Categories
Coffee and Regs

Coffee and Regs: The Compliance Playbook for Regulatory Change


In this episode, former Chief Compliance Officers Allison Fraser and Victoria Olson sit down to discuss a playbook for regulatory change. With new regulations like the Marketing Rule coming, how do compliance teams prepare, communicate changes to the business and translate regulatory requirements into operational policies and procedures?

A CSS RegTech podcast series on moving from a tactical to strategic approach to regulatory compliance. The global regulatory space is complex and fragmented. Financial firms can address this problem through tactical responses to regulatory deadlines or think more strategically on how to optimize their compliance data, operations and technology. The CSS weekly podcast features regulatory experts, former Chief Compliance Officers, cybersecurity specialists, industry partners and RegTech collaborators to help prepare investment management firms for changes on the regulatory horizon. For more information on CSS, visit: www.cssregtech.com

About Our Guest Speakers:

Allison Fraser provides compliance consulting services to investment advisers, registered investment companies and private investment funds, including conducting annual compliance program reviews and testing, developing risk assessments and preparing for SEC examinations. She also assists clients with drafting policies and procedures and preparing regulatory filings. On behalf of, the Compliance Services division of CSS, Allison served as the Chief Compliance Officer for a family of alternative funds registered under the Investment Company Act of 1940. Prior to joining CSS, Allison served as a Senior Vice President of Compliance at Northern Trust Investments, Inc. (“NTI”), the asset management subsidiary of The Northern Trust Company. In this capacity, she managed and administered the compliance due diligence program for NTI’s Multi-Manager Solutions and Outsourced Chief Investment Officer businesses. Allison also was the Chief Compliance Officer of two registered funds of hedge funds advised by NTI as well as a member of the funds’ Pricing and Disclosure Committees. Before joining NTI, Allison served as the Compliance Director for General Motors Asset Management, where she assisted with the administration of the compliance program for this registered investment adviser.


Victoria Olson has been a compliance consultant for several years, most recently with Alaric Compliance Services. She is a Certified Regulatory and Compliance Professional (CRCP issued by FINRA Institute at Wharton), and a Chartered Life Underwriter. She also completed the Certified Anti-Money Laundering specialist (CAMS) course. Victoria previously served as the Chief Compliance Officer to an SEC-registered investment adviser and has extensive experiencing working with RIAs. Prior to consulting, Victoria was Chief Compliance Officer and AML Compliance Officer at Forethought Financial, Director of Compliance at Prudential Financial, and a Senior Compliance Officer at The Phoenix Companies. Victoria formerly served as Chair of the FINRA District 11 Committee and successfully completed the FINRA Series 4, 6, 7, 24 and 66 Examinations.
 
Categories
ComTech

How Health and Safety Informs Compliance – A Conversation with Jamie Spataro


 
Jamie Spataro says that he loves a challenge and learning new things. In his private life, he is a member of a rock band (which he accidentally named) and a licensed pilot. He left his position at a prominent law firm, where he did litigation and product liability work, to join the FedEx Ground legal department 12 years ago. Today, he is Lead Counsel at FedEx Ground, handling regulatory affairs, including workplace safety and the company’s COVID response.  He joins Tom Fox and Valerie Charles to talk about the intersection of health and safety and compliance, and how focusing on the first leads to a better compliance program overall.
 

Protecting Customers and Employees During COVID
“We had to be nimble and adapt our practices to keep our workforce and our customers safe [during the pandemic],” Jamie says. The legal department is responsible for protecting the brand, as well as ensuring that the workforce and customers are kept safe, and that the company is complying with the laws and regulations. Their corporation-wide pandemic protection program incorporates common federal, state, and municipal COVID regulations into a comprehensive policy that they apply across the board. This ensures that they’re staying compliant as well as keeping everyone safe. Jamie explains that their safety protocols evolve as the science around COVID is evolving. “We feel that our program could accommodate any similar type of pandemic that might come across in the future,” he proudly comments.
Integrating Technology into Health & Safety
Tom asks how FedEx has been able to integrate technology to promote health and safety in the company. OSHA compliance has become increasingly data-driven, Jamie responds. “Being able to manage, receive, manipulate, query data has been at the forefront of how we’re able to stay compliant, and continue to comply with… increasing data demands on our business.”  He illustrates how they use injury and illness data to look for patterns and root cause. “I think that the biggest change I have seen is how data is used and leveraged to ensure compliance and also to maybe spot areas within a business that may need some help,” he continues. Tom comments that their approach effectively covers the three major areas of a compliance program – prevent, detect and remediate. Jamie explains why FedEx is focusing a lot of effort on the bottom of the hierarchy of controls pyramid since it can address the root cause and hopefully eliminate the hazard as much as possible. “We’re trying to flip that pyramid on its head, trying to really focus on behavioral science and predicting behaviors, so that we can prevent them from happening in the future,” he remarks.
The Future of Compliance
Valerie says, “I think health and safety professionals and OSHA experts are probably going to lead the way for other compliance professionals in the use of behavioral psychology in compliance programs.” Though still a relatively new trend, Jamie feels that it will continue to gain traction in the coming years. It’s a veritable goldmine if you can find a way to manipulate the data you may already have, he tells listeners. Focus on trends, particularly employee behavior before an accident or injury. You may uncover patterns that you can take steps to prevent. The need for data is only going to grow, and more agencies are going to require data from companies. Take the opportunity to choose a technology solution now so that you’re ahead of the curve and prepared for what will inevitably come, Jamie advises. “You’re going to find that solution may be helpful for you in other areas.” He and Tom discuss the importance of making safety the first priority and how easily a brand can be damaged by neglecting safety. “Safety needs to be at the forefront of everyone’s list of priorities,” Jamie comments.
 
Resources
Jamie Spataro on LinkedIn
 
 

Categories
FCPA Compliance Report

Bryan Sillaman on the Intersection of Compliance, ESG and Clean Energy


In the Episode, HughesHubbard partner Bryan Sillaman returns to discuss how a compliance professional can think through setting up an ESG program and clean energy issues. Highlights include:

  1. What are the 5 Steps to Establishing a Corporate ESG Policy.
  2. What is the role of corporation compliance in a company ESG policy?
  3. What is the role of compliance in a clean energy discussion as so critical and how does it relate to a greater ESG discussion?
  4. What are some of the key compliance risks relevant to the clean and renewables sector?
  5. Where do you see these issues under the Biden Administration? Is it different in the EU?

Recourses
Keeping the ‘Clean’ in Clean Energy by Bryan Sillaman 
Five Steps for PE Sponsors to Establish ESG Policies at Their Portfolio Companies to Suit the Present Moment by Bryan Sillaman and Alexandra Poe

Categories
Daily Compliance News

March 22, 2021 the More Questions edition


In today’s edition of Daily Compliance News:

  • Brazil back-tracking in the fight against corruption? (FT)
  • Still doing business in Myanmar? (WSJ)
  • VW-from sins to redemption? (NYT)
  • Did ATT overcharge the neediest schools? (WaPo)