Day: August 28, 2020

31 Days to More Effective Compliance Programs

Twenty questions directors should ask about its Compliance Committee

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Post date August 28, 2020
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In an area of inquiry entitled Oversight, the 2020 Update asks three basic questions which we have explored throughout this chapter:

What compliance expertise has been available on the Board of Directors?
Have the Board of Directors held executive or private sessions with the compliance function?
What types of information has the Board of Directors examined in their exercise of oversight in the area in which the misconduct occurred?

To facilitate the answers to these questions, consider this list of 20 questions to reflect the oversight role of directors. These are questions the Board should ask of both senior management and the Board should ask itself. The questions are not intended to be an exact checklist, but rather a way to provide insight and stimulate discussion on the topic of compliance. The questions provide directors with a basis for critically assessing the answers they get and digging deeper as necessary. Although the questions apply to most medium to large organizations, the answers will vary according to the size, complexity and sophistication of each individual organization.
Three key takeaways:

The DOJ Evaluation requires active Board of Director engagement around compliance.
Board communication on compliance is a two-way street; both inbound and outbound.
Has the Board built an effective Compliance Committee for itself?

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The Affiliated Monitors Expert Podcast

The Expansion of Independent Monitors

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Post date August 28, 2020
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In this episode, I visit with Vin DiCianni, Chief Executive Officer (CEO) and founder of Affiliated Monitors, Inc. (AMI), We discuss how the use of independent monitors has expanded. DiCianni noted that the use of independent monitors has greatly expanded over the life of AMI. This expansion has been at all levels of domestic government: in the federal sector, in the state arena and down to the municipal level. It has also expanded into the international sphere as well as the private sector. The DOJ began using monitors in the early 2000s around money-laundering prosecutions. Independent monitors were used by a wide variety of other federal agencies, from the Department of Transportation to the Department of Defense.

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This Week in FCPA

Episode 220 – the I Like to Watch edition

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Post date August 28, 2020
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As we move to our first non-PG podcast and channel our inner Chauncy Gardner with signature line, “I like to watch”, Tom and Jay continue to brave the surge in Covid cases by staying safe at home. They are back to look at top compliance articles and stories which caught their eye this week.

What is monitoring and oversight? Matt Kelly draws compliance inspiration from Jerry Falwell who (allegedly) likes to watch his wife having sex with another man. In Radical Compliance.
What is risk-based due diligence? Financial regulators opine. Mengqi Sun in the WSJ Risk and Compliance Journal.
Bank/government partnership to fight financial crime. Dylan Tokar in WSJ Risk and Compliance Journal.
Why fraud matters, the Steve Bannon indictment. Mike Volkov in Crime Corruption and Compliance.
Why does the Palantir S-1 appear to be like the children of Lake Wobegon — stronger, better-looking, and above average? Francine McKenna explains on The Dig. Lucenda Shen sees a flag-waving, in Term Sheet.
How bad was the sexual harassment on the Washington Football Club? Very Bad. Expose in the Washington Post.
Are we losing the war on AML? Martin Woods says yes. In Compliance Week (sub red’d)
More on McDonald’s suit against its former CEO? Fenwick West lawyers in the Harvard Law School Forum on Corp Governance.
This month on The Compliance Life, I am joined by Louis Sapirman. In Part 1, we looked at Louis personal and professional journey into compliance. In Part 2, we discussed the qualities of a successful CCO. In Part 3, communication as a driver of compliance. In this month’s final episode Part 4, Sapirman takes a look at the CCO role down the road.
On Compliance and Coronavirus we had a week of Exiger. Tuesday had Brandon Daniels on Data Management and Data Security Moving out of Covid-19, Michael Beber on on M&A, IPOs and SPACs During and After Covid-19; and Anna Osborn on managed services and outsourced compliance.
On the Compliance Podcast Network, on 31 Days to a More Effective Compliance Program, this month focuses on the role of the Board in compliance. This week saw the following offerings: Monday– BOD and succession planning; Tuesday-incorporating compliance strategy into long-term BOD planning; Wednesday-areas of BOD inquiry into compliance; Thursday– special guest Vin DiCianni on 3 specific BOD inquiries on compliance; and Friday-20 questions. The month of August is being sponsored by Affiliated Monitors. Note 31 Days to a More Effective Compliance Program now has its own iTunes channel. If you want to binge out and listen to only these episodes, click here. Please join us in September where I take a deep dive into Internal Controls.
Join Jay and Tom at Converge20. Convercent’s top compliance conference is going virtual this year. Check at the agenda and register here.
There’s a place where True Crime meets Compliance, and its name is Fraud Eats Strategy. Check out this new show by Scott Moritz of FTI consulting, and catch all the episodes, notes, resources and more on the Compliance Podcast Network! We’d love to hear what you think of the show, and we’d love it even more if you shared it with a friend, colleague or that one guy you think might be a secret oligarch. Check out this great new podcast series here.
This week on the FCPA Compliance Report, some of the top commentators in compliance have joined Tom to discuss some of the top developments in compliance over the past 10 years. The schedule for this week is as follows:

Monday, Aug. 24 – Episode 495 – Mike Volkov on changes in FCPA enforcement;
Tuesday, Aug. 25 – Episode 496 – Matt Kelly on changes in compliance from the business journalist perspective;
Wednesday, Aug. 26 – Episode 497 – Jonathan Armstrong in changes in data protection/data privacy compliance;
Thursday, Aug. 27 – Episode 498 – Jay Rosen in changes to proactive monitoring from the business development perspective; and
Friday, Aug. 28 – Episode 499 – Jonathan Marks on how changes in internal audit both mirror and even foreshadow some of the changes he has seen in compliance.

It is all leading up to the 500^th anniversary episode which will run Monday, August 31. Tom Fox is the Compliance Evangelist and can be reached at tfox@tfoxlaw.com. Jay Rosen is Mr. Monitor and can be reached at jrosen@affiliatedmonitors.com.