Restoration of Compliance and Control

Hamerton, Christopher and Gottschalk, Petter (2022) Restoration of Compliance and Control. In, Corporate Compliance: Crime, Convenience and Control. 1 ed. London. Palgrave Macmillan, pp. 113-125. (doi:10.1007/978-3-031-16123-0_7).

Record type: Book Section

Abstract

This chapter considers the restoration, or attempted restoration, of corporate compliance in the aftermath of a scandal, a practice usually received as a pressurized challenge. The trust repair at Siemens in Germany is evaluated as a case-study example of the pitfalls of compliance restoration - in extremis. Thus, the reactive crisis processes implemented by Siemens are utilized to evaluate organizational rule adjustment, the closing of internal gaps, the extension and specification of compliance rules covering all employees and suppliers, in terms of compliance cultural change. This chapter includes an examination of financial crime specialists in compliance, focussing on the Association of Certified Financial Crime Specialists (ACFCS), and its practice in the United Kingdom and the United States in terms of establishing a viable protective framework for the investigation of financial crime and the restoration of compliance following breach.

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