Partner Lawrence Bard quoted, <i>The American Banker</i>,

Partner Lawrence Bard quoted, The American Banker, "Systems Built for Sarbanes-Oxley Do Double Duty"

An article entitled "Systems Built for Sarbanes-Oxley Do Double Duty" in the April 13th American Banker notes that "[a]ll companies listed on the major stock exchanges will have to have a confidential reporting system by Oct. 31 to comply with Sarbanes-Oxley....Many banks have already installed systems, usually telephone hotlines or Web sites. And though it is not known if any of these systems have been used to expose a serious corporate misdeed, the banks are discovering some side benefits. The systems are helping to resolve personnel clashes, catch fraud or operational errors before they escalate into earnings or public relations nightmares, and in some cases take suggestions from customers on how to improve service." However, "[w]hatever system a bank chooses, its board must make sure that it is easy enough for all employees to use, said Lawrence R. Bard, a partner at Fried, Frank, Harris, Shriver & Jacobson LLP in Washington. Banks should also consider offering employees who speak English as a second language the option of talking with someone who speaks their first language, he added."