It is hard to write yet another posting about Wells Fargo’s misconduct. Wells Fargo’s troubles continue unabated. I am not exaggerating — I promise. Every few months, we hear about another problem, another enforcement action, another uncovering of misconduct. I do not intend to attempt to even recount all of Wells Fargo’s horrible history. We all know it, and like a rotten fish, we all...
I have a pet peeve in the compliance world. It may be symbolic; it may be petty at the same time; and it may just be a function of my old(er) age. I apologize in advance for this posting, i.e. this rant. Call it my moment on the front lawn yelling at passing cars in the neighborhood. My moment of frustration. Let’s start with two...
I have been — and continue to be– hyper-focused on the proper role and responsibilities for Chief Compliance Officers. Not that I see any cause for alarm, but it is easy to lose focus in the sea of so-called hot issues — ESG, Diversity, Climate Change, Threats to Democracy, Cybersecurity and Data Privacy, each of which is an important component and focus for organizations. All of these...
As Supreme Court Justice Potter Stewart eloquently opined in Jacobellis v. Ohio (1964), on the legal definition of obscenity, “I know it when I see it.” This same test applies to other issues as well — when it comes to an effective ethics and compliance program, and an effective CCO, “[We] know it when [we] see it.” Or conversely (and perhaps confusingly), “[We] know it...
There are lots of sources for compliance guidance — prosecutors, regulators, compliance organizations, and many others have set forth important and valuable guidance for the design and implementation of an effective ethics and compliance program. All of this guidance is helpful and has advanced the cause of corporate compliance. After all, for decades now, the importance of corporate ethics and compliance has steadily grown. It...
OK, I admit it. I have been — and continue to be– hyper-focused on the proper role and responsibilities for Chief Compliance Officers. Not that I see any cause for alarm, but it is easy to lose focus in the sea of so-called hot issues — ESG, Diversity, Climate Change, Threats to Democracy, Cybersecurity and Data Privacy, each of which is an important component and...
Alex Cotoia, Regulatory Manager at The Volkov Law Group, rejoins us for a post providing additional color into U.S. Deputy Attorney General Lisa Monaco’s recent announcement on changes to DOJ policies. Alex can be reached at [email protected]. On October 28, 2021, U.S. Deputy Attorney General Lisa O. Monaco—a veteran of government service in previous Administrations and a champion of corporate accountability—announced several significant changes to...
ESG – the initials that are transforming corporate missions, purposes and structures, fueled by stakeholder and investor demand. It is a significant moment in corporate and stakeholder interactions. Companies recognize the responsibilities but even more importantly, the opportunities, to build a sustainable and financially profitable organization. But there are significant changes that have to occur along with the ESG objective. I am dubious about the...
Chief compliance officers are always hungry for benchmarking data, for comparisons and insights around how their respective compliance programs stack up against other companies, especially in the same industry. Compliance professionals, as a general rule, are collaborative and willing to share information with each other. CCOs are an optimistic lot and enjoy sharing best practices, ideas and insights in order to further the ethics and...
We all know (and repeat every day) that corporate cultures reflect social trends and pressures. Companies face extraordinary political and social pressures, and this translates into its corporate workforce. Without being overly dramatic, we are witnessing a fundamental social decay in belief in our institutions. This is not a recent phenomenon – it has accelerated over the last twenty years, and interestingly, has fluctuated over...
