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Day: August 24, 2020
The 2020 Update mandated a Board of Directors ensure “the sufficiency of the personnel and resources within the compliance function, in particular, whether those responsible for compliance have: (1) sufficient seniority within the organization; (2) sufficient resources, namely, staff to effectively undertake the requisite auditing, documentation, and analysis; and (3) sufficient autonomy from management, such as direct access to the board of directors or the board’s audit committee.” Here are six steps to utilize.
Examine the key corporate documents. This includes Board review of all relevant corporate governance documents, including guidelines, the Charter for Board Governance, the director nomination policy and any relevant policies setting out the appropriate protocols and procedures.
Use an assessment framework. 1) the current strengths and weaknesses of the CCO; 2) the short and long-term skills needs of a CCO; 3) evaluating how the Board’s assessment changes regarding departing CCOs; and 4) shifting the Board’s approach to oned based on criteria such as organization needs and director performance.
Conduct due diligence. Conduct an executive level due diligence background investigation, not simply a background check.
Maintain a pipeline. Every Board should maintain a pipeline of qualified candidates. Conditions may arise, such as health or other personal emergencies, that call for rapid director succession. It’s crucial that there are potential qualified candidates on hand to fill the gap quickly.
Assess Board policies. Just as a company should periodically assess and reassess its policies and procedures, the Board assess their policies in this area.
Disclose your succession strategy. Both a large number of institutional investors and good corporate governance advocates suggest that companies disclose their succession strategies. It provides greater transparency to stakeholders.
Benchmark your succession strategy. Every Board should benchmark its succession strategy with industry peers around the use of the steps outlined and stay aligned with the evolving policies and positions of large institutional shareholders and good corporate governance advocates.
Three key takeaways:
- Refreshment is a hot topic in corporate governance.
- Review your Board policies to understand what your company will need going forward.
- Transparency in succession planning.
The FCPA Compliance Report is the longest running podcast in compliance, premiering on July 31, 2015. This week begins a series of podcasts leading up to the 500th anniversary episode of the FCPA Compliance Report, which will post on Monday, August 31. Over the next five episodes, I will post podcasts of 5 top FCPA and compliance commentators. Over this week, I will be joined by Mike Volkov, Matt Kelly, Jonathan Armstrong, Jay Rosen and Jonathan Marks. Each will speak about the evolution of compliance from their own unique perspective. In this episode, I visit with Jay Rosen, Vice President of Business Development at Affiliated Monitors, Inc. We consider some of the top changes Rosen has observed in how companies have thought about compliance solutions.
Some of the highlights include:
- How Rosen moved from Hollywood the movies to Hollywood, the compliance field.
- How purchases of items like translation services moved to be seen as an ongoing service.
- The “Foreign” in Foreign Corrupt Practices Act.
- The move from reactive compliance to proactive compliance.
- How consumers of compliance products and services became more sophisticated over time.
- The changes brought by the Coronavirus health crisis for virtual everything.
Lineup
I hope you will listen in to each episode over this week. The lineup will be:
Episode 495-Mike Volkov on changes in FCPA enforcement.
Episode 496-Matt Kelly in changes from the business journalist perspective.
Episode 497-Jonathan Armstrong in changes in data protection/data privacy.
Episode 498-Jay Rosen in changes from the business perspective.
Episode 499-Joanthan Marks on changes in internal audit.
Monday, August Episode 500-the Anniversary Episode.
The FCPA Compliance Report is the longest running podcast in compliance, airing on July 31, 2015. This week begins a series of podcasts leading up to the 500th anniversary episode of the FCPA Compliance Report, which will post on Monday, August 31. Over the next five episodes, I will post podcasts of 5 top FCPA and compliance commentators. Over this week, I will be joined by Mike Volkov, Matt Kelly, Jonathan Armstrong, Jay Rosen and Jonathan Marks. Each will speak about the evolution of compliance from their own unique perspective. In this episode, I visit with Mike Volkov, founder and principal of the Volkov Law Group. We take a look back at the evolution of FCPA enforcement over the past 10 years.
Some of the highlights include:
- Volkov looks all the way back to the Father of the FCPA, Judge Stanley Sporkin to see the beginnings of cooperation credit under the current FCPA Corporate Enforcement Policy.
- Why was the Parker Drilling enforcement action a seminal moment in FCPA enforcement?
- Why the 2012 version of the FCPA Resource Guide was such an important step forward in FCPA compliance. Why the 2020 FCPA Resource Guide, 2nd edition was so welcomed.
- The continued evolution of the DOJ on both FCPA enforcement and best practices compliance.
- From reading the tea leaves to the 2020 Update to the Evaluation of Corporate Compliance Programs.
The Lineup
I hope you will listen in to each episode over this week. The lineup will be:
Tuesday, August 25- Episode 496-Matt Kelly in changes he has observed in compliance from the business journalist perspective.
Wednesday 26, August Episode 497-Jonathan Armstrong in changes in data protection/data privacy compliance.
Thursday August 27-, August Episode 498-Jay Rosen in changes in compliance from the business development perspective.
Friday August 28-, August Episode 499-Joanthan Marks on changes compliance mirroring those from internal audit.
Monday, August Episode 500-the Anniversary Episode.
The FCPA Compliance Report is the longest running podcast in compliance, premiering on July 31, 2015. This week begins a series of podcasts leading up to the 500th anniversary episode of the FCPA Compliance Report, which will post on Monday, August 31. Over the next five episodes, I will post podcasts of 5 top FCPA and compliance commentators. Over this week, I have been joined by Mike Volkov, Matt Kelly, Jonathan Armstrong, Jay Rosen and Jonathan Marks. Each will speak about the evolution of compliance from their own unique perspective. In this episode, I visit with Jonathan Marks, a partner at Baker Tilly who talks about the evolution of compliance through the lens of internal audit. We consider how some of the changes in compliance mirror those he saw and lived through in the world of internal audit.
Some of the highlights include:
- Marks looks back at the changes and evolution of the internal audit profession since SOX.
- Marks sees the FCPA Internal Control provisions as the precursor to SOX.
- Marks sees professionalism in compliance in a similar arc as he observed in the audit profession.
- Why was the COSO 2013 Internal Controls Framework a seminal moment for compliance professionals.
- Why is the move to an overall integrated structure of Enterprise Risk Management so critical?
- How the 2020 Update to the Evaluation of Corporate Compliance Programs brought business intelligence to compliance.
Lineup
I hope you will listen in to each episode over this week. The lineup will be:
Monday, August 24-Episode 495-Mike Volkov on changes in FCPA enforcement.
Tuesday, August 25- Episode 496-Matt Kelly in changes he has observed in compliance from the business journalist perspective.
Wednesday 26, August Episode 497-Jonathan Armstrong in changes in data protection/data privacy compliance.
Thursday August 27-August Episode 498-Jay Rosen in changes in compliance from the business development perspective.
Monday, August Episode 500-the Anniversary Episode.
The FCPA Compliance Report is the longest running podcast in compliance, premiering on July 31, 2015. This week begins a series of podcasts leading up to the 500th anniversary episode of the FCPA Compliance Report, which will post on Monday, August 31. Over the next five episodes, I will post podcasts of 5 top FCPA and compliance commentators. Over this week, I will be joined by Mike Volkov, Matt Kelly, Jonathan Armstrong, Jay Rosen and Jonathan Marks. Each will speak about the evolution of compliance from their own unique perspective. In this episode, I visit with Jonathan Armstrong, co-founder of Cordery Compliance. We take a look back at the evolution of UK and EU laws around bribery, data privacy/data protection and modern slavery and the compliance response.
Some of the highlights include:
- The UK Bribery Act was a seminal law for international anti-corruption enforcement which brought another sheriff to town.
- How tech monopolies have led to greater enforcement in the UK and EU.
- How one person can make a change. Max Schrems was a law school student in 2011.
- How the US model of FCPA enforcement influenced regulators across the globe.
- The evolution of DPAs in the UK and elsewhere.
- Armstrong believes the fight against slavery is a job only half well done.
Lineup
I hope you will listen in to each episode over this week. The lineup will be:
Monday, August 24-Episode 495-Mike Volkov on changes in FCPA enforcement.
Tuesday, August 25- Episode 496-Matt Kelly in changes he has observed in compliance from the business journalist perspective.
Thursday August 27-, August Episode 498-Jay Rosen in changes in compliance from the business development perspective.
Friday August 28-, August Episode 499-Joanthan Marks on changes compliance mirroring those from internal audit.
Monday, August Episode 500-the Anniversary Episode.
The FCPA Compliance Report is the longest running podcast in compliance, premiering on July 31, 2015. This week begins a series of podcasts leading up to the 500th anniversary episode of the FCPA Compliance Report, which will post on Monday, August 31. Over the next five episodes, I will post podcasts of 5 top FCPA and compliance commentators. Over this week, I will be joined by Mike Volkov, Matt Kelly, Jonathan Armstrong, Jay Rosen and Jonathan Marks. Each will speak about the evolution of compliance from their own unique perspective. In this episode, I visit with Matt Kelly, founder of Radical Compliance. Kelly is a business journalist who was one of the first to gravitate to compliance. We take a look back at the evolution compliance over the past 10 years from the perspective of the 4th Estate.
Some of the highlights include:
- How compliance has moved into the mainstream of business news and the discussions about business.
- How social media has led to a more robust discussion about corporate ethics and democratized other people’s ability to hold companies accountable to ethical standards.
- The significance of the COSO 2013 Internal Controls Framework.
- Kelly sees FCPA enforcement as fundamentally different than corporate scandals which led to SOX and Dodd-Frank.
- The convergence of compliance & ethics and audit & risk management.
- The increased use of data in compliance as emphasized in the 2020 Update to the Evaluation of Corporate Compliance Program.
Lineup
I hope you will listen in to each episode over this week. The lineup will be:
Monday, August 24-Episode 495-Mike Volkov on changes in FCPA enforcement.
Wednesday 26, August Episode 497-Jonathan Armstrong in changes in data protection/data privacy compliance.
Thursday August 27-, August Episode 498-Jay Rosen in changes in compliance from the business development perspective.
Friday August 28-, August Episode 499-Joanthan Marks on changes compliance mirroring those from internal audit.
Monday, August Episode 500-the Anniversary Episode.
What are of the top compliance and corruption stories for August 24, 2020? Check on the Daily Compliance News to find out.
In today’s edition of Daily Compliance News:
