OFAC, State Dept. issue further Russia restrictions and General Licenses.
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Day: April 5, 2022
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 Susan Divers, currently Director of Thought Leadership at LRN.
Susan graduated from George Washington University at night while working at the State Department during the day. Her legal career began Office of the Legal Advisor at the State Department and continued in London with two large law firms. I moved back to Washington, entered private practice, working first with Bob Strauss at Akin Gump and then moving over Sonnenshien’s DC office where she became a partner.
Resources
Susan Divers LinkedIn Profile
LRN
In this episode of Shout Outs and Rants, we submit the following for your consideration:
1. Jay Rosen rants the Academy of Motion Picture snubbing of the Director of Dune for Best Director when the picture won 6 other Oscars.
2. Matt Kelly shouts out to the Golden Raspberry Foundation, who award the ‘Razzie’s’ for withdrawing their previously created award of Worst Performance by Bruce Willis in a Bruce Willis movie after the actor retired due to Aphasia.
3. Jonathan Armstrong shouts out to Tina Turner for advancing the cause of GDPR and explaining once and for all time ‘what’s love got to do with it.’
4. Karen Woody shouts out to the magic of Harry Potter World in Orlando have what she described as ‘awesome’ roller coaster rides, well worth the 3-hour wait in line.
5.Tom Fox rants Academy of Motion Picture Arts and Sciences for their incompetent response to Will Smith slapping Chris Rock at the Oscars and reminds us that workplace violence is never acceptable.
The members of the Everything Compliance are:
- Jay Rosen– Jay is Vice President, Business Development Corporate Monitoring at Affiliated Monitors. Rosen can be reached at JRosen@affiliatedmonitors.com
- Karen Woody – One of the top academic experts on the SEC. Woody can be reached at kwoody@wlu.edu
- Matt Kelly – Founder and CEO of Radical Compliance. Kelly can be reached at mkelly@radicalcompliance.com
- Jonathan Armstrong –is our UK colleague, who is an experienced data privacy/data protection lawyer with Cordery in London. Armstrong can be reached at armstrong@corderycompliance.com
- Jonathan Marks is Partner, Firm Practice Leader – Global Forensic, Compliance & Integrity Services at Baker Tilly. Marks can be reached at marks@bakertilly.com
The host and producer, ranter (and sometime panelist) of Everything Compliance is Tom Fox the Voice of Compliance. He can be reached at tfox@tfoxlaw.com. Everything Compliance is a part of the Compliance Podcast Network.
GCMR co-founder Mike Munro joins us as he discusses his predictions for ESG standardization and regulations down the road, his written work, the significance of compliance, and staying open to the possibilities of all components of ESG.
▶️ The Future of ESG in 2022 with Mike Munro:
Key points discussed in the episode:
✔️ Mike Munro lists down his firm’s services and core focus: helping people understand what ESG is all about.
✔️ Mike Munro believes 2022 will be a pivotal year for ESG and his articles aim to put ESG at the forefront.
✔️ Through their directives, the SEC and the EU will bring specificity on what needs to be tracked and reported. The FCC is also expected to issue climate-related standards.
✔️ The EU has become the frontrunner in implementing human rights regulations. Switzerland and Germany have passed a law requiring reporting. The US still needs to improve in addressing modern slavery issues.
✔️The SEC shows growing interest in human capital.
✔️Once the IFRS Sustainability Board puts out standards, verification and auditing will follow.
✔️ With ESG, companies can be part of the solution. Bigger names shouldn’t receive the brunt of the blame as businesses of all sizes should be accountable.
✔️ ESG can be simplified with its focus: getting data accurately and reporting it in an appropriate way.
✔️ The role of compliance is to assist and advise. It helps companies understand the regulations and risks associated with doing business in certain countries. It also promotes educating teams in organizing and collecting accurate and useful information.
✔️ The environmental component is a pain point among compliance professionals. Mike Munro gives advice on how to be more open to the E in ESG: basic knowledge of issues and strong ties with environmental groups.
✔️ Embrace the true value of ESG to your organization. With the understanding of ESG, do your own research and stay curious.
✔️ ESG will continue to gain more attention in the coming years. With more mandates and the recognition of compliance professionals, the future seems optimistic.
Mike Munro is the principal and co-founder of GCMR, an ESG and compliance advisory firm. His previous experience includes being the CCO of Odebrecht Engineering & Construction, a partner at Norton Rose Fullbright, deputy general counsel and CCO of Transocean, and global director of ethics and compliance at Baker Hughes. He is a member of the OECD’s Trust in Business Network (TriBuNet) and a member of the Executive Consultation Group for the OECD’s work on a multi-stakeholder ESG initiative, the Blue Dot Network.
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Do you have a podcast (or do you want to)? Join the only network dedicated to compliance, risk management, and business ethics, the Compliance Podcast Network. For more information, contact Tom Fox at tfox@tfoxlaw.com.
Evgeny Likhoded is the founder and CEO of ClauseMatch, a company that provides financial institutions with a modern AI-based compliance platform to transform their regulatory change management process. Tom Fox welcomes him to this week’s show to talk about ClauseMatch, how it helps its clients, and the evolution of compliance.
Digital Transformation: The Core of ClauseMatch
Bringing digital transformation to governance risk and compliance is at the core of the ClauseMatch platform. What ClauseMatch has built is a way for companies to collaborate in real time on content, specifically content that needs strict and strong governance processes. “Primarily our platform is used for managing policies and procedures in a way that enables companies to track every single change every time the policy changes,” Evgeny tells Tom. Ultimately it helps clients show their regulators that they have interpreted and incorporated the rules into their own internal governance frameworks, and have communicated that to their employees.
The Evolution of Compliance
Evgeny cautions that it’s not enough to have a compliance manual just sitting around. Compliance regulations and objectives need to be distributed and have engagement with the entire organization. A large part of ClauseMatch’s roadmap is driven by customer challenges, and how they might be addressed and another part is driven by the market. “There are a lot of things that we see on the market that will drive the adoption of compliance solutions,” Evgeny says. Regulated firms won’t be the only ones affected by the changes happening in the market. “Privacy regulations aren’t just for regulated firms,” he adds. Every firm that is holding some form of data for its clients and customers is subject to these regulations. This, along with a greater emphasis on ESG are two prime examples on how compliance has evolved for companies.
Smart and Connected Compliance
Tom asks Evgeny to define smart and connected compliance. Connected compliance is the ability to understand and connect compliance content that comes from many different sources. This means the obligations, procedures, and policies that come from various regulators. “We need to rewrite the policies and procedures we need to make sure that their controls are still compliant with the regulations and obligations, and if they’re not connected you can never estimate the full impact of that,” Evgeny explains. Smart compliance is where individuals can start using machine learning and natural language to understand these connecting links across the organization.
Looking Ahead
Tom asks Evgeny what key trends will shape compliance technology in the future. Evgeny explains that the need for compliance technology will only increase during 2022 and onward. New regulations will be introduced for cryptocurrency activities and assets, as well as various regulatory frameworks with ESG. Cybersecurity will have a lot more scrutiny from regulators and governments as well.
Resources
Evgeny Likhoded | LinkedIn | Twitter
ClauseMatch
