There Is No Word in Japanese for "Compliance"
The June 28, 2010 issue of the ACA Compliance Group newsletter, called ACA Insight ("The weekly news source for investment management legal and compliance professionals"), has at the top of its title page the following two sentence quotation: "There is no word in Japanese for compliance. That's a problem." On the following page, there is a brief article entitled "A Few Thoughts on Foreign Offices," the third section of which reads as follows:
Third, local custom can also present barriers to compliance. "There is no word in Japanese for compliance," said the CCO [VHM: Chief Compliance Officer], '[t]hat's [VHM: sic] a problem." It is very difficult, for example, to get office staff to submit statements for personal trading reviews, and when you do finally get them, they're not in English. Hire a native speaker for the home office to assist with translations and communication, the CCO advised. It is absolutely necessary for a good compliance program.
Read the rest of this entry »