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Creating a Sustainable Communications Compliance Environment with Technology

This week I have a special five-part podcast series, sponsored by Verint on the Future of Communication in Financial Compliance on the Innovation in Compliance podcast series on the Compliance Podcast Network. My guest in this series is Phil Fry, VP and GTM of Financial Compliance Strategy at Verint. Over this series, we took a deep dive into the current status of communications in financial institutions; how to be or not be compliant; an analysis and insight into the area; and how to avoid accentuating the negative and the human element in compliance. In this five and concluding blog post, we look down the road at financial institution communications compliance.

In the rapidly evolving landscape of AI and digitalization, the importance of human compliance in regulatory compliance cannot be overstated. We shed light on the need to shift the focus from technology to understanding individuals and their communication channels when it comes to compliance. One of the main challenges highlighted in the episode was the siloed approach to communications within corporations. Many organizations fail to recognize the interconnectedness of different communication modalities and view them as separate entities. However, compliance demands a holistic approach that encompasses all in-scope individuals and the communications they use.

To address this challenge, a compliance communications platform can provide immense value. Such a platform captures, analyzes, and reports on all communication modalities, enabling a comprehensive view of compliance. It shifts the focus from technology to the alignment, visualization, and processing of data around people. By understanding individuals and their communication patterns, organizations can better ensure compliance.

Phil Fry emphasized the importance of data completeness, integrity, and control in compliance. A compliance communications platform should be able to capture and analyze data from various sources, including voice communications, chat, text, and video conferencing platforms like Zoom and Symphony, and even mobile devices. This comprehensive approach ensures that no communication is overlooked and that compliance requirements are met.

The episode also touched upon the role of IT teams in compliance. While IT teams have traditionally been responsible for implementing compliance solutions, the alignment between vendors, IT teams, and compliance teams can be challenging. Compliance teams must be involved in decision-making processes to align technology with risk management goals. This collaboration ensures that technology solutions are not just focused on functionality but also on addressing compliance requirements.

Looking toward the future, the episode discussed the role of technology in simplifying compliance processes and reducing complexity. Generative AI and machine learning are expected to play a significant role in analyzing and understanding compliance data. However, it is important to note that technology alone is not the solution. The analysis, visualization, and control of compliance policies are equally important to ensure proactive management and derive valuable insights from the data.

In conclusion, human-centric compliance in the era of AI and digitalization requires a shift in focus from technology to understanding individuals and their communication channels. Compliance communications platforms that capture, analyze, and report on all communication modalities are essential for a comprehensive compliance strategy. Collaboration between vendors, IT teams, and compliance teams is crucial for aligning technology with risk management goals. By leveraging technology and implementing effective data analysis and policy control, organizations can simplify compliance processes and ensure regulatory compliance in the digital age.

For More Information check out Verint.

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A Yank at Oxford

A Yank at Oxford – David Simon Reflects, Part 1

Tune in every quarter to learn how David Simon, a 53-year-old lawyer from the US, navigated the ancient world of Oxford University in pursuit of an MBA. David is a Partner at the white shoe law firm Foley and Lardner, who has dedicated his career to white-collar compliance with a heavy international focus. In A Yank in Oxford, David and host Tom Fox talk about what inspired his decision to pursue an Executive MBA, and where his journey may lead. Today begins a two-part final episode as David has graduated with a Master’s from Oxford. He details the final casework and reflects back on his time at Oxford and in England.

Key Highlights:

  • The Power of Anchoring in Negotiations
  • Collaborative and Client-Centered Legal Services Approach
  • The Value of Doubt in Leadership
  • The Power of Listening in Speak Up Culture
  • Connecting Through Rowing at Oxford

Resources:

David Simon at Foley and Lardner

Tom Fox

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12 O’Clock High-a podcast on business leadership

12 O’Clock High, a podcast on business leadership – Steve Vincze on Leadership

12 O’Clock High, a podcast on business leadership, brings together stories from history, the arts, sports and movies, research, and current events to consider leadership lessons. In this episode, get ready to hear about leadership from an expert in the field, with Tom Fox hosting the engaging episode of 12 O’Clock High, a podcast on business leadership. In this episode, Tom is joined by Steve Vincze, founder of Trestle Compliance.

Steve Vincze, a first-generation American born to Hungarian immigrant parents, has a rich background that includes a 30-year career in compliance, serving as a Marine officer, a professional staff member on Capitol Hill, and a chief compliance and privacy officer. His unique perspective on “Steve’s Journey: cultural sensitivity, integrity, and business performance” is deeply influenced by his personal experiences. As an immigrant, he developed a strong understanding of cultural sensitivity and the importance of recognizing different perspectives. This understanding, coupled with his experiences as a Marine officer and working in Washington, has shaped his approach to compliance consulting, where he emphasizes empathy, genuine concern for people’s well-being, and the belief that compliance is not just about following rules but also about improving and saving lives. Join Tom Fox and Steve Vincze as they delve deeper into this perspective on the 12 O’Clock High podcast.

Key Highlights:

  • Steve’s Journey: Fostering Empathy Through Cultural Sensitivity
  • The Power of Leading with Integrity
  • The Marine Corps: Uniting Diverse Backgrounds
  • The Power of Freedom: A Personal Journey
  • Achieving Excellence through Compliance: Insights and Lessons

Resources:

Steve Vincze

Steve Vincze on Linkedin

Trestle Compliance

 Tom

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Daily Compliance News

Daily Compliance News: November 17, 2023 – The Broken Code 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 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.

Stories we are following in today’s edition:

  • The top really does set the tone.  (WSJ)
  • Matt Kelly declares SCt Code of Ethics is broken (already). (Radical Compliance)
  • Is it safe for businesses to return to China? (NYT)
  • Who needs a lawyer? (Reuters)
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Innovation in Compliance

The Future of Communication in Financial Compliance: Part 5 – Human Compliance

This week, I have a special five-part podcast series sponsored by Verint on the Future of Communication in Financial Compliance. My guest in this series is Phil Fry, VP and GTM of Financial Compliance Strategy at Verint. Over this series, we will take a deep dive into the current status of communications in financial institutions, how to be or not be compliant, analysis and insight into the area, and how to avoid accentuating the negative and the human element in compliance. In this fifth and final podcast, we look down the road of financial institution communications compliance.

Phil Fry, the VP and General Manager of Financial Compliance Strategies at Verint, brings over forty years of experience in the financial compliance industry and a deep understanding of the challenges financial firms face in adhering to regulations amidst evolving communication modes. He has a rich background in supporting a global trading floor, giving him a unique perspective on data loss and compliance challenges. His perspective on “human-centric compliance in the era of AI and digitalization” is shaped by his belief in focusing on individuals and their communications rather than separate communication tools.

He advocates for strategic alignment between vendors, compliance teams, and technology, emphasizing the need for data completeness, integrity, and control in compliance communications platforms. Fry sees the potential of generative AI and machine learning in simplifying compliance processes but also acknowledges the complexity of managing and monitoring policies in the digital age. Join Tom Fox and Phil Fry as they delve deeper into these topics on this final episode of the Future of Communication podcast.

Key Highlights:

  • The Importance of Individual Communication in Compliance
  • Creating a Sustainable Compliance Environment with Technology
  • Leveraging Technology for Streamlined Compliance

Resources:

Phil Fry on LinkedIn

For More Information check out Verint.

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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program Through Culture: Day 13 – Preventing Retaliation to Improve Culture

Retaliation against a person who speaks up is a pervasive issue that not only creates a toxic work environment but also discourages victims from reporting incidents. This means you must address retaliation and encourage reporting in workplaces. When employees report harassment face severe retaliation, which leads to a loss of trust in the reporting process. This fear of being labeled a “rat” or “gossip” often prevents victims from coming forward and seeking justice. To combat this issue, non-retaliation protocols are crucial to protect individuals and ensure legal compliance.

Non-retaliation protocols must be in place to encourage reporting.  The fear of retaliation is deeply rooted in the perception of being a whistleblower or complainant. Every compliance must have strong policies, consequences for violators, and open workplace conversations to empower bystanders. Bystanders play a crucial role in identifying and reporting harassment, but they often fear retaliation or loyalty conflicts.

Addressing retaliation and encouraging reporting in workplaces requires a multifaceted approach. Strong non-retaliation protocols, open workplace conversations, and the empowerment of bystanders are key factors in creating a safe and inclusive work environment. By prioritizing the well-being of employees and fostering a culture of trust, organizations can effectively combat sexual harassment and ensure compliance with legal and regulatory requirements.

 Three key takeaways:

1. You must have robust policies and procedures against retaliation.

2. A lack of confidential reports will have an impact on culture.

3. Bystanders are the key to a robust culture.

Do you want to improve your culture? How can you assess your culture and develop a strategy to improve it going forward? In this free webinar on the new tool, The Culture Audit with Tom Fox and Sam Silverstein on Tuesday, November 28, 12 CT. For more information and registration, click here.