Day: January 7, 2024

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Sunday Book Review

Sunday Book Review: January 7, 2024 The Four Business Books for 2024 Edition

In the Sunday Book Review, I consider books that would interest the compliance professional, the business executive, or anyone who might be curious. It could be books about business, compliance, history, leadership, current events, or anything else that might interest me. Over the month of December, we will review some of the best books reported by the Financial Times in various categories. In today’s edition of the Sunday Book Review, we look at 4 business books you should read in 2024.

  • Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger by Charlie Munger
  • Possible: How We Survive (and Thrive) in the Age of Conflict by William Ury
  • Strategic: The Skill to Set Direction, Create Advantage, and Achieve Executive Excellence by Rick Horwath
  • Career Forward: Strategies From Women Who’ve Made it by Grace Puma and Christiana Smith Shi

Resource:

Four Must Read Business Books to Kick of 2024 (Inc.com)

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31 Days to More Effective Compliance Programs

31 Days to a More Effective Compliance Program: Day 7 – Compliance Program Use of Data Analytics

Matt Galvin, Counsel, Compliance & Data Analytics at the DOJ and one of the experts leading the DOJ’s data analytics initiative, highlighted in another talk the proactive use of data to generate cases related to the FCPA and emphasized that this is just the beginning. The DOJ expects companies to adopt a similar data-driven approach to compliance. In her speech, Argentieri stated, “Just as we are upping our game when it comes to data analytics, we expect companies to do the same.” This expectation extends beyond simply tracking trainings, policies, and investigations. The DOJ’s focus is on monitoring third parties throughout the lifespan of the relationship, not just during the onboarding process.

The DOJ’s increasing use of data analytics for proactive enforcement signifies a significant shift in their approach to combating white-collar crime. Companies must embrace this data-driven approach to compliance, continuously monitor high-risk transactions, and invest in the necessary resources and technology. By doing so, they can demonstrate effective compliance programs, uncover hidden financial irregularities, and improve overall efficiency.

Three key takeaways:

1. This also means that data analytics in the compliance function has moved from cutting edge to best practice. It soon may simply mean table stakes for compliance.

2. The DOJ is seeking to incentivize an acquiring company to timely disclose misconduct uncovered during the M&A process.

3. The DOJ has made it clear that under this new Mergers & Acquisitions Safe Harbor Policy, organizations that do not perform effective due diligence or self-disclose misconduct at an acquired entity will be subject to full successor liability.