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  "authorName": "Goldman Sachs",
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  "presentationDate": "2020-10-01 00:00:00",
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  "notes": "This slide outlines corporate remediation efforts in response to a specific reputational crisis.",
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      "text": "As industry risks continue to evolve, we are never truly done uplifting our Compliance Program or Reputational Risk Framework. We will continue making enhancements to ensure appropriate controls are in place to minimize the risk of reputational consequences, taking into account lessons learned from internal and external events",
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      "text": "Initially, we focused on the processes surrounding review and approval of complex transactions, including the heightened risk of reputational consequences that such transactions bring. Specifically, we focused on: Ensuring that we have sufficient controls to prevent business considerations from overriding control-side concerns; Increasing the understanding of employee responsibility to escalate signs of inappropriate behavior or control transgressions; Requiring additional focus on the review of transactions that might cause reputational risk; Improving documentation and evidence of the committee discussions regarding transactions that might cause reputational risk; Addressing transactions that might have reputational risks early enough to reduce the possibility of momentum “carrying them over the line”; Ensuring additional focus on transactions with large, “day-one” P&Ls, and/or those deemed “significant and complex”",
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      "text": "Since the 1MDB transactions, Goldman Sachs has taken significant actions to address issues raised by those transactions",
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      "text": "In recent years, we have made further enhancements. These include: Exercising heightened scrutiny of senior level people engaged in high risk areas, business or products; Reviewing the firm’s committee structure to ensure it is fit for purpose; Ensuring greater focus and additional actions when “red flags” are identified; Further developing targeted e-communication surveillance based on new emerging technology; Improving training on compliance responsibilities firmwide; Enhancing the firm’s systems and controls to prevent and detect money laundering and bribery-related behavior by the firm and its clients",
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      "text": "We have identified and developed actions and programs to address each of these issues, with the end result being a significant change in our day-to-day processes in the years since the 1MDB transactions",
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