- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Joe Mont2019-05-17T15:32:00
Compliance Week chats with Wells Fargo CCO Mike Roemer about the challenge of rebuilding trust at a company that’s been the poster child of compliance and risk management gone wrong.
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Wells Fargo announced Chief Compliance Officer Mike Roemer will depart two years after taking on the daunting task of transforming the troubled bank’s compliance and risk management efforts. Paula Dominick will succeed him as CCO.
Already reeling from last week’s $3 billion penalty related to its fake accounts scandal, Wells Fargo took another hit Thursday in the form of a $35 million SEC settlement related to poor supervision of investment recommendation practices.
Wells Fargo will pay $3 billion to resolve civil and criminal penalties with the DOJ and SEC related to its long-running fake accounts scandal, but the embattled bank—and its former executives—are far from out of the woods.
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.
The Department of Justice’s Evaluation of Corporate Compliance Programs has made the importance of artificial intelligence governance frameworks clear, but it didn’t say what role compliance should play. Here’s the answer.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
