NAVEX: Top 10 risk and compliance trends for 2022
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.
CPE Webcast: Best practices for acquiring and acting on employee concerns & feedback
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.
DiMauro: Seven compliance areas to watch in 2022
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.
McDonald’s claws back $105M severance paid to disgraced former CEO
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.
Five compliance triumphs from 2021
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.
Top ethics and compliance failures of 2021
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.
CWE panel: EU Whistleblowing Directive a test for company procedures
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.
SEC rewrites whistleblower record books during historic FY2021
The SEC announced more whistleblower awards to more recipients in fiscal year 2021 than all prior years combined, according to the agency’s annual report to Congress.
Lawsuit: Ex-JPMorgan VP links firing to concerns raised about compliance program
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.
NHTSA issues first-ever whistleblower award of $24M to Hyundai insider
A former Korean safety engineer with Hyundai will receive the first whistleblower award from the National Highway Traffic Safety Administration: A $24.3 million payment for information regarding engine safety issues in 1.6 million Hyundai and Kia vehicles sold in the U.S.
Nicole Creola Kelly named chief of SEC’s Office of the Whistleblower
The Securities and Exchange Commission has appointed Nicole Creola Kelly to be the next chief of its Office of the Whistleblower.
SEC awards whistleblower extra $2M for DOJ action
The Securities and Exchange Commission announced a second award to a whistleblower after their information provided led to a successful related action by the Department of Justice.
e-Book: What whistleblowers want compliance officers to know
A five-part series from Compliance Week and SAI360 chronicles the experience of whistleblowers—and what CCOs can learn from their stories.
Compliance Week National Conference is going back in person in May
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.
CFTC issues record $200M whistleblower award
The Commodity Futures Trading Commission paid out what is believed to be the largest-ever whistleblower award to an individual—nearly $200 million—who provided credible information to open investigations launched by the CFTC, another U.S. regulator, and a foreign regulator.
When academic studies and hoax hotline claims go ‘off the rails’
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.
How to respond to government’s renewed emphasis on cybersecurity
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.
Late surge expected to comply with EU Whistleblowing Directive
European companies are expected to rush to comply with new whistleblower protection rules only when they take effect in December, meaning workers are not adequately protected for any disclosures they make in the meantime.
Ask a CCO: How do you prevent whistleblower retaliation?
Seven senior compliance practitioners detail the steps their respective companies take to ensure whistleblowers are not retaliated against when reporting potential misconduct.
Lessons learned from actions of Facebook whistleblower Frances Haugen
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.
Ask a CCO: What makes a good internal reporting system?
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.
Ask a CCO: How do you encourage internal reporting?
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.
SEC issues top-10 whistleblower award at $36M
With the end of a record fiscal year around the corner, the Securities and Exchange Commission issued yet another top-10 whistleblower award at approximately $36 million.
SEC whistleblower awards surpass $1B with $110M payout
The Securities and Exchange Commission surpassed $1 billion in whistleblower awards with the announcement of a $110 million payout to a whistleblower whose independent analysis led to two successful enforcement actions against a company.
Compliance officials to split $1M SEC whistleblower award
Three compliance practitioners received shares of a more than $1 million whistleblower award announced by the Securities and Exchange Commission.
BSI guidance offers whistleblower management best practices
The British Standards Institution has created international guidance to help companies set up an effective whistleblowing management system.
Encouraging whistleblowing could mean casting the word aside
Whistleblower is a loaded term, one that conjures up images of rats, snitches, and backstabbers. Maybe it’s time to call it something different.
Five pieces of advice for potential whistleblowers
Thinking of becoming a whistleblower? The path ahead likely won’t be easy. Learn from others that have been through the process.
Seven things whistleblowers want compliance officers to know
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.
SEC to revisit Trump-era whistleblower changes
The Securities and Exchange Commission will review two Trump-era changes to the agency’s whistleblower program, with an eye toward encouraging individuals to report wrongdoing.
Three ideas to improve the whistleblowing process
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.
Part 5: Waiting for payout a grueling test of tenacity for whistleblowers
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.
Part 4: Retaliation pervades while whistleblowers persevere
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.
Part 3: Blowing the whistle weighs uncertainty against moral duty
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.
Proposed bill seeks to broaden False Claims Act whistleblower protections
A bipartisan bill before Congress proposes tweaking the False Claims Act to extend anti-retaliation protections for whistleblowers who are not formally employed by the company or organization on which they blew the whistle.
Part 2: Internal reporting sends whistleblowers down path alone
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.
Part 1: Finding the fraud launches whistleblowers on life-changing journey
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.
CW whistleblower series: ‘Witness to Wrongdoing’
This in-depth CW series chronicles the timeline of a whistleblower—from identifying wrongdoing to reporting and enduring subsequent hardships. Exclusive interviews impart key lessons for compliance officers seeking to become an ally to these individuals.
Five steps to elevate your average compliance program
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.
New bill saves CFTC whistleblower program, but for how long?
A measure to save the whistleblower program at the CFTC was signed into law by President Joe Biden, providing enough funding to keep the program running through October 2022. What lies beyond the bill’s support?
Guggenheim Securities fined $209K for allegedly stifling whistleblowers
New York-based broker-dealer Guggenheim Securities has agreed to pay a $208,912 civil penalty for violating SEC whistleblower protection rules regarding language in its compliance manual.
What might an overhauled PCAOB look to accomplish?
With no requirements for the PCAOB to feature a certain number of members from each political party, the SEC has the chance to staff the organization with a decidedly Democratic majority. What might such a Board set out to change?
‘FinCEN Files’ source sentenced to 6 months in prison for disclosing SARs
Natalie Mayflower Sours Edwards, a former senior advisor at FinCEN who provided 2,100 SARs to BuzzFeed News that would form the basis of 2020’s “FinCEN Files” investigation, was sentenced to six months in prison.
Senate steps in to save CFTC’s whistleblower program
In an attempt to save the whistleblower program at the CFTC, the Senate approved a bill to create a separate fund to pay whistleblowers rather than having the office draw on penalties levied against wrongdoers.
Former SEC whistleblower head Jane Norberg joins Arnold & Porter
Jane Norberg, former head of the whistleblower office at the Securities and Exchange Commission, has joined D.C. law firm Arnold & Porter as a partner.
Chapter 5: Volkswagen’s path to winning back trust
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.
SEC tops $900M in whistleblower awards with $28M payout
The SEC has surpassed $900 million in whistleblower awards with a $28 million payout announced Wednesday. The award is said to be related to a Panasonic FCPA settlement from 2018.
SEC awards $31M to whistleblowers between 2 separate cases
The Securities and Exchange Commission announced more than $31 million in whistleblower awards related to two orders, with the largest share of $27 million split between two claimants in one case.
SEC awards $22M to two whistleblowers in contentious case
Two whistleblowers sought to undermine each other in vying for the majority of a $22 million award issued by the SEC regarding malfeasance reported at a financial services firm.
EU Whistleblowing Directive a ‘potential minefield’ for compliance
An EU directive designed to harmonize whistleblower protections could produce complexity as lawyers warn there are likely to be wide variations in the level of security each country’s national law will offer.