of reputation risk their first priority—despite many examples of reputation failures leading to catastrophe. Rather, Compliance Week columnist Rick Steinberg writes, boards need to obsess over culture and operational details ...