Facebook Hires Its Initially Main Compliance Officer

Fb Inc. has hired its initially main compliance officer, as the social media firm faces…

Fb Inc.

has hired its initially main compliance officer, as the social media firm faces expanding scrutiny from regulators.

Henry Moniz,

who has been the chief compliance officer and main audit govt at media organization

ViacomCBS Inc.,

will join Fb on Feb. 8 to lead the company’s global compliance workforce, according to Fb. He will be the to start with human being to hold the compliance chief title at Facebook.

Henry Moniz will be Facebook’s initial chief compliance officer.



Photograph:

ViacomCBS

Mr. Moniz will report to Facebook’s standard counsel,

Jennifer Newstead.

He will also report to a board committee overseeing audit and chance, Fb claimed. The business reported his appointment would aid Facebook carry on to boost its worldwide compliance and possibility management and advertise the best specifications of legal and ethical perform at the enterprise.

Fb has experienced a compliance team, but by no means a dedicated main compliance officer, the firm explained. The appointment arrives as Fb faces rising competition from its social-media peers and stress from regulators and coverage makers all-around the world on problems ranging from competitiveness to privacy to taxes.

“The existing regulatory surroundings calls for sturdy compliance leadership, and Henry will perform a key part in driving our ongoing dedication to continuously fortify our international compliance and risk administration functions,” Ms. Newstead, Facebook’s basic counsel, claimed in a statement.

A $5 billion settlement with the Federal Trade Fee more than privacy concerns in 2019, for instance, needed the development of extra levels of compliance and necessary the enterprise to restructure its tactic to privacy oversight throughout the corporation.

The business also faces new compliance issues related with stricter world-wide-web privateness guidelines in California, which go into influence in 2023. And facts oversight compliance necessities carry on beneath Europe’s General Facts Security Regulation.

Fb, in the meantime, is battling antitrust allegations. The FTC and a team of attorneys common submitted antitrust lawsuits in opposition to the enterprise past 12 months, effectively accusing the firm of anticompetitive conduct in excess of approximately a 10 years. Resolutions to people cases could appear with further regulatory burdens.

Mr. Moniz was previously the main compliance officer and chief audit officer at Viacom ahead of its merger with CBS. He also earlier labored as a partner at regulation agency Bingham McCutchen LLP, which is now Morgan, Lewis & Bockius LLP, and as an assistant U.S. lawyer in Miami and Boston, Fb explained.

His previous working day at ViacomCBS will be Monday, in accordance to a ViacomCBS spokeswoman.

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