- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Dave Lefort2020-10-16T15:41:00
While Wells Fargo ends up with yet another “Failed It” this week, we salute the principled Deutsche Bank whistleblower whose refusal to accept “dirty money” cost him everything.
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Wells Fargo Bank agreed to pay a total of approximately $72.6 million to resolve allegations it fraudulently overcharged hundreds of commercial customers who used the bank’s foreign exchange services.
Sen. Elizabeth Warren has called for federal banking regulators to break up Wells Fargo, saying “every new report of scandal and ongoing noncompliance” proves the bank is “ungovernable.”
In our inaugural video edition of Nailed It or Failed It, Dave Lefort praises Nasdaq’s efforts to get the SEC to require board diversity disclosures, while Kyle Brasseur critiques Vodafone’s numerous run-ins with the GDPR.
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?
