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10 For 10

10 For 10: Top Compliance Stories For the Week Ending July 22, 2023

Welcome to 10 For 10, the podcast which brings you the week’s Top 10 compliance stories in one podcast each week. Tom Fox, the Voice of Compliance brings to you, the compliance professional, the compliance stories you need to be aware of to end your busy week. Sit back, and in 10 minutes hear about the stories every compliance professional should be aware of from the prior week. Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for the compliance professional, all curated by the Voice of Compliance, Tom Fox. Get your weekly filling of compliance stories with 10 for 10, a podcast produced by the Compliance Podcast Network.

  • Head of DOJ Criminal Division, Kenneth Polite to step down. (WSJ)
  • Tesla Directors settle comp suit. (Reuters)
  • KPMG caught cheating for exams again, this time in The Netherlands. (Dutch News)
  • Does Singapore have a corruption problem? (FCPA Blog)
  • Lisa Osofsky issues her final SFO report. (WSJ)
  • Teens take on corruption in Nigeria. (Teen Vogue)
  • US issues new anti-trust guidance. (FT)
  • Panama ex-President sentenced for corruption. (Reuters)
  • Sri Lanka passes ABC bill. (AL Jazeera)
  • Deutsche Bank fined yet again for AML failures. (NYT)

You can check out the Daily Compliance News for four curated compliance and ethics related stories each day, here.

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Report from IMPACT 2023

Report from IMPACT 2023: Girl Scout Troop 12026 Takes on Palm Oil: An Activist Journey

ECI’s IMPACT 2023 was one of the leading compliance events in 2023. At this conference, Tom Fox, the Voice of Compliance, was able to visit with several of the speakers, exhibitors, participants and one group of ethically minded Girl Scout Troop. In this limited podcast series, Report from IMPACT 2023, Tom explores many of the most cutting-edge topics in ethics and compliance through short podcast episodes. Check out the full series of interviews. You will be enlightened, informed and come away with a fuller and more thorough understanding of the most cutting-edge topics in ethics and compliance. In this episode, Tom visits with members of Girl Scout Troop 12026 and their fight against palm oil producers exploitation of child labor.

This inspiring podcast follows several members of Girl Scout Troop 12026, from Jersey City, NJ and led by Gina Verdibello & Kellie Lewis, as they take on a campaign to end the unethical production of palm oil used in Girl Scout cookies. Through their journey, No More Palm Oil Cookies explores the implications of palm oil production on child labor, the environment, and ethics. Through their activism Troop members demonstrate the power of young people to create meaningful change and the importance of acting and making informed decisions about the products we consume. It serves as a powerful example of how young people can make a difference and highlights the need for ethical labor practices.

 Highlights include 

·      No More Palm Oil Cookies

·      Child Labor in Palm Oil

·      Avoiding Palm Oil 

Resources 

Girl Scout Troop 12026 Facebook page

ECI

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GalloCast

Gallocast – Episode 10 – The Seven Year Anniversary Edition

Welcome to the GalloCast. You have heard of the Manningcast in football. Now we have the Gallocast in compliance. The two top brothers in compliance, Nick and Gio Gallo, come together for a free-form exploration of compliance topics. It is a great insight on compliance brought to you by the co-CEOs of ComplianceLine. Fun, witty, and insightful with a dash of the two brothers throughout. It’s like listening to the Brothers Gallo talk compliance at the Sunday dinner table. Hosted by Tom Fox, the Voice of Compliance.

This podcast episode focuses on the importance of proper oversight and diligence when it comes to CCOs and other corporate leaders. The discussion highlights the implications of the Supreme Court’s ruling on diversity hiring, the need for internal controls implementation, the potential of ESG investment ROI, the consequences of unethical behavior, and the need for Deutsche Bank to address its culture of ethics. This episode emphasizes the need to create a culture of compliance and oversight within organizations in order to protect against fraud and mismanagement.to navigate these challenging issues in the corporate world. Tune in to GalloCast now!

Key Highlights

  • FTX CCO charged
  • Diversity after Supreme Court. Is it still important?
  • At what level should you apply DD to new hires? Executive level or something else
  • ESG-positive or negative for shareholders
  • BOA follows Wells Fargo with a fake accounts scandal.
  • KPMG caught cheating in The Netherlands
  • Deutsche Bank fails to meet DPA requirements.

Resources

Nick Gallo on LinkedIn

Gio Gallo on LinkedIn

Ethico

Tom Fox

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31 Days to More Effective Compliance Programs

One Month to More Effective Reporting and Investigations – The Witness Interview

What are the characteristics of a good interview in the context of an internal investigation? Is there one technique you can use which will provide you the results you want to achieve? How should you think through your questions and document review prior to the investigation? At this point in time, how do such issues play out in the time of Coronavirus?
There is no one right way to prepare for and conduct an interview. What is important is that you have a plan and execute on that plan. Begin by obtaining an understanding of what the various stakeholders want answers to. This could include the Board of Directors, C-Suite executives, the GC and legal department, the CCO and compliance function or up to government regulators such as the SEC or DOJ.

Three key takeaways:

  1. There is no one right way to prepare and do an interview.
  2. The interview should not be confrontational.
  3. The interview, like the entire investigation process, is a chess match.
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Daily Compliance News

Daily Compliance News: July 21, 2023 – The Who Will Be a CEO Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance brings to 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.

  • Panama ex-President sentenced for corruption. (Reuters)
  • Sri Lanka passes ABC bill. (AL Jazeera)
  • How do you determine if someone will be a good CEO. (FT)
  • Deutsche Bank fined yet again for AML failures. (NYT)

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Sports and Compliance

Sports and Compliance – Kyle Brasseur on Outsourcing Sports Journalism

Welcome to the Sports and Compliance podcast. For the longest time, I have wanted to have a podcast on the intersection of Sports and the World of Compliance and Ethics, both for those stories as they play out on the Sports Page and for the lessons they provide to business executives and compliance professionals. In this podcast series, I am joined by one of the top compliance commentators around, Stephen Martin, CCO at Skillsoft. Together, we will use our love of sports and competition to discuss current ethical issues in sports, look at compliance through a sports lens, and determine how the world of sports and its stories can guide the compliance professional. In today’s episode, Tom takes a solo turn behind the microphone to visit with Kyle Brasseur, EIC at Compliance Week and recovering sports journalist. The New York Times recently announced that it was outsourcing its entire sports department to the Athletic.

As Boston sports fans passionately hold their journalists accountable, Tom and Kyle discussed the implications of this shift, the importance of beat writers, and the need for well-rounded journalism skills to transition between disciplines. They also highlighted the importance of handling layoff announcements with respect and sensitivity to show those affected the necessary dignity. This conversation provides insight into the controversy of outsourcing sports journalism and its potential effects on the quality of content readers receive.

Key Highlights

·       Beat Reporting Role

·       Boston Sports Fans

·       Outsourcing Sports Journalism

·       Sports Journalism Transitions

·       Layoff Announcements

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2 Gurus Talk Compliance

2 Gurus Talk Compliance – Florida Man Moves Outside of Florida

What happens when two top compliance commentators get together? They talk compliance of course. Join Tom Fox and Kristy Grant-Hart in 2 Gurus Talk Compliance as they discuss the latest compliance issues in this week’s episode! This week on the podcast, we discussed a variety of financial fraud and corruption cases that have recently come to light. From Bank of America’s creation of millions of fake accounts to KPMG getting caught cheating in the Netherlands, these cases serve as a reminder to the importance of strong compliance programs and the need for companies to be proactive in preventing fraud. Additionally, the DOJ is utilizing data analytics to enhance their ability to prosecute FCPA cases, while Women in Compliance work to empower and support female professionals in the industry. Finally, the Florida Man Scam highlights the need to be aware of the potential for scams and to exercise caution when giving out personal information.

Highlights Include

·      Bank of America Scandal

·      Navex Survey

·      Corruption in Singapore

·      KPMG Cheating Scandal

·      Kenneth Polite Reflects

·      Lisa Osofsky Reflects

·      Women in Compliance

·      Florida Man Should Stay in FL

·      Contracts and Emojis

 

Resources 

  1. WSJ Risk and Compliance Journal
  2. FCPA Blog
  3. Radical Compliance
  4. Dutch News
  5. WSJ Risk and Compliance Journal
  6. DOJ Press Release
  7. 2023 Navex Survey
  8. Reuters
  9. Compliance Week
  10. BBC

Connect with Kristy Grant-Hart on LinkedIn

Spark Consulting

Tom 

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Daily Compliance News

Daily Compliance News: July 20, 2023 – The Osofsky Reports Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance brings to 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.

  • Lisa Osofsky issues her final SFO report. (WSJ)
  • Teens take on corruption in Nigeria. (Teen Vogue)
  • The US gives new anti-trust guidance. (FT)
  • The US blacklists two spyware firms. (NYT)
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31 Days to More Effective Compliance Programs

One Month to More Effective Reporting and Investigations – Investigative Challenges

What are some of the top challenges you may face during an investigation? Beyond the basics, a company must consider the intake process as a starting point, which Jonathan Marks noted is one of the biggest challenges. Rather surprisingly, he noted there are still companies without a hotline or anonymous reporting system, stating “We still see organizations whereby there is no formal ethics hotline except for the fact that they might send an email to some member of management or some member of the Board.”
Planning your investigation, having the right team members involved, and meeting the challenges which inevitably arise during an investigation can be difficult. However, beginning with the DOJ’s 2015 Yates Memo, the 2016 FCPA Pilot Program, and the 2017 and 2019 versions of Evaluation of Corporate Compliance Programs, together with the 2020 Update, 2023 ECCP, and FCPA Corporate Enforcement Policy, the pressure on every CCO and company to get an investigation done quickly, efficiently and, most importantly, right is even greater now. Marks has laid out a concrete way for you to think through how to plan an investigation, staff it correctly, and meet the inevitable challenges.

Three key takeaways:

  1. The intake process may seem the most straightforward but many companies drop the ball at this initial step.
  2. You must never retaliate against employees who come forward in good faith.
  3. Always think several steps ahead.
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Pawtastic Friends - The Paw Talk

Pawtastic Friends – The Paw Talk – Max, Queen, and Paul Newman

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!

Adopting a dog is an incredibly rewarding experience, and taking the necessary precautions to keep them safe and healthy is key. In this episode of the PodtasticFriends.com podcast, Max and Queen provide examples of dogs in need of emotional support and companionship, and Tom Fox, Michael, and Melissa Novelli share their expertise on the importance of researching the breed and adoption process, as well as ways to prevent heat stroke in dogs. Additionally, the website provides success stories and information about the personalities of the available dogs, making it easier for potential adoptees to find their perfect companion. With the right research and preparation, adopting a dog can be a life-changing experience.

This episode of “Pawtastic Friends-The Paw Talk” is a must-listen for anyone who loves dogs and believes in providing them with a happy and healthy life. You’ll be moved by the stories of these amazing pups and inspired by Mike and Melissa’s dedication to finding them their perfect home. Don’t miss out on the opportunity to make a difference in the life of a dog in need. Tune in now!

Dogs Featured 

·      Max

·      Queen

·      Paul Newman

Quotes

“He’s the type of dog that needs more than those things. What’s important for him is, like I said, building his spirits and keeping his hope alive.”

“A lot of dogs just don’t know how to interact with other dogs. So, like a perfect dog like Queen, they take her to adoption events. They sit a little way. Every week she goes. She’s getting more and more exposure around being around other dogs.”

“If it’s too hot for you, it’s too hot for them.”

“You see all the personalities of the dogs and all the ones that are available for adoption and success stories.”

Resources

Pawtastic Friends