Ethics & Culture


JBS

News Brief

NYAG lawsuit: JBS misleading public with sustainability claims

2024-02-29T20:54:00+00:00By

Two U.S. subsidiaries of Brazilian meat processing company JBS are the subject of a lawsuit filed by the New York attorney general accusing the businesses of using misleading statements and marketing regarding their environmental commitments.

Business ethics

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Best practices for determining need for a human rights policy

2024-02-29T13:21:00+00:00By

Does your business need a human rights policy? An increasing number of organizations believe they do, according to research firm Gartner.

EIC cover img

Event

Nomination deadline for 2024 ‘Excellence in Compliance Awards’ extended

2024-02-28T20:00:00+00:00By

The nomination deadline for Compliance Week’s fifth annual “Excellence in Compliance Awards” has been extended and will now close March 15. Finalists will be announced in early April.

ESG

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Grewal: Investors care about ESG claims—so do SEC enforcers

2024-02-27T20:34:00+00:00By

Environmental, social, and governance issues are increasingly material to investors, and the Securities and Exchange Commission is checking to ensure businesses’ ESG statements are above board, according to the agency’s enforcement director.

Walmart

News Brief

Walmart shares successes behind supplier emissions reduction initiative

2024-02-27T12:25:00+00:00By

Retail giant Walmart announced the completion of an initiative to reduce emissions in its supply chain six years earlier than its intended target.

Working two jobs

Article

Compliance’s role in managing challenges related to employee side hustles

2024-02-26T15:00:00+00:00By Camelia Gardot, CW guest columnist

Employees engaging in side businesses—part-time jobs or new company creations—can introduce a myriad of risks for a company.

AI for business

Article

CW National 2024 preview: Diana Kelley on AI implications for compliance

2024-02-26T11:30:00+00:00By

Artificial intelligence expert Diana Kelley will discuss what AI means for organizations and explore the technology’s implications for compliance and enterprise risk as part of a keynote address at Compliance Week’s National Conference in Washington, D.C.

Brasseur_opinion

Opinion

Ten things I’m excited for at CW National 2024

2024-02-22T13:00:00+00:00By

A new month and a new venue but a lot of the same you love about Compliance Week’s National Conference. CW Editor in Chief Kyle Brasseur shares what he’s looking forward to most at the 2024 edition of the annual event.

Wells Fargo

News Brief

Wells Fargo says DOJ, SEC diversity hiring probes closed

2024-02-21T17:52:00+00:00By

Wells Fargo disclosed investigations by the Department of Justice and Securities and Exchange Commission into the bank’s diversity hiring practices concluded without enforcement action.

Employees

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U.K. labor shortage stakes up following tripled illegal worker fines

2024-02-21T15:11:00+00:00By

Fines for employing people who do not have a legal right to work in the United Kingdom have risen, meaning employers who fail to carry out the required checks or neglect to re-examine the status of those on temporary work visas could face substantial penalties.

DOJ building

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The path to DOJ cooperation credit: Analyzing recent FCPA cases

2024-02-20T14:55:00+00:00By

Recent enforcement actions offer guidance on what the Department of Justice considers to be an “imminent threat” of disclosure or government action, what it means by “prompt” disclosure, and how a company can earn credit for revealing all relevant facts.

James Levey 3x2

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Q&A: ManpowerGroup compliance director on CSRD prep efforts

2024-02-19T14:00:00+00:00By

James Levey, compliance director at global recruitment agency ManpowerGroup, discusses with Compliance Week his focus on preparing the group’s European operations to gather the data required for compliance with the EU’s Corporate Sustainability Reporting Directive.

Teamwork

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LRN survey: Compliance programs shifting focus from bribery, corruption

2024-02-16T22:35:00+00:00By

Many ethics and compliance programs have refocused their efforts away from bribery and corruption and onto data security and privacy, complex government regulations, artificial intelligence security, and other contemporary challenges, a survey from LRN found.

Climate

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Verifiable data key as companies begin TNFD-aligned disclosures

2024-02-15T14:47:00+00:00By

More than 320 organizations worldwide committed to disclosing their impact on nature following the recommendations of the Taskforce on Nature-Related Financial Disclosures.

Board table

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U.K. governance code revisions: Boards lead on culture, audit supports

2024-02-13T22:12:00+00:00By

Corporate culture, internal controls, and assurance moved up the boardroom agenda with the publication of the U.K.’s revised corporate governance code and its supporting guidance.

Whistle

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Experts: SCOTUS ruling shifts onus to employers in whistleblower cases

2024-02-12T21:35:00+00:00By

The Supreme Court’s unanimous decision to reaffirm whistleblower protections under the Sarbanes-Oxley Act in a case involving UBS has wide ramifications in many other industries beyond financial services, according to legal experts.

Supreme Court

News Brief

SCOTUS reaffirms whistleblower protections in ruling against UBS

2024-02-09T20:27:00+00:00By

The Supreme Court reaffirmed whistleblower protections guaranteed under the Sarbanes-Oxley Act in a unanimous decision expected to set a precedent that impacts all corporate internal reporting cases.

Employee monitoring

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The blurred lines of employee monitoring under GDPR

2024-02-09T20:03:00+00:00By

The French data regulator’s fine against an Amazon warehouse manager for violating employees’ rights to privacy in the workplace once again raises questions about what constitutes an overzealous approach to employee monitoring and why companies fail to recognize the signs.

Amazon warehouse

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Examining precedent set by French DPA’s Amazon employee monitoring fine

2024-02-07T18:03:00+00:00By

The decision by France’s data regulator to fine an Amazon warehouse manager for breaches of the General Data Protection Regulation over the way it monitored employee productivity raises questions about the reach data protection authorities have over corporate conduct.

Data privacy

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Compliance with growing number of U.S. privacy laws ‘a matter of culture change’

2024-02-07T14:00:00+00:00By

Different deadlines associated with the 13 U.S. state privacy laws currently on the books, including grace periods and enforcement dates, have proven challenging for compliance, experts discussed at CW’s Cyber Risk & Data Privacy Summit.

Richard Brasher 3x2

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Q&A: LKQ sustainability VP on importance of environmental data

2024-02-01T14:01:00+00:00By

Richard Brasher, vice-president of sustainability at multinational automotive parts company LKQ Corp., discusses with Compliance Week his view on the added attention sustainability initiatives are receiving and where improvement remains.

Magnifying glass

News Brief

Ex-DOJ Criminal Division head Polite to lead Tavistock Group compliance review

2024-01-25T17:03:00+00:00By

Private equity company Tavistock Group announced the retention of law firm Sidley Austin to conduct a compliance review, the same week that its billionaire founder pleaded guilty to U.S. insider trading charges.

Audit concept

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Stiffer U.K. audit penalties posing more problems?

2024-01-23T12:55:00+00:00By

Legal experts are unconvinced record fines against audit firms imposed last year by the U.K. Financial Reporting Council will necessarily improve audit quality.

NYC skyline

News Brief

NYDFS: Banks must vet execs, including CCOs, ‘not just upon hiring’

2024-01-22T20:18:00+00:00By

The New York State Department of Financial Services released final guidance on how banks and non-depository financial institutions should vet executives, including chief compliance officers, before and during their employment.

AIdata

News Brief

NYDFS proposes AI use guidance for insurers

2024-01-17T18:28:00+00:00By

The New York State Department of Financial Services issued for public comment guidance for insurers operating in the state regarding their use of artificial intelligence systems and other predictive technologies.

Salary

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Disclosure rules not enough to curb U.K. salary gaps

2024-01-15T14:16:00+00:00By

The issue of “fat cat” pay awards was reignited in the United Kingdom after a think tank found a typical FTSE 100 CEO earned the average annual salary for a full-time worker after just four days into the new year.

Business data

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Lessons from Albemarle, ABB: How data-driven compliance can help your firm

2024-01-12T20:32:00+00:00By

Andrew McBride, chief risk officer of Albemarle Corp., and Tapan Debnath, head of integrity, regulatory affairs and data privacy at ABB, discussed how and why their respective organizations use data analytics to conduct business as part of a recent webcast.

Whistle - dark

News Brief

SDNY launches whistleblower pilot program

2024-01-11T16:39:00+00:00By

The U.S. Attorney’s Office for the Southern District of New York took its efforts to encourage voluntary self-disclosure a step further with the launch of a whistleblower pilot program for individuals involved in nonviolent offenses.

Brasseur_opinion

Opinion

Ten things I’d like to see happen in 2024

2024-01-08T16:02:00+00:00By

Election years in the United States, United Kingdom, and at European Parliament, along with ongoing geopolitical tensions, make 2024 difficult to predict—aside from the expectation compliance officers will be busy.

Rite Aid building

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Compliance lessons from Rite Aid facial recognition case

2024-01-04T20:11:00+00:00By

The Federal Trade Commission was clear in its recent enforcement action against Rite Aid regarding its expectations for companies using facial recognition technology or any biometric security or surveillance systems.

Binance crypto

News Brief

​Binance.US names new chief compliance officer

2024-01-04T15:03:00+00:00By

Cryptocurrency trading platform Binance.US, an affiliate independent of its embattled parent company, announced the appointment of Lesley O’Neill as chief compliance officer.

Facial recognition

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Ethical compliance for facial recognition technology

2024-01-04T14:30:00+00:00By Manorama Kulkarni, CW guest columnist

The lack of clear regulations and guidelines for the ethical use of facial recognition technology further exacerbates concerns of discriminatory practices and potential infringements on human rights.

ESG regulations

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Compliance with CSRD, CS3D, national laws an EU balancing act

2023-12-28T14:50:00+00:00By

Companies could be in danger of failing to comply with a raft of social responsibility-minded legislation at the European Union and national level because they might mistakenly think duties on corporates overlap when they do not.

ChristianaCare

News Brief

Ex-ChristianaCare CCO wins $12M in False Claims Act settlement

2023-12-27T17:52:00+00:00By

The former chief compliance officer of ChristianaCare Health System will receive more than $12 million as part of a settlement addressing his allegations of kickbacks and other False Claims Act violations at the Delaware-based hospital network.

Sandeep Sacheti 3x2

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Q&A: Wolters Kluwer EVP on using AI to ease data analysis

2023-12-21T17:00:00+00:00By

Sandeep Sacheti, executive vice president for customer information management and operational excellence at Wolters Kluwer, shares with Compliance Week how the company’s financial and corporate compliance division uses artificial intelligence to manage and analyze data.

Rite Aid

News Brief

Rite Aid gets 5-year facial recognition use ban from FTC

2023-12-20T14:33:00+00:00By

Retail pharmacy chain Rite Aid agreed to a five-year ban on its use of facial recognition technology for surveillance purposes as part of a settlement with the Federal Trade Commission.

Org structure

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Money, size, industry: Multiple factors at play in setting compliance reporting lines

2023-12-19T22:38:00+00:00By

Compliance teams most often report to their firm’s legal department, our “Inside the Mind of the CCO” survey found. However, heavily regulated companies and those with fewer employees saw different trends emerge.

Activision

News Brief

Activision Blizzard to pay $55M to settle California discrimination suit

2023-12-18T18:16:00+00:00By

Activision Blizzard agreed to pay nearly $55 million as part of a settlement with the California Civil Rights Department addressing highly publicized accusations of workplace discrimination against women at the video game company.

BP

News Brief

Ex-BP CEO facing up to $41M in losses over colleague relationship dishonesty

2023-12-14T18:23:00+00:00By

The board of British oil and gas giant BP announced its remuneration determinations after finding former CEO Bernard Looney committed “serious misconduct” in his disclosure of personal relationships with company colleagues.

Binance

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Top ethics and compliance failures of 2023

2023-12-14T15:00:00+00:00By

A virtual currency exchange that sought to mislead regulators, banks failing after ignoring obvious risks, and a manufacturer that sold millions of its products in violation of U.S. export controls are among those that make up CW’s list of the biggest ethics and compliance fails of 2023.

Discover Financial Services

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Five compliance triumphs from 2023

2023-12-13T15:00:00+00:00By

A financial services giant’s compliance mea culpa that could serve to benefit the rest of the profession, a chemical company’s praised FCPA settlement, and an example of the value of whistleblowers highlight CW’s annual list of laudable ethics and compliance moments.

ArrowsUp

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Three areas for leveling up continuous compliance review and monitoring

2023-12-12T15:15:00+00:00By Mary Shirley, CW guest columnist

Compliance professionals often do not think broadly enough about what can and should fall under the umbrella of monitoring and review that will positively impact their ethics and compliance programs. Mary Shirley offers suggestions for program elements to review.

Phone

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Tackling off-channel communications? Don’t forget ephemeral messaging

2023-12-11T17:42:00+00:00By

As if creating policies and procedures to handle employee use of off-channel communications is not difficult enough, ephemeral messaging platforms can make it even more difficult to recover messages in transit.

Albemarle web

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DOJ cooperation credit breakdowns: Albemarle, Tysers, H.W. Wood

2023-12-04T18:00:00+00:00By

Nicole Argentieri, acting head of the Department of Justice’s Criminal Division, breaks down where Albemarle, Tysers Insurance Brokers, and H.W. Wood went right—and wrong—on the cooperation credit and remediation fronts as part of their FCPA settlements with the agency.

Executive board

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The road from CCO to board: What compliance professionals need to know

2023-12-04T16:00:00+00:00By

Chief compliance officers and chief ethics and compliance officers desire progressing to the board more than any other role change, our “Inside the Mind of the CCO” survey found. So, what does it take for compliance to get on a corporate board?

PwC

News Brief

China-based PwC affiliates fined $7M in historic PCAOB actions

2023-11-30T19:24:00+00:00By

The Public Company Accounting Oversight Board imposed $7 million in total penalties against two PwC affiliates under its first settlements with mainland Chinese and Hong Kong firms since the passage of the Holding Foreign Companies Accountable Act.

Phone apps vector

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Compliance officers share lack of faith in off-channel comms monitoring policies

2023-11-30T16:00:00+00:00By

Addressing employee use of off-channel communications for conducting business was clearly on the minds of compliance officers who responded to our “Inside the Mind of the CCO” survey, but their confidence in their related policies and procedures was surprisingly weak.

AI use

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Despite AI hype, compliance remains hesitant adopter

2023-11-29T16:00:00+00:00By

Most compliance professionals say their teams are not using artificial intelligence to assist with compliance obligations, according to our “Inside the Mind of the CCO” survey.

ESG data

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More companies enter ‘discovery phase’ of ESG reporting in 2023

2023-11-28T16:00:00+00:00By

Climate-related disclosure efforts are amplifying year over year, despite persistent and persnickety pain points, as more organizations widen the scope of their ESG journeys, our “Inside the Mind of the CCO” survey found.

aaron mind graphic

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Inside the Mind of the CCO: Compliance feeling regulatory heat in 2023

2023-11-27T16:00:00+00:00By

Our fifth annual “Inside the Mind of the CCO” survey saw keeping up with regulatory policies dethrone resource support as the biggest concern among all respondents for the first time.