Ethics & Culture


China flags

Uyghur Forced Labor Prevention Act should prompt due diligence reassessment

2022-06-30T12:15:00+01:00By

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.

Mergers

Survey: Tell us about your M&A compliance

2022-06-29T14:33:00+01:00Provided by Avalara

Take part in this 3-minute survey to help benchmark your mergers and acquisitions pain points against those of your peers. One lucky respondent will win a $200 Amazon gift card for completing the survey.

Brasseur_opinion

Historic EY fine latest by-product of KPMG cheating scandal

2022-06-29T13:44:00+01:00By

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.

EY

EY fined record $100M for employee cheating scandal

2022-06-28T16:38:00+01:00By

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.

Brasseur_opinion

CCO skepticism toward DOJ compliance certifications justified

2022-06-27T15:36:00+01:00By

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.

Rite Aid building

Former Rite Aid compliance exec fined $305K over insider trading case

2022-06-22T17:04:00+01:00By

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.

Jaeger_opinion

USAA whistleblowers want to be heard—and now

2022-06-16T17:13:00+01:00By

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.

MicrosoftTeams-image (11)

July 26 | How to align E&C with ESG: A roadmap

2022-06-15T16:24:00+01:00Provided by

As companies move toward transparency and walking the talk by aligning corporate culture to stated ESG values, the historical function of ethics and compliance rolls up naturally to support these efforts.

Auditcommunication

SEC acting chief accountant: Ethical culture key to auditor independence

2022-06-09T13:45:00+01:00By

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.

Western District of New York

Indictment: Ex-CCO charged with wire fraud over misappropriated funds

2022-06-03T13:56:00+01:00By

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.

Best Buy

Real talk: How Best Buy manages challenges of DEI goals

2022-06-02T11:45:00+01:00By

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.

London dark

Law firm Dechert, SFO criticized in ENRC case ruling

2022-06-01T15:31:00+01:00By

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.

CW2022 Leadership Panel

Compliance leadership panel: Current state, future trends, more

2022-05-31T11:51:00+01:00By

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.

Glencore HQ

Glencore fined $1B, placed under 3-year monitorship for FCPA violations

2022-05-24T21:47:00+01:00By

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.

Brasseur_opinion

Ten highlights from Compliance Week 2022

2022-05-23T11:30:00+01:00By

Editor In Chief Kyle Brasseur recaps the moments that stood out to him most from Compliance Week’s first in-person event since 2019.

CW2022 John Carreyrou

Carreyrou lauds whistleblowers’ roles in helping expose Theranos fraud

2022-05-19T17:44:00+01:00By

John Carreyrou, whose reporting exposed blood-testing company Theranos as a fraud, discussed the vital role lab director Adam Rosendorff and his other colleagues that came forward played as sources during a fireside chat at Compliance Week’s National Conference.

Peter Anderson

Carnival CECO Peter Anderson resigns

2022-05-19T16:49:00+01:00By

Peter Anderson, Carnival’s first chief ethics and compliance officer and a central figure in leading the cruise line giant through its environmental compliance monitorship, has resigned. Richard Brilliant, Carnival’s chief audit officer, will replace Anderson in the new role of chief risk and compliance officer.

CW2022 Matthew Friedman

Expert: Combating modern slavery starts with understanding the issue

2022-05-18T15:13:00+01:00By

Matthew Friedman, an expert on international human trafficking with more than 30 years of experience, discussed the importance of companies addressing modern slavery in their supply chains as part of a virtual fireside chat on the human factor of ESG at Compliance Week’s National Conference.

CW2022 Kenneth Polite

DOJ’s Kenneth Polite to CCOs: Tell me your compliance success stories

2022-05-17T22:56:00+01:00By

Kenneth Polite Jr., head of the Department of Justice’s Criminal Division and a former chief compliance officer, delivered a dynamic keynote address emphasizing the importance of empowering compliance to avoiding prosecution at Day 2 of Compliance Week’s National Conference.

CW2022 Caren Kenney

‘Start with yourself’: Kenney inspires compliance officers to focus on wellbeing in CW2022 keynote

2022-05-17T03:30:00+01:00By

Caren Kenney, CEO and founder of Evolve Leadership, stressed to attendees the importance of taking care of themselves as much as looking after their businesses as part of her opening keynote at Compliance Week’s 2022 National Conference in Washington, D.C.

CW2022 Think Tank

Compliance execs get candid on industry challenges at CW think tank

2022-05-17T01:20:00+01:00By

Fifteen high-level compliance executives discussed the challenges and opportunities presented by an ever-changing compliance landscape during a first-ever executive think tank session at Compliance Week’s 2022 National Conference in Washington, D.C.

Snap EIC 2022

​Commitment to kindness earns Snap honor of Compliance Program of the Year

2022-05-16T16:00:00+01:00By

For Snap, kindness has long been a core value, but only last year did the company overhaul its code of conduct to thrust the term to the forefront of its internal communications. Snap was recognized as Compliance Program of the Year at the 2022 Excellence in Compliance Awards.

Kelly Maxwell EIC 2022

‘Trusted partner’ Kelly Maxwell of Dana-Farber named CCO of the Year

2022-05-16T16:00:00+01:00By

Kelly Maxwell can’t cure cancer, but she and her team do their part to help the rest of the Dana-Farber Cancer Institute achieve that mission. For her work, Maxwell was named CCO of the Year at the 2022 Excellence in Compliance Awards.

Stack of books

From ‘Institutional Self-Regulation’: Slippery slope of bad habits

2022-05-16T16:00:00+01:00By Tamar Frankel, special to Compliance Week

Tamar Frankel, honored for Lifetime Achievement in Compliance at the 2022 Excellence in Compliance Awards, authorized CW to share excerpts from her book “Institutional Self-Regulation.” The following is a passage from the book’s chapter on institutional subversive culture, ethics, power, and behavior.

Stack of books

From ‘Institutional Self-Regulation’: Role of culture

2022-05-16T16:00:00+01:00By Tamar Frankel, special to Compliance Week

Tamar Frankel, honored for Lifetime Achievement in Compliance at the 2022 Excellence in Compliance Awards, authorized CW to share excerpts from her book “Institutional Self-Regulation.” The following is a passage from the book’s chapter on investigations to prevent violations of the law.

Stack of books

From ‘Institutional Self-Regulation’: Why compliance?

2022-05-16T16:00:00+01:00By Tamar Frankel, special to Compliance Week

Tamar Frankel, honored for Lifetime Achievement in Compliance at the 2022 Excellence in Compliance Awards, authorized CW to share excerpts from her book “Institutional Self-Regulation.” The following is a passage from the book’s chapter on compliance, governance, and self-regulation.

Tamar Frankel EIC 2022

Conviction, moral fortitude define Lifetime Achievement winner Tamar Frankel

2022-05-16T16:00:00+01:00By

Tamar Frankel’s 50-year career as a law professor at Boston University more than satisfies her being honored for Lifetime Achievement at the 2022 Excellence in Compliance Awards. Yet, to limit the scope of Frankel’s accomplishments to her academic career would be a massive oversight.

Boon Kim Fam EIC 2022

Q&A: Rising Star in Compliance Boon Kim Fam

2022-05-16T16:00:00+01:00By

Boon Kim Fam, legal director of compliance, Asia Pacific at clothing company PVH, discusses with Compliance Week how her cultural sensitivity, technical expertise, and sound international outlook have helped her navigate the global compliance field.

Mary Shirley EIC 2022

Q&A: Compliance Mentor of the Year Mary Shirley

2022-05-16T16:00:00+01:00By

Mary Shirley, head of culture of integrity and compliance education at Fresenius Medical Care, discusses with Compliance Week what mentorship means to her and who has helped her along the way.

FedEx containers

FedEx’s social mission: Diversity drives better business

2022-05-13T11:00:00+01:00By

FedEx’s DEI strides—including becoming a minority-majority employee company in the U.S. for the first time in its history in fiscal year 2018—are not by accident. The company’s long history of hiring a diverse workforce and promoting from within is among the keys to its success.

FedEx plane

​Growth vs. green: FedEx’s environmental balancing act

2022-05-12T11:00:00+01:00By

When FedEx published its first Global Citizenship Report in 2008, its greenhouse gas emissions were already top of mind. Yet, the company has struggled to strike a balance between achieving year-over-year decreases in total emissions while it has expanded in the last decade-plus.

FedEx sorting depot

‘A marathon, not a sprint’: FedEx carbon-neutral pledge tests longtime ESG efforts

2022-05-11T11:00:00+01:00By

In March 2021, FedEx announced an audacious goal: to achieve carbon-neutral operations globally by 2040. How did the company develop this pledge, and how will it track its progress and hold itself accountable to intermediate goals?

Londoncrop

FCA fines, bans director over unauthorized compliance duties

2022-05-10T16:34:00+01:00By

Thomas Ward, a former head of compliance at an investment management firm who once worked as a compliance inspector for a U.K. regulator, was fined 416,558 pounds (U.S. $513,000) and banned from working in the financial services sector following a tribunal ruling.

FedEx truck

Desire for transparency launches FedEx on ESG journey

2022-05-10T11:00:00+01:00By

Since 2008, FedEx has produced detailed reports on its ESG initiatives. The company’s chief sustainability officer discusses the decision-making process behind the first report, determining materiality, and more in Part 1 of this four-part special report, published in partnership with the ICA.

USAA

Whistleblower to OCC: USAA had 400,000 undisclosed Military Lending Act violations

2022-05-06T15:00:00+01:00By

USAA Bank engaged in an estimated 400,000 violations of the Military Lending Act, a former director of compliance within the bank reported to the Office of the Comptroller of the Currency in documents seen by Compliance Week.

USAA building

A look inside USAA’s ‘catastrophically mismanaged’ compliance culture

2022-05-06T15:00:00+01:00By

In exclusive interviews with Compliance Week, former USAA insiders describe a risk and compliance culture in which numerous individuals either were given the axe or quit because the problems were so endemic.

USAA Bank

​Whistleblower: USAA ‘actively lying to regulators for years’ regarding violations of law

2022-05-06T15:00:00+01:00By

Senior executives at USAA ignored warnings from compliance staff and consultants for years regarding violations of U.S. federal banking laws and hid from regulators the scope of the company’s illegal practices, a former USAA director of compliance turned whistleblower told Compliance Week.

Project management

Tips from a project management expert on avoiding failure

2022-05-04T12:15:00+01:00By

Research shows more than 60 percent of projects undertaken fail. Antonio Nieto-Rodriguez, considered the No. 1 project management expert in the world, shares steps to take to avoid contributing to this statistic.

Dark street

FRC report findings suggest overhaul needed for Modern Slavery Act

2022-05-03T12:06:00+01:00By

The U.K. Modern Slavery Act has often been described as “world leading,” yet companies are still failing to meet requirements by providing a statement outlining what they are doing to prevent modern slavery in their businesses and supply chains.

McDevitt_opinion

Put principles to practice with ‘Bias Interrupted’

2022-05-03T12:00:00+01:00By

Legal scholar Joan Williams’s book delivers an avalanche of evidence-based research on structural biases in the workplace and teaches how to course correct broken systems over time by interrupting basic business functions now.

Todd Hartman

CW National 2022 Q&A: Todd Hartman on intersection of DEI and compliance

2022-05-02T12:30:00+01:00By

Todd Hartman, EVP, general counsel and chief risk officer at Best Buy, previews his panel titled, “The Intersection of DEI & Compliance & Ethics—Lessons Learned from Best Buy’s Journey,” at CW’s National Conference in Washington, D.C. from May 16-18.

Glass ceiling

Breaking the glass ceiling in ethics and compliance

2022-04-18T13:11:00+01:00By Jane Levine, CW guest columnist

Jane Levine, chief compliance officer at DailyPay, shares three suggestions for ensuring women are empowered within the ethics and compliance profession.

P&O Ferries

Experts: P&O Ferries’ exposure of U.K. law weaknesses sets dangerous precedent

2022-04-08T13:25:00+01:00By

P&O Ferries’ dismissal of 800 workers with immediate effect via prerecorded video before consulting unions or employees has united U.K. politicians of all parties to condemn the company. One problem: Its actions appear to be largely legal.

California flag

California judge strikes down state’s board diversity law

2022-04-06T16:59:00+01:00By

A California state superior court judge struck down a diversity mandate that ordered public companies in the state to have at least one minority board member by the end of 2021.

Charles Schwager

CW National 2022 Q&A: Charles Schwager on current state of compliance

2022-04-04T11:37:00+01:00By Compliance Week

Charles Schwager, chief compliance and ethics officer at Waste Management, previews his leadership panel titled, “The Current State of Compliance and What’s in Store for the Future,” at CW’s National Conference in Washington, D.C. from May 16-18.

Activision

Approved Activision Blizzard settlement with EEOC offers lessons for tech

2022-03-31T16:50:00+01:00By

A federal judge gave final approval to a settlement reached last year between Activision Blizzard and the Equal Employment Opportunity Commission regarding the video game company’s systemic culture of sexual harassment, pregnancy discrimination, and retaliation.

Sustainability metrics

How to prepare for SEC’s climate-related disclosure rule

2022-03-23T22:07:00+00:00By

The Securities and Exchange Commission’s proposed climate-related disclosure rule would force companies that have been reluctant to initiate a self-examination of their environmental impact to do so, posthaste. Experts weigh in on where to start.

Ericsson

Ericsson mum on Iraq misconduct amid ‘comprehensive review’

2022-03-23T16:13:00+00:00By

Ericsson has launched a sweeping review into evidence it uncovered regarding misconduct in Iraq and the subsequent disclosure of those findings after the Department of Justice warned the Swedish telecom of a second breach of its 2019 deferred prosecution agreement.

complianceline300x200

CPE Webcast: Into the Ethicsverse: Closing cases in hyper speed

2022-03-22T14:00:00+00:00Provided by

If you are not closing a large portion of your issues within the first 30 days, you may be working harder, not smarter. Plus, when cases are open too long, organizations can open themselves up to avoidable regulatory and legal risk.

McDevitt_opinion

‘Anti-Racist Leadership’ demystifies DEI for intentional leaders

2022-03-22T13:00:00+00:00By

Many business leaders wish to be better stewards of diversity, equity, and inclusion at their organizations. James and Krista White’s “Anti-Racist Leadership” debuts a rare playbook for instigating cultural transformation and making DEI an engine of business performance.