Article
General Counsel’s Decision Tree for Internal Investigations for the Financial Services Industry
December 13, 2023

Financial services firms regularly encounter situations for which an internal investigation may be required to determine how the organization should respond. These range from industry-specific concerns, such as those related to potential non-compliance with applicable regulatory requirements, to more general concerns including Foreign Corrupt Practices Act (FCPA) compliance, data breaches, whistleblower complaints, risks introduced by the use of third parties and human resources issues. A robust compliance program can help avoid many issues, but not all issues can be foreseen or avoided. Accordingly, having an internal investigations playbook in place will facilitate the identification and remediation of issues and is an important complement to a well-designed and functioning compliance program. It also will facilitate the in-house team’s communications with outside counsel, who have a range of experience guiding companies through these precarious situations. In addition, adherence to a well-crafted playbook helps companies meet the expectations of enforcement authorities, such as the Department of Justice (DOJ), the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Commodity Futures Trading Commission (CFTC), the Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency (OCC), the Federal Reserve and state attorneys general (as well as others), which can materially mitigate potential enforcement efforts and sanctions.

Authors
Matthew L Biben (Matt)
Partner
Business Litigation
Alec Koch
Partner
Special Matters & Government Investigations
Andrew Michaelson
Partner
Special Matters & Government Investigations
Patrick Montgomery
Partner
Special Matters & Government Investigations
Leigh Nathanson
Partner
Business Litigation
David K. Willingham
Partner
Business Litigation
Eric A. Hirsch
Counsel
Special Matters & Government Investigations
Adam Baker
Partner
Special Matters & Government Investigations
Craig Carpenito
Partner
Special Matters & Government Investigations
Jamie Dycus
Partner
Business Litigation
Zachary Fardon
Partner
Special Matters & Government Investigations
Ehren Halse
Partner
Special Matters & Government Investigations
Andrew C. Hruska (Drew)
Partner
Special Matters & Government Investigations
William Johnson (Bill)
Partner
Special Matters & Government Investigations
Carmen Lawrence
Partner
Special Matters & Government Investigations
David Lesser
Partner
Business Litigation
Aaron W. Lipson
Partner
Special Matters & Government Investigations
Damien Marshall
Partner
Business Litigation
Amelia R Medina
Partner
Special Matters & Government Investigations
Paul B. Murphy
Partner
Special Matters & Government Investigations
Grant W. Nichols
Partner
Special Matters & Government Investigations
Alicia C. O'Brien
Partner
Special Matters & Government Investigations
Patrick Otlewski
Partner
Special Matters & Government Investigations
Michael R. Pauze
Partner
Special Matters & Government Investigations
Olivia Radin
Partner
Special Matters & Government Investigations
Richard Sharpe
Partner
Special Matters & Government Investigations
Kyle Sheahen
Partner
Special Matters & Government Investigations
Aaron Stephens
Partner
Special Matters & Government Investigations
Sally Q. Yates
Partner
Special Matters & Government Investigations
Desi Hamilton
Senior Associate
Special Matters & Government Investigations
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