What happens if you don’t disclose something you should have, when you should have disclosed it?
“Honda Hit With $70 Million in Fines,” Wall Street Journal, January 9, 2015 B3. Car manufacturer failed to accurately report deaths and injuries to regulators for over eleven years. Criminal charges may follow. Honda says “systemic failures” led to the failures to report.
If the law requires you to report something, what systems do you have in place to make sure that something gets timely reported? How do you know that system is working? Aren’t all compliance failures the result of “systemic failure”?