Categories
The Affiliated Monitors Expert Podcast

What Factors Influence a Company’s Culture


In this episode, I am joined by Jay Rosen, VP of Business Development for Affiliated Monitors, Inc. We consider what can influence an organization’s ethical culture, starting at the top with senior leadership. We consider such questions as whether your senior leaders practice what they preach as employees can spot a disconnect from a mile away.
 Highlights include:

  • A company does not have an ethical culture unless top management commits to it.
  • Equally important is a sense of organizational justice and fairness.
  • One of the key elements of effective leadership is listening and that also applies to a company’s culture.
  • Do senior leadership give their people the opportunity to be heard?
  • Do senior leaders get out of the ivory tower, go out into the field and meet with employees?
  • Are there town halls or other types of group interactions?
  • Do the employees see whether their leaders are living those kinds of values?
  • It is crucial for perception to equal reality.
  • The bottom line is there must be alignment between what top management says and the company’s core values – between what the organization says and what it does.

For more information see Jay’s blog post What Factors Influence a Company’s Ethical Culture? on Corporate Compliance Insights.
For more information on Affiliated Monitors, Inc. check out their website here.

Categories
The Compliance Life

Gwen Hassan on the Twisting Road to Compliance


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 Gwen Hassan, Managing Counsel and Director of Compliance at CNH Industrial.
In this first episode, we consider Gwen’s journey to her role, She discusses her educational background, a family tragedy which led to her legal education and her initial exposure to the field of compliance. As with all the guests on The Compliance Life, there were many twists and turn which led to her current position.

Categories
31 Days to More Effective Compliance Programs

Day 5 | The Board and Operationalizing Compliance


In addition to a company’s senior management, there is a Board of Directors at the top. Yet the role of the Board is different than that of senior management. For the Board of Directors, the 2020 Update stated:
Oversight – What compliance expertise has been available on the board of directors? Have the board of directors and/or external auditors held executive or private sessions with the compliance and control functions? What types of information have the board of directors and senior management examined in their exercise of oversight in the area in which the misconduct occurred?
Having a Board member with specific compliance expertise or heading a Compliance Committee can provide a level of oversight and commitment to achieving this goal. The DOJ enshrined this requirement in the FCPA Corporate Enforcement Policy. This means that when your company is evaluated by the DOJ, under the factors set out in the 2020 Update and FCPA Corporate Enforcement Policy, to retrospectively determine if your company had a best practices compliance program in place at the time of any violation, you need to have not only the structure of the Board-level Compliance Committee but also the specific subject matter expertise (SME) on the Board and on that committee.
Another arm of the US government has recognized the need for such expertise at the Board level. In 2015, the Office of Inspector General (OIG), in a publication entitled “Practical Guidance for Health Care Governing Boards”, called for greater compliance expertise at the Board level. The OIG said that a Board can raise its level of substantive expertise with respect to regulatory and compliance matters by adding to the Board a compliance member. The presence of a such a compliance professional with SME “on the board sends a strong message about the organization’s commitment to compliance, provides a valuable resource to other board members and helps the board better fulfill its oversight obligations.”
All of this means that every Board of Directors needs a true compliance expert. Almost every Board has a former Chief Financial Officer (CFO), former head of Internal Audit or persons with a similar background, and often times these are also the Audit Committee members of the Board. Such a background brings a level of sophistication, training and SME that can help all companies with their financial reporting and other finance-based issues. So why is there not such SME at the Board level from the compliance profession?
 Three key takeaways:

  1. The 2020 Update requires active Board of Director engagement and oversight around compliance
  2. Board communication on compliance is a two-way street; both inbound and outbound
  3. Does the Board of Directors have a compliance expert?
Categories
Innovation in Compliance

Integrity Matters: Exploring the NDAA – Part 2: Company Formation Reform

Welcome to this special podcast series, Integrity Matters: Exploring the NDAA, sponsored by K2 Integrity. This week I visit with Chip Poncy, Global Co-Head Financial Crimes Risk Management practice and member of K2 Integrity’s Board, and Gail Fuller, Managing Director at K2 Integrity. Over the week, we will break down the changes to the Bank Secrecy Act (BSA) and changes in enforcement authority to Financial Crimes Enforcement Network (FinCEN) which are found in the recently passed National Defense Authorization Act (NDAA). Topics include breaking down the big picture, company formation reform, new opportunities under this new law, coming change to corporate governance under the NDAA and the long view of the new law. In Part 2, I am joined by Chip Poncy as we discuss the reforms around company formation.

Join us tomorrow as we examine that with this new law comes new opportunities.

For more information go to the K2 Integrity website.

For more information on the Dedicated Online Financial Integrity Network (DOLFIN) click here.

Categories
Innovation in Compliance

An Evangelist for Document Governance with Jen Snyder


 
Jen Snyder is the chief evangelist at GovQA, a technology company providing compliance software for governments. Tom Fox welcomes her to this week’s show as they discuss the compliance challenges facing governments, and how her company’s software is helping combat those challenges.

Government Challenges
Tom asks Jen to explain why management of government requirements is so critical and difficult. “In the government industry, everything you’re doing is being done with government money, so everyone has the right to understand what’s being done with that money,” she remarks. She adds that many of the challenges the government faces are because the private sector is ahead in terms of documentation: while the private sector’s documents and records are digitized, the government’s are still on paper. The pandemic has mandated a remote workforce, but adapting to a new normal is not familiar to government culture, Jen remarks.
Data Governance
With data governance, there is both the tactical solution and the strategic solution. Tom asks Jen to elaborate on how GovQA helps companies in these areas. “What we do as a company is we look and follow each state’s legislative rulings on how they need to manage data,” she says. GovQA always follows the process of CEO departments and governor offices’ data governance policies. Jen expresses that with the changes of the pandemic, and the civil unrest within the US, states are now re-evaluating their policies, and with that comes new data areas that need new governance.
Being Compliant
Jen talks about the software GovQA has in assisting companies with legal holds. She iterates that the software allows the organization to build an audit trail and then stores it within specific software, so it can be accessed when necessary. Customers can feel confident that their data is protected: the company follows federal standards and guidelines and even goes further to bring in a third-party auditor. Rigid adherence to compliance standards is part of GovQA’s workplace culture, Jen emphasizes.
Resources
GovQA
Jen Snyder on LinkedIn

Categories
Daily Compliance News

January 5, 2021, the Haven is History edition


In today’s edition of Daily Compliance News:

  • French bank settles Syria sanctions case. (WSJ)
  • FASB in 2021? (WSJ)
  • Haven will be history. (NYT)
  • Global banking system to face big test in 2021? (FT)