Employee Engagement Crucial in Weeding Out Corporate Misdeeds

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Corporate and government sector experts address the importance of cryptocurrencies, cyber security and whistleblowers at Businesshala Risk and Compliance Forum

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During the coronavirus pandemic, Mr Leon initially saw a drop in complaints and inquiries from employees. Although he is not sure of the exact reason behind the decline, his working theory is that people are not in the office, face-to-face with managers, and they seek outside sources to report on issues in the workplace. can search.

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“The more serious issues that come to our attention, they have not reduced much,” he said. “We obviously take all of our whistleblower complaints very seriously, and … I see them as one of the more important tools we have in our tool kit.”

Other topics of note in Tuesday’s Risk and Compliance Forum:

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Coinbase Global Inc Chief Compliance Officer Melissa Strait said that about 23% of Americans now own cryptocurrencies, citing data from comparison platform Finder.com, which suggest that crypto is beginning to move toward the investment mainstream. Have given.

As cryptocurrency enters the mainstream, however, it has emerged as the tool of choice for bad actors using ransomware against corporations, which requires regulatory authorities to focus their efforts.

Leo Tsao, deputy head of the Justice Department’s Money Laundering and Asset Recovery Section, pointed to the formation of the Ransomware and Digital Extortion Task Force, which brings together components of the entire department, as well as the National Cryptocurrency Enforcement Team, which deals with money laundering. targets the misuse of cryptocurrency for laundering and other criminal activities, as evidence the department is putting its resources to bear on the emerging problem.

“I think both of these actions demonstrate how important ransomware is to the department and to cryptocurrency crimes in general,” Mr. Tsao said.

Cyber ​​security

The pandemic has also led to a new set of concerns for compliance professionals – the growing threat posed by employees working from home, often using the technology in sub-security situations.

Mr Lyons of Hewlett Packard Enterprise described it as a “growing concern” associated with the increased use of laptops at home, with employees misusing their computers or clicking on the wrong links leading to a number of cyber breaches.

“For companies … worldwide, that’s probably not the case, it’s just a matter of when,” said Nancy Grigiel, senior vice president and chief compliance officer for worldwide compliance and business ethics for the biotechnology company, referring to the cyberattack. he said. amgen Inc.

“So companies should definitely invest resources and a lot of educational training.”

“What you do in that situation is you train, you educate, you retrain, and you remind people of the proper way to use their computers,” Mr. Leon said. “It’s obviously the biggest thing you can do from a compliance standpoint.”

David Smagalla at [email protected]


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