Describe the CEO’s responsibilities to lead the company out of its trouble and foster a culture of compliance. 

Compliance Risk Assessment

Essay: Start up Compliance Risk Assessment

It has been a bad year for HAILO, a start-up ride-sharing company based in New York. Although the company launched its services to much acclaim, HAILO has been plagued with problems from the start. Their smartphone app did not appropriately secure customer information and over 1,000 users had their credit card details stolen. Several of their drivers have been operating their vehicles without a driver’s license and there are ever increasing incidents of cars breaking down, some leading to significant passenger injuries. Complaints to the New York Attorney General about HAILO’s practices and lax standards keep mounting and there is talk about possible criminal charges being brought against the company, its CEO and Board of Directors. HAILO is now considered too risky to use. The CEO knows that he must resuscitate the company’s reputation and re-build customer trust. On the advice of his General Counsel, the CEO decides to hire you as HAILO’s first Compliance Officer.

Describe the CEO’s responsibilities to lead the company out of its trouble and foster a culture of compliance.

Explain how a Compliance Risk Assessment can prioritize HAILO’s limited resources

Instructions

2 pages: At least 600 words
Memo style / Well written English
Structure the memo relevant compliance risk assessment sections
Make sure that you reference the case in your response