CONVERGE is in its 5th year of bringing together the world’s leading companies for 2 days of dynamic speakers, thought-provoking breakout sessions, and opportunities to connect with like-minded professionals. This year the conference has gone virtual. You will leave the conference with new resources and best practices allowing you to continue the hard work of driving ethics to the center of your business. In today’s episode I visit with Rob Mitchell. We visit about his panel at Converge20 on Third Party Due Diligence.
Third party due diligence has always been a convoluted undertaking—but increasingly complex business structures and ever-more stringent regulations have upped the complexity tenfold. Join this interactive roundtable for a conversation with Exiger and their client on their comprehensive and holistic understanding of organizational risk and how you can create the same level of understanding with your third parties. For more registration and information on Converge20, click here.
Day: October 1, 2020
One of the key components for any successful business leader; yet one rarely discussed, is judgment. I was therefore intrigued by a Harvard Business Review article on the topic by Sir Andrew Likierman, entitled “The Elements of Good Judgment: How to Improve Your Decision-Making”.
Most of us have heard, been told or believe that you should always ‘listen to your gut’ and that ‘gut instinct’ is something you either have or you do not. As Likierman noted, “A lot of ink has been spilled in the effort to understand what good judgment consists of. Some experts define it as an acquired instinct or “gut feeling” that somehow combines deep experience with analytic skills at an unconscious level to produce an insight or recognize a pattern that others overlook. At a high level this definition makes intuitive sense; but it is hard to move from understanding what judgment is to knowing how to acquire or even to recognize it.”
Interestingly, Likierman finds it all starts with listening and, more importantly, good listening. Listeners to the podcast series 12 O’Clock High, a podcast on business leadership will recognize that as a key trait for almost any successful business leader. Yet, perhaps even more significant, is that he has found that “leaders with good judgment tend to be good listeners and readers—able to hear what other people actually mean, and thus able to see patterns that others do not. They have a breadth of experiences and relationships that enable them to recognize parallels or analogies that others miss—and if they don’t know something, they’ll know someone who does and lean on that person’s judgment. They can recognize their own emotions and biases and take them out of the equation. They’re adept at expanding the array of choices under consideration. Finally, they remain grounded in the real world: In making a choice they also consider its implementation.”
Likierman identified six key elements of good judgment. They are: (1) learning, (2) trust, (3) experience, (4) detachment, (5) options and (6) delivery. It is important to define each of them and have actionable steps to improve your judgment making skills and help you make some sense of not only ambiguous information but the data, data, and data which will become the basis of many corporate decisions in 2020 and beyond.
Welcome to a special five-part podcast series where I take a deep dive into the Miller & Chevalier Chartered Latin American Corruption Survey. Over this five-part series I will visit with firm lawyers James Tillen, Matt Ellis, Alexandra Almonte and Greg Bates. Miller & Chevalier and 14 partner firms have tracked perspectives on anti-corruption issues in the region since 2008. It is the most comprehensive survey on the perception of corruption in Latin America.
This year, 54 percent of survey respondents said corruption is a significant obstacle to doing business – up 10 percent since 2012 – while only 45 percent of respondents believe offenders are likely to be prosecuted, down from 66 percent in 2008. Despite Latin America’s anti-corruption progress over the last decade this new survey data reveals corruption risk to be at an all-time high across the region.
In this Episode 4, I visit with firm Counsel Greg Bates and we explore some of the Survey’s data on compliance program design and implementation. Some of the highlights include:
- What does the Survey data mean for in-house compliance officers?
- What trends does the Survey indicate vis-à-vis compliance program data?
- The Survey had almost 1000 respondents, with a mix of representatives from multinational, local/regional, and public and private companies. Do you see different levels of importance of ABAC compliance programming based on the type of company that responded?
- What other efforts to manage bribery and corruption risks are you seeing in the Survey data?
- The Survey was conducted just before Coronavirus hit Latin America. Looking into your crystal ball, how do you think COVID-19 will impact compliance programming in the region?
Join us in our final episode where I am joined by James Tillen and Matt Ellis to take a retrospective look back over the 12 years of Miller & Chevalier’s Latin American Corruption Survey.
For more information on the Miller & Chevalier Chartered 2020 Latin American Corruption Survey, click here. The Survey is available in English, Spanish and Portuguese.
In today’s edition of Daily Compliance News:
- Nurse fired for whistleblowing. (NYT)
- VW tries to change workplace culture. (WSJ)
- White House tries to stop diversity training. (WaPo)
- Sara Kropf named to American College of Trial Lawyers. (Grand Jury Target)
