Save Yourself the Energy and Help Business Get Back Value – Opt Out

If you receive direct mail and you do not respond, save yourself the energy and the soliciting company some cold hard cash and OPT OUT.  

There are options to reduce or permanently opt out of receiving offers:

Opt Out for Five Years – Call 1-888-5-OPT-OUT (1-888-567-8688) or visit www.OptOutPrescreen.com

Opt Out for Life – You will be required to confirm in writing via signing a document and mailing in the Permanent Opt Out Election Form.  

When permanently opting out, send in a written request via the website above or to each of the major credit bureaus.  When submitting in your written request you will need to include: Your Name, Phone Number, Social Security Number and Date of Birth.

 

Here are the addresses to the major credit bureaus:

 

TransUnion

Name Removal Option

PO Box 505

Woodlyn, PA 19094

 

Experian

Opt Out

PO Box 919

Allen, Texas 75013

 

Equifax, Inc.

Options

PO Box 740123

Atlanta, GA 30374-0123

 

it will be a little work for you upfront, but it will save you a lot of energy later on.  Additionally, you will be saving some trees and being green friendly not to mention having a financial contribution to these companies.

Internal Controls and Accountability – Corporate Culture Necessities

UBS Investment Bank's Offices at 299 Park Avenue
Image via Wikipedia

This week another “what is going on” happened in the financial industry.  This time it is UBS and 31-year-old UBS trader Kweku Adoboli who is accused of rogue trading with estimated losses now closer to $2.3B.  The activity had been occurring for the last three years but according to UBS it just recently uncovered the activity.  Sadly, this comes just a few years after the financial crisis of 2008 and UBS’ commitment to improve risk-controls and management system after it had a $50B write-down.

Accountability and risk management were areas of opportunity for UBS back in 2008 and part of the commitment Oswald Grübel, CEO made when he joined in 2009 to improve the risk management.  Fast-forward to September 2011, and apparently the culture is deeply rooted with folks who are working against the mantra of improved operations and risk management or so it seems.

UBS’ story is too familiar to those following the market, corporate culture and the financial industry.  In fact UBS’s story is eerily similar to Société Générale SA and Jérôme Kerviel, who racked up a $7.2B loss doing the EXACT same thing.  Kerviel was accused of making fake trades to hide his losses and repeatedly deleted those trades just before inspections, re-entering them afterward.

If you read Kerviel’s and the Soc Gen story, Kerviel will tell you that his leadership knew what was going on and he alleges even helped circumvent the system controls to allow him to make incredibly large trades given his previous successes.  Others were also involved, knew what was going on and in fact left the business shortly after the discovery.  Regulators on the Soc Gen case, The Bank of France, made 17 routine on-site investigations of Soc Gen in the two years prior to Kerviel’s capture and did not detect the matter.

So what is the answer to protect business owners, investors, customers and employees?  First off businesses today are operating in a much more complex environment and with a weaker economy.  When knowledge and money are scarce, we see the true ethical fabric of people and corporate cultures.

Knowing that we have complex and fast-paced environments, and financially weaker economics, we have to acknowledge that financial controls, IT security, risk management and a “do the right thing” culture are critical to ensuring protection of economic value.

As leaders, I would recommend the following to help create a culture of accountability and oversight:

1)  Automation of controls is good but it alone will not do it.  Human observation is critical to catch activity when systems do not.  In the cases I have been involved in; it was the person who has a funny feeling that triggered the review.

2)  Instill in all levels of management the understanding and expectation of risk management as part of their core responsibilities.

3)  View new processes, systems, people selection all with the eye of risk avoidance.  How can we ensure our data is protected, our systems are secure, our people support a culture of taking care of each other, the investors, the customers and the broader economic community?

4)  If you find a flaw, promote it, tell others so they know how it happened, how it was fixed, and that leadership is always on the lookout for other errors.

  1. If it is a system error, do a full sweep of the systems to inventory and determine if others are out there.
  2. If personnel related, investigate how rooted the infraction is on the culture.  Usually people cannot commit a crime alone…typically there are others who at least know about it if not participated in the act.  Determine the depth and breadth of the web of knowledge.

UBS, the world’s largest private wealth manager said no client’s positions were compromised.  However its reputation has been seriously harmed and with their letter to clients this weekend they attempt to provide some assurances “We fully understand this incident has caused you concern.  We too are very disappointed, and we assure you that UBS is taking the matter extremely seriously.”

Well, what about the letter to its shareholders that lost $2B in operating income, or the 3,500 employee force reduction announced in August with a value of $2B which will appear to cover the loss or the broader market that is teetering in its confidence of the financial industry and market in general?

This was not a single person acting alone in a cone.  Several people either activity or passively through lack of controls and accountability played a role in the situation.

We as leaders of companies must understand we are all connected…when we create an environment of strength, values, sustainability and corporate citizenry then we create our own destiny of greatness.  Looking away is not an option for us.  If internal controls and accountability are not on your short list as a leader….this is your wake up call to make some changes.  Too many people are counting on us.

 

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Learn from History: Transparency in Corporate Culture is Essential

Enron Complex in Houston Texas
Image via Wikipedia

I am watching a rerun of “Enron: Smartest Guys in the Room“.  Had the Stockholders had transparency into the company, the corporate culture and the legacy of leadership decisions, things would have been different.  A sad story of how so many people on the inside knew or sensed much but said little until it was too late.

If you own a business, share your culture, your decisions and your stories with your employees, your clients and your stockholders.  If you want a legacy and long term success, this is the only way to go…like any relationship…Trust is Essential.

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Social Media Liberates and Amplifies. Do you Feel Like Liberating?

Infographic on how Social Media are being used...
Image via Wikipedia

Social media is authenticity with a liberating microphone ready to amplify if we use its power for good.

I would encourage leaders to look at the implications of social media more broadly than just marketing and fads.  It really is a liberating tool to express the feelings and thoughts we have about people, companies and corporate culture, communities and leaders in broad and sweeping ways. Soon we will freely see people talking about their company culture, the treatment of its people and how closely the company brand aligns with their corporate reality.  We can use this contagion as a tool to promote not only what we are but what we aspire to be.  I would encourage leaders to be real on who they are, be bold and state what they aspire to be, work every day to create a magnetic culture, own up when mistakes happen and be visionary and create a world of possibilities.  Now that is authenticity and authenticity is the source code and content for what appears in social media.

So to the world out there on this microphone I would say…I am a leader in the making…every day growing, learning from lessons and wishing I would hurry up and live up to the image I have of great leadership.

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There is Truth to Both Sides of Every Story

Truth or Consequences

There is truth to both sides of every story…every time.  In the business environment, look for the truth to the other side of issue, the story, or the problem.  When the two views are complete opposites, try to find the truth that you can live with or the truth that may be hard to swallow.  Either way, know that in order to truly move forward empathy and understanding are necessities.

Also, understand that compromise is about leaving some goodwill on the table, creating a solution that works for both, and seeing and hearing the other side of an issue.  When people believe their truth has been heard and understood, then real work on a solution is possible and people are more flexible because they were heard.

And finally know it is ok to admit fault and keep moving forward.  Leaders that admitted when they were wrong won more influence because they acknowledged it.  JFK and the Bay of Pigs is my constant reminder of this notion.

Understand there is truth to both sides of every issue, story, or problem.  Look from the other side and see their truth.  The old saying “the truth will set you free” could not be more fitting.

Seeing their truth, even partially, will set you and the issue free.

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