On a number of occasions I have been brought in to lead projects addressing recently discovered compliance failures. We will discuss a number of these as real case studies. It is more common than you might think because no one is going to present in a seminar or industry meeting how they got in trouble, how they worked their way out, and how they dealt with the relevant regulators. So there is very little learning from mistakes within the industry. This is a chance to share some of this learning.
WHY SHOULD YOU ATTEND
There is increasing discussion that, rather than punish stockholders, individual officers should be personally held accountable for their decisions causing failures to act in compliance. Already the Sarbanes-Oxley law specifically requires that companies, including banks, have accurate financial reports as well as sound controls as required to assure the material accuracy of those reports. CEOs and CFOs have to personally sign statements to that effect and can be charged personally under some circumstances.
In my career there have been many times when I have been brought in as a consultant or a Senior Executive to take over non-compliant operations or to establish projects to fix non-compliant operations. Sometimes this happened after a specific executive was fired. At other times, we were able address the problems in time to avoid ending anyone’s career.
It is said that a smart person learns from their mistakes; but a wise one learns from others’ mistakes. This is a chance to learn from many other people’s hard experience.
- Common AML compliance failures.
- Extraordinary AML compliance failures (intentional at the executive level).
- Widespread SOX failures (Sarbanes-Oxley Act) primarily control breakdowns leading to reconciliation breakdowns and incorrect reporting.
- A broad failure of licensing controls where the company providing insurance products in the name of several major banks did not know which products were licensed is which states.
- For each case we will look at…
- What was the cause of the compliance failure
- How was a problem identified (red-flags, check list items, audit steps) and communicated internally (escalation process)
- What was done with regard to communication with regulatory authorities
- What did it take to investigate and address the failures
- What internal controls and risk mitigation steps were taken to prevent recurrence
- What causes compliance failures?
- How can they be identified?
- How do they get fixed?
WHO WILL BENEFIT
Banking, Brokerage, or any Financial Services company
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