FinCEN issued an updated “Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments”. Tune in for more details as the Kitchen reviews this latest resource.
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Day: November 16, 2021
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 Wendy Badger, CCO at Tennant Company.
Wendy was recruited for head of compliance role at a non-profit financial services organization. She emphasized the collaborative nature of the role and some of the key lessons she learned. She discussed some of the challenges and successes she had in the role and her eventual decision to step away from the position.
Resources
Wendy Badger LinkedIn Profile
Jordan Domash returns as Tom Fox’s guest in this week’s show. Jordan is the General Manager at Relativity, a company that makes software to help users organize their data. Jordan has been leading Relativity’s communications surveillance product for the past few years and is in charge of the sale and development of the platform. This week, Jordan and Tom talk about changes in data management and cybersecurity approaches, what regulators look for and how cybersecurity will evolve in the coming years.
Relativity and Regulation
With the explosion of data volumes due to an increase in communication platforms, the variety of data sources that need to be monitored has exploded as well. In regulated organizations, employees who want to engage in mischievous activity know they’re being monitored, and so are consciously doing everything they can to avoid detection. However, technology has advanced so that it is now able to capture and monitor every data source that’s widely used today. Relativity offers dozens of different tools that allow a compliance officer to focus on what’s truly important. “At the end of the day it’s about being risk based…It’s about focusing on your highest risks in the organization, defining them in advance, defining the population that is susceptible to that risk, and focusing your energy on reviewing alerts that seem the highest risk within those categories,” Jordan tells Tom.
A Change In Approach
The pandemic has affected how people approach data management and cybersecurity. It has also affected how Relativity Trace responded to these issues. Regulators have made it clear that the data from voice interactions need to be recorded. Relativity has seen an influx of customers and clients requesting for more data sources to capture voice data. “We need to invest a lot to keep pace with the evolution of the world’s communication habits,” Jordan remarks. Compliance teams are also no longer operating next to each other so a lot of the collaboration that is happening with these teams require systems to manage them. Relativity has built tools that allow compliance teams to use one main tool to manage their internal processes. “We’d like that all centralized in the system where the actual compliance monitoring is happening,” Jordan adds.
The Impact of COVID-19
The biggest impact the pandemic has had on regulatory scrutiny is the reinforcement that obligations don’t change in a remote work environment. Compliance officers still need to capture all communication vehicles. Individuals may be communicating differently, or are no longer in a controlled environment, but capturing and monitoring communication data is just as important.
What’s Next
In the coming years, Jordan tells Tom, businesses will be shifting away from on-site technology and moving more heavily towards cloud technologies. In compliance and compliance monitoring, there is going to be a greater focus on leveraging AI capabilities.
Resources
Jordan Domash | LinkedIn
Relativity
Tom Fox welcomes back Scott Endicott and Ben Locwin on this episode of the Understanding Lyme Disease Podcast Series. Scott – who has had Lyme disease – is a clinical researcher, and Ben deals with Healthcare Policy at Maven. In this episode, they look at the changes that occur in the body when you contract Lyme disease.
Testing For Lyme Disease
There are blood tests that are carried out to determine whether a patient has Lyme disease, and it’s a two step process. The first half of the test is called the Eliza test which detects antibodies the human body may or may not be producing against the organism that causes Lyme disease. The second half of the blood tests is called the Western blot which looks at antibodies to specific proteins in the Borrelia Burgdorferi organism. These tests are the original diagnostic tests and have been used since the beginning.
The Problems with Diagnosis
Scott explains that PCR testing has come about after these tests and is there to identify the infecting agent. The challenge with PCR testing, however, is the way that the Borrelia Burgdorferi organism actually behaves in real time. The challenge with the Eliza and Western blot as well is that both tests can give false negatives for weeks because the organism has a way of mutating and masking itself. Diagnosis has been dependent on the primary symptom of Lyme disease which is the bullseye rash, a symptom only 30% of patients have. This makes it challenging and confusing for these patients. Clinicians are being given a primary symptom that only one third of patients experience. “There is a real disparity there with as far as how clinicians view this and very often…they’ll basically look at it and say, ‘Well if it’s not a rash, then I’m not going to treat you at this point,’” Scott remarks. Infectious disease experts will advise patients to treat with Doxycycline, and essentially hope for the best.
Dilemma of Diagnosis
With a disease that mutates, there is an urgent need to identify and treat it quickly. Infectious experts look at it as a challenge to diagnostic criteria as opposed to treating prophylactically and leave details for later. This ends up putting patients in a bind between standard medical treatment and other unconventional methods. Many Lyme disease clinicians are Lyme disease sufferers themselves, and so are forced to act outside of accepted protocols in order to properly address symptoms.
Resources
Scott Endicott | LinkedIn
Ben Locwin | LinkedIn | Twitter
In today’s edition of Daily Compliance News:
- Seller’s remorse (they bought me and were mean).(WSJ)
- Retro is cool again. (WSJ)
- SFO outgunned. (Bureau of Investigative Journalism)
- No more Royal Dutch. (NYT)
