Day: May 30, 2019

Categories
Daily Compliance News

Daily Compliance News: May 30, 2019-is a spanking is coming edition

In today’s edition of Daily Compliance News:

  • Is the SEC useless? Mark Cuban thinks so. (Yahoo Finance)
  • Monitor orderd for Wynn Casinos in Massachusettes. (WSJ)
  • Frederick Pierucci continues his crusade against the DOJ and FCPA enforcement.(Shine)
  • What will happen to Carnival Cruise Lines? (Miami Herald)
Categories
PHorensically Speaking

Tone and Conduct from the Top

In this episode, Jonathan Marks considers both tone and conduct from the top of an organization. The nature of a corporate culture can be the difference between a thriving and a beleaguered organization, and it all starts at the top! The control environment – that is, the overall attitude, awareness, and actions of directors and management regarding the internal control system and its importance to the organization – is the key to setting the tone of the organization because it influences the “control consciousness of its people.” Factors that contribute to the control environment include, but are not limited to –
·      Integrity and ethical values communicated by executive management in speaking and writing and demonstrated by action;
·      Responses to incentives and temptations – clear policies and actions that prohibit the acceptance of inappropriate gifts, for example;
·      Moral guidance, as communicated through a code of business conduct and ethics;
·      A commitment to competence, as demonstrated by robust human resource policies and clear job descriptions for the purpose of hiring and retaining qualified people;
·      A board of directors and audit committee that are engaged, ask questions, and take appropriate action;
·      A management philosophy and operating style that place high value on risk assessment and internal control;
·      A well-defined organizational structure that is appropriate to the company’s size and complexity;
·      Appropriate assignment of authority and responsibility, with well-defined authority and duties that are appropriately segregated to prevent or detect error and fraud;
·      Human resource/capital recruiting and retention policies and practices to ensure that human capital is valued; and,
·      Ways to settle internal differences, such as a forum to discuss and settle differences of opinion between management and employees.
In any organization, the buck stops with the CEO: He or she has ultimate responsibility for the internal control system. For additional reading see the article Tone from the Top, It Dissipates!
Categories
Life with GDPR

Life With GDPR: Episode 28- GDPR Year 1 Review-Part I, the Numbers

In this podcast, data privacy/data security expert Jonathan Armstrong and Compliance Evangelist Tom Fox use the framework of GDPR to discuss a wide range of issues relating to these topics. They consider what the US compliance and InfoSec security expert needs to know about what is happening in the UK, Europe and beyond. This episode is the first of a two-part series where  Jonathan Armstrong and myself consider some of the highlights from the first year of GDPR implementation and enforcement. In this Part I of this two-part series we consider some of the enforcement numbers. In Part II, we will consider some of the substantive issues. Some of the highlights in this episode include:
  1. EDPB says just over 150,000 complaints files EU under GDPR.
  2. Robust enforcement by both regulators and private bodies/citizens.
  3. UK leads with the largest number of complaints filed, followed by Germany then France.
  4. Around 950 complaints have reach courts.
  5. Italy is the country which has seen the largest number of court cases.
  6. Several countries are increasing inspections which could lead to enforcement actions.
For more information on Cordery Compliance, go their website here. Also check out the GDPR Navigator, one of the top resources for GDPR Compliance by clicking here.
Categories
Everything Compliance

Everything Compliance-Episode 47, the Potpourri edition

Welcome to the only roundtable podcast in compliance. Today, we have the full quintet of Mike Volkov, Jay Rosen, Matt Kelly, Jonathan Armstrong and our newest colleague, Sarah Hadden. In this episode, we present a potpourri of topics.

  1. Sarah Hadden considers the behavioral side of ethics and how this needs to be incorporated more fully into a compliance regime. Sarah shouts out to the University of Texas, McCombs School of Business (Hook ‘Em) and its online video series entitled Ethics Unwrapped.
  1. Matt Kelly considers the current state of whistleblower programs. He asks if corporate legal departments will support the fix to Dodd- Frank after the Digital Realty Trust ruling? Matt shouts out to smaller law firms and companies having more focused compliance events.
  1. Jay Rosen tells you everything you wanted to know about monitors but were afraid to ask. Jay shouts out to House Speaker Nancy Pelosi for her slap down of AG William Barr.
  1. Mike Volkov discusses the new OFAC compliance program and the current state of OFAC sanctions. Mike shouts to the recently concluded ECI national conference Impact 2019.

The members of the Everything Compliance are:

The host and producer (and sometime panelist) of Everything Compliance is Tom Fox the Compliance Evangelist. Everything Compliance is a part of the Compliance Podcast Network.
For additional reading and listening, check out the follow resources:
Matt Kelly’s blog post, Progress on Whistleblower Fix in Radical Compliance. Matt and I take a deep dive into the topic on Episode 123 of Compliance into the Weeds.
For more information on Sarah’s topic, check out the new eBook she referenced in her section, Compliance and Ethics Risk Assessmentby Jeff Kaplan. It is available free for download hereon Corporate Compliance Insights.
Check out Mike Volkov’s 5-part blog post series on the new OFAC compliance program on his blog site, Corruption, Crime and Compliance. (Part 1, Part 2, Part 3, Part 4) For those who prefer the podcast format, you can list to his podcast on the topic here.
See Jay’s multipart article series on working with monitors, available on Corporate Compliance Insights.

  1. Corporate Monitorship 101: Who They Are and What You Can Expect
  2. What is a Post-Resolution Monitorship?
  3. What is the Power of a Pre-Settlement Monitorship?
  4. What Issues Should a Company Consider When Hiring a Corporate Monitor?