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 raise issues internally and then contact the regulator when line managers fail to take further action, either
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