Welcome to the Great Women in Compliance Podcast, co-hosted by Lisa Fine and Mary Shirley. In episode 55 we highlight some of the hottest areas in Compliance right now – behavioral and cognitive science. At its core, Compliance is really about shaping behaviors so it is no surprise why Compliance Officers are taking an increasing interest in behavioral economics and how we can use it to better understand our key stakeholders and use the information as tools to help shape the culture of integrity in our companies. The Great Women in Compliance team loves to talk about the issues of the day so we took the opportunity to invite Penny Milner-Smyth, who has a psychology educational background and now uses research to help Compliance teams succeed, to be on the show.
Penny speaks with Mary Shirley about how we as Compliance Officers can foster psychological safety in the workplace and use that to encourage deployment of your reporting hotline. It’s critical aspiration for companies to reach – Google researchers identified psychological safety as the number one factor of importance in successful teams.
In Compliance, particularly during investigations, we often come across employees who are described as bad actors. Penny gives us the lowdown on whether people are ever easily compartmentalized into the categories of good and bad and helps us to identify factors that tend to “push” good people to do bad things.
Penny’s insights and practical advice from an organizational psychology perspective, including how you can get increased ethical behavior from your workforce just by being conscious of where on employee forms you place certain wording, is not to be missed!
See Mary’s article Why You Should Draft a Compliance Mission Statement, on Corporate Compliance Insights.
Join the Great Women in Compliance community on LinkedIn here.
Day: March 18, 2020
One of the most significant innovations in compliance will come through the incorporation of blockchain into compliance. I see great value propositions for the compliance function. There are two specific areas where I see blockchain directly impacting the compliance profession. The first is with third-parties. The second area where blockchain provides a potential game changer is contracts, specifically around compliance terms and conditions.
This final point is operationalizing compliance. It will be interesting to see when the DOJ or SEC will begin to comment on blockchain as a part of a best practices compliance program.
Three key takeaways:
- Blockchain has great potential for the compliance profession.
- Blockchain can facilitate the third-party due diligence and update requirements.
- Blockchain can provide a clear trigger for compliance terms and conditions.
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. As with many of you, we are overwhelmed with COVID-19 information. Matt and I want to bring some clarity, if not sanity to the conversation. To that end, in this episode we take a deep dive into the need to integrate public health measures into our private enterprise operations, now and for the foreseeable future.
Some of the highlights include:
- What is some of the positive news coming out of China?
- How did China’s lockdown help slow the virus?
- Why do we need to use the time to integrate public health measures into private sector operations?
- What are some of these public health measures?
- Why are isolation and quarantine key?
- If we get it under control, how do we prevent another outbreak?
- What are some practical starting points for businesses to think through at this time?
- What should businesses be thinking about 30, 60, 90 days out?
Resources
Matt Kelly blog post, The Downslope Risks of COVID-19
In today’s edition of Daily Compliance News:
- Apple fined $1bn plus in Europe. (WSJ)
- FinCen urges caution out there. (CadwaladerCabinet)
- Worried about coronavirus? How about asbestos? (WSJ)
- The golden boy announces he’s leaving. (Slate)
