Compliance &Ethics - Society of Corporate Compliance and Ethics

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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
NewsWebsites uncover petty briberyaround the worldA website started in August2010 (ipaidabribe.com) hasbeen so popular that similarsites have been launchedaround the world. The sitesall provide a similar service:a way for citizens to anonymouslyconfess bribes paidand bribes requested butnot paid. Ipaidabribe.com,sponsored by the nonprofitJanaagraha in India, haslogged more than 400,000such confessions since itslaunch. The anonymousreports include everydayrequests for bribes that privatecitizens face in order tohave documentation or servicesdelivered. In a March 5article in The New York Times,Swati Ramanathan, oneof the website’s founders,said that public and privateagencies from 17 countrieshave asked for assistance insetting up equivalent programs.In addition, she saidthat Janaagraha plans toform an international coalitionof such groups so theycan share and assist eachother.2012 Compliance & ETHICS INSTITUTE PREVIEWsession 507: Automating Compliance in the iPhone AgeTuesday, October 16, 2012, 11:00 am – 12:00 pmAre you using the power of automation inyour compliance program? Are you keepingup with a younger workforce that wantsto communicate via social networking?Are your compliance materials painlesslyRead the latest news online · www.corporatecompliance.org/newsTheodore Banks,President,Compliance & CompetitionConsultants, LLCavailable on smartphones or pad computers? Are you harnessing the the latestin behavioral analytics to really understand your corporate culture—and theweaknesses that your compliance program must address? Are there ways toleverage automation to make a shrinking budget do more? These and otherrelated subjects will be discussed in our session "Automating Compliance inthe iPhone Age.”Attend SCCE’s 11th Annual Compliance & Ethics Institute in Las Vegas, NV,to hear more! Visit www.complianceethicsinstitute.org for more information.Compliance & Ethics Professional May/June 2012+1 952 933 4977 or 888 277 4977 | www.corporatecompliance.org 7
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It is the policy of the company to
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prosecutors from demanding waivers.
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y Dawn LomerSocial media evidence:A
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y Eric R. FeldmanBuilding transpare
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of a company’s “ethical culture
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Feature The last wordby Joe Murphy,
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SCCE’s 2012 Upcoming EventsLearn
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Join us for SCCE’s 10th AnnualHig
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