- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-04-11T20:38:00
The key to promoting a strong risk culture within your organization is to tie risk to strategy, which engages the board and C-suite.
Follow up high-level engagement on risk management topics with effective and targeted training for all employees. Lastly, build a strong speak-up culture that encourages employees to report when things go wrong.
There is no magic wand compliance professionals can wave to accomplish these goals, panelists discussed at Compliance Week’s National Conference in Washington, D.C. Success in promoting a strong risk culture is based on trust built up over time, regular and effective communication to reinforce the message, and standing up to solve risk management deficiencies when they are pointed out by employees.
Risk management and corporate strategy should not run on parallel tracks but instead should be joined together in the minds of executives, said Joe Pugh, senior director, enterprise risk management and compliance at nonprofit interest group AARP.
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The Department of Justice launched a new pilot program that encourages voluntary self-disclosure by corporate executives who are themselves involved in financial misconduct, with the incentive of a nonprosecution agreement for those who help an agency investigation.
Just 25 percent of corporate leaders felt their organizations were highly prepared to handle the governance and risk issues posed by generative artificial intelligence, a Deloitte survey found.
Taking risk mitigation further and understanding your third parties and their risks can create value for your organization, practitioners discussed as part of a panel at CW’s virtual TPRM and Oversight Summit.
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.
