Day: December 14, 2023

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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program Through Data Analytics: Day 10 – The Impact of Privacy Regulations on Compliance

What is the impact of privacy regulations on data-driven compliance? Every CCO must be aware of the importance of privacy in data-driven compliance and the challenges and tradeoffs involved in implementing effective compliance strategies. A key mandate is for CCOs and compliance professionals to have a compliance program that provides visibility into their data. This emphasizes the importance of having efficient and effective compliance solutions in place or as I have previously noted CCOs must have access to their compliance data literally at their fingertips.

This is one of the drivers for key trends shaping compliance technology in 2025 and beyond. The RegTech market is growing rapidly, and there is increased regulatory focus on cryptocurrency activities, ESG, and information security and cybersecurity. These trends indicate the evolving landscape of compliance and the need for organizations to stay updated and adapt their compliance strategies accordingly. By embracing connected compliance and leveraging technology, organizations can navigate the complex regulatory landscape and ensure compliance with privacy regulations while driving business efficiency.

 Three key takeaways:

  1. CCOs and compliance professionals must have a compliance program that provides visibility into their data.
  2. ESG regulations affect not only regulated industries but also any company holding private customer data or involved in large supply chains.
  3. By embracing connected compliance and leveraging technology, organizations can navigate the complex regulatory landscape and ensure compliance with privacy regulations while driving business efficiency.

For more on KonaAI, click here.

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Innovation in Compliance

Compliance Professionals Adapting to Change: Industries, Regulations, and Beyond: Part 4 – Yee Chow on Navigating the Current ESG Landscape

Welcome to a special series sponsored by Diligent, where we look down the road at key issues in 2024 and beyond. In this series, I will visit with Nicholas Latham, Renee Murphy, Jessica Czeczuga, Yee Chow, and Alexander Cotoia. Over this series, we will consider compliant communications in regulated industries, managing conflicts of interest at the Board level, the Board’s role in compliance training and communications, navigating the current ESG landscape, and professional growth and mentorship in compliance. In Part 4, we navigate the current ESG landscape with Yee Chow.

Yee Chow is a seasoned professional in the sustainability space, currently serving as the Director of Solution Engineering and Consulting at Diligent. With over 16 years of experience, Yee has witnessed the evolution of the chief compliance officer’s role in ESG compliance. Yee’s perspective on this evolution is that it has become a significant and integral part of corporate agendas. Previously, ESG was seen as a side topic for companies to gain more credentials and marketing, but in recent years, it has become a significant focus for most corporations globally. This shift has led to changes in the roles of chief compliance officers and internal management, with ESG now being elevated to their level of responsibility and accountability. Yee believes that this shift is necessary and beneficial for companies in the future. Join Tom Fox and Yee Chow on this episode of the Diligent Podcast to delve deeper into this topic.

Key Highlights:

  • Elevated ESG Compliance Leadership: CCO’s Evolving Role
  • Mandatory Reporting on ESG Factors
  • Integrating ESG into Board Meetings and Discussions

Ready for Purpose-Driven Compliance? Diligent equips leaders with the tools to build, monitor, and maintain an open, transparent ethics and compliance culture. For more information and to book a demo, visit Diligent.com

Join us tomorrow, where we conclude our series with a review of professional development and mentoring for compliance professionals.

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Hidden Traffic Podcast

Meeting Professionals Fight Against Human Trafficking with Sandy Biback

Human trafficking lurks in unexpected corners, revealing its grim presence even in seemingly ordinary spaces. Sandy Biback, a meeting professional with over four decades of experience, discovered this sobering truth firsthand. In response, she established Meeting Professionals Against Human Trafficking (MPAHT), taking proactive steps to address the issue. In this episode of Hidden Traffic Podcast, Sandy and host Gwen Hassan uncover the surprising prevalence of human trafficking in the hotel and meetings industry and what we can do about it.  

After a trip overseas opened her eyes, Sandy started investigating human trafficking in her hometown of Toronto. She soon discovered how widespread it is, including the shocking statistic that 90% of those trafficked in Canada are Canadian-born. Sandy decided to leverage her industry connections and founded MPAHT to raise awareness and promote training. Hotels and planners now recognize they have a duty to combat exploitation that could be enabling trafficking.  

This issue needs more than a one-time training, Sandy explains; have ongoing conversations and check-ins to ensure it remains top of mind. She also suggests saving the National Human Trafficking Hotline number on your phone. However, you should not directly intervene if you witness anything suspicious, for both your safety and the victims’. Instead, “phone the front desk and make a noise complaint, and they’ll send somebody right away,” she advises.

On a corporate level, Sandy urges meeting planners and procurement teams to query venues and suppliers about their anti-trafficking policies before booking. Vote with your wallets to inspire change. She remarks, “If I’m a meeting planner, and I’m coming in with half a million dollars worth of business, and you can’t tell me about your hotel’s training or awareness, but this hotel can, and it’s the same price, guess where I’m taking my business?”  

Rather than reinvent the wheel, Sandy says, use the resources that already exist to help combat human trafficking. For example, PACT offers free resources, including best practices and training. Our collective responsibility is to remain vigilant, educate others, and affect positive change in the industry to protect vulnerable people from exploitation.

Resources:

Sandy Biback on LinkedIn | X (Twitter) 

Meeting Professionals Against Human Trafficking

PACT

Categories
Daily Compliance News

Daily Compliance News: December 14, 2023 – The Serious Misconduct 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:

  • Former BP CEO docked $40M for ‘serious misconduct’. (WSJ)
  • Why culture outside the US matters. (FT)
  • Tesla has a 2MM car recall. (BBC)
  • Hackers target outdated servers. (Reuters)
Categories
Pawtastic Friends - The Paw Talk

Pawtastic Friends – The Paw Talk – Kane, Oliver & Kenzie

Welcome to Pawtastic Friends – The Paw Talk. In this podcast, host Tom Fox will visit with Michael and Melissa Novelli, co-founders of Pawtastic Friends as well as those who work with them at Pawtastic Friends. Michael and Melissa are dedicated to helping shelter and rescue dogs in the Las Vegas area become more adaptable, through enrichment training and activities such as yoga and aquatics training, as well as obedience and agility. This podcast is sure to tug on your heartstrings, just listen to how sweet this one dog is! Tune in now to hear more from Michael and Melissa Novelli as they discuss their passion for helping pups in need. Get ready for an exciting episode of Pawtastic Friends – The Paw Talk!

Mike Novelli and Melissa Novelli are the co-founders of Pawtastic Friends, a program dedicated to understanding and catering to the unique needs and personalities of program dogs for adoption. Michael, a recognized figure in Las Vegas for his dedication to rescue dogs, co-hosts the award-winning podcast “The Paw Talk,” where he educates and inspires others about the potential of these animals. Melissa, a dedicated trainer at Paw Talk, has a heartwarming success story with Kane, a scared rescue dog who blossomed under her guidance. Both Michael and Melissa believe in the transformative power of love and training in rescue dogs, as evidenced by their work with dogs like Kane and Kenzie, who have flourished under their care. Join Tom Fox, Michael Novelli, and Melissa Novelli on this episode of The Paw Talk podcast to learn more about their inspiring work with rescue dogs.

Dogs Featured

  • Kane
  • Oliver
  • Kenzie

Quotes

“He looked up to me with his eyes. I could barely hold back the tears because it was just, know, heartwarming.”

“So to see him out and in the fresh air and walking and just like, really, he’s a working dog. He wants to work. He always wants to do something for his treats. He wants to sit, he wants to shake, he wants to give a high five. And he just really is coming out of his shell. He was adopted during COVID so he hadn’t had much socialization, so I think that has a lot to do with it.”

“The more people that know about what we do, the more dogs we can help, the more lives we could change, and the more lives we can save, because that’s exactly what Pawtastic Friends is.”

 Resources

Pawtastic Friends

Donate to Pawtastic Friends

Vote for Pawtastic Friends at Wreaths of Hope

Pawtastic Friends on Instagram

Pawtastic Friends on Facebook

Categories
The ESG Report

The ESG Report – Trevor Bronson on ESG Reporting and Impact Management Practices

The ESG Report podcast is hosted by Tom Fox. Looking for innovative solutions to tackle climate change? Look no further than The ESG Report! In this episode, Tom speaks with Trevor Bronson, Director-Portfolio Strategy at Intelex.

Trevor Bronson is a seasoned professional with a robust background in environmental health, safety, and sustainability management. His perspective on user experience, ESG reporting, and sustainability management is shaped by his diverse experiences in the EHS technology space and his current role as the Director of Portfolio Strategy at Intelex EHS software company. Trevor emphasizes the importance of understanding stakeholders’ needs and preferences, effective data management, and continuous improvement. He believes in a stakeholder-centric approach, suggesting that organizations should assess their resources, expertise, and technology to determine the most suitable approach for managing and improving ESG metrics. Join Tom Fox and Trevor Bronson as they delve deeper into these insights on the next episode of The ESG Report podcast.

Key Highlights:

  • Sustainable Investing and the Future of Finance
  • Empowering Sustainable Investing with Till Investors
  • Unstoppable Momentum: ESG Programs and Investments
  • Aligning Investment Strategies with Individual Values
  • The Impact of False ESG Claims
  • The Rise of Investor-Driven ESG Programs

 Resources:

Trevor Bronson on LinkedIn

Tom Fox

Connect with me on the following sites:

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YouTube

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LinkedIn

Categories
It's art

It’s art, let’s talk about it – Rick Kennington, A Journey in Western Art

The Museum of Western Art is dedicated to excellence in the collection, preservation, and promotion of Western Heritage and the education and cultural enrichment of our diverse audiences. The Museum serves as a bridge between the past and the present, ensuring that the legacy of the American West will be preserved for the future. Western Art is as engaging and important as ever. In this podcast series, Museum Executive Director Darrell Beauchamp visits with the artists who work in this Western heritage to talk about their work, the legacy of Western Art, and why talking about it is so important today. In this episode, Darrell visits with Utah artist Rick Kennington.

Utah painter Rick Kennington has captivated art enthusiasts with his unique blend of contemporary cowboy scenes and Utah’s pioneer history. In a recent episode of the podcast “It’s art, let’s talk about it,” hosted by Darrell Beauchamp, Kennington shared his journey from a career in parks maintenance to becoming a full-time artist. With the support of his wife and the encouragement of early collectors, Kennington made the transition and has since become a prominent figure in the art world.

Kennington’s artistic style has evolved over time, drawing inspiration from various artists and the Western genre. He is particularly drawn to artists who can paint accurately and representational art, while still creating a sense of effortlessness and minimal brushwork. His aim is to create artwork that is both recognizable and pleasing to the eye.

One of the fascinating aspects of Kennington’s artistic process is his ability to work on multiple pieces simultaneously. He typically has three paintings at different stages of completion, allowing him to explore different ideas and techniques. Additionally, he has hundreds of sketches and drawings that serve as inspiration for future works. Sometimes, a simple sketch can evolve into a full-fledged painting, showcasing Kennington’s continuous learning and experimentation.

Throughout the podcast episode, Kennington emphasizes the importance of hard work and dedication in his artistic journey. He believes that the harder he works, the luckier he becomes, constantly striving to improve his skills and create better paintings. This mindset is evident in his approach to his art, always looking for ways to refine his technique and evoke emotion in his viewers.

Kennington’s artwork has been showcased in various exhibitions, including the 40th Annual Roundup Exhibition and Sale at the Museum of Western Art. His paintings can also be found on his website, RickKennington.com, where art enthusiasts can explore his portfolio and learn more about his creative process.

The podcast episode concludes with Beauchamp expressing his excitement for Kennington’s future in the art world. He encourages listeners to visit Kennington’s exhibitions and follow his career, as he believes it will be a joy to watch his artistic journey unfold.

In summary, Rick Kennington’s transition to Western-inspired artistry in Utah is a testament to his passion, dedication, and continuous growth as an artist. His ability to balance contemporary cowboy scenes with Utah’s pioneer history showcases his versatility and artistic range. As Kennington continues to evolve and refine his style, art enthusiasts can look forward to witnessing the next chapter of his artistic journey.

Resources:

Museum of Western Art

Darrell Beauchamp on LinkedIn

Rick Kennington Fine Art

Categories
Blog

Yee Chow on Shifting Responsibilities of ESG at the Management Level

I recently had the opportunity to visit with folks from Diligent. We look down the road at key issues in 2024 in a podcast series sponsored by Diligent entitled Compliance Professionals Adapting to Change: Industries, Regulations, and Beyond. I was able to chat with Nicholas Latham, Renee Murphy, Jessica Czeczuga, Yee Chow, and Alexander Cotoia. Over this series, we discussed compliant communications in regulated industries, managing conflicts of interest at the Board level, the Board’s role in compliance training and communications, navigating the current ESG landscape, and professional growth and mentorship in compliance. In this Post 4, we discuss the continuing evolving landscape of ESG with Yee Chow.

The Chief Compliance Officer (CCO) role has undergone a significant evolution in the realm of Environmental, Social, and Governance (ESG) compliance. What was once a secondary focus has now become a vital part of the agenda for global corporations. This shift has led to CCOs taking on the responsibility of overseeing compliance with ESG standards at the highest organizational level.

One of the key factors driving this evolution is the rise in regulation and mandatory reporting on ESG factors. Governments, stock exchanges, and regulatory bodies have pushed for compulsory reporting, bringing new challenges for companies. They are now required to provide more detailed operational and value chain information. For example, companies are expected to report not only on their climate impact but also on the climate impact of their customers and suppliers. This increased level of reporting necessitates gathering extensive data, which can be a challenge for organizations.

Companies need to establish a clear leadership structure for ESG compliance to address these challenges. The specific system may vary from company to company, but some key components should be in place. Firstly, there needs to be a point of contact within the organization responsible for coordinating ESG efforts and ensuring compliance. This role is often filled by a sustainability professional who works closely with different business units. Secondly, there needs to be accountability for the ESG program, which usually falls under the purview of the Chief Compliance Officer or even the Chief Executive Officer. The accountability for ESG compliance should ultimately rest with the organization’s highest leadership levels.

In addition to a clear leadership structure, companies recognize the importance of involving various stakeholders in the ESG compliance process. It is no longer a single department’s responsibility but a team effort that consists of all business units and leaders within the company. Committees are often established to drive the ESG strategy and agenda forward, ensuring that all relevant parties are involved.

Educating the Board of directors on their role in ESG compliance is crucial. While not every board member needs to be an expert in the details of ESG, they should have a high-level understanding of its implications for business growth, drivers, and regulatory compliance. ESG should be integrated into board meetings and discussions, driven by the compliance and regulatory space and the demands of customers and stakeholders. This level of involvement from the Board helps drive change within the organization and ensures that ESG compliance is taken seriously.

The evolution of the CCO’s role in ESG compliance is driven by the need to meet regulatory requirements, provide detailed reporting, and address stakeholders’ expectations. Companies are recognizing the value of non-financial data for business performance and opportunities. By establishing clear leadership structures, involving various stakeholders, and educating the Board, organizations can navigate the challenges associated with ESG compliance and make informed decisions that align with their values and goals.

In conclusion, the evolution of the Chief Compliance Officer’s role in ESG compliance reflects the growing importance of ESG in the corporate world. With the rise in regulation and mandatory reporting, companies face new challenges in gathering and reporting ESG data. However, by establishing clear leadership structures, involving stakeholders, and educating the Board, organizations can successfully navigate these challenges and embrace ESG compliance opportunities.

Ready for Purpose-Driven Compliance? Diligent equips leaders with the tools to build, monitor, and maintain an open, transparent ethics and compliance culture. For more information and to book a demo, visit Diligent.com

Join us tomorrow, where we conclude our series with a review of professional development and mentoring for compliance professionals.