Housebreaking a puppy

Governance, whether it’s information governance or just plain governance, requires that you punish those who get caught breaking the rules.  Otherwise, the rules are more like guidelines.  And as when housebreaking a puppy, you should apply the “correction” as close as possible in time to the occurrence of the “breach.”  That includes supervisors.

“Wells Fires 4 Senior Managers Over Sales Practices,” The Wall Street Journal, February 22, 2017 B1.  Now-former Wells Employees include the Chief Risk Officer for retail banking, an executive in Arizona retail banking, a consumer-credit executive (formerly a Los Angeles retail banking executive), and a retail banking strategy and finance executive.  This follows the hold-back of 2016 bonuses for the new CEO and the CFO.  And a fine of $185 million and the termination of 5,300 other employees.  The alleged misdeeds at Wells began in 2009 or 2010.

Better late than never.

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Filed under Board, Compliance, Compliance, Compliance, Controls, Corporation, Directors, Duty, Employees, Governance, Internal controls, Management, Managers, Oversight, Oversight, Supervision, To report

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