Thoughts From the CEOs

Gorgeous spring weather finally arrived in Boston this weekend, so like any sensible compliance enthusiast I spent that time indoors reading the 2021 PwC Global CEO Survey. We have some findings about digital transformation of business processes and risk management to discuss.  For those unfamiliar with the PwC Global CEO survey, it’s an annual report…

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Report: Ethics Pressures Mounting on Employees

values

A record number of U.S. workers say they feel pressure to cut ethical corners on the job, and a record number also say they have experienced retaliation after reporting corporate misconduct — and for both issues, those numbers have essentially doubled in just three years.   So says the 2021 Global Business Ethics Survey, a sweeping…

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Apple Debuts New Compliance Website

apple

Apple launched a new ethics and compliance website this week, one that seems to be a clearinghouse of its compliance policies and procedures and a public display of the company’s commitment to good conduct — all with a thick helping of Apple’s sleek visual design, too. You can reach the site at https://www.apple.com/compliance. To find…

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Compliance vs. Legal: The Battle Continues

A new survey of nearly 1,000 chief legal officers finds that 74 percent say the compliance function reports into legal — and of the 26 percent who say that isn’t the case, more than one-third of them believe it should be.  Those were two big findings from the Association of Corporate Counsel’s 2021 CLO Survey,…

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More on Biden, Compliance, and 2021

Biden

Today we pivot back to the incoming Biden Administration and what corporate compliance officers should anticipate as we all plan budgets and priorities for 2021. We have more insight now into who might lead important regulatory agencies under President Biden, and into what policy goals or enforcement efforts a Biden Administration would be able to…

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New Guidance From COSO, SCCE 

COSO

COSO and the Society of Corporate Compliance & Ethics released guidance today about how to integrate corporate ethics and compliance concerns into a company’s larger risk management program, complete with a list of best practices for compliance programs mapped to COSO’s enterprise risk management framework. It’s a useful document for people who like to think…

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The Biden Administration & Compliance

Biden

Well, thank the Lord this is ending. The Trump Administration has given the United States (and the world) four years of ignorance, incompetence, immorality, greed, divisiveness, and corruption. President Trump has been a singular menace to this country and the American experiment; and also to corporations that have struggled to navigate the cultural divisions Trump…

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Citigroup, Part IV: Compliance Risk

compliance

We finish our examination of the Citigroup enforcement action with a look at the issue most dear to compliance officers’ hearts: compliance risk, and how Citigroup needs to improve its compliance risk management function to meet regulators’ expectations. First, the backstory. On Oct. 7 the Office of the Comptroller of the Currency levied a $400…

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JPMorgan’s Compliance Benefit

JPMorgan

Well here’s something to take to the board as you’re planning the 2021 budget: the Justice Department hit JPMorgan this week with $920 million in penalties and disgorgement for commodities trading fraud — a penalty that could have been even larger but wasn’t, partly because the bank spent many millions improving its compliance program.  The…

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Wells Fargo’s Staggering Compliance Costs

wells fargo

Wells Fargo filed its latest quarterly report on Tuesday, and you may have seen news that new CEO Charlie Scharf wants to cut back spending on outside compliance consulting dramatically — spending that he described as “beyond anything I’ve ever seen.”  That spending, of course, stems from the seemingly endless number of compliance failures Wells…

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