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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2024-01-26T12:37:00
The recent furor in the United Kingdom over the Post Office’s wrongful prosecutions of hundreds of sub-postmasters for alleged fraud has put the government’s relationship with private contractors firmly under the spotlight and raised questions about how companies could be held more accountable in future.
Fujitsu won a contract to install its Horizon IT system within Post Office branches in 1999. Although bugs, discrepancies, and other issues relating to the accounting technology were apparent early on, the Post Office dismissed numerous concerns as “teething” problems that were down to sub-postmasters to resolve—by covering financial losses from their own pockets—rather than raise the issue with Fujitsu, upon which the organization was heavily dependent.
Over the following 15 years, more than 700 sub-postmasters were wrongfully prosecuted, dozens went bankrupt, and at least four committed suicide.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
2024-02-26T15:00:00Z By Camelia Gardot, CW guest columnist
Employees engaging in side businesses—part-time jobs or new company creations—can introduce a myriad of risks for a company.
2024-02-21T15:11:00Z By Ruth Prickett
Fines for employing people who do not have a legal right to work in the United Kingdom have risen, meaning employers who fail to carry out the required checks or neglect to re-examine the status of those on temporary work visas could face substantial penalties.
2024-01-24T12:49:00Z By Ruth Prickett
Experts expect improvements in the U.K. Financial Conduct Authority’s use of data and reporting means a heightened obligation for timely compliance by companies subject to its remit.
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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