What happens when company employees don’t follow company policies?
“J.P. Morgan Settles Asia Jobs Probe,” The Wall Street Journal, November 18, 2016 B1. The company apparently had a policy prohibiting the hiring the sons and daughters of clients and potential clients. Then it created a program to do exactly that in Asia, resulting in a lot of red faces and $264 million in fines for FCPA violations.
Why do you have the policies you have? Some are to assist compliance with law, while others just make good business sense. Why, exactly, would you fast-track the hiring of the offspring of clients and potential clients? Because they were the best and the brightest, or because doing so “facilitated” relationships? To obtain or retain business?
Who’s going to get fired? Who, ultimately, is going to pay the fine?
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