NEW YORK -- (BUSINESS WIRE) -- Bloomberg L.P. today released a report resulting from an external review of the company’s client data policies and procedures, led by the law firm Hogan Lovells and the regulatory compliance firm Promontory Financial Group, which concluded that Bloomberg has appropriate client data policies and controls in place. The company also announced the adoption of additional new procedures consistent with recommendations stemming from the review.
Former IBM Chairman and CEO Samuel J. Palmisano has provided independent advice to Bloomberg’s Board of Directors on the company’s client data policies and practices since May 2013. Commenting on the Hogan Lovells/Promontory report, Mr. Palmisano stated, “The report issued today is thorough, objective and comprehensive. Bloomberg’s leadership recognized the need for a more comprehensive set of policies and procedures. They acted quickly to enhance their existing structures and put more resources behind this critical priority. Based on my own observations, I support the report’s conclusion that Bloomberg currently has appropriate policies and controls in place.”
Additionally, Clark Hoyt, previously Editor-at-Large at Bloomberg News and a former Public Editor of The New York Times, led an internal review of the relationship between Bloomberg’s news and commercial operations. The company released Mr. Hoyt’s findings and recommendations, and has begun to implement them. Mr. Hoyt said, “Based on my review, I have offered recommendations to Bloomberg with the intention of helping news and the whole company adhere fully and consistently to their already-high standards, as well as to highlight areas where policies and practices should be revisited in a rapidly-changing world.”
CEO and President Daniel L. Doctoroff, said, “We know we needed to evolve, and we have learned from our mistakes. We are already implementing many of the recommendations we received. Most importantly, we have carefully listened to our clients and other constituencies, and their suggestions are helping make us a better partner.”
Peter T. Grauer, Chairman of Bloomberg, said, “Our Board of Directors placed a high priority on ensuring the experts had full and complete access to Bloomberg employees and the company’s operations to identify areas of concern and address how could we fix them.”
The reviews included:
Matthew Winkler, Editor-in-Chief of Bloomberg News, commented, “These changes are part of a natural evolution at Bloomberg News and will only make us stronger.”
The Hogan Lovells/Promontory report, which includes Mr. Palmisano’s statement on the report, and the findings and recommendations from Mr. Hoyt can be found on the Bloomberg terminal at RVWS <GO> and online at www.bloomberg.com/reviews.
Bloomberg has taken several actions related to the Hogan Lovells/Promontory report, many of which were implemented during the course of the reviews. As noted in the report, those actions include:
Mr. Hoyt’s Recommendations
Bloomberg has or will be implementing Mr. Hoyt’s primary recommendations as follows:
About Samuel J. Palmisano
Mr. Palmisano served as the CEO of IBM from March 2002 until January 2012. He was also Chairman of the company from January 2003 to September 2012. Under his leadership, IBM achieved record financial performance, transformed itself into a globally integrated enterprise and introduced its Smarter Planet agenda. He serves on the Boards of Directors of ExxonMobil and American Express. Mr. Palmisano also serves on the Board of Bloomberg Philanthropies.
About Clark Hoyt
Currently, Mr. Hoyt is a Senior Adviser to Bloomberg’s CEO and President Daniel L. Doctoroff. Before this assignment, Mr. Hoyt was an Editor-at-Large at Bloomberg News. Prior to joining Bloomberg in 2010, he was Public Editor, or Ombudsman, of The New York Times for three years. Prior to that, he had worked for 38 years at Knight Ridder Newspapers in a variety of reporting and editing positions, including National Correspondent in Washington, Business Editor of the Detroit Free Press, Washington Bureau Chief and Vice President of News, its Chief News Officer. Mr. Hoyt shared the Pulitzer Prize for national reporting with Robert S. Boyd.
About Hogan Lovells
Hogan Lovells is a global legal practice that helps corporations, financial institutions, and governmental entities across the spectrum of their critical business and legal issues globally and locally. The firm has over 2,500 lawyers operating out of more than 40 offices in the United States, Europe, Latin America, the Middle East and Asia. Hogan Lovells has one of the largest and most experienced Privacy and Information Management practices in the world.
About Promontory Financial Group
Promontory is a leading strategy, risk management, privacy, data security and regulatory compliance consulting firm focusing primarily on the financial services industry. Led by Founder and CEO, Eugene A. Ludwig, former U.S. Comptroller of the Currency, Promontory professionals have deep and varied expertise in data and privacy. From fifteen offices in North America, Europe, Asia, Australia, and the Middle East, professionals assist clients in more than 50 countries on six continents. Promontory’s affiliates complement its global strengths by providing compliance technology, reporting, financing, and funding solutions.
About Bloomberg L.P.
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Professional® service, which provides real time financial information to more than 315,000 subscribers globally. Bloomberg’s enterprise solutions build on the company’s core strength, leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively.
1 ADSKs related to News (e.g., ADSKs raising questions about articles) are forwarded to trainers in the News division, and they may forward questions or issues raised in those ADSKs to journalists as appropriate.