Categories
Compliance Tip of the Day

Compliance Tip of the Day: The Wolf Man and Supporting Whistleblowers

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.

How does the Wolf Man’s story inform how you should treat whistleblowers?

 

Categories
Reel Creators of the Texas Hill Country

Reel Creators of the Texas Hill Country: Season 1: The Journey of Independent Film Maker CJ Goodwyn

Welcome to Reel Creators of the Texas Hill Country, where we dive deep into the heart of filmmaking in one of America’s most unique and captivating landscapes. From rolling hills and rustic towns to thriving cities and hidden gems, the Texas Hill Country offers endless inspiration for filmmakers, and we’re here to uncover every aspect. In this podcast, we’ll meet the passionate directors, cinematographers, screenwriters, and crews who bring their creative visions to life in this storied region. Join us as we explore the challenges, rewards, and unique stories that make filmmaking here an art of its own. Whether you’re a seasoned pro or simply curious about the world behind the camera, Reel Creators of the Texas Hill Country promises to be your all-access pass to the vibrant filmmaking community of the Hill Country and beyond.

In this Season One, we will feature the production of the film Sherlock Holmes –  Mare of the Night, a TriGoodwyn production, headed by film-maker CJ Goodwyn. We will visit with Goodwyn, members of his crew, cast and production team. In this Episode 1, I visit with Goodwyn on his work as an independent film producer.

Goodwyn, who transitioned to filmmaking at the age of 29 after a sports-focused upbringing, has quickly emerged as a formidable voice in the indie film scene. His first feature film, “GH5,” served as a robust learning platform, teaching him the intricacies of film production and highlighting the importance of technical proficiency, particularly in lighting and audio quality. Despite his films achieving global reach and positive audience feedback, Goodwyn candidly discusses the financial hurdles indie filmmakers face, emphasizing the necessity of innovative distribution strategies. Driven by a passion for storytelling and inspired by legendary directors, Goodwyn continues to tackle these challenges with unwavering determination and a relentless pursuit of growth.

Key Highlights

  • Horror Film Inspires Career Change to Director
  • Mastering Filmmaking: Lessons in Patience and Quality
  • Crafting Cinematic Masterpieces: A Filmmaking Odyssey
  • Financial Struggles in Indie Film Distribution
  • Mastering Lighting Techniques in Filmmaking

Resources

Sherlock Holmes-Mare of the Night

On Facebook

TriGoodwyn Productions

Texas Hill Country Podcast Network

Categories
Daily Compliance News

Daily Compliance News: October 31, 2024 – The Happy Halloween 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:

  • Sri Lanka to probe corruption in tanker disaster. (Al Jazeera)
  • AstraZeneca China BU President under investigation. (FT)
  • Trafigura faces $1bn hit for corruption in Mongolia. (Bloomberg)
  • Supply Chain woes and compliance. (WSJ)

 

Categories
The Corruption Files

The Corruption Files: How One Person Brought Down Barings Bank

What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard, discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws.

In this episode of Season 2, Tom and Mike explore the Barings Bank scandal

The focus is on the actions of Nick Leeson, a trader who single-handedly bankrupted the historic institution. The discussion highlights the critical mistakes made by the bank, including a lack of oversight and the dangerous combination of trading and settlement roles. The podast also explores the broader implications for compliance and risk management in financial institutions, emphasizing the importance of segregation of duties and the pressures that can lead to unethical behavior.

Key Highlights:

  • The Rise and Fall of Barings Bank
  • The Role of Oversight in Financial Institutions
  • Lessons Learned from the Barings Bank Scandal
  • How does the Fraud Triangle apply?
  • Segregation of Duties-as basic a control as you can have in place

Memorable Quotes (all from Mike DeBernardis)

“Nick single-handedly bankrupted the oldest merchant bank.”

“He was a golden boy trader making tons of money.”

“Barings Bank was sold for one pound.”

Resources:

Mike DeBernardis on LinkedIn

Hughes Hubbard & Reed

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

Categories
Blog

It’s The Great Pumpkin Charlie Brown – Lessons in Process Validation Through Continuous Monitoring

Halloween is almost upon us, and we celebrate the greatest Halloween cartoon in the world’s history, “It’s the Great Pumpkin, Charlie Brown,” which premiered in 1966. As usual, the story revolves around the Peanuts gang, who are preparing for Halloween; Linus writes his annual letter to the Great Pumpkin, despite Charlie Brown’s disbelief, Snoopy’s laughter, Patty’s assurance that the Great Pumpkin is a fake, and even his sister Lucy’s violent threat to make her brother stop.

On Halloween night, the gang goes trick-or-treating. On the way, they stop at the pumpkin patch to ridicule Linus, missing the festivities as he has done every year. Undeterred, Linus is convinced that the Great Pumpkin will come, and he even persuades Charlie Brown’s little sister, Sally, to remain with him and wait. At 4:00 AM the following day, Lucy notices Linus is not in his bed. She finds her brother asleep in the pumpkin patch, shivering. She brings him home and puts him to bed. Later, Charlie Brown and Linus are at a rock wall, commiserating about the previous night’s disappointments. Although Charlie Brown attempts to console his friend, admitting he has also done stupid things, Linus angrily vows that the Great Pumpkin will come to the Pumpkin Patch next year.

In corporate compliance, much like in the world of It’s the Great Pumpkin, Charlie Brown, expectations must meet reality. In the compliance world, Linus’s actions might be likened to a company that sets up its processes without validating or monitoring them continuously. Year after year, Linus is let down because he needs to adjust his process or monitor his outcomes in real time. This is where the critical lesson in process validation through continuous monitoring becomes clear: Hope without validation is not a strategy. Let’s dive deeper into the compliance lessons from this Halloween favorite.

The Importance of Process Validation

Linus believes that his sincere faith in the Great Pumpkin will yield results. However, more than faith is needed to cut it in compliance. In the same way, companies may implement policies and procedures they believe will lead to effective compliance, but they need to validate these processes to be sure. Process validation is essential for ensuring that your compliance program operates as intended. From anti-bribery controls to third-party risk management, validating that processes work under real-world conditions ensures you aren’t waiting in a metaphorical pumpkin patch, hoping for good results.

As a compliance professional, you must validate that a process works after designing it, whether it is a transaction monitoring system or a third-party due diligence program. You must validate through testing, audits, and benchmarks to see if it’s achieving your desired outcomes.

The Role of Continuous Monitoring

Linus returns to the same pumpkin patch every year, never adjusting his approach and hoping that next time will be different. This is akin to organizations that implement processes without continuous monitoring—hoping things will change but never keeping a close eye on what’s happening in real-time. In the compliance space, continuous monitoring means maintaining oversight of key processes and using data-driven metrics to spot potential problems before they grow into major risks. Whether monitoring third-party interactions, employee transactions, or internal controls, compliance officers must ensure that data is continuously fed into the system. When a process is off-course, continuous monitoring allows you to catch it early and correct it before it becomes a regulatory issue.

Every compliance professional should understand that continuous monitoring is essential for refining compliance processes. Regularly assess your systems, keep track of anomalies, and make necessary adjustments. It’s about being proactive, not reactive.

Adjusting to Changing Realities

One of the more poignant lessons from It’s the Great Pumpkin, Charlie Brown, is that Linus doesn’t adjust his expectations despite repeated failures. He continues to sit in the pumpkin patch year after year. In compliance, ignoring evidence and sticking to outdated processes can lead to serious issues. Regulations change, risks evolve, and market conditions shift. A process that was valid last year may no longer be effective under new regulations or circumstances. The only way to ensure your compliance program stays relevant is through ongoing adjustments based on continuous feedback.

As the corporate compliance expert, you must ensure that your compliance processes evolve with changing regulatory landscapes. Use the data from continuous monitoring to validate that your program remains robust in real-time conditions.

Clear Communication and Buy-In

Throughout It’s the Great Pumpkin, Charlie Brown, Linus is adamant about the arrival of the Great Pumpkin, but he fails to bring others along with him. His friends and even his sister don’t believe in his mission, leaving him alone in the pumpkin patch.

This illustrates the importance of communication and getting buy-in from your stakeholders in the compliance world. If compliance officers or departments communicate the value of continuous monitoring and validation, the rest of the organization will be engaged and supportive. Building an ethical culture requires alignment across all levels, from senior management to line employees. With it, your compliance efforts may be more cohesive than Linus’s pumpkin patch vigil.

Effective compliance depends on clear communication and organizational buy-in for the compliance professional. Ensure everyone understands the importance of continuous monitoring and how it safeguards the organization.

Linus’s faith in the Great Pumpkin may not pay off in It’s the Great Pumpkin, Charlie Brown, but for compliance professionals, validation and continuous monitoring can deliver real results. Compliance is about something other than waiting in the pumpkin patch, hoping things work out. It’s about ensuring your processes are tested, validated, and continuously monitored to catch risks early and compliance remains proactive rather than reactive.

Moreover, by watching the TV show, reading this blog, and, most importantly, applying these lessons, compliance officers can avoid the fate of Linus, ensuring their processes are strong, dynamic, and capable of delivering the results they need to meet today’s regulatory demands. I hope you can watch It’s the Great Pumpkin, Charlie Brown again this year. I did. When you watch, think about the compliance implications. Will anyone ever set a ‘second set of eyes’ on the Great Pumpkin? If not, will it ever be validated? I hope you will be safe and dry if you are trick-or-treating tonight.

Doug Cornelius Responds:

Are you trying to say that the Great Pumpkin is not real?

Just wait ’til next year, Tom Fox. You’ll see!

Next year, at this same time, I’ll find a pumpkin patch that is really sincere! And I’ll sit in that pumpkin patch until the Great Pumpkin appears. He’ll rise out of that pumpkin patch and fly through the air with his bag of toys.

The Great Pumpkin will appear! And I’ll be waiting for him!

I’ll be there! I’ll sit in that pumpkin patch… and see the Great Pumpkin. Just wait and see, Tom Fox. I’ll see that Great Pumpkin.

I’ll SEE the Great Pumpkin!

You wait, Tom Fox.

Doug Cornelius Responds:

Are you trying to say that the Great Pumpkin is not real?

Just wait ’til next year, Tom Fox. You’ll see!

Next year, at this same time, I’ll find a real sincere pumpkin patch! And I’ll sit in that pumpkin patch until the Great Pumpkin appears. He’ll rise out of that pumpkin patch and fly through the air with his bag of toys.

The Great Pumpkin will appear! And I’ll be waiting for him!

I’ll be there! I’ll sit in that pumpkin patch… and see the Great Pumpkin. Just wait and see, Tom Fox. I’ll see that Great Pumpkin.

I’ll see the Great Pumpkin!

Just wait, Tom Fox.