Day: August 26, 2020

Introducing Fraud Eats Strategy!

Post author By FTI Consulting
Post date August 26, 2020
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Welcome to the first episode of Fraud Eats Strategy – the newest show on the Compliance Podcast Episode.

What Enron Can Teach Us About Future Frauds

In this first episode of Fraud Eats Strategy with Scott Moritz, he speaks to former Enron Whistleblower Sherron Watkins about the many red flags that were ignored, the ill-fated board decisions and the wide-ranging complicity that led to Enron’s implosion.

Sherron’s memo to former Enron leadership warned of the accounting irregularities that would cause the company to “implode in a wave of accounting scandals” and sparked what is now one of the biggest fraud and misconduct cases in American history.
Scott Moritz is a leading authority on white-collar crime, anti-corruption, and in the evaluation, design, remediation, implementation, and administration of corporate compliance programs, codes of conduct. He is also considered an authority in the establishment, training, and oversight of the investigative protocols carried out by financial intelligence, corporate security, and internal audit units.

Tags Enron, fraud

31 Days to More Effective Compliance Programs

Areas of Board inquiry into compliance

Post author By admin
Post date August 26, 2020
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A white paper by Deloitte & Touche LLP, entitled “Risk Intelligence Governance – A Practical Guide for Boards”, laid out six general principles to help guide Boards in the area of risk governance. These six areas can be summarized as follows:

Define the Board’s role. There must be a mutual understanding between the Board, CEO and senior management of the Board’s responsibilities.
Foster a culture of risk management. All stakeholders should understand the risks involved and manage such risks accordingly.
Incorporate risk management directly into a strategy. Oversee the design and implementation of risk evaluation and analysis.
Help define the company’s appetite for risk. All stakeholders need to understand the company’s appetite or lack thereof for risk.
How to execute the risk management process. Maintain an approach that is continually monitored and has continuing accountability.
How to benchmark and evaluate the process. Systems need to be installed which allow for evaluation and modifying the risk management process as more information becomes available or facts or assumptions change.

All of these factors can be easily adapted to compliance and ethics risk management oversight. Initially it must be important that the Board receive direct access to such information on a company’s policies on this issue.
Three key takeaways:

The Board’s role is to keep really bad things from happening to a company.
There are six general areas the point can inquire into and lead from.
A Board should have direct access to information on the company’s compliance program.

Tags BOD

Compliance and Coronavirus

Michael Beber on M&A, IPOs and SPACs During and After Covid-19

Post author By admin
Post date August 26, 2020
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Welcome to Exiger week on Compliance and Coronavirus. In this episode, I visit with Michael Beber, the President and CEO of Exiger. A seasoned business leader with decades of experience in the C-Suite of leading multinational corporations, Beber co-founded Exiger with Executive Chairman Michael Cherkasky and serves on its Board of Directors. We discuss M&A, IPOs and SPACs during the era of Coronavirus and moving forward.
Some of the topics include:

How has Covid-19 impacted IPOs?
Has that been different for more traditional M&A work?
What are SPACs and what is there future during this time?
What types of due diligence can be performed during this time?
Do you anticipate an explosion in either M&A or purchase of distressed assets going forward?

Resources
For more information, check out Exiger’s website here.

Tags Exiger, Michael Beber

Great Women in Compliance

Sonia Zeledon, Part 2

Welcome to the Great Women in Compliance Podcast, co-hosted by Lisa Fine and Mary Shirley.
As we continue this two part episode with the second session, Sonia shares her tips on how project management strategies can be used to maintain the tricky balance of consulting with relevant stakeholders while providing timely deliverables. Mary supports this approach with her recommendation for setting out expectations of roles in advance using RACI charts, another project management tool.
Sonia shares how in light of the new normal her compliance program goals and personal goals have re-adjusted for the rest of 2020 and we hear about the chocolatey perks of being a staff member of The Hershey Company.
We end this episode with Mary sharing the importance of leveraging relationships and how you can use Reciprocity Rings if the idea of cashing in chips on well established relationships feels uncomfortable.
Have you been enjoying our podcast? It’s our pleasure to have found a way in which we can give back to the community by highlighting other women, amplifying their voices and offering a scalable and efficient way to share knowledge within the Compliance community. We’d love to know if you are getting value from our episodes – please feel free to reach out to us at GWICpod@gmail.com with feedback or rate our podcast and leave a review on your podcast app.
Join the Great Women in Compliance community on LinkedIn here.

Tags Sonia Zeledon

Compliance Into the Weeds

DFS First Cyber Case-First American Title

Post author By admin
Post date August 26, 2020
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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 and Tom go into the weeds to look at the first Cybersecurity breach case brought by the state of New York’s Department of Financial Services. Some of the highlights include:

What is the DFS?
What is Reg 500, Cyber Rules?
What were the First American comedy of errors?
CISO disavowed ownership of the issue, stating, among other reasons, that such controls were not the responsibility of respondent’s information security department.
No training for new employee charged with remediation.
First American said it did nothing wrong.

Resources
See Matt’s blog post, Parsing DFS’ First Cybersecurity Case on Radical Compliance.