- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-05-16T13:43:00
Regulators and government agencies understand the value of corporate compliance programs to advancing their mission. Some seek to empower the standing of chief compliance officers within their organizations, while others use speeches to call for proactive compliance being a priority.
These proclamations are viewed positively within a compliance community often facing barriers toward achieving their desired impact at their companies. But the words lose sting when the regulators and government agencies themselves aren’t practicing what they preach.
Seeing the Federal Deposit Insurance Corporation (FDIC) being rightly criticized after a third-party independent review concluded the regulator “failed to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct” because of its “patriarchal, insular, and risk-averse culture,” I can’t help but wonder: How much of this could have been prevented if it had an empowered CCO dictating its ethical standards?
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President Joe Biden selected a commissioner at the Commodity Futures Trading Commission as his preferred choice to lead the Federal Deposit Insurance Corporation in the aftermath of its toxic workplace culture scandal.
Martin Gruenberg announced he will step down as chairman of the Federal Deposit Insurance Corporation following the release of an independent review that criticized the agency’s lack of response to employee claims of sexual harassment and discrimination.
Staff at the Securities and Exchange Commission have observed instances of audit firms setting poor examples for junior-level employees by failing to properly discipline senior leaders found to have breached ethical standards, according to Chief Accountant Paul Munter.
New Compliance Week Editor-In-Chief Ian Sherr shares his thoughts on where compliance is headed as businesses meet the realities of not just following the rules, but staying ahead of the pace of regulatory change at a global scale.
Top-of-mind issues addressed at Compliance Week’s Third-Party Risk Management & Oversight Summit, held June 3-4 in Atlanta, included safe deployment of artificial intelligence, assessing vendor viability and sustainability, understanding the role of procurement in risk ranking, the intersection (or lack thereof) between data privacy and cybersecurity, and many others.
Anne Morriss, co-author of “Move Fast and Fix Things,” advises compliance officers to tap into curiosity, communicativeness, and comfort with discomfort to build organizational trust, fast.
