Categories
Trekking Through Compliance

Trekking Through Compliance – Episode 16 – Compliance and Leadership Lessons from The Galileo 7

In this episode of Trekking Through Compliance, we consider the episode The Galileo Seven, which aired on January 5, 1967, Star Date 2821.5

The Enterprise passes close to a quasar-like formation identified as Murasaki 312. Kirk sends a science team to investigate the formation. Soon after launch, the shuttle is pulled off course. Spock makes an emergency landing on Taurus II, a rocky, fog-shrouded world in the middle of the Murasaki phenomenon. The crew is attacked, and Spock chooses to attempt to frighten the creatures rather than kill them outright.

Spock then manages to lift Galileo off the ground using the shuttle’s boosters. However, the shuttle has too little fuel to escape the planet’s gravity or achieve a stable orbit, and there is still no way to contact the Enterprise. Spock suddenly dumps and ignites the remaining fuel from the shuttle’s engines. The giant flare he produces is seen on the Enterprise view screen just as the ship has left orbit. The survivors are beamed out.

Back on board the Enterprise, Kirk questions Spock, trying to get him to admit that his final action was motivated more by emotion than logic. Spock refuses but freely admits to stubbornness, at which the rest of the crew burst into laughter.

Commentary

In Episode 16 of Trekking Through Compliance, host Tom Fox examines the Star Trek episode ‘The Galileo Seven,’ exploring its valuable lessons for compliance and leadership. The episode recounts Spock’s first command mission, where a shuttlecraft crash lands on Tarsus II, leading to challenges. Fox highlights key takeaways, including effective communication, ethical decision-making, risk assessment, and the balance of structure and flexibility in compliance programs. The episode underscores the necessity of preparedness and moral leadership in high-pressure situations.

Key Highlights

    • Challenges on Tarsus II
    • Desperation and Survival
    • Rescue and Reflection
    • Real-World Leadership Lessons
    • Compliance Takeaways

Resources

Excruciatingly Detailed Plot Summary by Eric W. Weisstein

MissionLogPodcast.com

Memory Alpha

Categories
Corruption, Crime and Compliance

AI Risks and Emerging Compliance Frameworks

A new compliance cottage industry surrounds artificial intelligence. We are at such an early stage of AI development, and companies are still figuring out how they can employ the technology.

However, some industries, such as financial institutions, have been using AI for fraud detection and other issues. These early adopters will likely set the tone for AI compliance practices. There is no question that AI holds terrific promise.

The hype surrounding AI is just that — hype. Until there is more certainty surrounding AI technology, we will witness a lot of bloviating. But this aside, corporate boards, senior executives, and business developers need to pay attention until the dust settles.

The AI industry is moving so fast that the sooner we start to focus, the nimbler our response will be.

Luckily, ethics and compliance principles are easily adaptable to AI risks.

In this episode of Corruption, Crime, and Compliance, Michael Volkov discusses how the compliance profession is more than capable of building effective compliance programs around AI operations.

  • Financial institutions have been using AI for fraud detection and other issues. They are at the forefront of developing compliance practices around AI.
  • Companies need to embrace AI’s promise and not get overwhelmed by all the hype. Corporate boards, senior executives, and business developers must pay attention until the dust settles.
  • The AI industry is moving fast, and companies need to focus on what’s happening. Compliance has to be nimble and quick, just like technology.
  • Like every aspect of a business, any new technology presents risks, and AI certainly presents risks that need to be mitigated. This, in turn, leads to the necessary question: How should a company structure its AI risk and compliance program?
  • AI can be a very productive tool. It can easily end up reducing costs and increasing efficiency. More efficient companies can help the economy expand and create new opportunities for growth.
  • Financial institutions, tech companies, pharmaceutical, medical device and transportation logistics industries are likely to be significant users of AI technology.
  • Generative AI use may increase the risk of fraud and will need to incorporate risk mitigation costs and capabilities.
  • Compliance professionals have the intelligence, professional capabilities, and integrity to rise to the challenge of AI technology and onboard a third party.

Resources:

Michael Volkov on LinkedIn | Twitter

The Volkov Law Group

Categories
Compliance Tip of the Day

Compliance Tip of the Day: The Master Data Plan

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 today’s episode, we explore how a Master Data Plan can be used to make your use of data more efficient, more transparent and more encompassing.

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

Categories
Daily Compliance News

Daily Compliance News: June 17, 2024 – The Charges Dropped 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:

  • Nigeria drops charges against Binance compliance professional.  (WSJ)
  • Will DOJ charge Boeing under DPA? (WSJ)
  • FAA wants systemic change at Boeing. (BBC)
  • What’s the difference between Singapore and Hong Kong? (Bloomberg)

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

Categories
FCPA Compliance Report

FCPA Compliance Report: Brad Hibbert on Prevalent’s 2024 Third Party Risk Management Report

Welcome to the award-winning FCPA Compliance Report, the longest running podcast in compliance. In this edition of the FCPA Compliance Report,  Tom Fox takes a deep dive into the Prevalent 2024 Third Party Risk Management Report with Brad Hibbert, the Chief Strategy Officer and COO at Prevalent.

Hibbert drives Prevalent’s product vision and strategy development, which draws from the Third Party Risk Management Report. The Prevalent Report outlines  the complexities of managing third-party vendor relationships, highlighting the various phases involved, such as onboarding, contracting, and offboarding.

It examines the inefficiencies and risks that arise from fragmented processes and technologies handled by different teams. Our conversation explores how these challenges impact risk visibility and resource management, emphasizing the downstream effects on program scalability and decision-making.

Highlights in this Episode:

  • Introduction to Vendor Relationship Phases
  • Challenges in Managing Vendor Relationships
  • Inefficiencies and Risks in Vendor Management
  • Impact on Risk Visibility and Decision Making
  • Pressure on Teams and Resource Implications

Resources:

Brad Hibbert on LinkedIn

Prevalent

Prevalent’s 2024 Third Party Risk Management Report

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

 

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