Compliance Shut Down - A Narrative
From the "Say it ain't so department"
Someone told me this scene took place in a major CRA's backroom meeting.
Present are the President/CEO, the COO, the CFO, Chief Counsel, VP of Marketing, VP of Criminal Records Dept, and the Chief Compliance Officer......... -
CEO: We (have) brought modern software and technology to background checks. This is why we have been able to grow so fast.
CFO: And don't forget it chalks up clients and funding
LEGAL: But as it chalks up clients and funding, (we) have also been collecting something else: lawsuits.
CEO: Anything else?
COO: “There is a concern that without proper checks and balances in our system, technology could be getting it wrong.
COMPLIANCE (meekly): That is a possibility.But we have to think about the proportionate volume of searches that we running and the resulting number of mistakes.
CFO: Think of it as a cost of doing business. For every case we have to settle , the amount of money we’re making with these reports far outweighs it.
CEO: Then it's settled. Business as usual.