Day: May 13, 2024

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All Things Investigations

All Things Investigations: Jan Dunin-Wasowicz and Jeff Nielsen on Export Control and Economic Sanctions: Current Issues and Practice

Welcome to the Hughes Hubbard Anti-Corruption & Internal Investigations Practice Group’s podcast, All Things Investigation.

In this podcast, Tom Fox is joined by Jan Dunin-Wasowicz and Jeff Nielson, International Sanctions & Export Controls Lawyers at Rambol, for a deep dive into current issues in export control and economic sanctions.

Jeff Nielsen, an American lawyer with expertise in US and European Union sanctions, currently works at a prominent Danish engineering firm, having transitioned from practicing law in the US to navigating the complexities of international sanctions. Jan​​​​ Dunin‑Wasowicz, a partner at Hughes Hubbard & Reed, is a leading figure in trade sanctions, operating globally out of the Paris office.

Nielsen’s perspective on trade sanctions is shaped by his direct experience with US and European Union regulations, viewing the field as dynamic, challenging, and necessitating an understanding of both legal frameworks and international relations. Similarly, Dunin-Wasowicz emphasizes the industry’s complexity, dynamism, and the importance of staying informed about global affairs to anticipate risks. His work underscores the increasing role of the private sector in dealing with sanctions, highlighting the need for a proactive and adaptable approach to risk assessment in this evolving field.

Key Highlights:

  • Private Sector Role in Evolving Trade Sanctions
  • Dynamic Compliance Strategies in Trade Regulations
  • Sanctions Enforcement Disparity: EU vs US
  • Global Landscape Risk Assessment in Trade Compliance

 Resources:

Hughes Hubbard & Reed website

Jeff Nielsen on LinkedIn

HHR client alert on The Dawn of a New Era for EU Sanctions Enforcement? EU Adopts Directive on the Definition of Criminal Offences and Penalties for the Violation of EU Sanctions

Categories
Compliance Tip of the Day

Compliance Tip of the Day: Data – Driven Compliance – From Cutting Edge to Table Stakes

Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements.

Whether you’re a seasoned compliance professional or just starting your journey, our aim is to provide you with bite-sized, actionable tips to help you stay on top of your compliance game.

Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your organization on the right side of the law.

Tune in daily for your dose of compliance wisdom, and let’s make compliance a little less daunting, one tip at a time.

In this episode, we begin a multiple-episode exploration of data-driven analytics for compliance professionals.

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

Categories
Riskology

Riskology by Infortal Episode 24: Risk on The Rocks: Rare Earth Elements

Check out the latest episode of Riskology by Infortal™ – Risk on the Rocks: Rare Earth Elements.

Ever wonder what powers the technology that fuels our future? From the smartphones in our pockets to the rockets aiming for Mars, there’s a secret ingredient: rare earth elements. Here’s the catch: while critical to innovation, these minerals are also vulnerable to global tensions. 

In this episode, hosts Dr. Ian Oxnevad and Chris Mason, from Infortal Worldwide, discuss the risk management implications of accessing critical mineral resources. Taking a closer look at the global impact of these rare earth elements, you’ll gain insights into their strategic importance and understand their vital role in the advancement of sectors such as defense, energy, and technology.

Venture into the global risk chessboard, to learn about how the race for dominance in the rare earth elements space will impact who comes out on top in the 21st century.

Moreover, the pursuit of critical minerals often intersects with pressing social issues, including the rights and welfare of local communities. In regions rich in rare earth resources, such as Africa and South America, mining activities can lead to displacement, social unrest, and exploitation. The international community faces the dual task of securing a steady supply of critical minerals while ensuring that the pursuit does not come at the expense of humanitarian values or environmental sustainability.

Importantly, companies must engage in thorough risk assessments to understand their risk exposure to fluctuating market conditions and dire humanitarian concerns. This involves examining the entire supply chain, from mines to manufacturing, to ensure that all steps meet ethical and sustainability standards.

For companies with risk exposure, it will be important to:

  • Conduct Risk Assessments and Due Diligence
  • Ensure There is No Child Labor or Human Trafficking 
  • Develop Internal Risk Management Mechanisms
  • Provide Focused Training
  • Monitor Supply Chain Resiliency 

We hope you can join us for the next episode of Riskology by Infortal™!

Resources:

Infortal Worldwide

Email

Dr. Ian Oxnevad on LinkedIn

Chris Mason on LinkedIn

Categories
Corruption, Crime and Compliance

NAVEX’s 2024 Whistleblower Report — More Reports, Higher Substantiation Rates

NAVEX continues to produce high-quality compliance reports, many of which are a must-read in the compliance industry. Its annual Whistleblower Report is of particular note: NAVEX is the leading provider of hotline services in the world, and its data is invaluable as a source of trends in this industry. This year, 2024, is no exception. NAVEX combed through the data from 3784 organizations for 2023. Its headline conclusion — 2023 was a busy year, with a record level of use and the substantiation rate reaching an eleven-year high. More reports came in, and more were found to be true. 

Listen in as Michael discusses the findings of these reports and why the increase is a good sign, not a bad sign. It means that employees trust their respective hotline reporting systems to produce results.

  • NAVX’s 2024 Whistleblower Report revealed a record level of use and an 11-year high substantiation rate, indicating increased trust in employee reporting systems.
  • Accounting-related reports, comprising approximately 4.3% of all reports in 2023, had a significant impact. With a median substantiation rate of 50%, these reports often led to employment separation events, underscoring the seriousness of the issues raised.
  • Third-party reports were more likely to focus on business integrity and financial misconduct issues, accounting for 50% of reports compared to employees’ 17%.
  • Reports of imminent threats had a high substantiation rate in 2023, with nearly 9 out of 10 reports proven to be substantiated, highlighting the seriousness of such issues.
  • Workplace civility complaints increased to 18% of reported cases, reflecting a growing concern within organizations about maintaining a respectful work environment and culture.
  • HR issues, a significant portion of all reports in 2023, accounted for 55% of the total. This underscores the importance of addressing internal workplace issues, such as workplace discord, discrimination, harassment, and retaliation, to maintain a healthy and productive work environment.
  • Clear Channel’s extensive cooperation with the investigation, prompt sharing of facts, document production, and employee interviews demonstrated a commitment to transparency and accountability in addressing compliance issues.

Resources:

Michael Volkov on LinkedIn | Twitter

The Volkov Law Group

Categories
Daily Compliance News

Daily Compliance News: May 13, 2024 – The Not Your Mother’s 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 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.

In today’s edition of Daily Compliance News:

  • Baidu exec departs after blasting employees.  (FT)
  • Ketamine is prescribed at work. What could go wrong? (FT)
  • Tone-deaf Apple pulls an ad. (FT)
  • Cyber risk is increasing. (FT)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.