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 Mark Beyer, the Ethics and Compliance Officer at Pedernales Electric Cooperative.
Beyer’s next move took him to LivaNova, a medical device manufacturer, a publicly traded UK company. At LivaNova, Beyer became the head of Ethics and Compliance for North America where he oversaw all aspects of compliance for North America. He also made several additions to his Compliance Toolkit while at LivaNova.
Tool No. 7 was Beyer broadening out his approach to compliance and ethics at a company to a much more holistic approach.
Tool No. 8 was the exposure that Beyer had with the LivaNova C-Suite. Through these interactions he learned to work senior management in a reporting role but also to help educate the C-Suite on their role in a compliance program.
Tool No. 9 was working with corporate legal. In these interactions, Beyer learned the importance of a separate legal and compliance function.
Tool No. 10 was creativity. Here Beyer was mentored by another compliance legendary CCO, High Bigwood. Bigwood was one of the first CCOs to focus on the behavioral sciences for compliance and in compliance programs. He also expanded his views on the marketing of compliance internally.
Resources
Mark Beyer LinkedIn Profile
Pedernales Electric Cooperative
Day: May 17, 2022
Vault Platform CCO Tori Reichman joins the show to discuss how employers should embrace their employees’ expectations, use tech solutions to report misconduct, value ethics and mission alignment more than ever before, and what companies should do to retain top talent.
▶️ Supporting the S in ESG through Tech Solutions with Tori Reichman:
Key points discussed in the episode:
✔️ Tori Reichman explains her interpretation of the S in ESG.
✔️ The role of ethics and ESG implementation in a company’s culture. Employees are encouraged to report misconduct so cases can undergo evaluation and investigation.
✔️ Tech solutions help businesses have a more precise grasp on their ethical health. Having data all in one place takes away all the extra work.
✔️ Companies are now held to a higher standard due to employees being more vocal when their practices are considered unethical or go against their morals.
✔️ While millennials and Gen Z-ers are more comfortable leaving jobs for greener pastures, baby boomers and Gen X-ers prefer to stay longer. However, both choose employment in companies that align with their values and beliefs.
✔️ The Great Resignation resulted from employees realizing they disagreed with their workplace’s culture and mission. As time passed, workers shifted to a more realistic approach in selecting their employment.
✔️ When companies are true to their vision and mission, this encourages employees to stay longer. The interest to evolve and implement ESG platforms has reached organizational levels that have never been seen before.
✔️ How a business interacts internally attracts new talent. Modern employees consider things beyond the 8 hours when working for you.
Tori Reichman is a Founding Team Member and Chief Customer Officer in Vault Platform, where the vision is a world in which workplaces are inclusive, safe, and diverse. Vault’s mission is to provide companies with the world-class ethics and compliance tools they need, delighting them with innovative, simple, intuitive, and empathetic technology and surprising them with unrivaled customer support to help them achieve their goals.
—————————————————————————-
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.
Welcome to the Shout Outs and Rants from Episode 100.
1. Jay Rosen shouts out Christopher Flores and Robert Moran, the first time pilot who had to take over the landing of a plane when the pilot fell ill and Robert Morgan, the air traffic controller who talked him down to a safe landing.
2. Matt Kelly rants about Moderna and its hiring of the new CFO for one day and wonders if releasing news of the prior company’s accounting fraud investigation could have been disclosed.
3. Jonathan Marks also rants about Moderna which fired its CFO after one day on the job, asking did Moderna perform any due diligence.
4. Tom Fox rants about Justice Alito who wants to take American culture, legal rights and jurisprudence back to the 18th century English law.
5. Jonathan Armstrong shouts out to Ivy Williams and Helena Normanton, the first two women barristers in the United Kingdom.
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 jonathan.armstrong@corderycompliance.com
• Jonathan Marks is Partner, Firm Practice Leader – Global Forensic, Compliance & Integrity Services at Baker Tilly. Marks can be reached at jonathan.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.
Sandeep Bhide is the Vice President of Product Management at ProcessUnity, a company that is making good governance, risk, and compliance (GRC) practices and tools available to organizations via third-party risk and cybersecurity program management tools. Tom Fox welcomes him to this week’s show to talk about their Third-Party Risk: A Turbulent Outlook Survey report and how ProcessUnity helps their clients.
The Purpose of ProcessUnity
Tom asks Sandeep to explain the basis of ProcessUnity and the key products and services they are offering. Sandeep says that the company offers cloud-based solutions that provide help for organizations of all sizes, that allows them to automate their risk and compliance programs. He adds that it is an easily customizable program that reduces manual administrative tasks and allows customers to focus on “the more strategic risk mitigation activities”. ProcessUnity has the ability to review the company’s GRC program and deliver great results quickly.
Third-Party Risk: A Turbulent Outlook Survey Report
Tom wants to know what was the intent behind this report and how it came to fruition. Sandeep states that the objective of the study was to determine how well organizations understood and managed risk associated with their third-party partners. 301 IT and cybersecurity decision-makers and influencers participated in the survey, and they were asked about their concerns and challenges when managing certain risks, and how it has impacted the security incidents related to their third-party partners. Sandeep shares the overall findings of the survey found that:
- Third-party relationships continue to expand exponentially;
- Companies continue to seek outsourced services and software in order to perform optimally and to replace talent and supply sources due to the pandemic;
- The majority of respondents have experienced an IT security incident over the last two years because of a third-party relationship.
The Gathering Storm
Tom asks Sandeep to explain the concept of “the gathering storm” and the technological solution ProcessUnity provides to help navigate it. Sandeep explains that the term refers to a supply chain attack executed by “close third-party relationships that have either physical or network access to equipment and premises and those that provide software vital to a business’ operation.” Sandeep then warns that companies should vet these third parties since their role is so important. Most companies would rather focus on their core businesses, however; they feel it doesn’t make economic sense for them to do everything themselves and third parties provide the types of talent they need to properly conduct their business. Sandeep comments that “companies can outsource the work which is an imperative for them, but they can’t outsource the risk”. To manage your third parties, you must have multiple in-house and out-house methods to vet them, including questionnaires or assessments. You have to get to know your partners because they have the most risk attached to them.
Resources
Sandeep Bhide | LinkedIn | ProcessUnity
In today’s edition of Daily Compliance News:
- When customers complain. (WSJ)
- 1st case against crypto for sanctions evasions. (WaPo)
- Former Trump official brags about corruption on the campaign trail. (NY Magazine)
- 6 banks settle Singapore rate violations action. (Reuters)
