Ethics & Culture


Climate

KPMG report: World’s largest companies slow to address climate change risks

2020-11-24T17:21:00+00:00By

The world’s 250 largest companies are not doing very well in recognizing and measuring financial risks related to climate change, so we’ve got some advice to those who are behind the curve.

Lawyer

How the pandemic and social justice matters have changed the GC role

2020-11-20T20:13:00+00:00By

General counsel have taken on significantly more responsibility since the start of the coronavirus pandemic and amid the current social climate, solidifying their role as a critical business partner, a recent study on corporate legal departments found.

woods

Crackdown on culture part of widespread regulatory push

2020-11-20T19:53:00+00:00By

A recent ruling by the U.K. Financial Conduct Authority to ban three individuals from the financial services industry for out-of-work misconduct is part of a broader push by regulators to crack down on matters related to culture, writes Martin Woods.

Boardroom

ISS 2021 proxy voting updates address racial, ethnic, gender diversity

2020-11-16T18:27:00+00:00By

Proxy advisory firm Institutional Shareholder Services released updates to its 2021 benchmark proxy voting policy, with the biggest changes this year addressing racial, ethnic, and gender diversity on boards.

Climate

U.K. eyes history with climate change disclosure plan package

2020-11-16T17:14:00+00:00By

Financial services firms in the United Kingdom must soon begin reporting what material financial impact they experience from climate change under a new disclosure mandate that is the first of its kind in the world.

Dr. Kurt Michels

Volkswagen CCO Kurt Michels: Tips for surviving a monitorship

2020-11-12T21:06:00+00:00By

Fresh off his company’s compliance monitorship, Volkswagen CCO Kurt Michels shares ways to cultivate a trustful relationship with a monitor; finesse a company’s cultural makeover; and reestablish credibility in the wake of criminal behavior.

Werner

VW integrity chief: Culture has changed … and we have stress test to prove it

2020-11-09T17:38:00+00:00By

In a Q&A with Compliance Week, Volkswagen integrity chief Hiltrud Werner said that while compliance efforts “never have a finish line,” the company has made great strides since Dieselgate.

Board table

Emerging state board diversity laws encourage proactive approach

2020-11-03T16:40:00+00:00By

As more states enact statutes that directly address diversity in the boardroom, corporate boards that have not already done so would be wise to begin strategizing their diversity efforts now.

Kurt Michels

CCO Philippe Vollot has a plan for Danske’s compliance reboot

2020-11-02T16:57:00+00:00By

Danske Bank CCO Philippe Vollot knows his journey to build a robust compliance program and culture at the troubled lender is far from over.

ICA launches new certification in corporate governance

2020-10-27T22:01:00+00:00By GRC Announcements

The International Compliance Association has relaunched its Specialist Certificate in Corporate Governance course designed to provide an understanding of the requirements and principles of good corporate governance.

Carnival

CPE Webcast: Lessons from Carnival’s compliance redemption amid COVID-19

2020-10-21T18:00:00+01:00By Compliance Week

Compliance Week Editor in Chief Dave Lefort and data journalist Aly McDevitt host a 1-hour Webcast to discuss CW’s Carnival case study in addition to the behind-the-scenes making of the product.

woods

Avoiding the compliance pitfalls of bias, bullying, and blind spots

2020-10-21T16:45:00+01:00By

As compliance professionals we have an important role to play in helping businesses confront and challenge the three Bs of bias, bullying, and blind spots. If we can’t see it, we can’t police it, and that is our job, writes Martin Woods.

Canada

Leading the way: Diversity standouts among Canadian public companies

2020-10-16T17:47:00+01:00By

A new report assessing diversity disclosure trends among Canadian public companies also showcases several corporate standouts for chief ethics and compliance officers to benchmark their programs against.

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Wells Fargo gives us another reason to doubt their culture comeback

2020-10-16T15:41:00+01:00By

While Wells Fargo ends up with yet another “Failed It” this week, we salute the principled Deutsche Bank whistleblower whose refusal to accept “dirty money” cost him everything.

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U.S. agencies get nod for using data, smart incentives in enforcement

2020-10-08T17:17:00+01:00By Compliance Week

Both the CFTC and CFPB “Nailed It” this week while corporate heavyweight General Electric found itself in more trouble.

woods

Don’t forget to tell your teams they’re doing a good job

2020-10-07T17:31:00+01:00By

With no personal contact with your team members, it can be easy to forget to remind them from time to time that they’re appreciated, to give them a lift during these troubling times. It will pay off both for them and for you, writes Martin Woods.

Vaccine

Mandate COVID-19 vaccines for all employees? Like everything, it’s complicated

2020-10-06T17:41:00+01:00By

So you want to mandate that all of your company’s employees get the coronavirus vaccine, once it’s available? Such a requirement is legal, but there are a host of considerations that might make it impractical, employment experts say.

ESG

Climate-related risk disclosures reach global boiling point

2020-10-05T20:59:00+01:00By

From local governments around the world to U.S. regulators to activist investors, the debate over corporate climate-related risk disclosures is approaching a boiling point.

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EY allegedly flubbed Wirecard dealings worse than we thought

2020-10-02T17:05:00+01:00By Compliance Week

In this week’s “Nailed It or Failed It,” we take down EY and JPMorgan Chase for apparently ignoring whistleblowers and give the SEC a nod for rewarding them.

Female vs. male salaries 2020

Salary data: Women getting CCO opportunities, but pay disparity pervades

2020-09-30T18:03:00+01:00By

A crunching of numbers from our “Inside the Mind of the CCO” survey showed the same gender pay disparity that pervades corporate America also exists in compliance.

Data future

Ask a CCO: What will compliance look like in 5 years?

2020-09-30T16:57:00+01:00By Compliance Week

We asked nine prominent chief compliance officers to look into their crystal balls, and all of them saw data and advanced technology playing a larger role in the future of the profession.

Jennifer Newton

Spotlight on National Association of Black Compliance & Risk Management Professionals

2020-09-29T20:29:00+01:00By

Compliance Week interviews Jennifer Newton, founder and CEO of the National Association of Black Compliance & Risk Management Professionals, to get her take on diversity and inclusion efforts in the profession.

Diversity & Inclusion

What compliance can do to advance diversity and inclusion efforts

2020-09-29T20:05:00+01:00By

Experts offer best practices on how to ensure your D&I policies, training, and resources are sufficient at this social and cultural inflection point.

Diversity & Inclusion

Ask a CCO: Compliance’s role in D&I efforts

2020-09-29T18:24:00+01:00By Compliance Week

We asked nine prominent chief compliance officers what they can do or are doing to create a more progressive workplace.

askamii

Five ways the pandemic has changed compliance—perhaps permanently

2020-09-28T15:15:00+01:00By

It’s a good thing you’re all experts in partnering for change, as more than 3 in 4 of you think COVID-19 will have a permanent impact on some compliance functions.

Megaphone

Ask a CCO: How do you keep the focus on compliance during a pandemic?

2020-09-28T14:38:00+01:00By Compliance Week

We asked nine prominent chief compliance officers what has been the most difficult part of ensuring ethics and compliance has remained top of mind for employees during the pandemic.

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BoA a silver lining in damning ‘FinCEN Files’ report; Wells Fargo CEO puts foot in mouth

2020-09-25T20:27:00+01:00By Compliance Week

Bank of America gets a pat on the back for going beyond an “observe and report” approach to filing a SAR, and we learned this week that Wells Fargo’s CEO needs a little unconscious bias training.

Career path

Ask a CCO: What drew you to compliance?

2020-09-25T16:55:00+01:00By Compliance Week

We asked nine prominent chief compliance officers across a multitude of industries what initially drew them to the compliance profession.

CCO

Ask a CCO: Which skill comes in most handy?

2020-09-24T20:17:00+01:00By Compliance Week

We asked nine prominent chief compliance officers across a multitude of industries which skill they think is most important in their CCO role.

David Lefort

Enjoy ‘Compliance Officer Day’—you’ve earned it

2020-09-24T17:02:00+01:00By

In a 2020 full of Blursdays that all run together, it’s perhaps appropriate that the day created in your honor this year happens to fall when you don’t have to be in the office (otherwise known as your bedroom/kitchen table).

Inside the Mind of the CCO

Inside the Mind of the CCO: 2020 a year like no other

2020-09-24T16:50:00+01:00By

Our second annual “Inside the Mind of the CCO” survey revealed that compliance practitioners, by and large, have stepped up to meet the unique challenges presented by this very different, very difficult year.

woods

Lesson for startups: Don’t try to fake compliance

2020-09-21T19:49:00+01:00By

Promising startups are often cut slack with compliance because investors feel they will eventually make it, but the time in between is ripe with dangers that extend well beyond the company, writes Martin Woods.

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Volkswagen completes monitorship; Deloitte family leave policy too good to be true?

2020-09-17T20:32:00+01:00By Compliance Week

Volkswagen gets a nod this week for successfully completing its 3-year compliance monitorship related to Dieselgate. Deloitte, on the other hand, lands on the wrong side of our list.

AIDA cruise line

Chapter 6: Carnival looks toward a new horizon

2020-09-17T13:00:00+01:00By

Carnival will go through extraordinary scrutiny as it prepares to resume guest operations—not just in health, safety, and security but in environmental compliance as well. The storm is not over yet.

Carnival

Chapter 5: The storms merge

2020-09-17T13:00:00+01:00By

How can Carnival meet the expectations of a government-mandated environmental compliance plan and stay in the court’s good graces while the coronavirus brings business to a standstill?

Climate

A step toward managing climate risk in U.S. financial system

2020-09-16T16:45:00+01:00By

A nearly 200-page report on managing climate risk in the U.S. financial system is comprehensively assembled by a group spearheaded by CFTC Commissioner Rostin Behnam, but the real work comes in its implementation.

Peter Anderson

Chapter 4: Carnival moves ethics and compliance to the fore

2020-09-16T13:00:00+01:00By

This installment looks at how new Carnival CECO Peter Anderson restructured the Ethics and Compliance department and developed a culture action plan to drive change across the organization.

Magic pipe

Chapter 3: Carnival’s history as serial polluter catches up to it

2020-09-15T13:00:00+01:00By

This installment looks back at Carnival’s history of environmental law convictions, plea agreements with the DOJ, criminal fines, and environmental compliance plans (yes, there is more than one).

Princess passengers

Chapter 1: Amid compliance overhaul, COVID-19 hits hard

2020-09-14T13:00:00+01:00By

It’s early 2020, and the world’s largest cruise line operator is about to confront an immutable collision of two storms: its court-mandated environmental compliance plan, more than 2 years in progress, and the imminent coronavirus pandemic.

Diamond Princess

Chapter 2: Carnival put to the test as early COVID-19 hotspot

2020-09-14T13:00:00+01:00By

As more and more Carnival ships become hotbeds of infection and the company faces harsh criticism, CEO Arnold Donald trumpets the company’s unwavering focus on compliance.

Carnival index

Compliance Week presents: ‘A Tale of Two Storms’

2020-09-14T13:00:00+01:00By

Our first-ever case study is the story of Carnival’s quest for compliance redemption, set in the context of not only new leadership and a court-appointed monitorship, but in the midst of a global pandemic.

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Credit to JPMorgan Chase in this week’s banking-themed naughty/nice list

2020-09-10T21:14:00+01:00By Compliance Week

JPMorgan Chase, Danske Bank, Deutsche Bank, and Bank of America all either “Nailed It” or “Failed It” this week.

Cooperation

10 reasons why you should be a compliance officer

2020-09-09T15:43:00+01:00By Jonathan Bowdler, International Compliance Association

Jonathan Bowdler of the International Compliance Association shares his list of factors that make compliance an appealing profession today.

woods

Companies should give back to employees who let them into their homes

2020-09-08T15:46:00+01:00By

Where would companies be if employees hadn’t adjusted to working from home so well during this pandemic? The least firms can do is pay them back for their hospitality, writes Martin Woods.

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Credit social media giants for prepping for election chaos

2020-09-03T18:12:00+01:00By Compliance Week

Silicon Valley’s social media heavyweights deserve a nod for “war-gaming” potential misinformation scenarios in advance of November’s elections, while McDonald’s again finds itself on our “Not Lovin’ It” list.

Credit Suisse

Credit Suisse faces FINMA enforcement in corporate espionage case

2020-09-03T17:48:00+01:00By

Credit Suisse is learning the hard way that spying on former colleagues is frowned upon, following announcement of an enforcement proceeding against the Zurich-based bank by the Swiss Financial Market Supervisory Authority.

FBI

FBI reforms compliance procedures, to establish new audit office

2020-09-02T17:24:00+01:00By

Compliance reforms set to take place at the FBI include enhanced training and oversight mechanisms and a newly created office to carry out “rigorous and robust auditing.”

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Credit to KPMG for shining a light on fraud at Wirecard

2020-08-27T15:08:00+01:00By Compliance Week

A scathing report on the extensive fraud at German payment giant Wirecard had a compliance silver lining: KPMG’s by-the-books, transparent approach to a special audit helped bring that fraud to light.

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CPE Webcast: Role of compliance in the fight against racial inequity

2020-08-25T14:00:00+01:00Provided by

As mindsets shift from “managing through” to “moving forward with purpose” for many, how does compliance play a role in helping organizations heal in the realm of bias, diversity, and racial equity?

Employee pressure

Survey: Weak leadership contributes to employee pressure to bend rules

2020-08-21T17:56:00+01:00By

A new global business ethics survey released by the Ethics & Compliance Initiative seeks to explain what factors contribute to employee pressure to compromise ethical policies or regulations and how to reduce that pressure.