- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2020-12-14T19:23:00
If your company isn’t making optimal use of data to enhance its compliance program, now is the time to start—before it’s too late.
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Gentex Corp. agreed to pay $4 million as part of a settlement with the Securities and Exchange Commission regarding alleged failures in its internal accounting controls that affected executive and employee bonus compensation programs over several years.
The Securities and Exchange Commission utilized data analytics to detect suspicious trading activity and form the basis of three separate insider trading cases.
The Securities and Exchange Commission credited its risk-based data analytics initiative for resulting in its “highest penalty to date” against a publicly traded company that engaged in improper accounting to boost its quarterly earnings per share.
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.
