- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jaclyn Jaeger2022-10-13T13:46:00
The most notable and relevant details in settlement agreements concerning regulatory compliance violations are often what is not stated. The Securities and Exchange Commission’s (SEC) cease-and-desist order against recidivist Oracle over violations of the Foreign Corrupt Practices Act (FCPA) is no exception.
Companies and regulators alike are intentionally tactical about the details they craft publicly in settlement agreements. For the compliance profession to glean anything truly insightful requires reading between the lines.
In September, Oracle, without admitting or denying SEC’s findings, agreed to pay more than $23 million to resolve charges of FCPA violations resulting from sales employees at the technology company’s Turkey, United Arab Emirates (UAE), and India subsidiaries allegedly engaging in multiple schemes whereby they created and used slush funds to bribe foreign officials over several years.
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Oracle Corp. will pay more than $23 million to settle allegations laid by the Securities and Exchange Commission it violated the Foreign Corrupt Practices Act when its subsidiaries in India, Turkey, and the United Arab Emirates bribed foreign officials for business.
The latest development in the nearly decadelong Lawrence Hoskins court case has the potential to open the door for foreign nationals involved in aiding U.S. companies with foreign bribery schemes to escape liability under the Foreign Corrupt Practices Act, according to experts.
Chemical company Albemarle Corp. has entered settlement talks with the Securities and Exchange Commission and Department of Justice regarding potential violations of the Foreign Corrupt Practices Act.
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.
Regulators and government agencies often speak to the value of empowered corporate compliance programs to advancing their mission. Why not practice what they preach by empowering compliance among their own ranks?
