- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
A highlight of the biggest ethical failures of 2016, including the scandals that rocked Wells Fargo, Unaoil, and Teva, and what public companies should do to avoid a similar fate.
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Wells Fargo reached a $575 million settlement to resolve civil claims with all 50 state Attorneys General and the District of Columbia that the bank violated state consumer protection laws.
Companies spend huge sums on audit, risk management, and compliance to alert them about potential legal issues before they escalate into serious corporate governance failings. There’s only one problem, however–they often misread their own early warning signs or ignore them altogether.
The era of artificial intelligence adoption is testing the old ways of doing compliance, underscoring the need for continuous monitoring. Compliance isn’t a one-and-done activity, but sometimes organizational incentives and goals fail to prioritize the importance of this.
