Opinion


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Deutsche Bank’s continued AML struggles worth questioning

2021-05-14T15:16:00+01:00By

How is it Deutsche Bank can spend more than $1 billion on compliance enhancements but still be ordered to do more to improve its AML controls? Is the bank to blame or are regulators missing the big picture?

David Lefort

5 reasons to be excited for Compliance Week 2021

2021-05-06T17:54:00+01:00By

Editor in Chief Dave Lefort shares what he’s most looking forward to ahead of Compliance Week’s 16th annual National Conference from May 11-13.

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Cancel culture stresses need for senior execs to practice mindfulness

2021-05-04T17:54:00+01:00By

Given the “cancel culture” era we are in today, writes Jaclyn Jaeger, the need for senior executives to be mindful about the things they say and do outside the workplace is more critical than ever before.

David Lefort

‘Coming Clean’ case study not just a Volkswagen story

2021-04-30T16:43:00+01:00By

Volkswagen’s recently concluded three-year monitorship is chronicled in CW’s latest in-depth case study: “Coming Clean: Volkswagen’s Dieselgate scandal and compliance monitorship.” It will be published for members during the week of May 17.

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Video: ABN AMRO refreshingly accountable; pharmacists lose in COVID-19 vaccine push

2021-04-22T19:36:00+01:00By Compliance Week

Kyle Brasseur seeks silver linings from ABN AMRO’s €480 million settlement for AML failures, while Aly McDevitt calls out the retail pharmacies overextending their employees for the sake of distributing more COVID-19 vaccines.

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ABN AMRO fine response suggests moral compass of banking is shifting

2021-04-21T18:26:00+01:00By

ABN AMRO CEO Robert Swaak acknowledging his bank’s “moral duty” to prevent money laundering should be welcomed by all in the global AML community as progress, writes Martin Woods.

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New chief compliance officer, same Facebook

2021-04-16T14:29:00+01:00By

It isn’t surprising to see Facebook think it doesn’t have an ethical obligation to alert users to its latest data leak, writes Kyle Brasseur, but it is disappointing knowing the company now has a chief compliance officer in place.

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Video: Kudos to whistleblower chief Jane Norberg on successful SEC tenure

2021-04-15T18:03:00+01:00By Compliance Week

Aaron Nicodemus applauds outgoing SEC whistleblower chief Jane Norberg for “revolutionizing” the program and the agency, while Kyle Brasseur laments Facebook’s ethical bungling of its recent data leak.

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Archegos collapse: $20 billion in losses, but a win for compliance

2021-04-12T12:45:00+01:00By

The collapse of Archegos Capital Management may go down as yet another episode that champions the importance of the voice of the compliance professional, writes Martin Woods.

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Video: Deutsche Bank, Credit Suisse, and combining risk and compliance

2021-04-08T18:52:00+01:00By Compliance Week

Aly McDevitt and Kyle Brasseur assess changes in compliance and risk management functions at Deutsche Bank and Credit Suisse in light of recent scandals at each bank.

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Video: More scrutiny coming to data breach disclosures?

2021-04-01T19:50:00+01:00By Compliance Week

Aly McDevitt assesses controversial data breach disclosures from U.K. retailer FatFace and technology vendor Ubiquiti in light of a report Congress is considering stricter requirements for reporting data breaches.

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In the battle over whistleblowers, money matters

2021-03-26T16:47:00+00:00By

Is there competition among international regulators with courting whistleblowers? If so, writes Martin Woods, the path to victory is obvious: monetary incentives.

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Video: Goldman junior banker scandal puts Wall Street ethics in spotlight

2021-03-25T20:22:00+00:00By Compliance Week

Kyle Brasseur reviews the Goldman Sachs junior banker scandal and whether complaints of employee crunch on Wall Street can lead to change in working conditions.

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Video: Lawsuit calls out Tesla general counsel carousel

2021-03-18T19:18:00+00:00By Compliance Week

Aly McDevitt praises several German companies for taking initiative ahead of an impending law mandating female representation on boards, while Kyle Brasseur reviews a shareholder lawsuit that criticizes Tesla’s instability at the general counsel position.

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Tolerance key to defining company culture

2021-03-18T13:28:00+00:00By

Many believe culture is all about conduct, but the culture sitting behind the conduct is based upon tolerance and intolerance, writes Martin Woods.

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SEC’s Crenshaw throws down gauntlet: Large fines are good fines

2021-03-11T22:17:00+00:00By

The tide has officially turned, corporate America. The SEC is returning to a previous position of measuring the agency’s success by the size and number of the fines it levies. Time to get your houses in order.

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Video: Meghan Markle, Burger King, and lessons in reputation management

2021-03-11T22:08:00+00:00By Compliance Week

Aly McDevitt examines Meghan Markle’s tell-all interview with Oprah through the scope of a whistleblower and highlights Burger King’s International Women’s Day Twitter fail as a lesson for companies in assessing social media reputation risks.

Roberts Ask a CCO

Ask a CCO: Are you in favor of federal data privacy legislation?

2021-03-09T21:30:00+00:00By Compliance Week

It’s a clean sweep: All five CCOs we spoke with are in favor of U.S. federal data privacy legislation. Read on for the reasoning behind their answers.

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On International Women’s Day, we should ‘Choose to Challenge’

2021-03-08T15:10:00+00:00By

International Women’s Day isn’t just about celebrating women. It’s also about challenging norms. As such, CW’s Aly McDevitt challenges you to read this piece without flinching.

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Ask a CCO: How has your company prioritized data privacy compliance?

2021-03-05T13:44:00+00:00By Compliance Week

Five senior compliance practitioners tell us how their companies have reacted to recent privacy legislation like the GDPR, CCPA, and other state regulations in the pipeline.

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Video: Google ad change a boon for privacy; red flags apparent in Greensill downfall

2021-03-04T21:55:00+00:00By Compliance Week

Aaron Nicodemus acknowledges Google’s decision to stop selling ads based on user browsing history as a good first step, while Kyle Brasseur laments apparent red flags ignored in the seemingly impending collapse of Greensill Capital.

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Ask a CCO: What’s your strategy for preventing and detecting data breaches?

2021-03-04T13:40:00+00:00By Compliance Week

Five senior compliance practitioners outline their strategies for protecting their firms from data breaches.

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Ask a CCO: How is your company reacting to cyber-risks introduced by COVID-19?

2021-03-03T12:56:00+00:00By Compliance Week

Five senior compliance practitioners tell Compliance Week how their organizations are reacting to new cyber-threats introduced by the pandemic.

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Ask a CCO: What’s your role in creating/implementing cyber-security policies?

2021-03-02T18:16:00+00:00By Compliance Week

Five senior compliance practitioners share insights on their roles in implementing and overseeing cyber-security policies and procedures.

David Lefort

CCOs, take note: ESG is having its moment

2021-03-01T18:22:00+00:00By

The Biden administration is not so quietly making big moves in the area of ESG regulatory initiatives that should give CCOs the cachet to elevate these issues closer to the top of the priority list at their organizations.

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Banks filing more SARs amid pandemic; is this the right approach?

2021-03-01T14:09:00+00:00By

An increase in the submission of suspicious activity reports for cash values that fall under the mandatory $10,000 transaction reporting threshold last year is a proactive step by banks, but more can always be done, writes Martin Woods.

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Video: SEC on right path with climate disclosures; alleged privacy lapses at Amazon troubling

2021-02-25T22:39:00+00:00By Compliance Week

Aaron Nicodemus applauds the SEC for taking steps to clarify how companies should disclose economic risks posed by climate change, while Dave Lefort is critical of alleged lapses in data security at Amazon.

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Best practices for navigating political discussions among coworkers

2021-02-23T15:32:00+00:00By

It’s not realistic to outright ban talk of politics with coworkers, but in today’s polarized climate it’s smart to set policies and educate employees about lines that should not be crossed.

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Murphy Oil, Marathon Oil ESG incentives a positive step for oil industry

2021-02-16T20:44:00+00:00By

The willingness of Murphy Oil and Marathon Oil to adjust their executive compensation frameworks, in part, to better align with their environmental targets is a rarity in the oil and gas industry and deserving of credit, writes Jaclyn Jaeger.

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‘The Empathetic Workplace’ can help you navigate hard conversations

2021-02-16T15:12:00+00:00By

Aly McDevitt reviews “The Empathetic Workplace” by Katharine Manning, a practical guide that offers an eye-opening look into how employers should use empathy and soft skills to respond to employees in crisis.

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James Freis did the right thing at Wirecard … but why didn’t anyone else?

2021-02-12T18:21:00+00:00By

At the end of the sorry Wirecard saga, James Freis may be one of the very few former senior employees who can hold his head high, writes Martin Woods.

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Video: Wirecard’s failings back in spotlight

2021-02-11T21:40:00+00:00By Compliance Week

Jaclyn Jaeger lauds two oil companies for raising the bar on ESG commitment in the industry, while Dave Lefort assesses new developments in the Wirecard saga that point to greater failures in the firm’s internal controls.

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Video: What took Facebook so long to name a CCO?

2021-02-04T21:41:00+00:00By Compliance Week

Aly McDevitt gives props to Abercrombie & Fitch and its chief ethics and compliance officer for providing an example of marrying values to work, while Dave Lefort wonders aloud why Facebook is just now naming its first-ever CCO.

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Goldman Sachs 1MDB fallout a case study for bonus risks

2021-02-03T20:05:00+00:00By

As Goldman Sachs cuts the pay of its top executives in response to more than $5 billion in penalties incurred for the 1MDB scandal, Martin Woods once again ponders whether bonuses helped facilitate the improper conduct that took place.

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Video: Thumbs-down to all parties in GameStop madness

2021-01-28T22:28:00+00:00By Compliance Week

While Kyle Brasseur gives Data Privacy Day the shout-out it deserves, Dave Lefort explains why retail investors, the apps they use, and regulators all “Failed It” in the GameStop stock market craze.

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A risk management perspective on GameStop stock surge

2021-01-28T21:37:00+00:00By

Actions taken by Robinhood and TD Ameritrade amid the crazy GameStop stock surge can be understood from the perspective of risk management, but who’s watching out for the retail investors? That’s where the real risks lie.

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My Compliance Library: ‘Can You Hear Me?’ a guide for virtual connections

2021-01-27T18:40:00+00:00By

You might not have thought you needed it, but Nick Morgan’s “Can You Hear Me?” provides some valuable advice for getting the most out of your daily virtual meetings and conversations.

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Video: Did Capital One get off easy with $390M AML fine?

2021-01-21T19:22:00+00:00By Compliance Week

Kyle Brasseur explains how Capital One’s $390 million civil penalty for anti-money laundering failures could have been much steeper had it not been for the bank’s significant remediation efforts.

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Video: Gensler a strong choice for SEC; Flo’s alleged privacy lapses inexcusable

2021-01-14T21:27:00+00:00By Compliance Week

Aaron Nicodemus explains why President-elect Joe Biden’s SEC chairman pick, Gary Gensler, is getting rave reviews, while Aly McDevitt criticizes the alleged privacy misdeeds of Flo Health that led to an FTC settlement.

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EPA’s toxic love affair with high-polluting industries needs to end

2021-01-13T21:33:00+00:00By

A last-minute rule change by the EPA tucked into the Federal Register without a public comment period is the culmination of a years-long chumminess with high-polluting industries that can’t end soon enough, writes Jaclyn Jaeger.

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Companies don’t get credit for bailing on Trump in Capitol attack aftermath

2021-01-11T21:26:00+00:00By

It’s shameful that it took searing images of rioters looting the Capitol building for some corporations to act on the danger President Donald Trump has posed to the country all along, writes Aaron Nicodemus.

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Video: Apple ties exec bonuses to ESG; Twitter complicit in D.C. riot

2021-01-07T22:33:00+00:00By Compliance Week

In our first Nailed It or Failed It of 2021, Aly McDevitt praises Apple’s decision to link executive bonuses to the company’s values, while Dave Lefort delivers a somber message on Twitter and social media’s role in the riot at the U.S. Capitol.

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Compensation or compromise? The risks of compliance bonuses

2021-01-06T22:03:00+00:00By

Financial crime expert Martin Woods assesses whether incentivizing compliance officers with bonuses may undermine the importance of performing the job with integrity and credibility.

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Temper expectations on a U.S. federal privacy law in 2021

2020-12-30T19:04:00+00:00By

With the collapse of the EU-U.S. Privacy Shield comes an opportunity for the United States to address its data protection shortcomings. Just don’t expect a quick fix, as a litany of issues remain.

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Recordkeeping among a compliance officer’s greatest allies

2020-12-30T18:53:00+00:00By

Martin Woods writes how a recent case in the United Kingdom should remind us of the importance of our own communications and recordkeeping—especially during a time where it has perhaps never been more important.

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What’s your worth? Succeeding in compliance pay negotiations

2020-12-29T19:00:00+00:00By

Whether you are asking for a pay raise in your current role or negotiating compensation in a new role, executive coach Amii Barnard-Bahn offers tips to help ensure you are paid equitably for the work you do and value you bring to your organization.

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We’ve been failing at AML efforts, but new U.S. rules offer hope

2020-12-22T18:02:00+00:00By

If we fail to improve our collective AML efforts, specialized law firms will offer an inviting incentive to those who blow the whistle on our continued failings, writes Martin Woods.

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New Zealand’s new privacy law comes with a refreshing twist—it allows for apologies

2020-12-21T17:02:00+00:00By Mary Shirley, CW guest columnist

New Zealand’s new data privacy law allows an apology to be made without admitting guilt, a provision that follows with the island’s non-traditional form of leadership as one that focuses on empathy and the well-being of the people.

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Confidence is the ultimate tool in fighting fraudsters

2020-12-18T16:25:00+00:00By

Con men will try to bully weak investigators and sell them their version of “the truth,” writes Martin Woods. The ultimate deterrent is to challenge their “facts” and act with the same confidence they display.

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Video: Twitter GDPR fine too little or just right?

2020-12-17T20:03:00+00:00By Compliance Week

Aaron Nicodemus and Dave Lefort debate whether the Irish Data Protection Commission’s €450,000 (U.S. $547,000) fine against Twitter under the GDPR is an appropriate figure or way too small for the social media company.