Day: June 14, 2023

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Great Women in Compliance

Great Women in Compliance – Principled Podcast X GWIC – A Discussion with Meredith Hunt

Welcome to the Great Women in Compliance Podcast, hosted by Mary Shirley and Lisa Fine.

Today’s Great Women in Compliance episode is a crossover one with LRN’s Principled Podcast. Meredith Hunt, Ethics and Compliance Specialist at LRN debuts her podcast hosting, #GWIC Co-host, Mary Shirley. Change is hard; we fight to hold on, yet we fight to let go, and deciding which direction to go in can have a huge impact on your journey and those around you. Meredith interviews Mary about some critical coaching questions to ask yourself when at a crossroads that are particularly helpful if you’re questioning whether you should stay or go from the status quo.

 They also discuss favorite ways to send the elevator back down to those around them and share tips for leveling up your Compliance program, including a spoiler idea from Mary’s soon-to-be-released book on innovative and trail blazing ways to level up your Compliance program, called Living Your Best Compliance Life. Look out for the e-book soon and the later hard copy launch, coinciding with the Society of Corporate Compliance and Ethics Compliance and Ethics Institute.

You can find the a written transcript of the episode and more information at the Principled Podcast here: https://blog.lrn.com/how-ethics-and-compliance-professionals-can-send-the-elevator-back-down

You can find the Great Women in Compliance Podcast on the Compliance Podcast Network where you can find several other resources and podcasts to keep you up to date in the Ethics and Compliance world. You can also find the GWIC podcast on Corporate Compliance Insights where you can learn more about the podcast, stream prior episodes and catch up on Mary’s monthly column “Living Your Best Compliance Life.”

Corporate Compliance Insights is a much-appreciated sponsor and supporter of GWIC, including affiliate organization CCI Press publishing the related book; “Sending the Elevator Back Down, What We’ve Learned from Great Women in Compliance” (CCI Press, 2020). If you enjoyed the book, the GWIC team would be very grateful if you would consider rating it on Goodreads and Amazon and leaving a short review.  Don’t forget to send the elevator back down by passing on your copy to someone who you think might enjoy reading it when you’re done, or if you can’t bear parting with your copy, consider it as a holiday or appreciation gift for someone in Compliance who deserves a treat.

If you enjoyed the book, the GWIC team would be very grateful if you would consider rating it on Goodreads and Amazon and leaving a short review.  Don’t forget to send the elevator back down by passing on your copy to someone who you think might enjoy reading it when you’re done, or if you can’t bear parting with your copy, consider it as a holiday or appreciation gift for someone in Compliance who deserves a treat.

You can subscribe to the Great Women in Compliance podcast on any podcast player by searching for it and we welcome new subscribers to our podcast.

Join the Great Women in Compliance community on LinkedIn here.

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The Hill Country Podcast

The Hill Country Podcast – The Cookie Lady Returns

Welcome to the award-winning The Hill Country Podcast. The Texas Hill Country is one of the most beautiful places on earth. In this podcast, Hill Country resident Tom Fox visits with the people and organizations that make this the most unique area of Texas. Join Tom as he explores the people, places, and their activities of the Texas Hill Country.

In this episode, the “Cookie Lady” Julia Cardoshinsky from Kerrville shares her delicious preparations for Father’s Day weekend as well as the secrets to her bakery’s success over the past 18 months. Julia talks about her new extended hours for the weekend and giveaways they plan to offer their customers for the country’s birthday. She shares their extensive menu, which includes not only cookies but lemon bars, turnovers, muffins, and cakes. The bakery also provides wholesale to local restaurants in the hill country. The podcast hosts talk about their involvement in charitable organizations and their desire to give back to the community. Listen further as Julia reveals how she plans to inspire others to share in her passion for baking, grow her business, and maintain relationships with her customers. Don’t miss out on the delectable treats at the Kerrville location and satisfy your sweet tooth cravings now!

 Key Highlights

·       Types of baked goods offered

·       Bakery Events and Challenges

·      Growth of a Passionate Cookie Store

·      Delegating tasks and building customer relationships

 Resources

The Cookie Store on Facebook

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

Categories
31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program with Boards – Board Oversight Role over Internal Controls

Best practices compliance program. The first in Hallmark No. 1 states, “Within a business organization, compliance begins with the board of directors and senior executives setting the proper tone for the rest of the company.” The second is found under Hallmark No. 3, entitled “Oversight, Autonomy and Resources,” which says the Chief Compliance Officer (CCO) should have “direct access to an organization’s governing authority, such as the board of directors and committees of the board of directors (e.g., the audit committee).” Further, under the US Sentencing Guidelines, the Board must exercise reasonable oversight of the effectiveness of a company’s compliance program. The DOJ Prosecution Standards posed the following queries: (1) Do the Directors exercise independent review of a company’s compliance program? and (2) Are Directors provided sufficient information to enable independent judgment?

Further, if a company’s business plan includes a high-risk proposition, there should be additional oversight. In other words, there is an affirmative duty to ask tough questions. But it is more than simply having a compliance program in place. The Board must exercise appropriate oversight of the compliance program and the compliance function. The Board must ask hard questions and be fully informed of the company’s overall compliance strategy. Lawyers often speak to and advise Boards on their legal obligations and duties. If a Board’s oversight is part of effective financial controls under Sarbanes Oxley (SOX), that includes effective compliance controls. Failure to do either may result in something far worse than bad governance. It may directly lead to an FCPA violation and could even form the basis of an independent FCPA violation. A company must have a corporate compliance program in place and actively oversee that function. A failure to perform these functions may lead to independent liability of a Board for its failure to perform its allotted tasks in an effective compliance program. Internal controls work together with compliance policies and procedures and are interrelated control mechanisms. There are five general compliance internal controls for a Board or Board subcommittee role for compliance:

Three Key Takeaways:

  1. GTE compliance internal controls are low-hanging fruit. Pick them.
  2. Compliance with internal controls can be both detected and prevented controls.
  3. Good compliance with internal controls is good for business.
Categories
Compliance Into the Weeds

Compliance into the Weeds: PCAOB: Expanding Audit Duties – The Impact and Concerns

The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds!

Tom Fox and Matt Kelly are back with another thought-provoking episode discussing the proposed new Audit Standard 2405 by the PCAOB. This new proposal requires auditors to evaluate legal violations and noncompliance that could have a material impact on financial statements. While some people believe this is a good idea, others question the cost and whether audit firms are trained for this task. The discussions covered a range of topics, including internal control evaluations, expanding audit duties, Wells Fargo case study, the potential for increased audit fees, and reporting noncompliance to law enforcement. The hosts urge listeners to read the proposal and provide feedback as the final standard is expected to be approved by the SEC. This is a must-listen for compliance professionals who want to stay up-to-date and think critically about the latest audit news.

 Key Highlights 

·      Auditing Process for Legal and Compliance Issues

·      New Standards for Auditors Beyond Financial Reporting

·      Expanding PCAOB’s Legal Obligations for Auditors

·      Expanding Audit Firm Duties: Impact and Concerns

·      Commenting on Proposed Audit Rule

Notable Quotes:

“This seems like a huge expansion of what auditors have done in the past.”

“Certainly, for example, a large FCPA violation if you’re looking at $1,000,000,000 fine, and that would definitely strike me as material.”

“The proposal to expand the duties of audit firms is a dramatic expansion of what they were previously asked to do, and it is unclear whether they are fully equipped to handle this responsibility.”

“Internal auditors and compliance officers may also have concerns.”

Resources

Matt 

LinkedIn

Blog Post in Radical Compliance

Tom 

Instagram

Facebook

YouTube

Twitter

LinkedIn

Categories
Daily Compliance News

Daily Compliance News: June 14, 2023 – The Digital Nomad Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.

  • Why we go into the office now. (Bloomberg)
  • JPMorgan settles with Epstein victims for $290M. (Reuters)
  • Corruption and wildfires. (Eurasianet)
  • The digital nomad goes corporate. (FT)
Categories
All Things Investigations

All Things Investigation: Kenyen Brown and Kevin Carroll on the Trump Indictment

Welcome to the award-winning podcast All Things Investigation. Join Tom Fox on All Things Investigation, where he is joined by Kenyen Brown and Kevin Carroll, partners at Hughes Hubbard Reed, as they discuss the recent Indictment of the former President.

Brown described the indictment as “mind-boggling in its specificness,” providing strong evidence of guilt. The charges include mishandling classified information, with a strong focus on the Espionage Act. Further, the hosts discuss the severity of the charges, sensitive material, and the potential penalty the former president could face, which could mean up to 20 years imprisonment and a $250,000 fine for each count! You want to attend the discussion on the attorney-client privilege and the possibility of Judge Cannon recusing herself from the trial. You will learn much about this unprecedented Indictment with the hosts’ legal expertise.

Key Highlights:

  • Analyzing an Espionage Act Indictment
  • Charges for mishandling classified information
  • Piercing Attorney-Client Privilege in Florida Courts
  • Potential penalties for charges against former president
  • Judicial Impartiality and Independence
  • Federal Trial Process & Political Implications

 Notable Quotes:

“All this indictment is mind-boggling in its specificness. I’ve never seen this type of indictment with this much detail. First, that indicates to me they’ve got the goods.”

“And repeatedly, the National Archives and then the Justice Department through the FBI asked for the documents to be returned, and not only were they not returned, but it appears that there was a conspiracy to obstruct justice to keep them from being returned.”

“Only a small number of people, such as the President of the United States, chairman of the Joint Chiefs, need to have that. These are the absolute crown jewels of the intelligence and defense communities deliberately mishandled.”

“The attorney’s testimony can be admitted.”

Resources

Hughes Hubbard & Reed website

Kenyen Brown bio

Kevin Carroll bio

Categories
Trekking Through Compliance

Trekking Through Compliance – Episode 13 – The Conscience of the King

In this episode of Trekking Through Compliance, we consider the episode The Conscience of the King, which aired on December 8, 1966, Star Date 2817.6.

The Enterprise is called Planet Q by Dr. Thomas Leighton. Leighton suspects Anton Karidian, the leader of a Shakespearean acting troupe currently on the planet, is Kodos the Executioner, former governor of the Earth colony of Tarsus IV. Kodos had ordered that half the population of 8000 be put to death during a food shortage. Both Leighton and Kirk were eyewitnesses.

Kirk arranges to ferry the acting troupe to its next destination. Spock learns the history of the massacre, Kirk’s connection to it, and that seven of the nine witnesses had died, in each case when Karidian’s troupe was nearby. Kirk confronts Karidian with his suspicions. Karidian does not admit to being Kodos.

Karidian, overhearing, is disturbed, and Lenore tries to reassure him by revealing that she has been killing the witnesses to his crimes. Kirk moves to arrest them both. Lenore snatches a phaser and accidentally kills Karidian.

Compliance Takeaways:

1.     When does a leader step from business to personal?
2.     Can you ever be sure in an investigation absent a confession?
3.     What is the difference between an investigation and a root cause analysis?

 Resources:
Excruciatingly Detailed Plot Summary by Eric W. Weisstein for The Conscience of the King
MissionLogPodcast.com-The The Conscience of the King