- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-11-10T16:00:00
If your company is faced with an all-out crisis—whether a cyber event, fraud, malfeasance, or product failure—it’s important to first step back and look at the situation.
If possible, ask your general counsel for an initial assessment directed at “sizing up what exactly you’re dealing with,” said William McLucas, a partner at law firm WilmerHale, during a panel discussion on managing crises at the Securities and Exchange Commission’s (SEC) Securities Enforcement Forum 2023 held in October.
If it’s clear regulators will be involved, immediately choose an approach for how to handle the next three days, he said.
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Gurbir Grewal, head of the Enforcement Division at the Securities and Exchange Commission, outlined the scenarios in which the agency would charge a chief compliance officer for securities law violations.
Businesses can be well prepared to manage a crisis by having continuity among stakeholders and avoiding leakage of privileged information to prevent conflict, a panel of legal and compliance experts shared at Compliance Week’s 2023 National Conference.
Regulators are collaborating—both domestically and internationally—more than ever before. And they expect companies to be doing the same, noted panelists during a session on collaboration between compliance and human resources at Compliance Week’s 2023 National Conference.
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.
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
