INSIGHT: Goldman and 1MDB: how a 'power few' can influence compliance culture [Reuters]
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Source: Reuters
INSIGHT: Goldman and 1MDB: how a 'power few' can influence compliance culture | Reuters 8 Min Read NEW YORK(Thomson Reuters Regulatory Intelligence) - Problems facing Goldman Sachs over the 1MDB scandal in Malaysia may be symptomatic of a bigger issue found among many large, complex banks: a compliance strategy that sees employee risk spread evenly across the firm. In practice, compliance failures are often driven by individuals who have outsized “ethical influence” and power over the organization, argues a new academic study. To mitigate the influence of the “power few” firms may need to adopt behavioral compliance intervention. “In some ways I think (the Goldman case) is a really good example of behavioral risk and localized groups of individuals with outsized influence,” said Todd Haugh, professor of business law and ethics at the Kelley School of Business at Indiana University, and author of the study, "The Power Few of Corporate Compliance"{ here }. “Although it’s pretty early in
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