In this final episode for the month of July on 31 Days to a More Effective Compliance Program, I review the past month’s offerings and preview the month of August where I take up the topic of Boards of Directors and Compliance.
Day: July 31, 2020
We have been getting accountability all wrong in the compliance profession. It’s not a set of tasks – it’s a way of thinking and it has to come from the heart as well as the head. On Accountability: The Heart of Compliance Tom Fox and Sam Silverstein dig into what accountability means to the corporate compliance function and business organizations and most significantly, how to make it an integral part of your culture. In this episode Sam and I, talk about a recent example of accountability by Microsoft. Some of the highlights include:
- Accountability can start with a written statement.
- Accountability must be followed up with actions.
- If you do not make decisions which align with your stated values, they are really not your stated values.
For more information on Sam Silverstein and his work on accountability, click here.
See Sam’s blog post, Corporate Culture: Accountability Means Acting on What You Stand For
As the international fight against corruption took two small steps forward this week in the 1MDB case, Tom and Jay brave the surge in Covid cases by staying safe at home. They are back to look at top compliance articles and stories which caught their eye this week.
- Goldman Sachs settles with Malaysia for nearly $4bn. Ben Otto and Chester Tay report in the WSJ. Former Malaysia PM convicted in 1MDB scandal, Harry Cassin reports in the FCPA Blog.
- Mike Volkov reports on two big enforcement actions in Pharma. Indivior and illegal marketing of opioid products. Taro Pharma and price-fixing.
- What are the shared elements in a best practices compliance program? Jaclyn Jaeger explores in Compliance Week. (sub req’d)
- How can you test your hotline? Matt Kelly explores on Radical Compliance.
- Why is Germany soft of corporate crime? Dick Cassin considers in the FCPA Blog.
- Whistleblower management in the EU. Frank Staelens in CCI.
- How can you audit AI? James Bone explores in CCI.
- What should be the goal of effective internal controls? Alex Movchan interviews Edmund Sanders in Risk and Compliance Platform Europe.
- This month on The Compliance Life, I am joined by Scott Sullivan, Chief Integrity and Compliance Officer at Newport Mining. In Part 1, we discussed the need for empathy in a CCO. In Part 2, we looked at reading the tea leaves and staying ahead of the (corp) wolf pack. In Part 3, we considered who a CCO needs on their compliance team. In this concluding Part 4, we look at the CCO and compliance function down the road.
- AMI week on Compliance and Coronavirus as Jerry Coyne discusses telemedicine and Covid-19, Don Stern on how Covid-19 will impact federal prosecutors and Mikhail Reider-Gordon compliance issues during the business reopenings.
- On the Compliance Podcast Network, Tom concludes the topic of 3rd party risk management. This week saw the following offerings: Monday-freight forwarders; Tuesday– risk ranking in the Supply Chain; Wednesday-data and 3rd party risk management (Vin DiCianni as guest); Thursday-enforcement actions; and Friday-wrap up. The month of July is being sponsored by Affiliated Monitors. 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. Join us in August for the role of the Board of Directors.
- Upcoming Webinars:
K2-FIN, Windward, and C4ADS Webinar—New Sanctions Developments in the Maritime Sector: UK Sanctions Shipping Guidance and Venezuelan Shipping in Focus, August 5, 2020 at 10:45 to 11:45 AM EST; with Juan Zarate and Eric Lorber. Registration and Information here.
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.
