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.
The Department of Justice’s new Civil Cyber-Fraud Initiative is the latest development to suggest companies’ cybersecurity defenses had better be up to snuff when doing business with the U.S. government or risk enforcement.
In his first publicized speech as director of the Securities and Exchange Commission’s Division of Enforcement, Gurbir Grewal spoke to the importance of “modeling excellence” in compliance efforts.
Seven senior compliance practitioners impart how to get leadership to understand the value compliance offers the business and commit to supporting ethical initiatives.
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.
Brazilian state-owned energy company Petrobras announced it has met the obligations of a three-year agreement reached with the Department of Justice for playing a role in one of the world’s largest political corruption investigations.
Seven senior compliance practitioners detail the steps their respective companies take to ensure whistleblowers are not retaliated against when reporting potential misconduct.
Three pharmaceutical manufacturers—Taro Pharmaceuticals USA, Sandoz, and Apotex Corp.—will pay a total of $447.2 million for alleged violations of the False Claims Act related to price-fixing.
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.
Seven senior compliance practitioners explain what they believe to be the key tenets of an internal reporting system that encourages employees to come forward with reports of potential misconduct.
Seven senior compliance practitioners share how they encourage employees to come forward with reports of potential misconduct in support of the greater mission of instilling a culture of compliance.
Global advertising giant WPP reached a more than $19 million settlement with the SEC to resolve charges of violating the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act.
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.
A subsidiary of Massachusetts Mutual Life Insurance agreed to pay $4 million after apparently missing nearly two years’ worth of red flags by one of its broker-dealers that turned out to be a driving force behind the GameStop stock trading craze.
Disruptions to normal operations and shifts in work environments as a result of the COVID-19 pandemic caused an increase in late filings and changes to controls, according to new research from Audit Analytics.
Healthcare Services Group agreed to pay $6 million as part of a settlement with the Securities and Exchange Commission for contingency reporting failures that led to accounting and disclosure violations.
The British Standards Institution has created international guidance to help companies set up an effective whistleblowing management system.
Most risk and compliance professionals feel their senior leaders and managers demonstrate a commitment to their programs overall, but only on a conditional basis, according to the latest NAVEX Global benchmark report.
Cryptocurrency platform BitMEX has agreed to pay $100 million as part of a settlement with the CFTC and FinCEN for multiple violations of the Bank Secrecy Act and other anti-money laundering laws.
A recent survey from Compliance Week and OpenText reveals while investigations and data volumes are on the rise, machine learning combined with external expertise may give companies the upper hand in accelerating response and results.
Thinking of becoming a whistleblower? The path ahead likely won’t be easy. Learn from others that have been through the process.
Aaron Nicodemus explains what whistleblowers, their supporters, and advocates would like compliance officers who handle internal complaints to understand about the process from their side of the table.
The European Banking Authority is seeking comment on new draft guidelines that set clear expectations regarding the appointment, role, tasks, and responsibilities of anti-money laundering and countering the financing of terrorism compliance officers.
It’s important to take stock of how far whistleblowing has advanced over the last few years. That said, there is still room for improvement. Aaron Nicodemus offers three suggestions.
The road to a payout for whistleblowers is long, lonely, and full of obstacles. Commitment to the idea that they are doing the right thing helped our whistleblower subjects endure years of hardship to bring their cases to conclusion.
An independent report commissioned by Credit Suisse to examine the bank’s failures that led to $5.5 billion in losses when Archegos Capital Management collapsed this year concluded a series of missteps by risk and compliance failed to escalate numerous red flags.
Retaliation for blowing the whistle comes in all kinds of forms. Our whistleblower subjects share their stories—from losing jobs to getting blacklisted to being the target of a newspaper hit piece.
Once someone decides to blow the whistle, their life is forever changed. Their action stands to benefit many people they don’t even know while putting much in jeopardy on a personal level. Our whistleblower subjects each explain what led them to their determinations.
Almost no one becomes a whistleblower by choice. A slow and steady whittling down of options often leads individuals to isolation in coming to their decision. Our whistleblower subjects share the roadblocks they faced in reporting internally.
The U.K. Financial Reporting Council has proposed a series of measures from which companies—as well as other regulators like the SEC—could benefit as ESG disclosures receive closer scrutiny.
Whistleblowers aren’t born—they’re made. For five individuals that have taken on that mantle, the story began with discovering a problem that could no longer be ignored.
Tandy Leather Factory and its former CEO have agreed to pay a total of $225,000 as part of a settlement with the SEC to resolve charges of inaccurate financial reporting caused by a faulty inventory tracking system.
Credit Suisse has named Amélie Perrier to a new senior executive position to track the trading positions of its largest customers after the bank lost $4.7 billion in the aftermath of the collapse of Archegos Capital Management.
Why settle for an average compliance program when you can have so much more? It isn’t easy, but commitment to a handful of key requirements can push your program to the next level.
Charles Duross, former deputy chief of the DOJ’s Fraud Section, shared tips on how companies can best manage third parties and employees who willfully try to circumvent internal controls during his keynote speech at CW’s virtual TPRM conference.
As the volumes and types of electronic data generated by organizations continues to grow, it becomes increasingly complex to correctly identify, capture, store, protect and make searchable hundreds of terabytes (or petabytes) of disparate data.
Despite best effort, a chief compliance officer has a lot to lose when his or her company faces enforcement. Acknowledging this as part of any potential CCO liability framework will be important to its success.
Deutsche Bank is planning to shake up its internal structure around anti-financial crime efforts in the wake of criticism from multiple regulators.
For compliance officers working for global companies, it is important to understand the way different regions view compliance and how it may differ from your home country’s views.
A year removed from the start of the pandemic, the long-term effects the shift in work culture will have on the compliance profession have become more apparent. The “Cost of Compliance Report 2021” by Thomson Reuters reflects these changes.
Compliance teams might recognize opportunities for changing culture. To do so, they need to adapt readily in both purpose and approach and embrace innovation.
Ron Carucci’s book “To Be Honest” enables everyone in an organization to build “honesty as a muscle” and to operationalize aspirational goals and principles into an individual and group ethical capacity.
Its monitorship now complete, Volkswagen’s new focus is to rebuild its reputation among its customer base. It’s a long process, says Board Member Hiltrud Werner, one supported by a shift in strategy.
At the end of the day, how does an organization measure the effectiveness of company-wide cultural initiatives? Volkswagen has answers, utilizing perception workshops, mood barometers, and new diversity and inclusion initiatives as part of its culture rebuild post-Dieselgate.
An expert panel at CW’s 2021 National Conference agreed that compliance is uniquely positioned to help companies in their ESG initiatives. The CCO and chief sustainability officer at FedEx share how this may look in practice.
A revamped code of conduct and the Together4Integrity campaign stood out as significant milestones for Hiltrud Werner & Co. as Volkswagen began to embrace its Dieselgate monitorship as a way to improve company culture.
While Larry Thompson assembled his team for the Dieselgate monitorship, Volkswagen countered with appointments of its own, including Hiltrud Werner as head of integrity and legal affairs. Their relationship would determine the success of the monitorship going forward.
The Volkswagen Dieselgate scandal wasn’t the work of one executive who thought to install illicit software into diesel motor vehicles. It was born from a “chain of errors that was never broken,” forming the basis for one of the largest and most high-profile corporate compliance monitorships in history.
Volkswagen’s recently concluded three-year monitorship is chronicled in CW’s latest in-depth case study, which spares no detail in following the world’s largest automaker’s comeback from its biggest mistake.
A panel of DE&I experts shared valuable tips on how chief ethics and compliance officers can work collaboratively with human resources to address workplace culture issues at CW’s 2021 National Conference.