Compliance Officers

In 2016, US authorities fined Wells Fargo, one of the largest banks in the United States, $185 million, after it was accused of opening fake accounts for more than two million of the bank's customers without their consent — bank employees were incentivized to create these accounts to meet sales targets, resulting in unauthorized fees and damage to customers' credit standing. In another incident in 2019, the US Environmental Protection Agency forced the automaker Fiat Chrysler to pay $800 million after it installed devices on its vehicles' engines that allowed it to cheat on emissions tests — it was revealed that these cars emitted nitrogen oxide at levels higher than what regulations allow. In both examples above, these companies were fined and penalized because they failed to comply with what are known as "laws and regulations" — work-related laws that governments in different countries put in place to ensure companies operate within ethical and legal bounds. These regulations cover a wide range of areas, including data privacy, labor laws, environmental regulations, and financial reporting standards. Failing to comply with these regulations can expose companies to major risks, such as fines, reputational damage, lawsuits, and even the revocation of licenses or permits. These regulations and rules involve many laws and complex details, and require experts to study, understand, and apply them properly within various companies and institutions. That's why most companies make sure to hire specialists in these regulations and laws, known as "compliance officers." Their job is to monitor all of a company's operations and activities to make sure it complies with laws and regulations, and to report any risks or unethical or illegal actions that could expose the company to legal accountability from the relevant authorities.

Meet the Writer: Waleed Abo Omiraa