Ethics & Culture


PwC building

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Lessons from PwC’s failure to squelch dissent in the ranks with ‘silent layoffs’

2024-07-12T10:49:00+01:00By

It’s been a trying time for staff at firms with redundancies, affecting morale as layoffs mount amid an effort to silence dissent in the ranks for those departing.

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New U.K. codes strive to restore falling trust, integrity

2024-07-09T19:08:00+01:00By

Codes of ethics and conduct are becoming ubiquitous, yet instilling high standards of corporate integrity still seems an elusive goal. Why is corporate culture such a challenge?

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How fintechs can overcome major compliance hurdles in embedded finance

2024-07-01T15:45:00+01:00By Margaret Holmes Tibbets, CW guest columnist

Margaret Holmes Tibbets, chief compliance officer at financial technology company Pipe, explains how firms are facing an existential compliance crisis, and to survive they’ll need to overcome not one but two hurdles.

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Women in Compliance highlights: Mentorship driving DEI; fostering board buy-in

2024-06-27T13:39:00+01:00By

Keeping track of regulations and understanding how they affect your business can be a hot mess without proper organization and collaboration, experts said at Compliance Week’s Women in Compliance Summit, held June 3-4, in Atlanta.

Whistle

News Brief

CFTC awards whistleblower $8M despite involvement in misconduct

2024-06-20T15:37:00+01:00By

A whistleblower received an $8 million award from the Commodity Futures Trading Commission for uncovering fraud—even though the agency deemed the whistleblower was culpable in the misconduct.

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‘We have to stop shrinking ourselves’: Strategies for confronting BIPOC bias

2024-06-14T12:08:00+01:00By

Attendees at Compliance Week’s Women in Compliance Summit discussed strategies for confronting bias against Black, indigenous, and people of color professional women working in compliance and risk.

Christy Goldsmith Romero

News Brief

​Biden nominates CFTC’s Goldsmith Romero to head FDIC

2024-06-13T19:12:00+01:00By

President Joe Biden selected a commissioner at the Commodity Futures Trading Commission as his preferred choice to lead the Federal Deposit Insurance Corporation in the aftermath of its toxic workplace culture scandal.

Financial Crimes 2024 Pham

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CFTC’s Pham critical of agency stances on CCO liability, self-disclosure credit

2024-06-12T21:18:00+01:00By

Caroline Pham, a commissioner at the Commodity Futures Trading Commission, said compliance officers have a lot to worry about if they or their firms are subject to CFTC enforcement during her fireside chat at CW’s Financial Crimes Summit.

Whistle question

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What to watch for as DOJ whistleblower program sprint ends

2024-06-05T19:14:00+01:00By

The Department of Justice’s 90-day sprint to developing and implementing a pilot whistleblower rewards program ended Wednesday, and many questions remain about what the program will entail.

Ericsson

News Brief

Ericsson completes DOJ-imposed compliance monitorship

2024-06-03T18:48:00+01:00By

Swedish telecommunications giant Ericsson announced the conclusion of the independent compliance monitorship imposed on the company following its 2019 settlement for violations of the Foreign Corrupt Practices Act.

Gurbir Grewal SEC 3x2

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SEC’s Grewal shares views on ‘Five Principles of Effective Cooperation’

2024-05-30T16:13:00+01:00By

Gurbir Grewal, director of the Enforcement Division at the Securities and Exchange Commission, spelled out plainly his view on the best path to earning cooperation credit during settlement negotiations with the agency.

DOJ building

News Brief

Lessons from Arthur Grand ‘whites only’ case

2024-05-29T20:06:00+01:00By

IT company Arthur Grand Technologies’ settlements with the Department of Justice and Department of Labor regarding a discriminatory “whites only” job posting offer key takeaways regarding company liability and reputation risks.

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Event

Revamped compliance processes key Albemarle win as Compliance Program of the Year

2024-05-29T18:30:00+01:00By

For successfully navigating thorny compliance issues related to self-disclosed violations of the Foreign Corrupt Practices Act, Albemarle was named Compliance Program of the Year at the 2024 Excellence in Compliance Awards.

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Event

Gina Nese stays ahead of the curve as CCO of the Year

2024-05-29T00:45:00+01:00By

Gina Nese, head of compliance and privacy at Align Technology, jumps at the chance to share new ideas and ways to innovate, including regarding emerging technologies like AI. Her work earned her recognition as CCO of the Year at the 2024 Excellence in Compliance Awards.

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Event

Lifetime Achievement: Compliance lessons from a ‘Flea’

2024-05-28T16:00:00+01:00By

Felecia “Flea” Bowers, honored for Lifetime Achievement at the 2024 Excellence in Compliance Awards, shares advice for compliance professionals at every stage of their careers.

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Event

Q&A: Rising Star in Compliance Giovanni Corrado

2024-05-28T16:00:00+01:00By

Giovanni Corrado, deputy chief compliance officer at BBVA Global Wealth Advisors, shares with Compliance Week his personal goal to change the narrative around compliance and his interests at the intersection of regulation and technology.

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Event

Q&A: Compliance Mentor of the Year Melanie Sponholz

2024-05-28T16:00:00+01:00By

Melanie Sponholz, chief compliance officer and director of responsible investing, portfolio operations at Waud Capital Partners, discusses with Compliance Week her mentoring philosophy, the ways she connects with other professionals, and the importance of influence to the compliance function.

Sharon Johnson Heather Sudo 2000x1333

Event

Creative engagement approach drives Compliance Innovators Johnson, Sudo

2024-05-28T16:00:00+01:00By

Through clever rhymes and real-life examples, Sharon Johnson and Heather Sudo of MODE Global have made it their mission to think outside the box when it comes to compliance awareness. Their approach earned them Compliance Innovator(s) of the Year at the 2024 Excellence in Compliance Awards.

Whistleblower vector

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​Debate: Experts discuss pros, cons of whistleblower process

2024-05-23T15:35:00+01:00By

Compliance Week Advisory Board members Eric Young and Ellen Hunt participate in a debate-style discussion regarding whistleblower-related topics including culture of compliance, monetary incentives, retaliation, and more.

McDevitt_opinion

Opinion

​Book review: How compliance can help build organizational trust at speed

2024-05-22T16:29:00+01:00By

Anne Morriss, co-author of “Move Fast and Fix Things,” advises compliance officers to tap into curiosity, communicativeness, and comfort with discomfort to build organizational trust, fast.

Martin Gruenberg 3x2

News Brief

FDIC chair to resign following report on toxic workplace culture

2024-05-21T18:04:00+01:00By

Martin Gruenberg announced he will step down as chairman of the Federal Deposit Insurance Corporation following the release of an independent review that criticized the agency’s lack of response to employee claims of sexual harassment and discrimination.

Volkswagen

News Brief

Senate report cites VW, BMW, JLR for potential forced labor violations

2024-05-20T19:16:00+01:00By

A U.S. Senate report found three European automakers—Volkswagen, BMW, and Jaguar Land Rover—sold cars in the United States with parts sourced from a supplier suspected of using forced labor from China’s Xinjiang region.

Colorado capitol

News Brief

Colorado passes landmark AI discrimination law

2024-05-20T19:02:00+01:00By

Colorado passed the nation’s first comprehensive artificial intelligence protection law, aimed at curbing discrimination against the public that could result from the technology’s use while still allowing AI entrepreneurship to flourish.

White House

News Brief

White House unveils AI workplace principles; Senate group roadmaps AI policy

2024-05-16T20:29:00+01:00By

Microsoft and Indeed stepped up to adopt new artificial intelligence principles put forth by President Joe Biden, while leading senators took a step toward crafting AI legislation.

Brasseur_opinion

Opinion

FDIC culture scandal begs question: Why don’t regs have CCOs?

2024-05-16T13:43:00+01:00By

Regulators and government agencies often speak to the value of empowered corporate compliance programs to advancing their mission. Why not practice what they preach by empowering compliance among their own ranks?

Nicodemus_opinion

Opinion

Binance CEO got 4 months in prison. FTX’s got 25 years. Was compliance the difference?

2024-05-15T20:00:00+01:00By

Why the wild disparity in the sentences of Binance’s Changpeng Zhao and FTX’s Sam Bankman-Fried? Aaron Nicodemus argues the performance of the compliance teams at the two cryptocurrency exchanges was as big a contrast as the penalties earned by their respective founders.

Lease accounting

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SEC chief accountant calls out audit leadership culture

2024-05-15T18:52:00+01:00By

Staff at the Securities and Exchange Commission have observed instances of audit firms setting poor examples for junior-level employees by failing to properly discipline senior leaders found to have breached ethical standards, according to Chief Accountant Paul Munter.

Boeing 737

News Brief

DOJ notifies Boeing of DPA breach related to 737 MAX safety

2024-05-15T17:43:00+01:00By

The Department of Justice notified aerospace giant Boeing it breached its 2021 deferred prosecution agreement that required compliance commitments following high-profile crashes of its 737 MAX airplane.

Lawsuit

News Brief

Lawsuit: Ex-Panoramic Health assistant GC alleges retaliation linked to CCO supervisor

2024-05-13T19:03:00+01:00By

The former assistant general counsel at Panoramic Health is suing her former employer alleging wrongful termination after flagging safe harbor violations of the Anti-Kickback Statue.

SEC building

News Brief

SEC faults former IA Gainvest for nontailored compliance manual

2024-05-08T16:57:00+01:00By

A Securities and Exchange Commission action against former registered investment adviser Gainvest Legal Corp. yielded a notable takeaway for others in the industry engaging consultants for compliance program support.

Working with AI

Podcast

Podcast: Responsible development and implementation of AI

2024-05-08T13:06:00+01:00By

Three experts join the Compliance Week podcast to discuss opportunities and risks posed by artificial intelligence, as well as governance frameworks your organization can implement to ensure AI tools are utilized safely and ethically.

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Event

Virtual Roundtable: Whistleblowing in 2024: What compliance officers need to know

2024-05-08T12:00:00+01:00By

Compliance Week is hosting a virtual roundtable in which we’ll explore the modern whistleblower landscape and what corporate compliance programs need to know to follow the rules while enabling a speak-up culture.

Microsoft store

News Brief

Microsoft report describes its artificial intelligence safety efforts

2024-05-06T20:23:00+01:00By

Microsoft published a public report covering its artificial intelligence endeavors and steps it is taking to make the controversial technology safe.

Accounting fraud

News Brief

‘Sham audit mill’: SEC fines, permanently suspends BF Borgers

2024-05-03T14:27:00+01:00By

BF Borgers was all but shuttered by the Securities and Exchange Commission after the agency accused the firm of massive fraud impacting more than 1,500 SEC filings audited over a 2 1/2-year span.

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Resource

e-Book: Managing increased risk of forced, child labor in your supply chain

2024-05-01T19:53:00+01:00Provided by

Instances of forced or child labor in corporate supply chains are a growing problem in the United States.

Business liability

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CCO liability: How to protect your compliance career

2024-05-01T14:00:00+01:00By

Despite significant issues outside the control of most chief compliance officers, some regulators have signaled more individual liability cases are to be expected. Will accepting the wrong job, in hindsight, make it your last?

Lloyds

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Lloyds decision to cut risk staff draws criticism, defenders

2024-04-30T17:25:00+01:00By

Lloyds Banking Group is cutting jobs in its risk management function after an internal review reportedly found it was a “blocker” to the organization’s strategic transformation.

Pav Gill 3x2

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Wirecard whistleblower laments EU speak-up protection inconsistencies

2024-04-29T11:39:00+01:00By

The European Union’s strong stance on whistleblower protection has been undermined by member states’ wildly different approaches to punishing organizations that fail to safeguard people who raise concerns, says Wirecard whistleblower Pav Gill.

Accounting

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Accountancy bodies urge ethical behavior amid exam cheating scandals

2024-04-25T12:50:00+01:00By

Trust in the integrity of corporate finance and auditing is vital, but repeated scandals over exam cheating at the largest multinational firms are denting faith in the system globally.

Mary_Shirley_Day_1

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CW2024 mentors explain why ‘in compliance, you’re never an island’

2024-04-22T20:15:00+01:00By

Mary Shirley is always looking for innovative ways to spur conversation, sharing, and crowdsourcing among compliance professionals. Her workshop at Compliance Week’s 2024 National Conference was no different.

CW2024 IT and Compliance

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Intersection of compliance, IT one of opportunity

2024-04-18T20:42:00+01:00By

With senior-level decisions on technology only increasing in frequency as new tools rapidly evolve, a panel at Compliance Week’s 2024 National Conference agreed compliance must consider the opportunities available to influence those conversations.

Whistleblower

News Brief

DOJ pilot floats NPAs for whistleblowers involved in corporate misconduct

2024-04-17T17:00:00+01:00By

The Department of Justice launched a new pilot program that encourages voluntary self-disclosure by corporate executives who are themselves involved in financial misconduct, with the incentive of a nonprosecution agreement for those who help an agency investigation.

Temu_Web

News Brief

U.S. senator calls for Temu ban over forced labor, privacy concerns

2024-04-17T16:32:00+01:00By

Sen. Tom Cotton (R-Ark.) is calling on the Biden administration to investigate and ban Chinese e-commerce company Temu over forced labor and data privacy violation concerns.

Facial recognition scan

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Focused on consumer privacy? Don’t forget employees’ rights

2024-04-17T15:09:00+01:00By

The implications of a privacy rights case involving a U.K.-based Uber Eats driver underscore a popular belief that companies prioritize protecting the personal information of their customers over the data rights of their employees.

DOJ building

News Brief

Proterial Cable America earns DOJ declination in apparent fraud case

2024-04-16T19:30:00+01:00By

Proterial Cable America received a declination notice from the Department of Justice related to its voluntary self-disclosure and remediation of apparent fraud committed by its employees.

Gurbir Grewal SEC 3x2

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SEC’s Grewal: General compliance principles for avoiding AI washing

2024-04-16T19:09:00+01:00By

Gurbir Grewal, director of the Securities and Exchange Commission’s Division of Enforcement, laid out general principles for “proactive compliance” to avoid making false or misleading claims about the capabilities of artificial intelligence products and services.

European Court of Human Rights

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ECHR ruling opens door to climate change litigation on basis of human rights

2024-04-15T13:47:00+01:00By

By holding the Swiss government accountable for failing to do more to limit climate change, a ruling by the European Court of Human Rights might have significant implications for legislators and organizations in other countries across the European Union.

CW2024 building compliance

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‘You have to sell compliance’: Tips for building compliance programs from scratch

2024-04-12T18:11:00+01:00By

A panel of experienced compliance professionals shared the various approaches they took to build compliance programs from the ground up at Compliance Week’s 2024 National Conference.

Koenig_DOJ_SEC_Day2

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JBS CECO on overcoming ‘fear, anxiety, and chaos’ of taking job post-FCPA settlements

2024-04-12T14:57:00+01:00By

Mike Koenig explained at Compliance Week’s 2024 National Conference how he helped rebuild JBS Foods’ compliance department following Foreign Corrupt Practices Act settlements with the Department of Justice and Securities and Exchange Commission.

CW2024 risk culture

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Effective risk culture starts at the top. Everyone is required to make it successful

2024-04-11T20:38:00+01:00By

There is no magic wand compliance professionals can wave to promote a strong risk culture within their organizations, experts discussed at Compliance Week’s 2024 National Conference.