Assignment task:
Fact Pattern
You have been selected to serve as chief compliance officer (CCO) for Dollar Bill Enterprises, a global company based in the US, focused on financial services. As part of your first week on the job, you meet with a number of your direct reports and business people, and you learn about the following issues facing the company and new business opportunities that are on the horizon:
1. While there is a strong culture of compliance, employees consistently violate policies around gifts and entertainment. Specifically, salespeople often expense more than the allotted limits and there have been instances where they have entertained groups of people that included government officials
2. The Compliance team is grossly under-staffed and the technology being used the current staff is mostly ineffective and costly.
3. The Product Team wants to introduce crypto-currency as a form of payment, something DBE's competitors do not provide.
Questions:
You are asked to attend the upcoming quarterly DBE Board meeting and you want to bring these items to the attention of the Board, but you also want the Board's buy-in on your strategy for the remainder of the year.
Draft in detail:
(a) How you would raise these issues,
(b) Explain the inherent risks/potential rewards, and
(c) Offer remediation/next steps.
Note: The goal here is to be persuasive and also flex your knowledge, so provide as much detail as possible.