Cailyn and Amanda talk about the very basic tools for effective compliance management.
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Day: January 23, 2020
One of the critical elements found in the 2019 Guidance is the need to use the information you obtain, whether through risk assessment, root cause analysis, investigation, hotline report or any other manner to remediate the situation which allowed it to arise. It stated:
Evolving Updates – How often has the company updated its risk assessments and reviewed its compliance policies, procedures, and practices? Has the company undertaken a gap analysis to determine if particular areas of risk are not sufficiently addressed in its policies, controls, or training? What steps has the company taken to determine whether policies/procedures/practices make sense for particular business segments/subsidiaries?
Your company should establish a regular monitoring system to spot issues and address them. Effective monitoring means applying a consistent set of protocols, checks, and controls tailored to your company’s risks to detect and remediate compliance problems on an ongoing basis. To address this, your compliance team should be checking in routinely with local finance departments in your foreign offices to ask if they have noticed recent accounting irregularities. Regional directors should be required to keep tabs on potential improper activity in the countries in which they manage. These ongoing efforts demonstrate that your company is serious about compliance.
Three key takeaways:
- Innovation can come through a new way to think about and use data going forward.
- Have a plan in place to use the information garnered in your monitoring incorporated back into your compliance program.
- Always remember that Document Document Document is critical if the regulators come knocking.
Who needs more drama in their life? Anybody? Nobody! There is an upside to conflict, though. If you, or if people on your team, are dealing with conflict…it is possible to eliminate the conflict and come out with a stronger, better relationship – if you handle it correctly! As a leader, it is your responsibility to successfully navigate conflict and help your team to do the same.
In today’s episode we are digging into a how one top-recognized leader, Chris, uses an old school theory to help him and his team successfully navigate conflict. Chris and I are both millennials. But, no matter how young, how cool, how old, how smart you are…there are some things we will always be able to learn from the people who went before us.
We are discussing the Transactional Analysis theory developed in the mid 1900’s. This theory helps leaders understand why their people might think, act, and feel the way they do.
We’re going to walk you through how you can use this information to help in the trenches at work. Let’s dig in –it’s time to LEVEL UP!
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Vince Walden welcomes Wendy Riggs and Kara Ricupero to the Walden Pond show. Wendy heads Information Governance and Legal Operations at Airbnb, and Kara is the Senior Global Director of Information Governance at Ebay. This week’s discussion revolves around the new communication and collaboration tools such as Slack, which are now widely adopted by organizations, and the unique issues and challenges they pose for information governance and compliance.
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The issue of data retention and review is one that is particularly problematic. With communication tools like Slack being used to share vast amounts of information, reviewing and holding on to potentially relevant data proves challenging. Kara says that it’s an all or nothing conundrum unless you bring in a separate legal hold tool. You can’t use the company’s automated deletion policy because you don’t know which channel may be relevant to litigation or an investigation. Wendy adds that putting governance around a tool like Slack is difficult from an architectural perspective.
Finding an effective solution to these governance issues is a matter of understanding your business. Work with your people to find the best defensible position for your company that also makes you compliant, Kara advises.
Resources
Wendy Riggs on LinkedIn
Kara Ricupero on LinkedIn
