The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more. In this episode, we continue the ongoing saga of Wells Fargo and its fraudulent accounts scandal. Recently an administrative law judge has affirmed that three former audit and risk management executives at Wells Fargo should face millions in penalties for their sloppy oversight during the bank’s fake-account scandal in the 2010s. The defendants were Claudia Russ Anderson, former group risk officer for Wells Fargo’s community banking division; David Julian, former chief auditor; and Paul McLinko, former executive audit director.
Some of the highlights include:
· The background facts.
· Will the fallout from the Wells Fargo fake accounts scandal ever end? (Hint-When, our Sun, goes supernova.)
· What is failure to provide a credible challenge?
· Why are these execs trying to defend their inaction?
· Why a clear line of authority is needed in compliance.
· A root cause analysis is a basic Hallmark of an effective compliance program. Why was it separately called out?
· What are the lessons learned for compliance?
Resources
Matt Kelly in Radical Compliance
