News
More on the Fannie Ethics Meltdown
We have more clarity today on why pretty much the entire internal ethics team at Fannie Mae was fired two weeks ago. The reasons are as bad as you’d expect, and a grim sign for ethics and compliance at the mortgage giant going forward. As you might recall, Fannie’s senior leadership fired at least a…
Read MoreCompliance Jobs Report: Nov. 7
This week the Compliance Jobs Report has compliance promotions to note at Netflix, Wood, State Street, Bristol Myers, and elsewhere; plus new hiring at Lloyds, AIG, Pernod Ricard, Novartis, Vertex Pharmaceuticals, and more. (We also have rumors of cutbacks at HPE.) Job leads are in surgical products, food, and law firms; plus our Meme of…
Read MoreLessons in Fraud From Atlanta Hawks
Today, another compliance lesson from the world of sports! Federal prosecutors have indicted the now-former head of finance of the Atlanta Hawks professional basketball team, on charges that he embezzled millions from the team over at least eight years to buy sports cars, concert tickets, luxury vacations, and all the usual goodies we see in…
Read MoreFINRA Fines Firm $10M on Gift Spending
We have a great case study this week for compliance and internal control folks worried about lavish spending on gifts and entertainment: FINRA just fined a financial services firm $10 million for providing clients luxury meals and event tickets in exchange for business deals, and for a weak recordkeeping system that allowed employees to cover…
Read MoreCompliance Jobs Report: Oct. 31
This week the Compliance Jobs Report begins with a grim update from Fannie Mae. We also have personnel news from Hewlett Packard, AMD, Booking.com, UBS, Foundation Medicine, Capital One, Cisco Systems, and lots more. A great friend of the compliance profession is also moving on; and job leads are in social services, market research, and…
Read MoreSEC Chair Talks Messaging Enforcement, Misses Point
The head of the Securities and Exchange Commission said this week that the agency’s Biden-era crackdown on improper use of off-channel messaging apps was “not the way a regulator should act” and presumably won’t happen again under his watch. That’s probably music to compliance officers’ ears, but tread carefully — his words raise other, unsettling…
Read MoreCompliance Jobs Report: Oct. 24
This week the Compliance Jobs Report has hiring news at Amazon, Philip Morris, Harman International, ICE (no, not that one), Emirates, and more. Indivior has had a changing of the compliance guard, plus other promotions at Bristol Myers Squibb, Comcast, Kohler, Rio Tinto, and elsewhere. Job leads are in medical devices, sporting goods, and cable…
Read MoreGood Guidance on Third-Party Cyber Risk
Good news if you’re still smarting from that Amazon Web Services failure earlier this week that paralyzed large swaths of the business world! Regulators in New York just released fresh guidance about how to manage the cybersecurity risks of third-party technology providers. Apparently we all need a refresher course, so let’s take a look. The…
Read MoreThe Troubling Smartmatic FCPA Indictment
Last week the Justice Department indicted Smartmatic, a voting technology company, for violating the Foreign Corrupt Practices Act. For compliance professionals it’s a bizarre moment: after 10 months of the Trump Administration telling us it would limit FCPA enforcement severely, the department turned around and took one of the most forceful actions it can against…
Read MoreStudy Ranks AI Models on Compliance Tasks
We’re back to artificial intelligence today, with fresh research on how well various AI models perform at tasks that compliance teams encounter on a daily basis. The bottom line: yes, just about all AI models are generally good at lots of compliance work, but integrating AI into compliance workstreams is still going to be a…
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