has hired its first compliance officer as the social media company comes under increasing scrutiny from regulators.
who was the compliance officer and head of audit at the media company.
will be the 8th. February to join Facebook to lead the company’s global compliance team, Facebook said. He becomes the first person to hold the title of Chief Compliance Officer of Facebook.
Henry Moniz becomes Facebooks chief compliance officer.
Mr. Moniz will report to Facebook’s General Counsel,
It will also report to the board’s audit and risk oversight committee, Facebook said. The company said his appointment will help Facebook further improve global compliance and risk management and promote the highest standards of legal and ethical conduct within the company.
Facebook had a compliance team, but never a dedicated compliance director, the company said. The appointment comes at a time when Facebook is facing increasing competition from other social media companies as well as pressure from regulators and policymakers around the world who are grappling with issues of competition, privacy and taxation.
Today’s regulatory environment requires strong compliance leadership, and Mr. Henry will play a key role in continuing our commitment to continually strengthen our global compliance and risk management functions, said Ms. Newstead, Facebook’s general counsel, in a statement.
For example, the $5 billion privacy deal signed with the Federal Trade Commission in 2019. The $13.5 million required the institution of additional compliance levels and forced the company to restructure its approach to privacy oversight across the organization.
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The company also faces new challenges in complying with California’s stricter online privacy rules, which take effect in 2023. And data control requirements continue to be implemented in accordance with the General European Data Protection Regulation.
Meanwhile, Facebook is fighting cartel accusations. Last year, the FTC and a group of state attorneys general filed a lawsuit against the company, essentially accusing it of anti-competitive behavior for nearly a decade. Decisions taken in these cases can lead to an additional regulatory burden.
Prior to the merger with CBS, Mr. Moniz was Chief Compliance Officer and Chief Audit Officer at Viacom. He also previously worked as a partner at the law firm Bingham McCutchen LLP, now Morgan, Lewis & Bockius LLP, and as an assistant attorney in Miami and Boston, Facebook reported.
According to a ViacomCBS spokesperson, his last day at ViacomCBS will be Monday.
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