Day: August 12, 2020

Categories
FCPA Compliance Report

Mikhail Reider-Gordon on AML and Wirecard, Part 1

In the Episode, I am joined by Mikhail Reider-Gordon, Managing Director of Institutional Ethics & Integrity at Affiliated Monitors.  Mikhail’s areas of expertise include technology, privacy, cybersecurity, IP and accountability in artificial intelligence; the global anti-corruption and anti-money laundering regimes; media & entertainment; biotech and the life sciences; the public sector and international law.  She is accustomed to working on extremely sensitive and high-profile matters, both nationally and internationally. In this episode, we continue our multipart series on the Wirecard accounting fraud. Today, we begin a two-part exploration of the role of money-laundering in the Wirecard saga.

Some of the highlights include:

·       How money laundering works?

·       What is threat finance?

·       Other examples of German corporate fraud?

·       Why 2006 was such an important year in anti-money laundering?

·       How Wirecard made money through money laundering.

·       The risk related business model used by Wirecard.

Categories
Compliance Into the Weeds

Wells WAC-O Spending


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. In this episode Matt Kelly and Tom Fox consider the $20+ billion spend by Wells Fargo for its various regulatory fines and penalties, investigative and remediation costs since the initial announcement of its fraudulent accounts scandal back in 2016.
Some of the highlights include:

  • How can you spend over $1bn on compliance remediation in one quarter?
  • Just how bad was the Wells Fargo culture?
  • Can the bank ever get it right?
  • How much is a functioning corporate culture worth? 

Resources
See Matt’s blog post, Wells Fargo’s Staggering Compliance Costs on Radical Compliance.

Categories
The Affiliated Monitors Expert Podcast

DiCianni’s Idea


In this episode, I visit with Vin DiCianni, CEO and founder of Affiliated Monitors, Inc. (AMI) about his idea which led to the founding of AMI. DiCianni discusses how he developed the idea which led to the founding AMI. DiCianni began formulating the idea of an independent monitor when he observed a series of corporate punishments which he believed did not fit the crime. As a white-collar defense lawyer in the 1990s, DiCianni saw that there was only two ways a state regulator could go if someone was convicted of a transgression such as billing mistakes or similar regulatory violations. The licensed professional would either be convicted and have their state license suspended or revoked or there would be no prosecution. DiCianni viewed this as “a death sentence” for a licensed professional. He added, “It just seemed wrong to me, but there was nothing that was out there. For about seven, eight years, this idea just percolated in my head about doing something to create these alternative sanctions, if you will, on the probationary side of things. So that a doctor or the practitioner could get better.”
From this point, DiCianni was able to convince some state regulators in Massachusetts to try this third way of having an independent monitor step in and assess whether a professional, who had run afoul of a regulatory scheme, could be rehabilitated via a probationary structure. He then I reached out to a number of folks in the Boston area. Some of them were regulators, some were attorneys who represented folks before the state boards, some were acting state attorneys general and some were in business. With this idea coming to fruition, the next step for DiCianni was to create a business organization to fill this niche.
For more information on Affiliated Monitors, check out their website at www.affiliatedmonitors.com.

Categories
Innovation in Compliance

A Conversation with Convercent and StoneTurn: Michele Edwards on Creating an Inventory of Metrics


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. In this podcast 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: from Asha Palmer, Chief Compliance Officer and EVP from Convercent; Rex Homme, Michele Edwards, and Stephen Martin, all Partners at StoneTurn. In this third episode, Michele Edwards and I discuss how a compliance professional can create an inventory of metrics by which to monitor and then improve a compliance program.

Join us tomorrow, as Asha Palmer, EVP at Convercent, discusses corporate culture itself to better monitor and improve your compliance program.

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.

Categories
Compliance and Coronavirus

Jed Gardner on Business As Usual During Covid-19


Welcome to the newest addition to the Compliance Podcast Network, Compliance and Coronavirus. In this episode, I visit with Jed Gardner, Senior Vice President at Linedata Technology. We discuss moving from disaster recovery to business continuity to business as usual during the time of Coronavirus.
Some of the highlights include:

  • Have you changed your training methods? If not, how should you do so.
  • What technological innovations have you put in place?
  • Are you engaged in reactive or proactive change?
  • What is your ‘spare power supply’?

For more information on Linedata Technology click here.

Categories
Great Women in Compliance

Neta Meidav on Ethics with Intention


Welcome to the Great Women in Compliance Podcast, co-hosted by Lisa Fine and Mary Shirley.
In today’s episode, Lisa speaks with Neta Meidav, who founded Vault Platform. It is a reporting and resolution platform which is intended to be a safe space to report any form of misconduct and for follow up.
Neta’s idea for Vault came out of personal experience as she was harassed at a job earlier in her career. She left that role, and months later she learned of another victim. This stayed in her mind until #metoo, and then started developing this reporting system using her experience and her technology and business acumen.
We talk about allegation reporting generally, and how it is important to provide a safe space for victims of harassment, and to make it easier to save information.  This is a very important topic in order to improve our ability in the ethics and compliance world to effectively address the issues brought to light in the Black Lives Matter movement, as well as COVID and #metoo.
Neta also provides insight into what trends she is seeing now, and what advice she has to encourage reporting and effective resolution of allegations.
Join the Great Women in Compliance community on LinkedIn here.

Categories
Daily Compliance News

August 12, 2020-the IPO edition


In today’s edition of Daily Compliance News:

  • Air BnB to go IPO. (WSJ)
  • Appeals court throws out Qualcomm ruling. (NYT)
  • Will Trump order college football season to proceed? (WSJ)
  • In middle of pandemic, Trump Administration cuts leave for health care workers. (WaPo)