This is a dire warning about specific compliance requirements you need to verify before joining companies like Deloitte, McKinsey or other audit consultant firms and NOT make the same mistake that some of us did.
Before you sign an offer letter for a new job — be sure, BE VERY SURE you find out about the compliance FINANCIAL requirements — BEFORE you sign that offer letter and waste time onboarding. BEFORE you have to do the compliance training/requirements and discover at that point about the two items in the title.
I signed an offer letter with Deloitte to come on board as a Data Engineer. Then, after going through several weeks of onboarding, required/mandatory training for Deloitte AND for DHS — I came to a quandary. This was one thing Deloitte did NOT bother to tell us beforehand — BEFORE we signed the offer letter, as if EVERY SINGLE person coming in would agree to.
It has to do with BDIP (broker data import programs) and Restricted Entities.
During the required/mandatory compliance/training efforts — I came to the BDIP and restricted entities portion.
For which, after significant reflection and thought, caused me to lose a lot of sleep and mental agony (I thought I had landed the perfect job and location for the next 5–10 years). It was enough to make me sick for a week — but at that point, I still decided to resign.
I do not recall this coming up during the onboarding/orientation (3 days) either. Nor any kind of specific conversation.
a) first off, you will have to share ALL of your financial information with Deloitte — credit card, loans, investments, mortgages, MMA, etc.
— — For just me, I would have done this step.
The problem is — YOU ALSO have to share ALL of your wife’s (spouses’) financial information/investments. For me, this is a NO-GO — I am not one of those who will share my spouse’s financials to anyone. There is nothing to hide but I do not care if this is for compliance policy requirements — this is out of bounds. She is not working for the company, I am.
Deloitte does this compliance step to show potential and current businesses that the employees have no vested interest in causing any conflict of interest.
b) BDIP — now here, we have to move our finances/investments IF Deloitte is doing any business with that company where your money is at. You have to move that money, at a loss — with no reimbursement from Deloitte — to a Deloitte approved broker in the BDIP.
— — — Note, this could happen several times over the course of your career at Deloitte.
So, beware if you do NOT want to move your money because of Deloitte’s business relationships. This is a compliance requirement Deloitte has in place for all employees to follow — one for which you have to sign agreement to.
And this is for a company that has, over the years — many, many lawsuits — this is NOT CONJECTURE or HEARSAY — do your own research and you will see for yourself.
Deloitte is in the same league as McKinsey, also another company that has encountered many lawsuits for similar business contract activities.
There are videos by companies such as “More Perfect Union” at https://youtube.com/watch?v=K1cJqB0X_BA that did a VERY good job in exposing McKinsey’s contractual, aaahhhh, irregularities, courtesy of the McKinsey whistleblower. (you really should check out this video…)
Even John Oliver (on his cable show and at https://youtube.com/watch?v=AiOUojVd6xQ&t=1030s) did a piece on McKinsey for the same topic. John Oliver’s piece did an even better job in explaining about how consultants should, once they are embedded within the client, to spread like a……
Again, Deloitte does nearly the same work and activities as McKinsey and several other large audit/consulting companies.
And I came across the youtube and Oliver stories AFTER I resigned from Deloitte — which I really, REALLY wished I had found beforehand…
And yes, I resigned, without a job at hand — that is the degree to how disgusted I was. I was not going to sign that compliance requirement, without following those specific compliance requirements and then knowing it would be a lie.
I DO NOT LIE for anyone, I have my own integrity and ethics behind me. Even if it is going to hurt me financially — because of not having a job lined up.
c) Restricted entities — these are companies that Deloitte does business with. This is the primary piece in the BDIP. Again, if Deloitte does business with the company, one where you have financial assets — and as far as you are concerned — that business becomes a restricted entity. And that is the cause behind your being required to move your financial investments.
After my resignation, as I was out-processing, several senior Deloitte employees let me know that “I was not the first to resign over this issue.”
Deloitte places its values first.
However, the same applies to myself and others who think as I do.
We, or myself, have a SOLID ethics/integrity boundary that does not bow or break for any other entity/person. I do not place my values second to anyone else.
— — This has been the case with me for many, many years.
Soooo….. beware
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tags:
audit, BDIP, booz allen, broker data import program, conflict of interest, consultant companies, data engineer, deloitte, John Oliver, McKinsey, More Perfect Union, restricted entities, whistleblower
