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…
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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…
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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…
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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…
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Today I want to return to the idea of effective incentives for corporate compliance. In a post on the subject last week, we explored some fundamentals of how to build an incentives program, but struggled with exactly how to tie executive compensation to compliance criteria. So for help, I turned to that fount of all…
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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…
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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…
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Facebook (OK, OK, the company formally known as Meta) is reportedly laying off more than 100 people from its privacy and risk management teams, telling employees that improvements in automation technology and global technical controls means that “we don’t need as many roles.” The cutbacks are a useful glimpse into the evolving state of compliance,…
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Last week I had the privilege of moderating a webinar on how to structure and use incentives in an ethics and compliance program. This is good, because incentives are one of those ideas that we all know should be in your program somehow, but using them smartly and at scale is tricky. My notes are…
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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…
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