On this special bonus episode of The Ethics Experts, we speak with Mark Alexander about how compliance is key during the COVID19 pandemic to identify risks currently and in the future.
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Most CCOs and compliance practitioners understand the need for continuous monitoring. Whether it be as a part of your overall monitoring of third-parties, employees, or to test the overall effectiveness of internal controls and compliance, continuous monitoring is clearly a part of a best practices compliance program. Further, while most compliance practitioners are aware of the tools which can be applied for continuous monitoring, they may not be as aware of how to engage in the process. Put another way, how do you develop a methodology for building a continuous controls monitoring process that yields sustainable, repeatable results?
Joe Oringel, co-founder and principal at Visual Risk IQ uses a five-step process. The steps are: 1) brainstorm, 2) acquire and map data, 3) write queries, 4) analyze and report, and 5) refine and sustain. If you can establish your extraction and mapping rules, using common data models within your organization, you can use them to generate risk and performance checks going forward. Finally, through thoughtful use of continuous monitoring parameters, you can create metrics that you can internally benchmark your compliance regime against over time to show to any regulators who might come knocking.
Three key takeaways:
In this five-part series, Mike Volkov and Tom Fox consider COVID-19 from a variety of angles and perspectives; from the Board of Directors, the CCO, the ethical company, new laws and regulations, crisis management and leadership. In this first episode, we consider the why compliance and ethics are even more important during coronavirus health crisis and what it may all mean going forward. Highlights from the podcast include:
Resources
Mike Volkov-Ethical Business Decisions in the COVID-19 Crisis
Tom Fox–Company Responses
In the Episode, I visit with Karen Woody, Assistant Professor of Law. Her areas of expertise include, Securities Law, Financial Regulation and White-Collar Crime. We visit about the recent Supreme Court argument in the Lui case and how it might (or might not) impact the SEC’s ability to seek profit disgorgement for fraudsters.
Some of the highlights include:
