The Fixed Income Clearing Corp.’s alleged failure to correct problems that the clearing agency detected in its risk management system has resulted in an $8 million Securities and Exchange Commission fine and should serve as a wake-up call for organizations that are turning a blind eye to compliance weak spots. 

“Once you find there is a problem, you really now are obliged to fix it. That’s not a reason not to test it. Test it with an understanding that if there are problems you’ve got to invest the time and effort to quickly getting them in line,” said Rob Chesnut, former general counsel and chief ethics officer for Airbnb Inc.

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