Day: August 1, 2023

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31 Days to More Effective Compliance Programs

One Month to More Effective HR in Compliance: Day 1 – The Role of HR in Compliance

When it comes to operationalizing a successful compliance program, HR is an essential part of the equation. HR has many touch points with employees, from interviews to onboarding, and can be used to connect the dots in many divergent elements of a compliance and ethics program. HR can take the lead in operationalizing compliance at each of these touch points, such as pre-employment screening and interviewing, onboarding training, annual assessments and reviews, and promotions to exit strategies.

The Compliance Podcast Network’s One Month to a More Effective Compliance Program provides four steps to ensure an effective compliance program. These steps include establishing a consistent application of disciplinary actions and incentives across the organization, utilizing an incentive system to incentivize compliance and ethical behavior, and providing examples of actions taken, such as promotions and awards denied as a result of compliance and ethical considerations. Additionally, it is important to determine who determines the compensation, including bonuses, as well as discipline and promotion of compliance personnel.

HR can help operationalize a compliance program by getting the message out through their distribution channel. They can also utilize their expertise and talent to more fully communicate compliance concepts. This could include ongoing communications with prospective, newly hired, and seasoned employees about the need for ethical dealings and compliance with company values. It is also important to have a shared commitment requirement found in the commitment of senior management as well as the requirements around incentives and discipline.

The 2023 guidance from the Department of Justice Evaluation of Corporate Compliance Programs listed several HR touch points as best practices for a successful compliance program. These include senior leaders and middle management stakeholders, such as business and operational managers, finance, procurement, legal, and human resources, demonstrating their commitment to compliance and remediation efforts. HR can be one of the linchpins in spreading a company’s commitment to doing business ethically and in compliance throughout the employee base.

Incentive and discipline processes should involve participants in making disciplinary decisions for the type of misconduct at issue. Reasons for discipline should be communicated to employees. Compliance should be operationalized into the very fabric of a business. Have a cup of coffee with the head of corporate HR to find out what they do, how they do it, and what they do on a daily basis. This will help you to better understand how HR can help operationalize your compliance program.

By following the four steps outlined in the Compliance Podcast Network’s One Month to a More Effective Compliance Program, you can ensure your compliance program is successful and that your employees are aware of their responsibilities. HR can be a powerful tool in operationalizing your compliance program, and by utilizing their expertise and talent, you can more effectively communicate compliance concepts and spread the company’s commitment to doing business ethically and in compliance throughout the employee base.

Three key takeaways:

  1. What are the HR-employee touchpoints at your company?
  2. HR professionals can bring new, dynamic and innovative techniques to compliance
  3. Go down and have a cup of coffee with the head of your corporate HR department. Find out what they do and how they do it.

For more information, check out The Compliance Handbook, 4th edition, here.

Categories
Trekking Through Compliance

Trekking Through Compliance: Episode 61 – Spectre of The Gun

 

In this episode of Trekking Through Compliance, we consider the episode Spectre of the Gun, which aired on October 25, 1968, Star Date 4385.3.

On a mission to establish contact with the reclusive Melcotians, Kirk ignores the message of a space probe. The landing party encounters a Melcotian who informs them they are an outside disease that must be destroyed. Their trespassing is to be punished by death, and the pattern of their death will be taken from Kirk’s memories. As Kirk’s ancestors pioneered the West, the landing party finds itself teleported to Tombstone, Arizona, on October 26, 1881.

Desperately, Bones and Spock cooperate to build a tranquilizer bomb that will incapacitate the Earps. Scotty volunteers to test the potion Bones has cooked up. Despite Bones’ careful preparation, it does not work. Spock is the only one who understands the significance of this fact, saying, “You do not seem to understand. It did not function. But it must function.” Spock realizes that nothing around them is real; the whole scenario is taking place in their minds.

They end up at the OK Corral, and the Melcotians, impressed that Kirk did not kill, then extend an invitation to establish relations with the Federation.

Compliance Takeaways:

1.     How do you overcome biases?

2.     Have you looked at your Supply Chain for innovation?

3.     How do you move compliance into the DNA of your organization?

Resources

Excruciatingly Detailed Plot Summary by Eric W. Weisstein

MissionLogPodcast.com

Memory Alpha

Categories
Career Can D0

Redefining Wealth: A Path to Personal Prosperity with Daniel Hall

On today’s episode of Career Can Do, Mary Ann Faremouth hosts a multi-faceted professional who redefines success. Daniel Hall is a USA Today and Wall Street Journal bestselling author, investor and speaker. This episode delves into Daniel’s latest book, The Money Mindset Makeover: Transforming Your Finances From the Inside Out, which promises to change your perception of wealth and personal growth. Daniel shares insights into transforming your relationship with money and why your beliefs play a crucial role in your financial future.

Daniel says that our relationship with money is often mired in notions of scarcity and the belief that money is hard to come by. This mindset is a fallacy, he says; we need a paradigm shift to overcome these negative beliefs and adopt a new set of beliefs that allows us to see the abundant opportunities that life offers. Mary Ann notes that candidates with a can-do mindset are often more successful, despite not ticking every box in terms of required skills. 

 

Daniel describes the transformative power of changing core beliefs about wealth. “It’s like fertilizing a garden,” he says. “You start to really see things start to grow and blossom in this new garden because you’ve made the soil fertile.” He shares success stories of individuals who triumphed over their past to create financial success, including his own. 

 

Mary-Ann comments on Daniel’s book, stating how it doesn’t just tell you where you need to be, but helps you understand how to get there from where you are now. Daniel offers listeners the opportunity to pick up his book, pay what they wish, and take the first steps toward a mindset overhaul. 

 

Maintaining a positive mindset and discipline even during challenging times is crucial. To sustain a money mindset, Daniel suggests being mindful and present in your thoughts, affirming that positive changes in reality can happen if you stay consistent in your efforts. Challenging situations should be seen as opportunities for growth and learning rather than obstacles. We all have the power to decide our perception towards events in our lives, including financial ones. He encourages listeners to frame challenges as opportunities to grow and reach the next step. There’s an abundance of opportunities around us, Daniel says, comparing them to things we couldn’t see before getting a new pair of glasses. He believes that seizing and implementing these opportunities, and drawing from these positive experiences for future successes, leads to a cycle of prosperity. He coins this a “delicious cycle,” where good things continue to happen, expanding in their magnitude.

 

Resources:

Daniel Hall | Money Mindset Makeover

Faremouth.com

Categories
Greetings and Felicitations

Greetings and Felicitations: The Future of Healthcare…Is Now: Part 2- Revolutionizing Healthcare: Personalized Medicine

What is the future of healthcare and when will it arrive? To explore these and similar questions I visited with Dr. Ben Locwin and Scott Endicott in a five-episode podcast series. Over this series we will explore why the future of healthcare is now; gene and cell therapy, the use and misuse of statistics, Hippocrates and modern healthcare and where healthcare will be headed down the road. In this Part 2, we consider personalized medicine.

The use of personalized medicine, such as cell therapies, gene therapies, and digital therapeutics, is revolutionizing the healthcare industry. In this Part 2 of a special five-part series, Tom Fox, Ben Locwin, and Scott discussed the changes to regulatory pathways and expanded access programs to speed up the approval process for drugs and treatments, as well as the long-term risks associated with taking certain drugs. They also provided advice on how to engage with them on the topics discussed, such as using LinkedIn and Google Search, and concluded the episode by inviting listeners to join them for their next episode. This podcast episode provides an insightful look into the future of personalized medicine and the potential risks and benefits associated with it.

Digital therapeutics, for example, have enabled the ability to measure and install a pump that replicates the functions of the pancreas in real time. Regulatory pathways for device and diagnostic approvals have been simplified and expectations and standards have been shifted. Expanded access programs have been created to allow access to treatments between the end of a clinical study and formal approval. These programs have been especially beneficial for rare disease patients and pediatric patients, as well as late stage oncology patients. Advocacy groups have successfully lobbied for access to treatments for MS and other rare diseases. Risk-benefit utility curves can be used to understand the implications of healthcare decisions.

Personalized medicine is defined as medical therapies that are designed specifically for each individual patient to whom they’ll be administered. An example of personalized medicine is personalized dosing of warfarin, which could prevent 17,000 strokes in the United States annually and avoid 43,000 emergency room visits. Cell therapies, such as Chimeric antigen Receptor T cell Therapy (Car T), are personalized using either a donor or the patient’s own blood. Gene therapies are also used in personalized medicine. Supply chain, as it is currently understood, may well no longer  exist in ten years from now and instead it will look a lot more like a disc that is going to be placed into a personalized sort of therapeutic pump that’s attached to your body. Insulin delivery has become extremely personal, used to be broad based, and required separate measurements of blood sugars and titrating a dose based on that. Dexcom has been providing personalized medicine for a number of years.

Personalized medicine is revolutionizing the healthcare industry, and it is important to understand the long-term risks associated with taking certain drugs. It is also important to understand the regulatory pathways and expanded access programs that have been created to speed up the approval process for these drugs and treatments. With the right resources and guidance, individuals can make informed decisions about their healthcare and take advantage of the many benefits that personalized medicine has to offer.

Key Highlights

·      Cell and gene therapy

·      Personalized medicine

·      Risk-benefit utility

Resources

Dr. Ben Locwin on LinkedIn

Scott Endicott on LinkedIn

Tom Fox on LinkedIn

Categories
Report from IMPACT 2023

Report from IMPACT 2023: Carsten Tams on Designing Engaged Compliance Solutions

ECI’s IMPACT 2023 was one of the leading compliance events in 2023. At this conference, Tom Fox, the Voice of Compliance, was able to visit with several of the speakers, exhibitors, participants and one group of ethically minded Girl Scout Troop. In this limited podcast series, Report from IMPACT 2023, Tom explores many of the most cutting-edge topics in ethics and compliance through short podcast episodes. Check out the full series of interviews. You will be enlightened, informed and come away with a fuller and more thorough understanding of the most cutting-edge topics in ethics and compliance. In this episode, Tom visits Compliance Maven Carsten Tams on how to design an engaging compliance system.

An effective, ethical business requires more than just compliance – it requires engagement. Tom Fox and Carsten Tams discussed how to design solutions that resonate with employees and meet their needs in this podcast episode. Mary Gentilly’s book emphasizes the importance of giving employees an opportunity to express their values and create a social ethical fabric that leads to resilience against misconduct. Design thinking is a key tool in creating tailored solutions to meet the needs of employees, ensuring engagement in compliance and ethical culture. This podcast episode is essential for any business owner looking to create a successful, socially and environmentally conscious enterprise.

 Highlights include 

·      Engaging Compliance

·      Ethics and Engagement

·      Design Thinking in Compliance 

Resources 

Carsten Tams on LinkedIn

Categories
Daily Compliance News

Daily Compliance News: August 1, 2023 – The Accident Waiting to Happen Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance brings to you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in 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.

  • Binance founder draws scrutiny from German regulator. (WSJ)
  • Lead FBI agent talks about Householder case. (Columbus Dispatch)
  • US asks SCt to delay Purdue Pharma settlement. (Reuters)
  • eBike for adult or motorcycle for kids: disaster in the offing. (NYT)
Categories
Data Driven Compliance

Data Driven Compliance: eCom Surveillance and Cybersecurity Data Management

Are you struggling to keep up with the ever-changing compliance programs in your business? Look no further than the award-winning Data Driven Compliance podcast, hosted by Tom Fox, which is a podcast featuring an in-depth conversation around the uses of data and data analytics in compliance programs. Data Driven Compliance is back with another exciting episode The intersection of law, compliance, and data is becoming increasingly important in the world of cross-border transactions and mergers and acquisitions.

Data has become much more ubiquitous and needs to be incorporated into business processes. AI data cleansing helps to reduce false positives and provides context to alerts generated by the system. AI capabilities are divided into three categories: removing duplicative content, detecting risk, and providing context. AI-powered data cleansing strips out non-human generated content and focuses on what was sent by an individual. This helps to lower false positives in alerts generated by the system.

The need for eCom surveillance is increasing as communication sources become more varied. Slack, Zoom, Teams, Bloomberg chat, and Ice chat are all becoming commonplace, and companies need to be able to capture data from these sources. Artificial intelligence and machine learning models are being deployed to empower a compliance officer to focus on what’s important and be risk-based. Companies that have been hesitant about the cloud are now moving their data to the cloud.

The amount of voice business that is happening over Zoom and teams and other voice channels has skyrocketed. Regulators have been very clear that you need to capture and record that voice data. Customers have asked for more and more data sources to capture, including audio. Compliance teams need systems to manage collaboration, case management tools, and review tools. Technology allows compliance teams to no longer use Excel or SharePoint to manage their own internal processes.

The combination of technology and compliance is transforming the industry. Artificial intelligence capabilities have come a long way in the past few years and are already good enough to provide a lot of value to customers. The innovation over the next few years will be on the defensibility front, proving defensibly why something was alerted on and why something else was not. Technology is available to capture every data source that’s out there, and it is essential for compliance teams to leverage this technology to remain compliant and competitive.

 Key Highlights

·      Ecom Surveillance

·      Cybersecurity Data Management

·      AI and Compliance

Resources:

 Tom Fox 

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