- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2021-05-20T17:19:00
The collapse of Greensill Capital has led to investigations into how the company got into the financial mess it did and why alarm bells didn’t ring. But one investigation is noticeably conspicuous by its absence—why the company wasn’t properly regulated in the first place.
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The British Business Bank failed to carry out sufficient due diligence when it gave collapsed lender Greensill Capital approval to hand out £350 million (U.S. $465 million) under the government’s pandemic support program, according to a U.K. Parliament report.
Brett Downes, the chief risk officer at Greensill Capital for five years before the company filed for insolvency, explains what factors he believes led to the supply chain finance startup’s abrupt collapse.
A steady decrease in enforcement activity makes it easy to question whether the U.K. Financial Conduct Authority is in position to become the “more innovative, assertive, and adaptive regulator” it pledges to be.
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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?
