In today’s edition of Daily Compliance News:
- More Wells Fargo culture issues. (WSJ)
- Homeland Security to study cyber-attacks. (Bloomberg)
- KPMG sued for $1.8bn over Carillion debacle. (Reuters)
- WFT gets sued yet again. (WaPo)
Tag: Wells Fargo
Categories
Wells WAC-O Spending
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt Kelly and Tom Fox consider the $20+ billion spend by Wells Fargo for its various regulatory fines and penalties, investigative and remediation costs since the initial announcement of its fraudulent accounts scandal back in 2016.
Some of the highlights include:
- How can you spend over $1bn on compliance remediation in one quarter?
- Just how bad was the Wells Fargo culture?
- Can the bank ever get it right?
- How much is a functioning corporate culture worth?
Resources
See Matt’s blog post, Wells Fargo’s Staggering Compliance Costs on Radical Compliance.
As President Trump says coronavirus is no big deal and cuts CDC funding because ‘who needs scientists or facts’, Jay and Tom suspend their breathing masks shopping to consider some of the top compliance articles and stories which caught their eye this week.
- The Wells Fargo DOJ/SEC settlement. Tom has a 4 part series on the FCPA Compliance and Ethics Blog. Matt Kelly has 2 parts on Radical Compliance. Mike Volkov on Corruption Crime and Compliance. Lawyers from Paul Weiss in NYU’s Compliance and Enforcement Blog.
- Lawrence Hoskins FCPA verdicts overturned by trial court. Dick Cassin reports in the FCPA Blog.
- The Ethisphere 2020 WME awards are out. Even better news this year. See Ethisphere Press Release and List of 2020 WME companies.
- Compliance Week takes a deep dive into coronavirus and its impacts. Aaron Nicodemus on disruptions of supply chains, Jaclyn Jaeger on coronavirus impact on audits and how tech, medical and retail and are all responding. All of these articles are behind the CW firewall however you can register for a free trial on Compliance Week and read all these articles at no cost. Simply go to Compliance Week site and register for a free account to view four articles at no charge.
- NY state Shield Act coming into effect shortly. Is your company ready? Matthew Levin in CCI.
- Wow moments in compliance, Part 2. Geert Vermeulen continues his 5-part series in Risk and Compliance Platform Europe.
- What is cognitive diversity and why does it matter? Vera Cherepanova reports in the FCPA Blog.
- Will corruption cost Equatorial Guinea its IMF bailout? Rick Messick in the Global Anti-Corruption Blog.
- On the Compliance Podcast Network, Tom concludes his one month look at the role of HR in compliance on 31 Days to a More Effective Compliance Program.This week saw the following offerings: Monday-using promotion to encourage compliance; Tuesday-tone in the middle of an organization; Wednesday-tone at the bottom of an organization; Thursday-Gap Analysis for HR;Friday-10 questions to pose to HR. Note 31 Days to a More Effective Compliance Program now has its own iTunes channel. If you want to binge out and listen to only these episodes, click here.
- Join Tom in Houston on March 10 as Convercent is hosting a Roundtable, from 12-2 at Steak 48. Our featured speaker will be Philip Winterburn and featured guest is Terri Springer from HP. We will focus on key KPIs for compliance. Information and Registration here.
- Join Tom in NYC on Thursday, March 12 as Convercent is hosting an Innovation Forum from 3:30-7 PM at Satina. This event will allow you to network with like-minded individuals within the ethics and compliance space and hear from Thomas Fox and Philip Winterburn as well. For more information and registration click here.
- If not Houston or NYC, how about joining Tom in Philly? Join Baker Tilly and the Philadelphia Chapter of the Institute of Internal Auditors for the 2020 Fraud and Ethics Symposium. Information here and registration here.
Tom Fox is the Compliance Evangelist and can be reached at tfox@tfoxlaw.com. Jay Rosen is Mr. Monitor and can be reached at jrosen@affiliatedmonitors.com.
This week I have a special five-part podcast series where I am joined by Amii Barnard-Bahn to review some of the top business leadership failures of 2019. Today, we take a look at the continued leadership failures of Wells Fargo. Some of the issues we explore in this podcast include:
- The bank recently hired a new CEO, Charles W. Scharf, who is taking on one of the toughest jobs in the country.
- The bank has sustained an unremitting run of four years of crisis, unethical consumer practices with incentives that rewarded unethical behavior and poor/no controls. When will Wells Fargo finally turn the corner?
- Scharf and Wells Fargo will need to initiate a complete turnaround of culture, incentives and senior leadership.
About Amii
Amii Barnard-Bahn, JD, PCC, CCEP, CCEP-I is an executive coach who specializes in accelerating the success of legal and compliance executives and their teams. A leadership columnist for Compliance Week and Fellow at the Harvard Institute of Coaching, Amii previously shaped company culture and strategic initiatives as an executive (CAO, Chief Compliance Officer, and Chief Human Resources Officer) at companies such as McKesson and Allianz. Forbes has recognized Amii as “one of the top coaches for legal and compliance executives.”
Contact Amii
Executive Coach and Strategic Advisor
Barnard-Bahn Coaching & Consulting
Office: (510) 301-0400 | Email: amii@barnardbahn.com |website: www.barnardbahn.com
Resources
For helpful insights and actionable tips on accelerating your career, sign up for Amii’s bi-monthly newsletter at bit.ly/amiibbnews
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode we take a deep dive into the Office of Comptroller and Currency’s proposed Cease and Desist Order against former high-ranking Wells Fargo risk assurance executives.
Some of the highlights include:
- Are risk assurance executives now under more scrutiny by regulators?
- Were the facts of Wells Fargo’s fraudulent accounts scandal so bad to raise a new level of liability?
- Should we expect new regulatory guidance?
- If the first line of defense performs it function, but the second and third do not; what are the implications?
- What are the implications for the compliance discipline and CCO?
