The Compliance Podcast Network welcomes The Ethics Movement podcast, co-hosted by Tom Fox, the Compliance evangelist and the Voice of Compliance and Philip Winterburn, Chief Strategy Officer at Convercent. In Season One of this podcast series we will focus on coronavirus and how it’s going to impact the world of ethics and compliance. That impact continues to unfold daily, with the long-term implications shrouded in fog. One podcast season may not even last long enough to see where we end up—but it gives us some time to map out the possibilities.
Trust: what is it, how do you build it, how does it flow downward and upward? What does it say to your workforce when you don’t trust them? While companies deal with the fallout of coronavirus and COVID-19, these questions have become more pertinent than ever.
The Ethics Movement is a Convercent Podcast.
Day: March 27, 2020
On this special bonus episode of The Ethics Experts, we speak with Dylan Ali about the new world we’re living in due to COVID19, and how business has changed and will continue to change after the quarantine is over.
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On this special bonus episode of The Ethics Experts, we speak with Julia Carver about how the COVID19 pandemic has brought out the need for mindfulness and understanding of what you can control.
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Amanda welcomes back Account Management Associate Jenni Franz to the show for a fun conversation about intake method myths.
Check out more episodes and full episode videos at ComplianceLine.com, and don’t forget to subscribe on your favorite podcast platform!
Amanda welcomes Risk Specialist and all-around smart guy Will McSpadden to the show to discuss the History of Compliance. Spoiler alert—it’s waaaaaaaayyyyyyyy back.
Check out more episodes and full episode videos at ComplianceLine.com, and don’t forget to subscribe on your favorite podcast platform!
Candice Tal is the founder and Chief Executive Officer (CEO) of Infortal Worldwide, and one of the top experts around on due diligence. In an interview, I asked Tal about the use of AI in investigative due diligence and specifically how AI has led innovation in investigative due diligence. Tal believes that AI will be a “game changer” in compliance. Massive data sets require some type of AI to sort through and analyze the information. This is particularly important for internal controls and accounting books and records provisions to identify massive fraud. This is yet another area which is still developing. Tal stated, “I’ll frame that by saying at least in the next few years, there will still be a need for the traditional investigative approach that the boots on the ground, one where an investigator goes out and physically checks on facilities. Artificial intelligence is going to have limited ability to do that.” While drones may become part of an investigators tool kit, Tal believes that AI will be used “in a similar way to most data aggregators today. They find about 80% of the information. Yet there will always be the remaining 20% which they cannot find and you will need human intervention on the investigative side.”
Looking down the road to the veiled land of the future, Tal sees continued innovation facilitating investigative due diligence. While AI is more than simply on the horizon, she said it “is a tried and tested methodology that has existed for many years, in terms of how you look for and locate shell companies.” It is also true about finding information about people who are trying to deliberately hide information. The bottom line is some of these investigative techniques involve old-fashioned shoe leather or simply hard diligent investigative work and “that’s not new”. Yet AI and other technological tools can make investigations more efficient and more cost effective, while giving better results. At the end of the day, AI can be used to sharpen and hone the due diligence process.
Three key takeaways:
- AI can help change the face of due diligence.
- AI will facilitate data aggregation in due diligence investigations.
- Always remember the human element.
As the GOP calls for Grandparents to first sacrifice themselves for the stock market and then be sacrificed to push up the economy, self-distancing Tom and hunter-gatherer Jay are back to consider some of the top compliance articles and stories which caught their eye this week.
- Mike Volvok says ethical business decisions are even more important now. In Corruption Crime and Compliance.
- Matt Kelly has a trilogy of articles on coronavirus. What are missing; A Tale from Frank; and 8 Objectives to Manage Pandemic Risks.
- Testing Compliance. A new approach by Brandon Garrett and Gregory Mitchell. Download the paper here.
- Coronavirus could make ESG more important. Kristin Broughton and Maitane Sardon in the WSJ Risk & Compliance Journal.
- Allen Overy poaches Jonathan Lopez and Billy Jacobson from Orrick. Inex Kagubare in GIR.
- What is time and attendance fraud in the time of coronavirus? Sara Kropf explains on Grand Jury Target.
- Mike Volkov talks about sanctions compliance in the era of Trump and the int’l financial war. In Navex Global’s Risk and Compliance Matters.
- More WOW moments in compliance. Geert Vermeulen in Risk & Compliance Platform Europe.
- Looking at incentives and compliance. Jeff Walker and Rebecca Kaplan in CCI.
- The Affiliated Monitors Expert Podcast joins the Compliance Podcast Network.
- Tom premiers a new podcast series, Compliance and Coronavirus.
- On the Compliance Podcast Network, Tom opens a new month by looking at the role of innovation in compliance on 31 Days to a More Effective Compliance Program. This week saw the following offerings: Monday-Using innovation to break through silos; Tuesday-Originating a compliance ecosystem; Wednesday-Moving Data Science the last mile; Thursday-the Regional Compliance Committee; Friday-Innovation in investigative due diligence. Note 31 Days to a More Effective Compliance Program now has its own iTunes channel. If you want to binge out and listen to only these episodes, click here. This month’s sponsor is Affiliated Monitors, Inc.
Tom Fox is the Compliance Evangelist and can be reached at tfox@tfoxlaw.com. Jay Rosen is Mr. Monitor and can be reached at jrosen@affiliatedmonitors.com.
In today’s edition of Daily Compliance News:
- Spy on your subordinate, lost your bonus. (WSJ)
- Boeing’s financial crisis was of its own making. (WashingtonPost)
- State of Texas issues quarantine mandates for domestic travelers. (com)
- America now first in number of coronavirus cases. (WSJ)
