William Dudley, president of the Federal Reserve Bank of New York, gave a superb speech in London today about corporate culture and how to push the banking industry to higher standards of good conduct. Anyone who cares about corporate culture, regardless of whether you’re in the banking sector or not, should give his comments a…
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The most important conversation not happening enough in ethics & compliance circles right now is the falling level of trust people have in corporations. If we want an example of how executive conduct puts companies in that position, look no further than health insurance giant Anthem and the recent actions of its CEO. Anthem’s CEO,…
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We are back to a busy compliance jobs report this week. The head of compliance for GE Capital just decamped to MUFG, and Volkswagen has named a coordinator for its forthcoming monitorship. VEON in Amsterdam has a new group compliance officer, and Columbia is looking to hire two professors of ERM. I gather these bits…
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Kroll and Ethisphere released their annual anti-bribery report today, a survey of what anti-corruption risks companies say they face, and the compliance efforts they use to tame those risks. If you’re looking for a good benchmarking report to read over lunch or on your commute home, this is one. The headline number: 57 percent of…
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What’s the difference between a high performance culture, and a high-pressure one? The distinction is important, after all. Pressure is one of the three forces that drive employees to commit fraud, along with rationalization and opportunity. We see pressure all the time in Corporate America, manifesting in all sorts of troublesome ways. Exhibit A would…
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Compliance officers may feel a bit dizzy today—we’ve had a whirlwind of news related to the Foreign Corrupt Practices Act this week, particularly in the last 24 hours. From the Pilot Program, to voices of support within the Trump Administration, to fresh FCPA arguments in court, and that bizarro news about the U.S. attorneys, we…
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This week’s compliance jobs report has news from Petco, DHL, Uber, Biogen, the Securities & Exchange Commission, and more—all the industry personnel gossip you need for the week of March 10! I gather these bits of gossip from LinkedIn, news alerts, and friends emailing me something to include. If you have a tip to pass…
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I didn’t notice this SEC enforcement until now, but 10 days ago the agency doled out a whistleblower award—and trimmed the final prize to the tipster, because that person both participated in the misconduct and took his sweet time before alerting the SEC. Alas, we don’t know many more details about this case. We don’t…
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Compliance officers wondering whether the Trump Administration would still enforce egregious corporate misconduct with big fines, here’s one answer: the administration today whacked a Chinese telecom firm with nearly $900 million in fines and penalties for export control violations. The firm is ZTE Corp., which pleaded guilty to re-exporting sensitive communications technology to Iran without…
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We missed an important detail in last week’s news that the SEC plans to modernize corporate filings with Inline XBRL technology: for the first time, foreign private issuers trading on U.S. markets will need to start using XBRL as well. XBRL is a technology that allows computers to read and interpret the financial data companies…
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