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Dow Jones Hosts Fourth Annual Global Compliance Symposium

SymposiumDow Jones recently hosted its fourth annual Global Compliance Symposium, where business professionals, regulators and legal officers convened to share their thoughts and ideas on the key compliance issues facing today’s workforce. The Wall Street Journal’s Risk & Compliance Journal reported on the sessions and presentations during the two-day gathering.

Here are some highlights:

  •  Jay Jorgensen, Walmart’s chief compliance officer, spoke about the company’s increasing dedication to compliance. The business recently split its compliance practices and the legal department into separate entities, and spent $100 million over the last year in order to help eliminate compliance risks within the organization. 
  • The Secret Service is also prioritizing compliance, according to Deputy Director A.T. Smith. At the symposium, he spoke about how companies can work with the government to help prevent cybercrime and said that in the last 30 years, the Secret Service has been responsible for saving companies from approximately $12 billion in losses due to cybercrime. Clearly, compliance has been key in helping to prevent companies from incurring major financial losses. 
  • Kevin Mandia, the chief operating officer of FireEye, highlighted the importance that cyber security plays in a company’s safety. Mergers and acquisitions often provide ample opportunity for hackers to breach company systems because of the often over-looked security issues one of the companies may have, he said. Similarly, companies that outsource operations to vendors should be aware of the cyber security of companies with whom they are working. Overlooking a vendor’s security is what ultimately led to the major Target data breach last year.
  • Richard Bistrong is a former salesman who was convicted of conspiring to bribe officials from the United Nations before turning into an informant for FBI. He spoke from experience about the different downfalls and loopholes in compliance processes that are often exploited. He also expressed concern over the mixed messages companies send about compliance, noting that, as a corrupt salesman, he justified bribery because he was being compensated for purposefully avoiding compliance. “What does my manager want to hear when I go home?” he asked the audience. “Compliance or sales?” 

These insights on compliance reaffirm its growing importance among business and government functions. How is your company tackling compliance? How have those needs have evolved from previous years?



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