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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program Through Innovation: Day 9-the Competitive Advantage of Data

The DOJ and SEC have both made it clear that they expect companies to be more robust in their use of data analytics in compliance programs. This means using data to not only detect and prevent illegal conduct but also in the remediation prong of any best practices compliance program as well through continuous improvement. In 2019, former Deputy Assistant Attorney General Matthew Miner said in a speech that the DOJ will inquire whether compliance departments have access to internal data that could help them identify misconduct and whether compliance officers make adequate use of data analytics in their reviews of companies under investigation. Since at least 2016 in the FCPA enforcement action involving Key Energy Services, Inc., the SEC has been communicating to compliance professionals of the need for increased use of data and data analytics in any compliance program.
The bottom line is that it is not if but when you begin to incorporate corporate information into your compliance program to make your compliance program more efficient and your business process run more effectively. My suggestion is that you begin now to identify the data you have access to and the data to which you currently do not have access. Find a way to bridge that gap.

Three key takeaways:

  1. DOJ pronouncements mandate CCO availability to and use of data.
  2. Data can be an actionable solution across geographic and business lines.
  3. Use data as a business strategy.

For more information, check out The Compliance Handbook, 4th edition, here.

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The Ethics Experts

Episode 032–William Reed

On this episode of The Ethics Experts, Gio welcomes William Reed, who educates us on the history of ethics within the samurai.

Check out more episodes, and don’t forget to subscribe on your favorite podcast platform!
 

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FCPA Compliance Report

The FinCen Papers


In this podcast, I am joined by Piero Molinario, Senior Managing Director, Head of Financial Crimes Risk and Compliance for EMEA for K2 Intelligence FIN and Joanne Taylor, Managing Director, K2 Intelligence FIN who works with clients investigations and financial crime compliance, including fraud risk management, anti-bribery and corruption, regulatory enforcement, and fraud investigations. Both are located in London. We take a deep dive into the FinCen Papers.
Some of the highlights include:

  1. What are the FinCen Papers?
  1. What is the significance of their release?
  1. Does this release hurt financial institutions?
  1. Does it hurt the regulators?
  1. Do the FinCEN Papers show there is more work to be done?
  1. Are there any positive takeaways from the release of the FinCEN papers?

For more information on K2 Intelligence FIN, check out their website here.
For additional reading see the white paper, The FinCEN Files Impatiently Bypasses Government Entities Responsible for Acting on SARs Filings.
See also the following policy, Policy Alert: ICIJ Leaked SAR Investigation Highlights Opportunity for BSA/AML Reform, 25 September 2020

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Daily Compliance News

October 12, 2020-the Trump Swamp edition

 
In today’s edition of Daily Compliance News:

  • Jamie Diamond says banking a long way off from the old normal. (WSJ)
  • The Trump Swamp. (NYT)
  • Disney and Coronavirus. (NYT)
  • Old boss’s revenge. (WaPo)