Ethics & Culture


COVID vaccine

Without OSHA vaccine policy, companies at risk of undercutting corporate culture

2022-01-20T19:46:00+00:00By

The Supreme Court’s decision to block President Joe Biden’s Covid-19 vaccine-or-test policy for large businesses leaves a patchwork quilt of state, local, and city requirements that companies will have to follow as best they can, according to experts.

2022

NAVEX: Top 10 risk and compliance trends for 2022

2022-01-20T19:15:00+00:00By

Diversity, equity, and inclusion; prioritizing ESG; business continuity; and more highlight the latest edition of NAVEX’s annual list of risk and compliance trends worth monitoring.

allvoices300x200

CPE Webcast: Best practices for acquiring and acting on employee concerns & feedback

2022-01-20T14:00:00+00:00Provided by AllVoices

Encouraging employee feedback and reports with the proper tools and processes can help companies retain top talent, save thousands of dollars from less employee turnover, avoid embarrassing and public legal action, build cultures of trust and longevity, and more.

Credit Suisse sign

Credit Suisse chairman resigns over breach of Covid-19 rules

2022-01-18T18:20:00+00:00By

António Horta-Osório, the leader who was supposed to bring stability and accountability back to Credit Suisse, resigned after eight months as chairman following an investigation into his flouting of Covid-19 rules.

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CW accepting nominations for 2022 ‘Excellence in Compliance Awards’

2022-01-18T13:00:00+00:00By

Nominations are open for Compliance Week’s third annual “Excellence in Compliance Awards,” to be presented at our 2022 National Conference from May 16-18 in Washington, D.C.

DiMauro_opinion

Shirley Chisholm: An ‘unbossed’ leader worth emulating

2022-01-14T13:00:00+00:00By

In recognition of MLK Day, CW Director of Compliance Programs & Training Julie DiMauro spotlights the inspirational work of Shirley Chisholm, the nation’s first Black congresswoman.

CFTC

CFTC hires first chief diversity officer

2022-01-13T18:41:00+00:00By

The Commodity Futures Trading Commission announced the appointment of Tanisha Cole Edmonds as the agency’s first chief diversity officer.

Liability

CCO liability framework seeks to acknowledge compliance support concerns

2022-01-12T20:55:00+00:00By

The National Society of Compliance Professionals has drafted a framework that urges regulators to consider chief compliance officer liability more holistically, in the context of the compliance culture within a CCO’s firm.

Federal Reserve

Fed Vice Chair Richard Clarida to resign early amid trading scrutiny

2022-01-11T19:38:00+00:00By

Richard Clarida, vice chair of the Federal Reserve Board, will resign from his post two weeks earlier than the expiration of his term after a report called into question trades he made just prior to the start of the Covid-19 pandemic.

Stock downward trend

DOJ probe into shadowy underworld of short selling ‘long overdue’

2022-01-11T18:17:00+00:00By

A Department of Justice criminal investigation into illegal short selling is just the latest indication these schemes demand greater scrutiny that chief compliance officers and in-house counsel can no longer afford to ignore.

Carnival

Carnival to pay $1M for environmental probation violation

2022-01-10T19:55:00+00:00By

Cruise line operator Carnival Corp. has pleaded guilty and agreed to pay a $1 million penalty for violating a condition of its probation relating to its environmental compliance plan.

Brasseur_opinion

Elizabeth Holmes verdict primes DOJ for white-collar crackdown

2022-01-10T13:00:00+00:00By

For Department of Justice leadership that recently laid out plans to strengthen their response to corporate crime, the outcome of the Elizabeth Holmes trial is an arrow in the quiver for what might be a new age of white-collar enforcement.

Riot Games

Riot Games to pay $100M in gender discrimination lawsuit settlement

2021-12-29T21:43:00+00:00By

Video game developer Riot Games has agreed to pay more than $100 million as part of a settlement in California resolving allegations of sex discrimination against female workers and harassment.

DiMauro_opinion

DiMauro: Seven compliance areas to watch in 2022

2021-12-29T17:26:00+00:00By

If 2021 was about transition under the Biden administration, 2022 is looking as if it will be a year of action. CW Director of Compliance Programs & Training Julie DiMauro shares her list of key areas she expects to receive enhanced scrutiny in the year ahead.

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McDonald’s claws back $105M severance paid to disgraced former CEO

2021-12-17T20:42:00+00:00By

McDonald’s has agreed to drop its lawsuit against disgraced former CEO Steve Easterbrook, who will return more than $105 million in equity and cash he received upon the termination of his employment in 2019.

Nirvana Patel

CCO Q&A: How Prime Trust is managing compliance in evolving crypto space

2021-12-15T13:00:00+00:00By

Compliance Week discusses with Nirvana Patel, chief compliance officer and BSA officer at Prime Trust, the unique challenges of practicing compliance in the cryptocurrency industry and his thoughts on the regulatory landscape moving forward.

SFO

SFO integrity questioned after Unaoil conviction overturned

2021-12-13T21:21:00+00:00By

The Serious Fraud Office will be investigated by the U.K. Attorney General’s Office after a court said the agency denied a convicted former oil and gas executive the right to a fair trial.

Brasseur_opinion

Ten things I’d like to see happen in 2022 (2021 in review)

2021-12-10T14:00:00+00:00By

ESG and cryptocurrency figure to be key topics in 2022, but we’re also keeping an eye on President Biden’s anti-corruption efforts, details on Amazon’s record GDPR fine, the status of Facebook’s first CCO, and more.

Hiltrud Werner index

Volkswagen integrity head Hiltrud Werner to depart in board reshuffle

2021-12-09T22:31:00+00:00By

Hiltrud Werner, board member responsible for integrity and legal affairs at Volkswagen and a key figure in the Dieselgate monitorship, will leave the German automaker on Feb. 1, 2022, as part of a series of managerial changes.

Capital One

Five compliance triumphs from 2021

2021-12-08T13:00:00+00:00By

A key CCO appointment, a company committed to transparency, and a bank that spent big on improving its AML controls highlight CW’s annual list of laudable ethics and compliance moments.

Compliance_Fail_Main_Art

Top ethics and compliance failures of 2021

2021-12-07T13:00:00+00:00By

Systemic risk management lapses at a financial services firm, allegations of toxic culture at a video game giant, and more of the same baffling behavior from one of the world’s largest tech companies comprise CW’s list of the biggest ethics and compliance fails of 2021.

SEChq

Ex-Immunomedics CFO charged with insider trading

2021-12-03T19:58:00+00:00By

The SEC charged former Immunomedics Chief Financial Officer Usama Malik and his former romantic partner with insider trading. The Department of Justice also announced criminal charges for securities fraud.

Bistrong_opinion

My Compliance Library: ‘The Long Game’ offers timely look at long-term career planning

2021-12-01T14:00:00+00:00By

Dorie Clark’s best-selling book “The Long Game” challenges us to ponder what it would look like to “discover our own definition of success” at a time when more professionals than ever are quitting their jobs in search of positive change.

DOJ building

Ex-LeClairRyan chief legal officer sentenced to 44 months imprisonment

2021-11-24T16:58:00+00:00By

A former chief legal officer of now-defunct law firm LeClairRyan was sentenced to 44 months in prison and ordered to pay a $10,000 fine after pleading guilty to obstructing an embezzlement investigation into his own fraudulent conduct as a bankruptcy trustee.

Jaeger_opinion

Activision Blizzard case study: When CCOs become the CEO’s mouthpiece

2021-11-23T19:49:00+00:00By

Many chief compliance officers report directly to the board or chief executive officer. But what happens to the CCO when the CEO is the problem? Take Activision Blizzard as an example of what not to do.

SECcrop

Ex-Cozen O’Connor attorney to pay $20K to settle insider trading charges

2021-11-22T17:04:00+00:00By

William Gericke, a former attorney with law firm Cozen O’Connor, has agreed to pay $20,004 and be permanently barred from appearing before the SEC to settle charges he traded on inside information on a corporate client.

ESG vector

Compliance must carve out role in company ESG efforts

2021-11-19T13:00:00+00:00By

Respondents to our “Inside the Mind of the CCO” survey agree compliance should play a key part as businesses determine their ESG strategy—either through primary oversight or meaningful participation.

Diversity

DEI & compliance: Signs of advancement and complications

2021-11-18T13:00:00+00:00By

A global outcry for racial justice reached a crescendo in 2020, and corporate America pledged to “meet the moment” with transformative change. According to our “Inside the Mind of the CCO” survey, there are macro signs of companies trying to move the needle, but gaps in DEI progress remain.

CWE2021 Whistleblowing

CWE panel: EU Whistleblowing Directive a test for company procedures

2021-11-17T13:08:00+00:00By

Multiple weak points identified with the upcoming EU Whistleblowing Directive could put the burden on companies to determine how to best implement the law, experts discussed during CW’s virtual Europe event.

McDevitt_opinion

Stop normalizing the gender pay gap

2021-11-17T13:00:00+00:00By

Our “Inside the Mind of the CCO” survey revealed women in compliance were paid far less than men. In a profession where practitioners are hailed as paragons of ethical integrity, why is this OK?

Happy businesspeople

Compliance: The happiest profession on Earth?

2021-11-17T13:00:00+00:00By

While the “Great Resignation” takes its toll on many industries, compliance officers responding to CW’s “Inside the Mind of the CCO” survey still near-unanimously say they are happy with their jobs. Amii Barnard-Bahn speaks with practitioners for their insights into the disparity.

Global sanctions

What it takes to work in sanctions compliance

2021-11-12T18:49:00+00:00By Visar Jaha, for International Compliance Association

Sanctions compliance veteran Visar Jaha explores for the ICA what it takes to be a successful in ensuring compliance with sanctions regimes within a firm.

JPMorgan Chase

Lawsuit: Ex-JPMorgan VP links firing to concerns raised about compliance program

2021-11-12T18:21:00+00:00By

A former compliance executive with JPMorgan Chase alleges she was fired after pointing out flaws in the bank’s compliance program and misrepresentations the bank made to regulators regarding a 2016 settlement of bribery allegations in the Asia Pacific region.

Jaeger_opinion

When racist words, stereotypes are not in the eye of the beholder

2021-11-11T16:59:00+00:00By

A recent case involving discrimination allegations raised by a former compliance executive at Commerzbank serves as a reminder that sometimes people use words that hurt others’ feelings, but it doesn’t always mean the intention is there.

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Compliance Week National Conference is going back in person in May

2021-10-25T12:00:00+01:00By

Mark your calendars: Compliance Week’s National Conference in Washington, D.C. will be held in person for the first time in nearly three years from May 16-18, 2022.

Blizzard Entertainment

Activision Blizzard compliance update: Personnel changes, transparency goals

2021-10-20T17:40:00+01:00By

Activision Blizzard announced the promotion of Jen Brewer to the role of senior vice president, ethics and compliance amid a series of other measures the embattled company is taking to enhance its culture.

Telephone

When academic studies and hoax hotline claims go ‘off the rails’

2021-10-18T17:26:00+01:00By

Imagine this: An anonymous hotline tip comes through that a senior executive has engaged in insider trading. This scenario happened this summer as part of academic research, effectively leaving hundreds of unwitting corporate subjects to foot the bill for unnecessary follow-up conducted.

ask cco 3x2 pendergrass

Ask a CCO: How do you get leadership to support compliance?

2021-10-08T13:00:00+01:00By Compliance Week

Seven senior compliance practitioners impart how to get leadership to understand the value compliance offers the business and commit to supporting ethical initiatives.

ask cco 3x2 schwager

Ask a CCO: How to ensure right things done for right reasons

2021-10-07T13:00:00+01:00By Compliance Week

How do you encourage employees to do the right things for the right reasons? Seven senior compliance practitioners share what they and their respective companies do to best get results.

Nicodemus_opinion

Lessons learned from actions of Facebook whistleblower Frances Haugen

2021-10-05T16:09:00+01:00By

Many whistleblowers are forced to take their complaints outside the company because their attempts to address the problems internally are rebuffed or ignored. Facebook is paying the price for that inaction.

Speaker podium

Updated PhRMA Code addresses company-sponsored speaker programs

2021-10-05T11:40:00+01:00By

New voluntary standards issued by the Pharmaceutical Research and Manufacturers of America will soon take effect offering guidance related to company-sponsored speaker programs.

pwc oct cover img

White paper: Prioritizing ethics and integrity

2021-10-04T06:57:00+01:00Provided by

Within the technology industry, many companies have been the subject of Foreign Corrupt Practices Act (FCPA) investigations. Companies that violate the FCPA often face substantial fines and reputational damage.

McDevitt_opinion

‘Raise Your Game, Not Your Voice’ a guide for ethics-minded professionals

2021-09-30T16:16:00+01:00By

Lisa Beth Lentini Walker and Stef Tschida’s guidebook teaches compliance practitioners how to win others over in the maelstrom without adding to the noise.

Jaeger_opinion

Activision Blizzard EEOC deal: All form, no substance

2021-09-29T19:54:00+01:00By

Activision Blizzard’s $18 million settlement with the Equal Employment Opportunity Commission mirrors in many ways the terms ride-sharing company Uber reached in a deal with the EEOC in 2019—except the agreement is void of any accountability.

Wells Fargo

Wells Fargo to pay $72.6M for foreign currency exchange fraud

2021-09-28T19:42:00+01:00By

Wells Fargo Bank agreed to pay a total of approximately $72.6 million to resolve allegations it fraudulently overcharged hundreds of commercial customers who used the bank’s foreign exchange services.

Remote oversight

Anti-corruption leaders share upsides of remote compliance program

2021-09-23T17:05:00+01:00By

COVID-19 has altered how companies operate their anti-corruption compliance programs, but not necessarily for the worse, according to experts from PepsiCo and Cook Group who shared their experiences at a recent Diligent virtual summit.

Green reporting

CMA’s Green Claims Code latest effort in greenwashing crackdown

2021-09-23T16:11:00+01:00By

Companies have until the end of the year to stop making misleading claims about the green credentials of their products and services or face regulatory action, the U.K. Competition and Markets Authority has warned.

ESG

ESG survey: Measure, monitor, and enhance your strategy

2021-09-22T18:01:00+01:00By

A Compliance Week and Fulcrum survey of more than 200 compliance, audit, legal, and finance executives worldwide revealed support for ESG initiatives, but uncertainty about how to monitor progress and measure results.

Activision

Embattled Activision Blizzard confirms SEC subpoenas

2021-09-21T19:52:00+01:00By

Activision Blizzard confirmed the company and several of its current and former employees and executives received subpoenas from the SEC “regarding disclosures on employment matters and related issues.”

Osprey

How ContourGlobal, Osprey have established effective ESG programs

2021-09-16T19:54:00+01:00By

Crafting an effective environmental, social, and governance program is not an easy feat. At CW’s “Everything ESG” virtual event, compliance/sustainability leaders from ContourGlobal and Osprey shared how they are successfully working to meet their goals.