Ethics & Culture


Business agreement

Five tips to secure your first role in compliance

2023-03-20T15:00:00+00:00By Judith Hawkins, International Compliance Association

Are you interested in taking that first step into a compliance career but aren’t sure where to start? Consider the following suggestions.

Wells Fargo sign

Ex-Wells Fargo exec fined $17M for role in fake accounts scandal

2023-03-16T15:36:00+00:00By

Carrie Tolstedt, the former head of Wells Fargo’s community bank, will pay a $17 million fine issued by the Office of the Comptroller of the Currency for her role in the bank’s fake accounts scandal.

DOJ wall

Experts: DOJ clawback pilot to be ‘work in progress’

2023-03-16T13:58:00+00:00By

Businesses and compliance professionals should expect the Department of Justice’s new compensation clawback policies to be applied on a case-by-case basis, with broad discretion, according to legal experts.

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Nomination deadline for 2023 ‘Excellence in Compliance Awards’ extended

2023-03-15T12:00:00+00:00By

The nomination deadline for Compliance Week’s fourth annual “Excellence in Compliance Awards” has been extended and will now close March 31. Finalists are expected to be announced in early April.

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CPE Webcast: Understanding and managing psychosocial risk within your workforce

2023-03-14T14:00:00+00:00Provided by Avetta

This presentation will show professionals how to integrate the socially transformative elements of psychological safety within our work systems while finding a unique opportunity to advance the benefits of reducing risk and error in the workplace alongside greater business outcomes.

McDonalds

​Experts: Delaware court McDonald’s ruling lowers bar on officer liability

2023-03-10T13:30:00+00:00By

The fiduciary duty of oversight that historically has applied only to directors “applies equally to officers,” including CCOs, the Delaware Court of Chancery explicitly held in its ruling regarding former McDonald’s Chief People Officer David Fairhurst.

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Ten things I’m excited for at CW National 2023

2023-03-09T13:00:00+00:00By

Ten weeks before Compliance Week National 2023 kicks off May 15 at the JW Marriott in Washington, D.C, CW Editor in Chief Kyle Brasseur shares what he’s looking forward to most at the annual event.

Place blame

Corporate conformity and ‘blame culture’

2023-03-08T14:25:00+00:00By Paul Eccleson, for International Compliance Association

Conformity can be a powerful force for good, but the same urge to conform can also lead to a toxic culture with an unhealthy atmosphere for employees and customers alike.

Texas State Capitol

Anti-ESG fervor catching fire with Republican lawmakers

2023-03-02T17:28:00+00:00By

The blowback against environmental, social, and governance initiatives in investments and corporate strategies is quickly building momentum in conservative politics, with nearly two dozen states proposing bills that limit ESG investments.

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CPE Webcast: Accelerating your sustainability journey through robust supplier engagement

2023-02-28T11:00:00+00:00Provided by

As conversations around climate change and inequality intensify around the globe, businesses face increased scrutiny and pressure from regulators, investors, and customers to ESG goals across the value chain—including third parties.

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ChatGPT comes with compliance caveats, experts warn

2023-02-23T17:10:00+00:00By

There are downsides to every new technology, and artificial intelligence and machine learning are no exception. Experts discussed the importance for compliance professionals to understand the risks of such tools at CW’s virtual Cyber Risk & Data Privacy Summit.

Risk reward

Is threat of regulatory censure a risk worth taking?

2023-02-14T21:13:00+00:00By Paul Eccleson, for International Compliance Association

When making anti-regulatory decisions, a board is expressing its real risk appetite. This can be frustrating, even bewildering, for compliance professionals, especially when rules are clear and explicit in their expectations.

Activision

Activision Blizzard fined $35M by SEC over workplace harassment disclosures

2023-02-03T19:35:00+00:00By

Activision Blizzard will pay $35 million to resolve Securities and Exchange Commission charges it violated federal securities laws by failing to adequately disclose how its ineffective response to workplace complaints was harming its ability to hire and retain skilled employees.

Spinning globe

TI 2022 Corruption Perceptions Index shows ‘scant progress’

2023-02-03T17:10:00+00:00By

Around the world, countries attempting to address their corruption issues are not making much progress, while countries failing to address corruption are worsening the problem, according to Transparency International’s latest Corruption Perceptions Index.

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Allianz case questions if DOJ encouraging scapegoating in individual liability push

2023-02-02T19:21:00+00:00By

Is the Department of Justice’s focus on individual accountability in white-collar crime cases encouraging companies to scapegoat their employees? A recent court filing in a $6 billion corporate fraud case could give company officers some sleepless nights.

Best Buy store

Learning from Wells Fargo: How Best Buy launched its enterprise risk and compliance function

2023-02-02T13:00:00+00:00By

Todd Hartman, general counsel and chief risk officer of Best Buy, shares the catalyst behind revamping the retailer’s second line of defense and the lasting benefits of separating compliance from legal.

Business defense

Ethical culture strengthened by 2022 challenges, survey finds

2023-02-01T19:21:00+00:00By

LRN’s annual ethics and compliance benchmarking report found most respondents—85 percent—said their company’s ethical culture has been strengthened, not weakened, in facing the Covid-19 pandemic, Russia’s war in Ukraine, supply chain disruptions, and more.

Morgan Stanley

Reports: Morgan Stanley fines bankers up to $1M for off-channel communications

2023-01-26T18:23:00+00:00By

Morgan Stanley fined its employees up to $1 million for using unauthorized communication channels in violation of recordkeeping rules, according to multiple reports.

Exam cheating

Audit exam cheating findings spark concern of endemic trend

2023-01-25T16:17:00+00:00By

Recent penalties against Big Four audit firms KPMG, PwC, and EY over allegations of widespread exam cheating have raised concerns prompting regulators to investigate the extent of the practice.

Forced labor hands

Good faith not good enough in navigating global supply chain laws

2023-01-23T19:24:00+00:00By

Differences in the level of duty of vigilance among supply chain legislation in countries including the United States, United Kingdom, and Germany mean best efforts to root out and stop slave labor and other worker exploitation are not enough, according to experts.

Christy Goldsmith Romero

CFTC commissioner urges crypto gatekeepers ‘step up and call for compliance’

2023-01-20T20:39:00+00:00By

Christy Goldsmith Romero of the Commodity Futures Trading Commission called out gatekeepers—lawyers, accountants, auditors, compliance professionals, and others—for failing customers in the unregulated cryptocurrency market.

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e-Book: ‘Inside the Mind of the CCO’ on the 2022-23 compliance landscape

2023-01-17T03:28:00+00:00Provided by Avetta

Twenty years removed from the passage of the Sarbanes-Oxley Act, compliance has established itself as a key component of the global business landscape. And yet, 2022 brought new priorities to the fore for many in the profession.

ESG

Joining the dots between ESG and corruption

2022-12-20T14:00:00+00:00By Ingrida Kerusauskaite and Rory Donaldson, for International Compliance Association

A report from Transparency International UK sets out the case for why business integrity and corruption should be considered as core issues in the context of impact environmental, social, and governance investing.

Amii_opinion

Does ESG offer opportunity? Or is it just another area for compliance friction?

2022-12-16T13:00:00+00:00By

Compliance practitioners share their experiences navigating responsibilities related to environmental, social, and governance without stepping on the toes of other colleagues.

Recession

Compliance budgets, staffing brace for impact of recession prep efforts

2022-12-13T13:00:00+00:00By

Respondents to our “Inside the Mind of the CCO” survey whose businesses are anticipating an economic recession note smaller budgets and the delay of new initiatives among efforts already undertaken to cut costs.

Online training

Survey: Measuring the impact of code of conduct training

2022-12-09T13:00:00+00:00By

Respondents to a survey from Compliance Week and online compliance training provider Traliant largely described their organization’s code of conduct training as effective, but the opportunity for customized, dynamic courses can take learning to the next level.

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e-Book: Measuring the impact of code of conduct training

2022-12-08T03:04:00+00:00Provided by Traliant

In the past, compliance training was regarded by companies as optional. Organizations can no longer afford to take that view.

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, including alleged exam cheating.

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.

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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.

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‘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.

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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.

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April 11 | Cutting through content complexity to create a culture of compliance

2022-11-20T03:30:00+00:00Provided by

Is automation the key to content compliance success? Could emerging technologies like AI break the mold; do they pose a threat or an opportunity to content compliance?

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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April 27 | Psychological safety: Creating resilient workplace culture

2022-11-18T17:00:00+00:00Provided by OpenSesame

This webcast will explore the significance of psychological safety and how it’s an essential element of any top performing team.

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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.

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​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.

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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.

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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.

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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.