Banks look to improve policies on self-reporting

Risk Live: Most whistleblowers report internally before alerting regulators, says ex-SEC official

SEC building in Washington DC
The US Securities and Exchange Commission
© jsmjr via Flickr

A lack of proper policies and procedures for self-reporting compliance failures identified by rank-and-file employees could be costing banks millions in excess fines, according to a former official at the US Securities and Exchange Commission.

Jane Norberg, a partner at the law firm Arnold & Porter and former chief of the SEC’s Office of the Whistleblower, said bank employees often raised issues internally and then contacted the regulator when line managers failed to take further action, either

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