Tag:compliance oversight
Turbulent Times: Boeing’s Ongoing Struggles with Safety and Compliance
Boeing is the world’s largest aerospace company, and the leading manufacturer of commercial jetliners. Its reputation as a highly profitable and respected corporation has dwindled over the last couple of years, and 2024 appears to be its worst year yet. Safety incidents involving particular Boeing models have triggered immediate safety concerns and have unearthed significant cultural and ethical challenges within the company. Actions of regulatory bodies tasked with ensuring company safety compliance and accident prevention have revealed a larger-scale issue with aviation industry safety, and the lack of meaningful reform by the Department of Justice (DOJ).
Time to Rethink Corporate Compliance amid DOJ’s New Guidelines
The U.S. Department of Justice (DOJ) announced significant changes to its Evaluation of Corporate Compliance Programs (ECCP) on March 2, 2023, at the American Bar Association’s National Institute on White Collar Crime. By investigating deeper into companies’ compliance programs, DOJ now provides new stricter guidelines and emphasizes its vigilance and the level of commitment expected from companies. The latest announcement illustrates DOJ’s continued emphasis on company policies regarding compliance incentives and disincentives in executive compensation and the preservation of company communications made via personal devices and instant messaging applications.
Quis Custodiet Ipsos Custodes: “Who Watches the Watchmen” Oversight of Compliance Departments and Professionals
In the graphic novel and film “The Watchmen,” there is a reoccurring phrase: “Who watches the watchmen?” In context, it’s an indictment of the comic book world’s broken justice system. However, in a compliance context, the concept can be just as important. In a recent discussion with a hospital system’s compliance officer, he raised the point that a company’s compliance department is seen as the ultimate authority and expertise in laws and regulations, monitoring compliance and noncompliance, and implementing corrective and disciplinary actions. Yet while many compliance professionals may assume that their actions are always compliant, who oversees those who are overseeing systems and organizations? Who ensures that compliance is compliant?