The Compliance Life details the journey to and in the role of a Chief Compliance Officer. How does one come to sit in the CCO chair? What are some of the skills a CCO needs to success navigate the compliance waters in any company? What are some of the top challenges CCOs have faced and how did they meet them? These questions and many others will be explored in this new podcast series. Over four episodes each month on The Compliance Life, I visit with one current or former CCO to explore their journey to the CCO chair. This month, my guest is Louis Sapirman, Vice President, Chief Ethics & Compliance Officer and Chief Compliance Counsel for Panasonic Corporation of North America, the principal North American subsidiary of Panasonic Corporation. He oversees the company’s regulatory and compliance function, maintaining a culture of ethics, and ensuring all employees are upholding Panasonic’s longstanding values in their work.
Louis previously served as Associate General Counsel & Chief Compliance Officer for the Dun & Bradstreet Corporation. During his tenure as CCO, the company was recognized as one of the World’s Most Ethical Companies by the Ethisphere Institute. Prior to moving in-house, Louis worked in private practice with several law firms including Wilmer Cutler Pickering Hale & Dorr and Buchanan Ingersoll. Throughout his career, Louis has been recognized for his work. In both 2015 and 2016, the Ethisphere Institute named him to their list of Attorneys Who Matter in Compliance and Ethics, and in 2010 he was named International Employment Lawyer of the Year by the Association of Corporate Counsel.
In this Episode 2, we explore the qualities of the Successful CECO. Some of the key leadership attributes Sapirman sees as critical are Great Communication, a skill that should be practiced constantly, to ensure you remain successful. You should engage in Servant Leadership and your success lies solely in the success of others. Why you need to be flexible and even be a Chameleon. You must be innovative because if you keep doing the same thing over and over, eventually it becomes stale and is destined to fail. Success in E&C requires the ability to be creative and see the novel solutions and change necessary to keep your program successful.
Day: August 11, 2020
The basic framework for internal controls is derived from the COSO Model developed by the Committee of Sponsoring Organizations of the Treadway Commission in 1992 (COSO). This model has become the standard for an internal control framework and provides a structure to ensure companies address the key elements that should result in an effective system of internal controls. Using the COSO Model, as modified in 2013, provides a very supportable approach when regulators challenge whether a company has effective internal controls. The COSO Model defines internal controls in a pyramid, from bottom to top, as follows: (a) Control environment, (b) Risk assessment, (c) Control activities, (d) Information and communication, and (e) Monitoring.
Internal controls for a Board or Board Compliance Committee should be broken down into five concepts:
- Risk Assessment – A Board should assess the compliance risks associated with its business.
- Corporate Compliance Policy and Code of Conduct – A Board should have an overall governance document which will inform the company, its employees, stakeholders and third parties of the conduct the company expects from an employee. If the company is global/multi-national, this document should be translated into the relevant languages as appropriate.
- Implementing Procedures – A Board should determine if the company has a written set of procedures in place that instructs employees on the details of how to comply with the company’s compliance policy.
- Training – There are two levels of Board training. The first should be that the Board has a general understanding of what the FCPA is and it should also understand its role in an effective compliance program.
- Monitor Compliance – A Board should independently test, assess and audit to determine if its compliance policies and procedures are a ‘living and breathing program’ and not just a paper tiger.
Three Key Takeaways
- Has your company implemented COSO 2013?
- What was the Board’s involvement?
- What is your documentation?
Welcome to the newest addition to the Compliance Podcast Network, Compliance and Coronavirus. In this episode, I visit with John Fanning. He is a long-time player in the compliance space and John recently associated with Integrity Risk International. We discuss his move over to IRI and then take a deeper dive into 3rd party due diligence in the time of Coronavirus.
Some of the highlights include:
- Why are due diligence services even more important in the era of Covid-19?
- What are Three Important Due Diligence Technology Innovations?
- Due Diligence is broader than simply FCPA compliance, for instance what is the role of DD in ‘Green Risk’?
- What are some of the other services IRI provides?
For more information on Integrity Risk International and click here.
For more information on John Fanning, check out his LinkedIn profile here.
Welcome to a special five-part podcast series, A Conversation with Convercent and StoneTurn: From the Code of Conduct to Risk Assessment to Continuous Improvement. This week’s podcast series is jointly sponsored by Convercent and StoneTurn Group. Over the course of the series we will explore the impacts on corporate compliance programs from the recently released 2020 Update to the Department of Justice’s (DOJ) Evaluation of Corporate Compliance Programs (2020 Update). We focus on investigations, data analytics, evaluating compliance programs, internal reporting and corporate culture. Participants in this podcast series include: Asha Palmer, Convercent Chief Ethics and Compliance Officer (CECO) and Executive Vice President (EVP) of CONVERGE; Rex Homme, Michele Edwards, and Stephen Martin, all Partners at StoneTurn. In this second episode, we take a deep dive with Palmer into internal reporting.
Join us tomorrow, as Michele Edwards, Partner at StoneTurn details how to create an inventory of compliance metrics.
Resources
For more information on StoneTurn, check out their website, here.
For more information on Convercent, check out their website, here.
To download a copy of the Convercent Interactive Self-Assessment based on the 2020 Update to the Evaluation of Corporate Compliance Programs, click here.
This week’s guest is Josh Elledge of Up My Influence, an influencer company that helps turn their clients into celebrities, as well as build sales systems for them. Josh chats with Tom Fox about the importance of building customer relationships, and he shares a process-oriented approach to doing so.
Building Influence
Tom reflects that your brand is not your image; your brand is your relationship with your customer. Josh comments that he chose his company name to speak to his market’s pain point: they want to build their influence and authority. He helps them implement simple processes to make that happen, he says. His podcast, The Thoughtful Entrepreneur, is one such step. “I think that everybody has a message that could possibly impact the world. My job is to help you get access as quickly as possible… All you gotta do is just focus on serving, serving, serving; going from platform to platform; …and just do it with a… relentless, unceasing devotion,” he says.
Preparation and Storytelling
Tom comments on the educational content Josh sends to his podcast guests to help them prepare for their interview. Josh responds that it’s a win-win-win for everybody: he helps his guests be prepared so that his audience can fall in love with them. “My job [as a guest],” he says, “is to show up and deliver as much value as I possibly can in a short amount of time as possible. So prep is important.”
He talks about the importance of storytelling in the sales process. First, he advocates spending time with your customers and giving them value for free. “If people get enough time and enough value from you on the front end, they’re going to build that belief that you can solve their problems, and they will pay you for that.” Next, he says that your customers should be able to substitute themselves for the experience of the person in your story. This way, they’re building up a mental narrative about how your company can help them. This leads to sales, Josh says.
Give First
“You’re in business to bring far more value than what you ask for in return,” Josh points out. He believes in giving lots of value first. Your prospects will let you know when they’re ready to take the next step, he says. Focus on building relationships. He invites listeners to explore his website to learn how they systematize relationship-building. Make it easy for customers to spend time with you, he says. “Just stop treating people like numbers and sales prospects! Just make it ridiculously easy for people to spend time with you.”
Resources
UpMyInfluence.com
The Thoughtful Entrepreneur Podcast
In today’s edition of Daily Compliance News:
- Kodak shares plummet. (WSJ)
- McDonald’s sues former CEO. (Click2Houston)
- Interactive Brokers to pay for AML violations. (WSJ)
- Follow on corruption litigation is expensive. (D&O Diary)
In this week’s #jammingwithjason #internalauditpodcast I’m going to let you in on a little secret. Many of you are playing the game of your career without much help. The problem is, others in your organization are getting help, which means you are playing at a big disadvantage.
I’m not talking about a lack of resources or struggling to get budget and support. It’s about getting yourself the training, coaching, and support you need to play varsity-level sport … like your peers. It’s about having the right balance (e.g. American football: offense, defense, passing, running) to get you performing at an elite status.
Take a listen and see some of the areas where getting a little extra help, will go along way in helping you play the game of your career and life as a champion.
If you are a CAE and really serious about elevating the status of internal audit in your organization, improving your executive presence, and getting best practices and thought leadership from like-minded CAEs, the CAE Forum is for you.
Submit your application to join the Chief Audit Executive (CAE) Forum. We are accepting new member applications. https://jasonmefford.mykajabi.com/caeforum
Jamming with Jason, the #1 #internalauditpodcast in the world has interviews and discussions (jam sessions) relevant to Chief Audit Executives and professionals in #internalaudit, #riskmanagement, and #compliance.
