Categories
Compliance Kitchen

Honduran First Family


In this episode, we will look at the recent action by the State Department as it designates the former Honduran first family and issues a travel ban for significant corruption.  Next, Commerce Department’s BIS adds to the Entity List 6 Russian IT companies that were previously designated by OFAC.

Categories
Daily Compliance News

August 3, 2021 the Capitalism edition


In today’s edition of Daily Compliance News:

    • ALJ finds Amazon campaign illegal. (NYT)
    • Neogen discloses Iran sanctions probe. (WSJ)
    • Capitalism and ESG investing. (Houston Chronicle)
    • Bankrupt Remington makes settlement offer to Sandy Hook parents. (NPR)
Categories
Survive and Thrive

How to Survive a GDPR Data Breach in the USA


How to Survive a GDPR Data Breach in the USA Eventually, every company will deal with cybersecurity issues that include hacking that exploits security controls and technical, physical, or human-based elements. Such an emergency requires a robust internal incident response plan as soon as possible. Compliance leader, attorney, and international public speaker Kortney Nordrum reminds you of these crucial situations; “You want to have a plan before you have to use a plan.” Key points discussed in the episode:
✔️ Make sure there’s an incident or a crisis plan and that you have a set you’re going to call, who’s going to get on the phone, and who will make decisions. These should be documented so that there’s no time for guesswork when things are urgent.
✔️ Ensuring a solid system for awareness should start at the level of the customer service representative and the email help desk teams to preempt data breach issues. Have the right people be able to ring the right alarm bells early in your organization.
✔️ Evaluate the extent of the information security hack or breach on top of all other risk and regulatory assessments.
✔️ Determine which are the impacted customers and employees and analyze the individual countries of residence. Figure out where reporting should happen as prescribed in the General Data Protection Regulation (GDPR) of the European Union.
✔️ Set up a toll-free number for questions and work with the core team on public notices or any public response. When we see organizations getting hacked, you’ll see it on a blog before that organization says anything publicly. Make sure to direct the message rather than have gossip around what happened.
✔️ Engage a forensic firm if needed if in-house knowledge is not enough to assess what happened, how the breach occurred, and set the steps necessary to prevent it from happening again.
✔️ It is best for compliance professionals to remember what the adage says: “an ounce of prevention is worth a pound of cure.” Getting ready for a hacking incident requires early planning on initiating incident response measures tested at least yearly and reducing or preventing adverse impacts should they happen. —–
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Welcome to SURVIVE AND THRIVE, the newest addition to the Compliance Podcast Network. This is a podcast where we unpack compliance, crisis disasters and walk you through all the red flags which appear, and give you some lessons learned going forward. This show is hosted by Compliance Evangelist Thomas Fox and Kortney Nordrum, Regulatory Cou
 

Categories
Innovation in Compliance

Banking For The Future with Lauren Sparks


 
Tom Fox’s guest this week is Lauren Sparks. Lauren is the founder, Chairperson and President of Agility Bank, a woman-owned and led commercial community bank. Lauren has more than 35 years experience as a banking executive and has dedicated her career to helping growth-oriented business leaders achieve their financial goals. She and Tom talk about digital innovations for banking, and why community banks should not be written off as a thing of the past.
 

 
Fostering Small and Medium Business
Lauren founded Agility Banking because she felt that many women were being left behind in the decision processes in financial services. As a women-owned and women-led organization, Agility Banking is a minority depository institution. This designation offers many opportunities, such as having larger financial institutions and large corporations as partners. “Community banks fill a space and do lending that the larger banks have backed away from,” Lauren explains. Loans are harder to come by for smaller businesses and community banks like Agility are helping to mitigate that issue. With the technology that Agility is putting together, they can do smaller loans and bridge the gap that’s in the small and medium business market. Community banks can also pivot quicker than larger banks, as evidenced by the past few months. 
 
Meeting Clients Where They Are
Agility is all about meeting clients where they are and creating innovations that can make banking easy and convenient. “So much about what we’ve built for the bank is about being on the client side of the desk,” Lauren stresses. “So more than just a checking account and really being able to adapt to circumstances and meeting the customer where they are, as opposed to always demanding that the client comes to the bank on the bank’s terms.” The approach has been taking the perspective of a business bank and adapting to what the evolving small business market needs. 
 
Looking Ahead
Agility is positioning itself for the ecosystem of the future. The banking industry is becoming more and more digital every day. As such, Agility always has to be prepared to spend money on new technology to make themselves available to their clients. 
 
Resources
Lauren Sparks | LinkedIn 
Agility Banking