A federal regulatory agency recently issued a notice of charges against five former senior executives of a major financial services organization. Those charged included a senior business unit leader, several former senior business executives, the former general counsel, and both the former chief auditor and executive audit director. This action, involving two senior executives of a highly sophisticated business organization, is perhaps more consistent with disciplinary measures taken by a self-regulatory organization (or a governing board) than a governmental agency. The extent to which the executives contributed to the wrongful conduct differs in the two developments. The underlying emphasis on individual accountability will get recognized, and carry with it the potential for impacting executive attitudes.

Source: Forbes February 05, 2020 12:00 UTC