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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program Through Culture: Day 16 – How a Culture of Speak Up Improves Corporate Culture

What is a speak-up culture, and how does it improve the overall corporate culture? A speak-up culture is a work environment where open communication is encouraged, fostering trust and innovation. This culture is built on leadership that values listening and employee involvement in problem-solving. One of the key factors in fostering a speaking-up culture is protecting employees from retaliation. Anti-retaliation policies and procedures, training for middle managers, and a consistent, transparent process for investigating concerns are crucial to maintaining this culture. The fair process doctrine, which emphasizes transparency, consistency, and protection from retaliation, plays a significant role in building trust, encouraging engagement, and enhancing the overall organizational culture.

Empowered Employees. When employees feel empowered to contribute their ideas, it can lead to significant positive outcomes for the organization. However, fostering a speak-up culture goes beyond just listening. Retaliation should never be tolerated, and organizations must make it clear that it will not be accepted under any circumstances.

Role of Middle Managers. Middle managers play a vital role in fostering a speak-up culture. They need to be trained to listen, accept information, and report it to the appropriate channels.

Consistency and transparency. Consistency and transparency in the investigation process are also key components of a speak-up culture. Organizations must have a clear process in place for investigating concerns, and employees should be aware of this process.

Fostering a speak-up culture in the workplace is crucial for building trust, encouraging engagement, and enhancing the overall organizational culture. It requires leadership that values listening and employee involvement, as well as policies and procedures to protect employees from retaliation. Middle managers play a vital role in supporting employees and facilitating open communication. Consistency and transparency in the investigation process are essential for building trust and ensuring that employees feel comfortable bringing forward their concerns. By fostering a speak-up culture, organizations can create a culture where employees feel empowered to contribute their ideas and make a positive impact on the workplace.

 Three key takeaways:

1. Having a reporting system is important but listening is equally critical.

2. Employees must be protected from retaliation.

3. Fostering a speak-up culture can create a culture where employees feel empowered to contribute their ideas and make a positive impact on the workplace.

Do you want to improve your culture? How can you assess your culture and develop a strategy to improve it going forward? Check out the new tool, The Culture Audit. For more registration, click here.

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Principled Podcast

Principled Podcast – S10E12: Unpacking compliance trends in the Nordic region

What you’ll learn on this podcast episode

The interdependence of our global business environment and the reach of regulators’ actions has contributed to generally accepted principles for E&C program design, implementation, and impact. This episode of the Principled Podcast dives into the business ethics practices in the Nordic region. Listen in as host Emily Miner explores key findings from the 2023 Nordic Ethics & Compliance Survey—and what they mean for E&C leaders in and outside the region—with Niina Ratsula, the co-founder of the Nordic Business Ethics Initiative.

Download the 2023 Nordic Ethics & Compliance Survey.

Guest: Niina Ratsula

Niina Ratsula – Grayscale

Niina Ratsula is a passionate advocate of responsible business and ethically sustainable working life. She has supported numerous global and local organizations with governance and compliance-related matters as a leader and through her own company. 

Niina has received several acknowledgments for her work as a keynote speaker and business ethics influencer. She is also the author of several business ethics and governance-related books (e.g. Tuloksellinen Compliance-ohjelma). The key conclusion of her PhD was that organizational culture plays a crucial role in the effectiveness of compliance programs. Niina believes that we should have more uncomfortable conversations at work to ensure that ethics and compliance become embedded in everyday work. 

Host: Emily Miner

Host - Emily Miner

Emily Miner is a vice president of LRN’s Ethics & Compliance Advisory practice. She counsels executive leadership teams on how to actively shape and manage their ethical culture through deep quantitative and qualitative understanding and engagement. A skilled facilitator, Emily emphasizes co-creative, bottom-up, and data-driven approaches to foster ethical behavior and inform program strategy. Emily has led engagements with organizations in the healthcare, technology, manufacturing, energy, professional services, and education industries. Emily co-leads LRN’s ongoing flagship research on E&C program effectiveness and is a thought leader in the areas of organizational culture, leadership, and E&C program impact.

Prior to joining LRN, Emily applied her behavioral science expertise in the environmental sustainability sector, working with non-profits and several New England municipalities; facilitated earth science research in academia; and contributed to drafting and advancing international climate policy goals. Emily has a Master of Public Administration in Environmental Science and Policy from Columbia University and graduated summa cum laude from the University of Florida with a degree in Anthropology.

 

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Daily Compliance News

Daily Compliance News: November 29, 2023 – The Sweden Vs. Tesla 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.

Stories we are following in today’s edition:

  • Sweden vs. Tesla: Who do you think will win? (FT)
  • No, it’s my yacht. (Reuters)
  • The EU was impressed with Ukraine’s ABC efforts. (Reuters)
  • Rivals move to exploit the OpenAI leadership crisis. (WSJ)
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Compliance Into the Weeds

Compliance into the Weeds: Binance Pays $4+ Billion for Criminal Acts

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 more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into the Binance enforcement action brought by the DOJ, OFAC, FinCEN, and the CFTC.

In a landmark case that has sent shockwaves through the cryptocurrency industry, Binance, the world’s largest cryptocurrency trading platform, has been slapped with a staggering $4.3 billion fine for intentionally violating anti-money laundering laws and other financial regulations. Tom views this as a significant turning point, marking the end of the libertarian experiment around cryptocurrency and alternative financial systems. He believes that the hefty penalties imposed on Binance, along with other smaller enforcement actions in the crypto world, are a clear message from regulators that the crypto sector must comply with US laws and regulations.

Matt echoes Fox’s sentiments, emphasizing that the enforcement actions against Binance and other cryptocurrency ventures signify the end of the libertarian experiment around cryptocurrency. He underscores the deliberate and intentional nature of Binance’s violations, stating that they knowingly deceived and evaded compliance regulations. Join Tom Fox and Matt Kelly on this episode of the Compliance into the Weeds podcast as they delve deeper into this case and its implications for the cryptocurrency industry.

 Key Highlights:

  • Binance’s $4.3 Billion AML Violation
  • Deceptive Evasion of Regulations in Cryptocurrency
  • Extensive Monitorship to Address Compliance Deficiencies
  • Binance’s Non-Compliance Leads to Legal Consequences
  • Personal Liability of the CCO
  • End of Crypto?

 Resources:

Matt’s blog post in Radical Compliance

Tom

Instagram

Facebook

YouTube

Twitter

LinkedIn

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The Hill Country Podcast

Hill Country Podcast – Darryl Lyons – Pax Financial Group

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 activities of the Texas Hill Country. In this episode, am joined by Darryl Lyons, co-founder of Pax Financial Group as my guest.

Darryl Lyons, a native of Boerne, Texas, has a compelling journey from experiencing family financial struggles during the savings and loan crisis in the 1980s to becoming the CEO and co-founder of PAX Financial Group, a successful investment advisory company in San Antonio. Lyons’ perspective on his journey is one of personal growth and a commitment to integrating his faith into his work. Initially, he kept his faith separate from his business, focusing on providing excellent service. However, influenced by an organization called C Twelve and a pivotal event, Lyons felt a calling to integrate his faith into his work and stand firm in his beliefs, despite potential pushback. He acknowledges the need to cater to a secular marketplace but also wants to honor and respect Judeo-Christian values, offering an alternative to financial institutions that may not share those values. Join Tom Fox and Darryl Lyons on this episode of the Hill Country Podcast to learn more about Lyons’ inspiring journey and his unique approach to business.

 

Key Highlights:

  • Darryl Lyons: From Financial Struggles to CEO
  • PAX Financial Group: A Christian Values-Based Investment Advisory Company
  • Inspiring Vision for Community Transformation
  • Wide client base across the nation

 Resources

Darryl Lyons on LinkedIn

Pax Financial Group

Texas Hill Country Podcast Network

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

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Great Women in Compliance

Great Women in Compliance – The Art and Sciences of Story – Building

Come join us for a story or two and tap the shoulder of the storyteller in you. Sarah Hadden and Hemma Lomax were simply enchanted by a presentation by Michelle Beistle and Ashley Dubriwny on the art of story building at the SCCE Compliance and Ethics Institute in Chicago earlier this year and couldn’t wait to share this experience with the GWIC community. Michelle and Ashley literally wake up every day to save the planet in their roles as compliance professionals at The Nature Conservancy (TNC). They have a magnificent talent not only for spinning together an engaging story that awakens the senses and achieves impact, connection, and relevance but also for helping others recognize that we all have it in us to create inspiring and poignant stories. With the help of some simple building blocks and concrete steps, Michelle and Ashley show us that all humans are innately capable of using everyday experiences to build relevant and engaging stories and to share powerful and memorable messages. Inspiration is everywhere. You won’t want to miss this masterclass opportunity to unlock the power of story building for your compliance program and beyond.

Michelle Beistle joined TNC in April 2019 as the Chief of Ethics & Compliance. She is responsible for implementing and managing TNC’s global Ethics program. Michelle leads a global team that works to promote and foster a culture of integrity across the organization. Michelle is an experienced leader known for collaboration, problem-solving, and strategic business acumen. She is a Certified International Compliance and Ethics Professional (CCEP-I), has years of experience creating and sustaining ethical cultures, and speaks frequently on ethics.

Ashley Dubriwny is the Director of Ethics and compliance for North America and Micronesia at the Nature Conservancy. Her areas of professional focus include global communications, Code of Conduct, and partnership building with staff and leaders. Ashley has been part of the Conservancy’s North America Staff Enrichment Planning team since 2014 and is a High Impact Conversations Coach. Ashley has 20+ years of human resources experience with specialized training in performance management, leadership development, and coaching. She holds an M.Ed. in Curriculum Design and Adult Instruction and a graduate certificate in Leadership from eCornell.

The Great Women in Compliance Podcast is on the Compliance Podcast Network with a selection of other Compliance-related offerings.  GWIC is also sponsored by Corporate Compliance Insights, where we have a page where you can hear every episode.  If you are enjoying this episode, please rate it and/or provide a review.

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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Blog

Improving Corporate Culture Through Podcasting

Podcasting has become increasingly popular over the past decade, providing businesses with a new and innovative way to communicate with their audience. In simple terms, podcasting is the creation and distribution of audio content that can be downloaded and listened to at a later time. Podcasts are typically distributed through various platforms, such as iTunes or Spotify, and can be downloaded and listened to via a smartphone or computer.

One of the biggest benefits of podcasting is that it allows businesses to connect with their audience on a more personal level. Unlike traditional forms of advertising, which often come across as impersonal and sales-driven, podcasts enable businesses to build a loyal following by offering valuable and engaging content. This can include interviews with industry experts, behind-the-scenes glimpses of the business, and informative discussions on relevant topics.

Now take these same concepts of audience engagement and apply them internally to an organization. What do you potentially have? A mechanism to engage your employees, to engender trust and improve your overall corporate culture. Do you think this is a crazy way to improve culture? Think again about all the advantages podcasting has in place already.

A major US consumer product company started a podcast and had corporate executives on it. Who were the biggest fans of the podcast? It turned out it was the company employees, many of whom had never met their corporate executives. This allowed the executives to be humanized in a way no number of town hall meetings or other similar corporate events could ever achieve.

One of the biggest advantages of podcasting is that it is a relatively inexpensive way to reach a large audience. Unlike traditional forms of internal advertising for a compliance function, which can be expensive and difficult to track, podcasting allows businesses to reach a global audience with minimal investment. This can be particularly beneficial for corporate compliance programs which want to engage their customer base (IE., employees) in a new way that are looking to build their brand and expand their reach.

Podcasting is a powerful tool that businesses can use to connect with their audience on a more personal level. By investing in the right equipment and software, corporations can create engaging and informative audio content that will help build their ethical brand (culture) and drive employee engagement. If you want a new and different way to talk to your employees, why not try podcasting.

In today’s world, podcasting has become an essential tool for businesses to reach out to their target audience. With the rise of social media and the internet, it is crucial for businesses to utilize all available platforms to promote their products and services. Podcasting is one such platform that has gained immense popularity in recent years.

Want some other options? How about a fully produced branded podcast series for your internal compliance function. It could be two 25–30-minute episodes per month, with the guest selected by your compliance team. This format allows your corporate compliance function to tell the story of its greatest asset, its people, through interviews. Cannot get out of the country to travel? Still working remotely? Your branded podcasts give you a way to reach your employees as we continue to struggle through the Covid-19 variants. You can use the branded podcast to tell the story of compliance successes in your organization; you can include other departments to share their successes too. As with the podcast storytelling series, it would be done in a collaborative manner working with your comms team.

Want to make some short and snappy compliance communications? How about ‘Compliance News of the Day’? Have a daily curated news show of 3-4 compliance stories with a short summary of the series and how it relates to a compliance perspective to your organization. Make it fun so your employees want to check in daily. When the DOJ comes knocking and asks how often you send out compliance communications, you can point to your Compliance News of the Day as a great starting point.

As a compliance practitioner, you should strive to bring more storytelling into your compliance messaging, training and communications. If you put the employee in the shoes of the person they’re watching, they will remember it, because they will see how it applies to their lives. Such training and communication experiences will last much longer than if you drone over a written policy or show a PowerPoint. This is “expanding your classroom.” Ronnie Feldman calls this bringing memorable storytelling to your compliance communications and training.

One of the significant benefits of podcasting for a corporate compliance function is that it helps create a personal connection with the audience. Unlike other forms of internal communications, podcasting allows businesses to speak directly to their employees in a conversational and engaging manner. This helps to build trust and credibility with the audience, which can lead to increased sales and customer loyalty.

Podcasting also provides businesses with an opportunity to showcase their expertise and knowledge. By creating valuable and informative content, corporate compliance programs can establish themselves as leaders in their company to help employees facilitate issues and not be Dr. No From the Land of No. This can help to engage employees.

Another significant advantage of podcasting is that it is a highly shareable medium. Listeners can easily share podcast episodes on social media platforms, which can help to increase the reach of any corporate compliance function. This can help to attract new listeners from your employee base, as well as increase engagement with existing ones.

Since you are only limited by your imagination in compliance, why not use some of that to be creative in your compliance  communications. Podcasting has become an essential tool for businesses to connect with their audience, establish themselves as thought leaders, and promote their products and services. By investing in podcasting, corporate compliance functions can create high-quality audio content that engages their audience and helps to achieve their ethical goals and improve the culture of any organization.

Finally, if you need any help starting a podcast, ping me and I can help you get started or provide you a turnkey podcast solution.