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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aly McDevitt2023-02-02T13:00:00
When news of Wells Fargo’s infamous fake accounts scandal broke in 2016, the bottom-up crisis caught the attention of Todd Hartman.
Hartman, then serving as deputy general counsel and chief compliance officer (CCO) for consumer electronics retailer Best Buy, wondered along with his team, “‘Could that happen here?’”
The Wells Fargo scandal saw employees open more than two million fraudulent deposit and credit card accounts on behalf of consumers. In the aftermath, the bank has paid billions in fines and restitution; parted with thousands of employees, including multiple chief executive officers; and is still seeking to restore its reputation.
Reacting to the news, Hartman in 2016-17 spearheaded an organizational change at Best Buy uncommon for its industry: making its compliance capability independent from its legal department and instituting an enterprise risk and compliance function. He sought to understand, “‘Do we have the structures that would always enable those communications to happen in the most complete and appropriate way?’”
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2023-12-19T22:38:00Z By Aaron Nicodemus
Compliance teams most often report to their firm’s legal department, our “Inside the Mind of the CCO” survey found. However, heavily regulated companies and those with fewer employees saw different trends emerge.
2023-12-12T15:15:00Z By Mary Shirley, CW guest columnist
Compliance professionals often do not think broadly enough about what can and should fall under the umbrella of monitoring and review that will positively impact their ethics and compliance programs. Mary Shirley offers suggestions for program elements to review.
2022-08-10T12:00:00Z By Aaron Nicodemus
How can a company prove its compliance bona fides to a regulator, should one ever come knocking on its door? The Home Depot has prepared for such a scenario with detailed guidance pegged to the DOJ’s “Evaluation of Corporate Compliance Programs.”
2024-06-28T19:30:00Z By Jeff Dale
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
2024-06-20T15:40:00Z By Aaron Nicodemus
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
2024-06-07T22:34:00Z By Adrianne Appel
Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.
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