Opinion


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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.

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Women in compliance: Be unapologetic about moving up … but send the elevator back down

2020-12-16T16:36:00+00:00By

Over the course of reading two books, Julie DiMauro got some important tips and reminders about taking risks, creating success, and being cognizant of those women following in our career footsteps.

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U.S. beneficial ownership efforts a welcome sight for global AML community

2020-12-14T20:14:00+00:00By

U.S. Congress’ defense spending bill requiring corporations to identify who owns and controls them is a significant milestone in the global effort to put an end to anonymous shell companies, writes Martin Woods.

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Ask a CCO: How to meet data analytics expectations of both board and regulators

2020-12-14T16:49:00+00:00By Compliance Week

Six senior compliance practitioners share some big-picture thoughts on how their companies are using data within the context of regulators’ increased expectations in the area.

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Video: Compliance pros, cons included in Congress defense spending bill

2020-12-10T18:45:00+00:00By Compliance Week

Beneficial ownership provisions contained in Congress’ defense spending bill should go a long way in the fight against money laundering, but holes in the bill’s proposed whistleblower program are open for criticism, says Aaron Nicodemus.

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How will Biden administration impact compliance

2020-12-09T14:38:00+00:00By Compliance Week

Six senior compliance practitioners reflect on how they anticipate the Joe Biden presidency, and the expected regulatory changes coming with it, will impact the compliance function.

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Ten things I’d like to see happen in 2021 (2020 in review)

2020-12-09T14:20:00+00:00By

Many of the things I’d like to see in 2021 are directly related to regulatory changes we anticipate are coming under a Biden administration, but they’re mixed with a few lessons from the pandemic we hope carry into a post-COVID world.

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Companies should create ‘Ombuds’ function to meet EU whistleblower rules

2020-12-08T17:55:00+00:00By Cédric Dubar, CW guest columnist

The creation of an independent, competent “Ombuds” function could be used by companies to respond to certain key requirements in the EU’s Whistleblower Protection Directive.

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Ask a CCO: Compliance leaders share pandemic lessons learned

2020-12-08T13:45:00+00:00By Compliance Week

Six senior compliance practitioners divulge how they fared in 2020, from wrestling with new risks amid the pandemic to the most valuable lessons learned during a year rife with crisis.

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Top ethics and compliance failures of 2020

2020-12-08T13:30:00+00:00By

From a massive accounting fraud scandal in Germany to deceitful consumer tactics among China-based companies to unethical practices on the environmental front in the United States—CW’s list of the top ethics and compliance failures of 2020 spans the globe.

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Zoom & me: Silver linings of 2020

2020-12-07T13:42:00+00:00By

Turning the lens on Zoom reveals one possible highlight of 2020: a standout company that helped corporate America transition to remote work.

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Five compliance triumphs from 2020

2020-12-07T13:11:00+00:00By

CW reveals its list of five compliance wins from the year, including Samsung for its honesty, Volkswagen for successfully wrapping up its monitorship, 3M for stellar ethics, and more.

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Video: Praise for Nasdaq diversity push; Vodafone’s GDPR woes prove costly

2020-12-03T21:52:00+00:00By Compliance Week

In our inaugural video edition of Nailed It or Failed It, Dave Lefort praises Nasdaq’s efforts to get the SEC to require board diversity disclosures, while Kyle Brasseur critiques Vodafone’s numerous run-ins with the GDPR.

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Fight against corruption must go on, even if the point is undermined

2020-12-02T17:33:00+00:00By

The recent decision by the Department of Justice to release from custody a dangerous Mexican general must not discourage the greater efforts of the anti-corruption community, writes Martin Woods.

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Compliance should consider a well-balanced information diet

2020-11-30T20:01:00+00:00By

In comparing information to food, the outcome might be considered to be the same when too much is consumed, writes Martin Woods.

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Why OCC ‘Fair Access’ proposed rule is a win-lose

2020-11-25T18:27:00+00:00By

How can true cooperation be achieved when the solution being proposed is essentially to pit high-risk, controversial banking customers against the banks with which they want to do business, wonders Jaclyn Jaeger.

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Crackdown on culture part of widespread regulatory push

2020-11-20T19:53:00+00:00By

A recent ruling by the U.K. Financial Conduct Authority to ban three individuals from the financial services industry for out-of-work misconduct is part of a broader push by regulators to crack down on matters related to culture, writes Martin Woods.

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More data, more problems with FinCEN international transfer proposal?

2020-11-12T18:10:00+00:00By

A recent international wire transfer rule change proposed by U.S. regulators could go a long way toward combatting terrorist financing, but the increased transaction reporting may overwhelm an already taxed system, writes Martin Woods.

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Manchester Arena tragedy offers stark lesson in training importance

2020-11-02T17:39:00+00:00By

As the public inquiry into the Manchester Arena bombing of 2017 plays out in the United Kingdom, lessons can be gleaned on the importance of providing thorough and complete training to employees in all fields.

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Avoiding the compliance pitfalls of bias, bullying, and blind spots

2020-10-21T16:45:00+01:00By

As compliance professionals we have an important role to play in helping businesses confront and challenge the three Bs of bias, bullying, and blind spots. If we can’t see it, we can’t police it, and that is our job, writes Martin Woods.

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USAA $85M fine for compliance failures lacks justification

2020-10-16T15:58:00+01:00By

The OCC’s recent $85 million penalty assessed against USAA for compliance risk management failures leaves too many questions unanswered for a fine that size, writes Jaclyn Jaeger.

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Wells Fargo gives us another reason to doubt their culture comeback

2020-10-16T15:41:00+01:00By

While Wells Fargo ends up with yet another “Failed It” this week, we salute the principled Deutsche Bank whistleblower whose refusal to accept “dirty money” cost him everything.