Social Responsibility


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BoA a silver lining in damning ‘FinCEN Files’ report; Wells Fargo CEO puts foot in mouth

2020-09-25T20:27:00+01:00By Compliance Week

Bank of America gets a pat on the back for going beyond an “observe and report” approach to filing a SAR, and we learned this week that Wells Fargo’s CEO needs a little unconscious bias training.

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Volkswagen completes monitorship; Deloitte family leave policy too good to be true?

2020-09-17T20:32:00+01:00By Compliance Week

Volkswagen gets a nod this week for successfully completing its 3-year compliance monitorship related to Dieselgate. Deloitte, on the other hand, lands on the wrong side of our list.

Climate

A step toward managing climate risk in U.S. financial system

2020-09-16T16:45:00+01:00By

A nearly 200-page report on managing climate risk in the U.S. financial system is comprehensively assembled by a group spearheaded by CFTC Commissioner Rostin Behnam, but the real work comes in its implementation.

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Companies should give back to employees who let them into their homes

2020-09-08T15:46:00+01:00By

Where would companies be if employees hadn’t adjusted to working from home so well during this pandemic? The least firms can do is pay them back for their hospitality, writes Martin Woods.

Oreos

Mondelēz International latest to enhance tracing of palm oil sourcing

2020-09-04T16:58:00+01:00By

Mondelēz International has become among the latest consumer goods companies to tighten its sourcing requirements for palm oil, improving its traceability of suppliers. But recent analysis also finds the industry has a long way to go in its progress.

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Credit to KPMG for shining a light on fraud at Wirecard

2020-08-27T15:08:00+01:00By Compliance Week

A scathing report on the extensive fraud at German payment giant Wirecard had a compliance silver lining: KPMG’s by-the-books, transparent approach to a special audit helped bring that fraud to light.

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CPE Webcast: Role of compliance in the fight against racial inequity

2020-08-25T14:00:00+01:00Provided by

As mindsets shift from “managing through” to “moving forward with purpose” for many, how does compliance play a role in helping organizations heal in the realm of bias, diversity, and racial equity?

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McDonald’s handling of ex-CEO scandal gets compliments, criticism

2020-08-13T14:37:00+01:00By Compliance Week

A fresh podcast from the Theranos whistleblower and a new compliance association for Black practitioners get a round of applause from us this week, while a complicated case involving McDonald’s lands the company on both the “Nailed It” and “Failed It” lists.

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CCOs show resilience in early survey data; compliance-blind NRA in crosshairs

2020-08-06T20:41:00+01:00By Compliance Week

The National Rifle Association “Failed It” big time if a suit alleging a lack of compliance controls proves true. Meanwhile, we tip our caps to the stalwart CCOs who carry on despite a cut in pay and resources due to the pandemic.

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What do FIFA chief, ‘Florida man,’ and Trump have in common? All Failed It this week

2020-07-30T18:18:00+01:00By Compliance Week

The lesson in this week’s edition of “Nailed It or Failed It?” is the more things change, the more they stay the same.

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Nailed It or Failed It? Disney sends anti-hate message to Facebook

2020-07-22T18:30:00+01:00By Compliance Week

In this week’s “Nailed It or Failed It?”, Disney gets kudos for throwing its weight behind the #StopHateForProfit protest, while PG&E earns criticism after being found responsible for yet another California wildfire.

Nailed It Failed It

Kudos to TikTok, tech brethren; Starbucks & Luckin have us soured on coffee cos.

2020-07-09T19:36:00+01:00By Compliance Week

In the inaugural edition of our weekly “Nailed It or Failed It?” feature, we give TikTok and other tech companies a pat on the back and shake our heads at the actions of Starbucks and Luckin Coffee.

Adidas

Adidas vows more ‘diverse and inclusive’ workplace after key exec departs

2020-07-06T21:26:00+01:00By

Footwear and apparel giant Adidas is focused on improving its diversity efforts after its head of global human resources stepped down following controversial remarks on race that angered employees.

GreenLaw

EPA enforcement discretion policy to end next month

2020-07-01T17:16:00+01:00By

The Environmental Protection Agency has revised its temporary—and controversial—enforcement discretion policy regarding environmental legal obligations during the coronavirus pandemic, establishing an end date of Aug. 31.

PG&E

What are expectations of compliance at a negligent company like PG&E?

2020-06-29T15:39:00+01:00By

Financial crime expert Martin Woods wonders about the compliance priorities of a company found to be as reckless as Pacific Gas and Electric.

David Lefort

Law enforcement reform should take a cue from compliance

2020-06-04T15:37:00+01:00By

Just as companies must answer to their stakeholders, our public leaders and institutions need to be held more accountable to their constituents.

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Imagining a utopian food supply chain

2020-06-01T14:01:00+01:00By

If the coronavirus pandemic has taught us anything, it’s that we need a more resilient food supply chain. Jaclyn Jaeger explains what that could look like and how the public and private sector could play their parts.

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Carnival CECO trying to right the ship amid ‘two storms’

2020-05-19T20:19:00+01:00By

The entire cruise industry was hit hard by coronavirus, but for Carnival CECO Peter Anderson the challenges were twofold: How to steer his company through both a compliance monitorship and a global pandemic.

EnvironmentalLaw

Nine AGs sue EPA over non-enforcement policy

2020-05-14T19:24:00+01:00By

A coalition of nine attorneys general filed a federal lawsuit against the EPA in response to the agency’s policy that it will stop enforcing requirements under a wide range of federal environmental laws during the coronavirus pandemic.

BrokenChain

How some companies are hedging supply chain risk during pandemic

2020-05-06T20:21:00+01:00By

As financial hardships caused by the coronavirus pandemic take their toll, some forward-thinking companies have made changes to the benefit of suppliers, serving as leaders for others in their industry.

Aaron Nicodemus

The seven worst compliance fails of the coronavirus pandemic

2020-05-05T16:40:00+01:00By

Compliance and ethics fails during the coronavirus pandemic have done more than hurt companies’ images. They’ve cost lives.

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European regulators warn coronavirus villains will be punished … eventually

2020-05-05T15:14:00+01:00By

While EU regulators have not engaged in investigations yet or launched many (or any) coronavirus-related enforcement actions, lawyers warn they will do so later down the line and believe they will tackle “worst offenders” first.

EnvironmentalLaw

House Democrats call EPA enforcement pause ‘threat to public health’

2020-04-24T20:36:00+01:00By

House Democrats are concerned that a temporary rollback of some environmental regulations will give companies “an open license to pollute” and have requested the EPA provide a briefing on its decisions next month.

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Do ethics truly pay? PPP fiasco may tell us

2020-04-23T19:57:00+01:00By

Just because a company can qualify for a government coronavirus aid loan doesn’t mean it should accept one—it could mean the difference between a successful brand and an unethical countenance.

Big business, small business

Did Goliath steal David’s money in first round of business rescue funds?

2020-04-22T16:58:00+01:00By

Even as Congress works to refill a federal loan fund meant to help small businesses survive coronavirus shutdowns, some large, publicly traded companies are taking heat for receiving the loans.

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Why risk, compliance, and ESG principles matter now more than ever

2020-04-09T13:49:00+01:00By Michael Savicki, Compliance Week Guest Columnist

The current regulatory and risk climate puts companies in a unique position to showcase their GRC and ESG principles, positioning them to thrive in the long run.

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Coronavirus: The EPA’s greatest excuse, companies’ greatest test of ethics

2020-04-01T19:26:00+01:00By

As the Environmental Protection Agency abdicates its oversight responsibilities, pointing to the coronavirus pandemic, now is the time for true leaders to lead.

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EPA scaling back enforcement amid coronavirus

2020-03-27T16:52:00+00:00By

The Environmental Protection Agency said it doesn’t expect to seek penalties for noncompliance with routine monitoring and reporting obligations during a temporary policy issued amid the coronavirus pandemic.

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Executive pay cuts a growing trend during coronavirus

2020-03-27T16:45:00+00:00By

Hundreds of companies around the world have announced drastic cuts to the salaries of their senior executives as one way to reduce the unprecedented financial blow caused by the coronavirus pandemic.

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Some good news: Ethical standouts during coronavirus crisis

2020-03-19T18:35:00+00:00By Compliance Week

Strong ethical voices are needed now more than ever, and fortunately many companies and individuals have stepped up to answer the call. We’ve rounded up dozens in an effort to shine a light on good being done.

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Elon Musk’s response disappointing amid coronavirus chaos

2020-03-18T17:09:00+00:00By

Tesla CEO Elon Musk believes coronavirus panic is more harmful than the virus itself, but he’s done little to provide help in any form despite having the platform to do so.

CorporateCharity

For some companies in the age of coronavirus, ethics pays

2020-03-17T20:58:00+00:00By

Despite slow governmental response to the coronavirus outbreak that is grinding the world economy to a halt, several businesses have decided it is worth going above and beyond to help customers and employees.

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Coronavirus: Tips for risk management

2020-03-13T14:01:00+00:00By

As the coronavirus worldwide pandemic spreads, the ramifications for any business has gone from temporary disruption to a serious impediment. Here are 10 steps your company can take to mitigate its risks.

Climate

FCA seeks comment on proposed climate-related disclosure requirements

2020-03-06T17:50:00+00:00By

The U.K. Financial Conduct Authority is asking for comment on newly published proposals outlining climate-related disclosure requirements for premium listed issuers.

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ESG at the vanguard of company objectives in 2020

2020-02-28T14:46:00+00:00By

According to the latest research, 2020 may be the year when corporations finally embrace environmental, social, and governance initiatives.

Climate

FRC to review how U.K. companies, auditors address climate change

2020-02-21T16:02:00+00:00By

The U.K. Financial Reporting Council announced it will begin reviewing the extent to which U.K. companies and auditors are responding to the impact of climate change to ensure reporting requirements are being met.

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Benefits of sustainability reporting: takeaways for accounting

2020-02-03T17:37:00+00:00By

A former FASB member and current board member at the Sustainability Accounting Standards Board offers tips to accountants facing a heightened investor interest in sustainability.

Emissions smoke

Kohler to pay ‘precedent-setting’ $20M over emissions violations

2020-01-31T22:15:00+00:00By

Kohler must pay a $20 million civil penalty in a settlement reached Thursday with the Department of Justice, Environmental Protection Agency, and state of California over alleged violations of the Clean Air Act and California law.

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NAVEX Global: Top 10 compliance trends for 2020

2020-01-17T19:20:00+00:00By

A recent Webinar, and complementary report, from NAVEX Global offers a look at the top 10 risk and compliance trends for 2020.

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BlackRock: Climate change ‘defining factor’ in companies’ futures

2020-01-14T20:30:00+00:00By

Fund manager BlackRock announced several new initiatives with a focus on sustainable investing, including holding companies and boards more accountable where they are not making enough progress on sustainability-related disclosure.

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Compliance playing an increasingly important role in ESG disclosure

2019-12-23T18:27:00+00:00By

Environmental, social, and governance disclosures are becoming common practice, but equally pressing is the regulatory compliance risk associated with non-disclosure or disclosures that are not accurate, truthful, or complete.

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France Telecom execs jailed over workplace bullying

2019-12-20T18:36:00+00:00By

The ex-chief executive of France Telecom and two other former executives have been jailed for pursuing a cost-cutting policy that was so severe it led to a spate of employee suicides.

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Study: Board diversity, gender pay, political contributions top shareholder agendas

2019-12-18T20:51:00+00:00By

A Conference Board analysis of trends in shareholder voting and activism in Russell 3000 corporations demonstrates more shareholder savvy and creativity in pursuing social and environmental issues.

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White paper: Sustainability Disclosure Goes Mainstream

2019-12-06T08:35:00+00:00Provided by

Executives increasingly take stakeholder considerations into account when they make decisions, and directors have a fiduciary duty to understand the environmental and social impacts of the business and related implications to the company’s risk profile and strategy.

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New benchmark report takes global look at CSR performance

2019-11-26T17:59:00+00:00By

A new benchmark report published by sustainability ratings provider EcoVadis provides a comprehensive analysis of the corporate social responsibility performance of more than 30,000 companies around the world.

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Sept. 29 | Addressing climate as a systemic risk for financial regulators

2019-11-10T14:46:00+00:00Provided by

The climate crisis poses a systemic risk that affects the stability and competitiveness of U.S. financial markets.

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First-ever directory of companies’ anonymous reporting hotlines released

2019-10-18T17:32:00+01:00By

A newly published online directory offers employees of Fortune 500 companies 10 tips and other best practices for reporting sexual misconduct, ethical violations, and fraud.

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Oxfam slams U.K. supermarkets over worker abuses in supply chains

2019-10-11T16:47:00+01:00By

In an effort to cut costs and raise revenue, U.K. supermarkets are endangering employees with such abuses as a lack of toilets, unsafe drinking water, and illnesses resulting from exposure to pesticides, says a new report from Oxfam.