Hello on this hazy Friday here in New York.
“General Information Services and its affiliate failed to take basic steps to provide accurate background screening reports to employers about job applicants,” Richard Cordray, Director of CFPB from Law 360
Six Steps to Outsourcing Compliance Technology – from Compliance Digest
Shenzhen Penthouse and conflict-of-interests brings ex-CEO to court for possible seven-year sentence and Hong Kong’s anti-bribery law is questioned. – Wendy Wysong, Partner at Clifford Chance for Corporate Compliance Insight
Compliance Consultants No More!… Maybe… “What’s intriguing about this case – and what makes it all the more important – is the way that it has morphed from a “simple” alleged undisclosed conflicts of interest case into a case that calls into the question reliance on compliance consultants.” – Chris Stanley, CCO of Loring Ward Group for Think Advisor
Whistleblowers are still very likely – from Dodd-Frank Update
Jobs In Compliance
- Manager, BSA/AML Risk Assessment – Bank of the West, Los Angeles
- Sr Compliance Auditor – Pinnacle Solution, Los Angeles
- Sr Business Manager – AT&T, Bothell, WA
- Manager, Audit/Compliance Consulting – VACO, Houston
- Sr Consultant, Investment Advisor/Broker-Dealer Compliance – Regulatory Compliance, Boston
- Consultant, Risk Advisory – Morgan Franklin, Washington
- Product Manager, Compliance – SunGuard, Jacksonville
- Sr Compliance Analyst – Peak, New York
Opinion: Is there a big opportunity in Compliance Media?
I have been listening to a podcast called StartUp. It is produced by Gimlet Media. It is in its second season and each season they intend to follow a startup company. They introduced me to something called a lifestyle company. A lifestyle company is a company that supports the lifestyle of its owners and employees. Successful, yes. Global? No. In the show, they were following a company called DatingRing, an online dating site trying to disrupt the online dating world. While the founders were really smart and enthusiastic about it. But I had my doubts. What about all of the other dating sites? They would probably argue that since Match.com launched, there have been several successful online dating sites: OkCupid, Tinder, Coffee Meets Bagel, to name a three. The reason I was doubtful was because they weren’t offering something that was possible to scale. Match brought personal classifieds online in a palatable user interface. OKCupid brought social networking to dating. Tinder brought gaming to dating. Coffee Meets Bagel made everyone on Facebook a matchmaker. All of these things used technology to facilitate the matching and let the humans do the dating. DatingRing brought group dating on demand? The idea was that you could have a date that night if you wanted to? But it was a blind date, with no other connection except this dating service? Not that it couldn’t happen. It did happen. The problem was that it didn’t actually solve the matching problem, which is qualitative. They just thought if they had users, the matching would happen. But group dating, when scaled, is just a large party. When not scaled, it is a blind date setup by people who don’t really know you and have no connection to you, which leads to low probability of success. I mention this because I feel like I am at the point of trying to decide if my business is going to be a global media business or a lifestyle business. Right now, I can only hope to make it a lifestyle business, but I can’t really ask for money from investors for a lifestyle business. But I do have a big dream for this enterprise. I wish this would be the Law.com, Law360.com, JDSupra, Lawyers.com of the Compliance world. There are some big players in Compliance Media, not no company has as much traction as the above mentioned for law. I could have chosen other industries to do the same analogy, but you get the idea. How do I make such a narrow and new function in the financial services industry something worth monopolizing?
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Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses. He is a member of ACAMS and ACFE.