Ethics & Culture


KPMG

Three KPMG firms disciplined in $7.7M enforcement sweep

2022-12-07T14:55:00+00:00By

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.

Xinjiang

U.S. law to stop Uyghur forced labor remains compliance challenge

2022-12-07T13:00:00+00:00By

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.

Mastercard

Five compliance triumphs from 2022

2022-12-07T13:00:00+00:00By

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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CPE Webcast: Best practices for third-party due diligence for ethics and compliance

2022-12-06T19:57:00+00:00Provided by

Increased regulatory and consumer scrutiny on the integrity of businesses has shined a spotlight on the reputational risks of unethical business practices involving third parties.

Compliance_Fails_2022 Main Art_index

Top ethics and compliance failures of 2022

2022-12-06T13:00:00+00:00By

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.

McDevitt_opinion

‘A profound sense of loss’: Inside Elon Musk’s Twitter culture teardown

2022-12-05T14:52:00+00:00By

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.

Avaya

Avaya discloses ICFR weaknesses linked to whistleblower logs

2022-12-02T18:23:00+00:00By

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.

Elon Musk Twitter

Elon Musk, Twitter, and lessons in (mis)management

2022-12-01T14:49:00+00:00By

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.

traliant 300x200

CPE Webcast: Code of conduct training: Meeting DOJ and employees’ expectations

2022-12-01T14:00:00+00:00Provided by Traliant

With heightened DOJ expectations for organizations to have tailored training and communication as a cornerstone of an effective compliance program, code of conduct training is no longer a nice-to-have.

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CPE Webcast: The intersection of compliance and culture

2022-11-29T14:00:00+00:00Provided by Avetta

There are few things as impersonal to the workforce as compliance, yet this is a critically important area where organizational focus around achieving or exceeding rules for good, safe work ebbs and flows based on powerful factors in and around our workforce.

Elizabeth Holmes

Elizabeth Holmes sentenced to 11-plus years in prison

2022-11-18T22:40:00+00:00By

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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e-Book: State of compliance in 2022: Emphasis on values, communication

2022-11-17T01:17:00+00:00Provided by

Compliance is still about following the rules, but growing emphasis on values cannot be understated.

SEC

S&P Global fined $2.5M over conflict of interest lapses

2022-11-15T18:51:00+00:00By

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.

Walmart

​Walmart to pay $3.1B in nationwide opioid settlement

2022-11-15T18:29:00+00:00By

Walmart announced it agreed to a $3.1 billion nationwide settlement designed to resolve all the potential state lawsuits it faces for its alleged role in fueling the opioid epidemic.

DOJSeal

​Former investment adviser CCO pleads guilty to wire fraud

2022-11-15T16:36:00+00:00By

Jennifer Campbell, the former chief compliance officer of a New York-based investment adviser, faces up to 20 years in prison and a $250,000 fine after pleading guilty to wire fraud in federal court.

Code of conduct

How to build an effective code of conduct

2022-11-14T20:21:00+00:00By Paul Eccleson, for International Compliance Association

Literature and survey results regarding codes of conduct and ethics reveal the elements of strong (and weak) examples.

AIdata

CW Europe: Compliance challenges in 2023 and beyond will look a bit different

2022-11-09T12:59:00+00:00By

Dealing with risks relating to artificial intelligence; diversity, equity, and inclusion; and shortfalls in staff, training, and expertise are set to be among the biggest challenges for compliance officers in 2023 and the years ahead, say practitioners.

Jon_Cryer

NBC plans sitcom featuring Jon Cryer as compliance officer

2022-11-08T22:16:00+00:00By

A new sitcom picked up by NBC for the next broadcast season will feature Jon Cryer of “Two and a Half Men” fame as Jim, a “sarcastic but good natured compliance officer who has little conflict in his life and lots of warmth and laughter.”

Culture

CW Europe: Rebuilding a culture of compliance post-pandemic

2022-11-08T22:11:00+00:00By

Remote and hybrid working caused by the pandemic has meant it can be more difficult for organizations to monitor compliance and detect incidences of rules being broken or procedures not being followed.

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OneTrust hires former Twitter exec Jisha Dymond to be new CECO

2022-11-07T20:10:00+00:00By

OneTrust has hired Jisha Dymond, who most recently led Twitter’s regulatory compliance and risk team, to be its new chief ethics and compliance officer.

CW_Europe_Web

Self-help author promotes culture of kindness at CW Europe event

2022-11-03T19:27:00+00:00By

Companies should consider the benefits of “being kind” to promote employee well-being and a better culture of compliance, author David Hamilton shared during a keynote speech at Compliance Week Europe.

Wells Fargo

SEC joins DOJ in probe of Wells Fargo diversity hiring practices

2022-11-01T16:18:00+00:00By

The news for Wells Fargo related to alleged sham interviews of minority job candidates continues to worsen, with the bank disclosing the Securities and Exchange Commission has joined federal prosecutors in examining the issue.

Diversity

Diversity and inclusion’s power in compliance

2022-10-24T11:30:00+01:00By Holly Thomas-Wrightson, International Compliance Association

A panel of experts hosted by the ICA and Broadgate discussed the impact of diversity and inclusion initiatives on their own lives and why developing effective D&I policies and procedures within a firm is vital to attracting and maintaining talent.

Employee monitoring

ICO guidance stresses importance of reasoning in employee monitoring

2022-10-19T12:45:00+01:00By

The U.K. Information Commissioner’s Office issued draft guidance to help ensure employers’ monitoring of staff performance does not turn into surveillance or harassment.

AT&T

AT&T to pay $23M to settle Illinois bribery probe

2022-10-17T18:10:00+01:00By

An Illinois-based subsidiary of AT&T will pay $23 million and revamp its ethics and compliance program following a criminal investigation into bribes the company paid attempting to influence the Illinois state legislature.

AIdata

AI monitoring benefits must be weighed against employee skepticism

2022-10-17T15:18:00+01:00By

The EU’s agency for occupational safety and health released a report examining the risks and opportunities of AI-based worker management systems for employee’s physical and mental wellbeing.

Jaeger_opinion

SEC order against recidivist Oracle skirts the issue

2022-10-13T13:46:00+01:00By

The most notable and relevant details in settlement agreements concerning regulatory compliance violations are often what is not stated. The SEC’s cease-and-desist order against Oracle over violations of the Foreign Corrupt Practices Act is no exception.

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SEC official advises auditors shift mindset on fraud detection

2022-10-12T19:50:00+01:00By

Paul Munter, acting chief accountant at the Securities and Exchange Commission, issued a statement highlighting auditors’ responsibilities in fighting fraud, including his office’s recent observations of shortcomings in the area.

Biogen

Pharma, whistleblower lessons learned from $900M Biogen settlement

2022-10-11T15:45:00+01:00By

Experts discuss the ramifications of Biogen’s $900 million settlement for False Claims Act violations, including the $266.4 million whistleblower bounty in the case believed to be the largest single award under any government program.

ExxonMobil

ExxonMobil to pay reinstated employees $800K in OSHA whistleblower ruling

2022-10-10T15:13:00+01:00By

Oil and gas giant ExxonMobil must reinstate two previously fired employees and pay them more than $800,000 in back wages, interest, and compensatory damages after the Occupational Safety and Health Administration determined the terminations to be illegal.

Dominik Waszczynski

Q&A: Hellmann compliance head on choosing a whistleblower tool

2022-10-06T15:11:00+01:00By

Dominik Waszczynski, head of global compliance at Hellmann Worldwide Logistics, shares with Compliance Week the decision-making process that led to the company’s selection of a new and improved whistleblower hotline tool.

Activision Blizzard

​Reports: Controversial Activision Blizzard CCO steps down

2022-10-04T20:05:00+01:00By

Activision Blizzard Chief Compliance Officer Frances Townsend, a central figure in the video game developer’s corporate culture scandal, stepped down from her position, according to multiple reports.

Commerzbank

Upheld ruling in Commerzbank compliance officer suit imparts discrimination lessons

2022-09-30T18:59:00+01:00By

A recent ruling against Commerzbank in a case brought by a compliance officer serves as reminder employers should not make “stereotypical” assumptions about what tasks pregnant female staff or those returning from maternity leave can perform, legal experts said.

Hodge_opinion

Clarity lacking in tribunal report on KPMG’s Carillion, Regenersis failings

2022-09-28T11:54:00+01:00By

The release of the independent tribunal report into the misconduct of KPMG and five of its former employees for falsifying information in the audits of Carillion and Regenersis provides further details about how the work was doctored—but not why.

Boeing

Boeing fined $200M for material misstatements on fatal plane crashes

2022-09-23T16:50:00+01:00By

Boeing agreed to pay $200 million to settle charges laid by the Securities and Exchange Commission that it misled investors regarding what caused two crashes of 737 MAX airplanes in 2018 and 2019 that killed 346 people.

Nicodemus_opinion

Collateral damage aplenty in NYAG lawsuit against Trump Organization

2022-09-22T22:08:00+01:00By

The New York Attorney General’s lawsuit against former President Donald Trump is solely focused on penalizing his business and cohorts, but firms like Mazars and Deutsche Bank don’t come off well from a due diligence perspective.

Lawsuit

Focus on professional enablers puts lawyers in spotlight

2022-09-22T19:50:00+01:00By Katie Benson, for International Compliance Association

While the extent of lawyers’ and law firms’ involvement in money laundering remains difficult to quantify, their potential role as professional enablers has become increasingly salient.

Roadmap_ESG2022

Experts: Where to start on your ESG journey

2022-09-21T19:36:00+01:00By

ESG directors from Tenneco and Amneal Pharmaceuticals shared best practices for businesses broaching the initial phases of environmental, social, and governance reporting at CW’s virtual ESG Summit.

DOJ wall

DOJ to emphasize individual accountability, prior misconduct in corporate crime probes

2022-09-16T15:50:00+01:00By

Deputy Attorney General Lisa Monaco announced sweeping changes to the Department of Justice’s efforts to fight corporate crime, including new guidance regarding individual accountability, voluntary self-disclosure, compliance monitors, and ways to strengthen compliance culture.

Work remote

NAVEX survey: Remote work, whistleblower trends to test speak-up cultures

2022-09-13T18:15:00+01:00By

Maintaining a speak-up culture requires increased attention from businesses with many employees still working remote, putting more of an onus on the reporting function, according to the latest NAVEX study.

RTO cartoon index

In person or remote? Best practices for navigating tension of hybrid work model

2022-09-13T14:00:00+01:00By

Remote workers enjoy the flexibility. In-person employees love they’ve got the office to themselves. But there is a risk these two types of employees will begin to resent each other, creating a corporate culture clash, labor and compliance professionals say.

Happy Hour

PwC lawsuit prompts reconsideration of after-hour work events

2022-09-12T19:05:00+01:00By

Big Four audit firm PwC is being sued by one of its employees for more than £200,000 (U.S. $234,000) after he injured himself at a post-work drink event in 2019. The incident is not the first where “team-bonding” efforts have proven problematic.

CVS

Opioid cases against retail pharmacy chains yield compliance lessons

2022-09-12T16:22:00+01:00By

Two cases involving five retail pharmacy chains winding their way through court foretell a long and costly road ahead for all companies across the pharmaceutical supply chain battling litigation for their alleged roles in fueling the opioid epidemic.

Brasseur_opinion

Timely reminder: Take care of yourself over your work

2022-09-09T12:45:00+01:00By

The death by suicide of Bed Bath & Beyond CFO Gustavo Arnal hits home for those that understand the pressure that comes with working in the C-suite. Advice from a leadership expert says stress must be balanced with recovery.

Greenwashing

EU countries take varied approaches to combating greenwashing

2022-08-31T14:25:00+01:00By

European regulators are taking greater steps to clamp down on companies’ misleading ESG claims, but experience shows different countries have differing priorities about tackling dishonest marketing.

Accounting

Workforce changes impacting accounting and finance recruitment, retention efforts

2022-08-30T17:48:00+01:00By

More than 80 percent of public companies reported accounting and finance talent retention issues over the past 12 months, according to a Deloitte Center for Controllership webcast poll.

HSBC building

Lawsuit: HSBC Bank exec alleges discrimination, unauthorized WhatsApp use

2022-08-25T17:47:00+01:00By

Monique Thacker, a current HSBC Bank USA executive, claimed in a federal lawsuit she was discriminated and retaliated against for raising regulatory violations involving unauthorized communications by bank employees that were downplayed or ignored by management.

Amii_opinion

The art and skill of delivering bad news

2022-08-23T12:00:00+01:00By

Amii Barnard-Bahn shares her six-step process to help increase receptiveness when communicating bad news and reduce the likelihood of backlash toward the message being delivered.

lrn300x200

CPE Webcast: Culture as a compliance risk

2022-08-18T14:00:00+01:00Provided by

Corporate culture is often viewed in the context of “employee engagement” and therefore strictly under the purview of human resources. But what happens when we broaden our understanding of corporate culture to also view it as a compliance risk?

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We bet you’ll love us: Try Compliance Week risk-free for 30 days

2022-08-12T10:39:00+01:00By

For a limited time, Compliance Week is offering 30-day free trial memberships to demonstrate the value we bring to those who serve the cause of ethics and compliance.