In this episode, I am joined by Vincent DiCianni, founder and President of AMI as we consider the always controversial topic of monitorship costs and expenses. DiCianni breaks the process down into three key areas. The first is the scope of the monitorship. You must understand the settlement documents so that you can fully appreciate the scope of the monitor’s remit and what the government expects from the monitor. DiCianni noted that some resolutions can have a narrow focus, with a finite number of records or other documents to review. With such information, you can work to scope out a range of what your costs might be. Conversely the settlement documents can literally be wide-open, which obviously will have a dramatic impact on potential costs and even estimating.
For more information, visit Affiliated Monitors by clicking here.
Day: March 25, 2020
In this episode, I am joined by Eric Feldman, Senior Vice President and Managing Director of Corporate Ethics and Compliance Programs for Affiliated Monitors, Inc. (AMI). Today, we consider what issues a company should consider when hiring or retaining a corporate monitor. It is important to note right off the bat, that the selection of an appropriate monitor can either make or break the entire monitorship program for an organization. Feldman advises that the forestall such a problem a company needs to have a clear understanding of what it is trying to get out a monitorship. If you are at the end of a Foreign Corrupt Practices Act (FCPA) enforcement action, your goals may be different than attempting to engage in a pre-settlement monitorship. You also need to understand what might be required by the government in any post-resolution settlement.
For more information, visit Affiliated Monitors by clicking here.
In this podcast, I am joined by Eric Feldman, Senior Vice President and Managing Director of Corporate Ethics and Compliance Programs for Affiliated Monitors, Inc. Today, we consider pre-settlement monitorships. Feldman explained that most generally, a “pre-settlement monitorship is an organization using an independent body to conduct any kind of a third-party review or assessment.” It can also be considered as a proactive monitorship. It involves a company desiring to assess its implementation of a compliance and ethics program on a proactive basis. Such a monitorship does more than simply focus on whether there is a compliance program in place but more fully assesses its effectiveness. This assessment can be used by a wide variety of parties, such as the corporation itself, with its stakeholders, with regulators or even with the public to demonstrate compliance with a wide variety of issues.
For more information, visit Affiliated Monitors by clicking here.
In this podcast, I am joined by Eric Feldman, Senior Vice President and Managing Director of Corporate Ethics and Compliance Programs for Affiliated Monitors, Inc. Today, we consider what is a post-resolution monitorship. Feldman explained that most generally, a “post resolution monitor ship is essentially a situation where a government agency and a private organization, it could be a corporation it could be a nonprofit organization, as a requirement of settling some kind of a dispute or a matter between those two entities the company; the regulator agrees they are going to use a monitor to ensure that any specific conditions of the agreement to settle the matter are met.”
For more information, visit Affiliated Monitors by clicking here.
What is the role of a corporate monitorship? Is a corporate monitorship to be feared if your company is in the middle of a Foreign Corrupt Practices Act (FCPA)? Can a monitor be used in a manner other than post-settlement, such as in a pro-active manner to help forestall a government enforcement action, fine or penalty? If your company is in the market for a monitor what are some of the indicia you should consider? Finally there are lots of rumors about the alleged exorbitant costs of monitorship? Is this an urban myth or is it based on facts? If the former, what can a company do to protect itself. I will explore these and many other questions in a new podcast series I am putting on sponsored by Affiliated Monitors, Inc. (AMI). In this podcast series, I am exploring the role of corporate monitorships in compliance and some of the key issues which companies and compliance professionals may face in dealing with monitors. I am joined in this exploration by Vincent DiCianni, founder and President of AMI. Today, we consider what is a corporate monitor?
For more information, visit Affiliated Monitors by clicking here.
This is still a tricky area for most legally trained compliance professionals as law schools are far behind the business world in teaching these skills. Yet, not only data analysis but also the presentation of data in a visual format will be a key skill for every Chief Compliance Officer (CCO) and compliance practitioner going forward. However, if you do not possess those skills yourself, you can create a kitchen cabinet of experts, from the talent available across your company, which you can call upon to help you going forward. For the CCO, this will require extensive out of the box thinking to help you not only understand the data and analytics but think through how to present it in the most efficient manner to your leadership.
Three key takeaways:
- Look for talented and curious employees to be a part of your data science team.
- Encourage cross-mentoring to facilitate skills learning and transference.
- Moving the final mile is the most challenging.
Welcome to the newest addition to the Compliance Podcast Network, Compliance and Coronavirus. As the Voice of Compliance, I wanted to start a podcast which will help to bring both clarity and sanity to the compliance practitioner and compliance profession during this worldwide health and healthcare crisis. In this episode, I speak with Joanne Taylor, Managing Director at K2 Intelligence Financial Information Network. Joanne has worked as a Solicitor, in the financial and financial services industries. She now assists companies with financial crimes compliance and investigations. We visit on how and why companies must keep their financial services compliance robust during this time of the coronavirus health crisis.
This podcast is sponsored by SAI Global. To learn how you can protect your business operations and workforce during these uncertain times, visit saiglobal.com/risk for free resources, expert guidance, and industry-leading technology.
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. In this podcast we continue our exploration of the parameters and impacts of COVID-19, by taking a look at one compliance tale in the time of coronavirus…according to Frank.
Some of the highlights include:
- What is being Frank in the time of COVID-19?
- Have your underlying assumptions on risk changed?
- Why must you look at risk not simply with another set of eyes but also with a different eye?
- With COVID-19, the risk is not only different but also unknown.
- Why are isolation and quarantine key?
- Why is focus on your risk management process so critical now?
- Are you revamping your engines at 40,000 ft at 480 mph?
- Stay tuned to after the outro for a special bonus piece on the phrase According to Hoyle…
Resources
Matt Kelly blog post, One Compliance Tale in the Time of COVID
In today’s edition of Daily Compliance News, all stories about Judge Stanley Sporkin:
