Compliance &Ethics - Society of Corporate Compliance and Ethics

NewsCompliance & Ethics Professional May/June 2012Compliance officer ranks highin best business sector jobs listThe work of compliance officershas been spotlighted in aFebruary report in U.S. Newsand World Report. Its “BestJobs of 2012” is based on theLabor Department’s employmentprojections. In anoverview, the report detailsthat 50 jobs were selectedfrom five “quick-to-hire”industries: business, creativeservices, health care, scienceand technology, and socialservices. The job of complianceofficer ranked 13thon the list of best businessjobs. The report states, “TheBureau of Labor Statisticsprojects compliance officeremployment growth of 15percent between 2010 and2020. That’s 32,400 new jobsand 26,200 replacement jobs.”To view the entire report:http://money.usnews.com/money/careers/articles/2012/02/27/the-best-jobs-of-2012Public rebuke of culture atGoldman Sachs opens debateWhen Greg Smith, a midlevel executive at Goldman Sachs,delivered his resignation in The New York Times on March 14,2012, he sparked a new round of debates about ethical failuresand their impact on Wall Street. The 33-year-old confessed hisdisillusionment in the form of an Op-Ed article, “Why I AmLeaving Goldman Sachs.” Among the sentiments he revealed:“It makes me ill how callously people still talk about ripping offclients.” Smith further states, “It astounds me how little seniormanagement gets a basic truth: If clients don’t trust you, theywill eventually stop doing business with you.”Worldwide media coverage of the resignation generallyfocused on the question of whether anything has changedon Wall Street in the three years since the financial crisistook down so many once profitable firms. Opinion pieces ranthe gamut, including “Why Greg Smith is Dead Right,” to“Goldman Rant a Case of Sour Grapes.”Read the latest news online · www.corporatecompliance.org/newsEU agenciessay Googlebreaking lawA European Union (EU)Justice Commissioner,Viviane Reding, assertedin March that Google’s newprivacy policy is in breachof European law. Google’snew policy, implemented onMarch 1, 2012, means privatedata collected by oneof Google services can beshared with its other platforms,including YouTube,gmail and Blogger. Userscannot opt out of the newpolicy if they want tocontinue using Google’sservices.In a March 1 interviewwith BBC Radio Four, Redingstated “[The new policy] isnot in accordance with thelaw on transparency and itutilizes the data of privatepersons in order to hand itover to third parties, whichis not what the users haveagreed to.” In addition,France’s data regulationauthority (the CNIL) hasindicated that it plans tolead a European-wide investigationinto the policy.“It astounds me how little senior management gets a basictruth: If clients don’t trust you, they will eventually stopdoing business with you.” Greg Smith, former executive at Goldman Sachs6 www.corporatecompliance.org +1 952 933 4977 or 888 277 4977