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 final episode, going forward Sapirman says it will all be about the data, data and more data and the metrics to go along with it. However, it is not enough to simply track data, both from the government’s perspective and from the business case, your business unit folks need actionable insights. There will be greater scrutiny of both CSR and the Supply Chain and that 3rd party compliance is not just about due diligence on your suppliers and finally the role of procurement in compliance. Sapirman believes there will be more professional in the field of compliance with schools having Ethics & Compliance. Compliance professionals will be more challenged with privacy issues, trade control challenges and economic sanctions as well the cultural realities of movements such as #MeToo and Black Lives Matter. We concluded with thoughts on the convergence of compliance and risk – the importance of compliance professionals understanding their position in an organization’s risk universe.
Day: August 25, 2020
How can a Board work to incorporate the compliance function into a long-term business strategy of the organization? A Board can do so by engaging with the CCO and compliance function through having a strong Board which is committed to doing business ethically and incompliance with anti-corruption laws and engaging actively with the CCO and compliance function. The questions have become even more important after the release of the 2020 Update. Under the topic, Seniority and Stature, are the following question What role has compliance played in the company’s strategic and operational decisions?
The starting point for a Board of Directors is to develop a framework for incorporating compliance into your long-term strategy. To set up the framework for evaluation of the compliance into your Board’s long-term strategy is a three-step process, which you can use to determine how comprehensive the Board’s role in your compliance program is as a starting point.
The Board should work to communicate the influence of compliance factors on overall corporate strategy by demonstrating how compliance was integrated into the business. Not only is this good from a business perspective and shareholder expectation but it is also, as the 2020 Update makes clear, what the government expects is the operationalization of compliance going forward.
Three key takeaways:
- Having a long-term strategy is critical.
- What is the Board’s framework for assessing compliance?
- Create KPIs to measure senior management’s actions around compliance.
Welcome to Exiger week on Compliance and Coronavirus. As the Voice of Compliance, I wanted to start a podcast which will help to bring both clarity and sanity to the compliance practitioner and compliance profession during this worldwide health and healthcare crisis. In this episode, I visit with Brandon Daniels is the President of Global Markets. A regulatory expert and technology practitioner, Daniels brings more than 15 years in senior management across the financial services, life sciences and energy sectors. He is a leader in technological innovation in regulatory investigations and compliance management. Some of the topics include:
- How security and US national security will play a bigger role moving out of Covid-19.
- What will be some of the biggest changes in 2021?
- What will be the role of a CCO in this increased era of corporate security?
- Why the management of data will be so critical going forward?
- Why Supply Chain will be a critical area moving forward?
Resources
For more information, check out Exiger’s website here.
This week’s guest is the Managing Director – GRC Business Unit at Mitratech, Mark Delgado. He and Tom Fox discuss why automating policy management is no longer a luxury, but a necessity given these unprecedented times.
A Cornerstone of Compliance
Policy management is a fundamental building block of compliance, Mark says. Without it you can’t guarantee compliance or operational efficiency. He shares why automating policy management is the only way to ensure both. Apart from the benefits to business leaders and compliance professionals, he argues that employees gain from being able to access all the relevant and up-to-date policy information in one place. The COVID-19 crisis has highlighted the importance of automated policy management, given the rapid and frequent policy changes in most companies.
Information Governance in the Time of COVID
“Even though we’ve gone through a period of a lot of change and disruption to operations generally,” Mark says, “regulators, with very few exceptions, have not chosen to retreat or delay implementation or enforcement of regulations around data privacy or financial services operations or any other codes or laws that come to mind. So as organizations now have to contend with remote workforces, the need for formal and comprehensive operational enforcement of information governance has become ever more urgent. So in this world, the risk of data that’s pivotal to companies’ operations, or that contains sensitive or private information, being accessed and manipulated outside of the security of the corporate network, has massively increased.” He tells listeners how to choose a robust and comprehensive automated tool to help their business during and after this time.
Shadow IT Management and Advice for Business Leaders
Tom asks, “Mark, could you tell us about a shadow IT management solution and why you feel this is important?” Mark defines shadow IT: “Shadow IT covers the vast number of data sets that exist within an organization, but remain outside of IT’s control and often knowledge.” He explains how shadow IT management works and why it’s critical during normal business, but even more so in times like these.
Mark shares his top three tips for navigating the health crisis. Firstly, he says, “ensure that changes to operational practices could be clearly and accurately communicated… Second, eliminate as many informal or manual processes as you can… Thirdly… take control of your mission-critical information.”
Resources
Mitratech.com
Mark Delgado on LinkedIn
In today’s edition of Daily Compliance News:
- Mandated Due Diligence for PEPs. (WSJ)
- Reset the corruption clock in Illinois. (ChicagoTribune)
- E-commerce bets paying off. (WSJ)
- Jerry Falwell, Jr. resigns (or not). (WaPo)
In this #jammingwithjason #internalauditpodcast I speak with Joe Oringel about some of the challenges #internalaudit is facing when it comes to #dataanalytics. It turns out one reason people struggle is not understanding the seven body of knowledge areas we should be focusing on and determining where you want to be.
We discuss personnel issues (e.g. do you hire a data scientist and teach them how to audit, or train internal auditors how to be a data scientist) and how to plan out your multi-year path on incorporating more data analytics into your audit activities.
If you are working to improve data analytics in your internal audit department, you need to listen to this episode.
Joe Oringel is the Managing Director of Visual Risk IQ. Learn more at: http://visualriskiq.squarespace.com/
To get a copy of the data analytics maturity model discussed during the episode, send an e-mail to info@visualriskiq.com
