Tagged: Corporate Governance

21 Dec, 2017

Michael Volkov’s New E-Book: Pointing the Finger — How Corporate Boards Are Dodging Accountability and What CCOs Can Do About It

I am pleased to announce the release of my new e-book: Pointing the Finger — How Corporate Boards are Dodging Accountability and What CCOs Can Do About It. My new e-book can be downloaded HERE. Thanks to Corporate Compliance Insights for publishing the book and its continuing support. The compliance revolution has had a dramatic impact on important actors in the compliance arena – the...

General

17 Oct, 2016

After Circling the Wagons: Wells Fargo’s CEO Finally Falls

The Wells Fargo scandal represents a textbook case of compliance and culture failures. Recently, the scandal and Wells Fargo’s defensive crisis management strategy resulted in CEO Stumpf’s resignation. Stumpf’s demise was inevitable. He will go down in history as the only CEO of a major bank forced to resign in the aftermath of a public scandal. It is important to review what happened at Wells...

General

16 Jun, 2016

Defining “Effective” Ethics and Compliance Programs

The compliance profession faces many challenges. Some are more important than others. When it comes to evaluating performance, or measuring compliance programs, the profession has a steep uphill climb. Unfortunately, measuring compliance programs and defining what an “effective” program is an issue that requires extensive research and analysis. Justice Potter Stewart’s famous words defining “obscenity” – “I know it when I see it,” just will...

Uncategorized

15 Jun, 2016

A Rush to Compliance: Patience is a Virtue

Compliance officers are, by definition, goal driven. They are high achievers and expect to succeed. So what. You may say – we all know that. Compliance officers are not the most patient group of people. They want to see change, improvement and action. Patience is not in their blood, nor is it their middle name(s). Unless a CCO is directed by the board or the...

Uncategorized

30 May, 2016

AML Risks and Foreign Correspondent Banking

With the Panama Papers scandal and government promises of continued aggressive AML enforcement, financial institutions face a variety of risks that require increased vigilance and mitigation strategies. One of the most challenging risks facing all financial institutions is foreign correspondent banking. In essence, a foreign correspondent banking relationship is built on the effectiveness of a foreign bank’s AML compliance program and ongoing monitoring capabilities. Such...

General

15 May, 2016

Trust and Integrity: The Value of a Company’s Reputation

Warren Buffet, the Oracle of Omaha, understands the importance of corporate culture and adhering to a code of ethics. He has been quoted: Lose money and I will forgive you. Lose even a shred of reputation and I will be ruthless. …… Wealth can always be recreated, but reputation takes a lifetime to build and often only a moment to destroy. Buffet’s implicit message is unmistakable – culture, reputation and...

Events

12 May, 2016

Webinar: CCOs and the Board of Directors: Establishing an Effective Relationship

Webinar: CCOs and the Board of Directors: Establishing an Effective Relationship May 24, 2016 12 PM EST Register Here Chief Compliance Officers have to establish a positive and productive working relationship with the corporate board of directors. An effective reporting relationship is essential to ensuring an effective ethics and compliance program. CCOs have to attend to this relationship, learn how to use it effectively, and...

General

10 May, 2016

Getting Back to Basics: CCOs and Independence

Chief compliance officers continue to enjoy these heady days – salaries are up and new opportunities are popping up in the corporate world. CCOs have to keep their eye on the ball. It is well and good to get a good salary, a nice office, and a title, but there is an important requirement that cannot be overlooked – independence. The trend over the last...

General

9 May, 2016

Fixing a Sour Corporate Culture: Valeant Pharmaceuticals Faces an Uphill Challenge

Like the Greek mythology character Sisyphus, Valeant Pharmaceutical is attempting to atone for its sins and turn its corporate culture around. I am not usually a cynic but when I see these transparent attempts to reverse a company’s culture, I have a degree of suspicion. In recent weeks, Valeant took the following steps: Hired a new CEO Joseph Papa Removed five directors from its board...

General

25 Apr, 2016

CCOs: Living in the Land of False Promises

We all have heard the scenario involving a compliance professional. A new CCO joins a company with promises from the board, the CEO and senior executives of cooperation, compensation and support for a robust independent compliance function. The new CCO arrives with an idealistic spirit only to discover that he or she has been misled. Sure, the CCO has a title, and a nice salary,...