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.
Stories we are following in today’s edition:
In this episode of the Compliance Week 2023 Speaker Preview Podcasts series, Vince Walden discusses some of his panel at Compliance Week 2023, “Data Analytics to Improve Compliance.”
Some of the issues he will discuss in his presentations are:
I hope you can join me at Compliance Week 2023. This year’s event will be May 15-17 at the JW Marriott in Washington, DC. The line-up of this year’s event is simply first-rate, with some of the top ethics and compliance practitioners around.
Gain insights and make connections at the industry’s premier cross-industry national compliance event offering knowledge-packed, accredited sessions and take-home advice from the most influential leaders in the compliance community. Back for its 18th year, compliance, ethics, legal, and audit professionals will gather safely face-to-face to benchmark best practices and gain the latest tactics and strategies to enhance their compliance programs. And many others to:
I hope you can join me at the event. For information on the event, click here. Listeners of this podcast will receive a discount of $200 by using code TF200 on the link here.
Tom Fox takes things in a different direction today as he cross-posts Episode 1 of an exciting new podcast series entitled “From Last to First: The John Aceti Story.” In this podcast series, Tom Fox tells the story of one of Kerrville’s most interesting residents, John Aceti, who has lived a life well-lived.
What is the measure of a man? What is a life well lived? Tom has often thought about those questions, and with John Aceti’s help, he had the opportunity to explore them through John’s amazing life. Spry and vibrant at 93, Tom met John after he had published his 7th book in 92. As he got to know him and his life story, he wanted him to share his amazing and inspiring journey from Niagara Falls in the 1930s to his current life in the Hill Country of Texas. Overcoming a humiliating incident at age 8, John was the first in his family to go to college, served in the Air Force, became a teacher and the principal, and retired from his first career. In his second career, he and his wife traveled internationally and ended up in Kerrville, Texas, where John began another career as an author. Join Tom on this fascinating journey From Last to First with John Aceti.
From Last to First is an inspiring podcast that shares how difficult events in childhood can shape one’s professional career. Host Tom Fox visits with guest John Aceti, who talks about growing up in Niagara Falls, New York, working as a shoe shiner for tourists, and his family values of education. In a heartfelt conversation, John opens up about a third-grade traumatic experience that impacted him for years. He also shares how he overcame it and became a teacher, using his experiences to help his students. Listeners will be captivated by the engaging dialogue and inspirational story that reminds us of the importance of perseverance and resilience.
Join Tom and John each week for their next conversation in this must-listen podcast. You can check it out here.
The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject and looking for some hard-hitting insights on sanctions compliance. Look no further than Compliance into the Weeds!
Tom Fox and Matt Kelly dive into the recent enforcement action against British American Tobacco (BAT) for violating North Korean sanctions. After years of evading sanctions and funneling over $630 million, regulators have imposed the maximum penalty. Join the podcast to understand the scheme enacted by BAT and the consequences of their actions. They also discuss the need for clarity around who is responsible for ensuring compliance with OFAC and the Justice Department for the next 5 years. With potential penalties looming, the consequences senior management could face, and the extent of compliance commitments expected of BAT, this is a case you want to take advantage of. Listen to Tom and Matt make sense of this perplexing case and what it means for companies in countries like North Korea.
Key Highlights:
· Sanctions enforcement on British American Tobacco
· The North Korean Scheme of British American Tobacco
· British American Tobacco’s Sanctions Compliance Penalty and Requirements
· Legal implications of BAT’s North Korea joint venture
Notable Quotes:
“I almost think we should just name this series, ‘the hits just keep on coming’ as sanctions is the new FCPA.”
“This is a long-running, complicated scheme involving the highest levels of BAT knew this was going on to evade sanctions risks.”
“Short of Activision Blizzard, this case strikes me as 1 of the most egregious that we have seen in any form of trade control, export control, trade sanctions, FCPA, or other major corporate white collar.”
“They talk about how BAT and its subsidiaries knew full well that US sanctions said you can’t do business with North Korea; they were upset over how BAT publicly announced it.”
Resources
Matt
Blog Post in Radical Compliance
Tom
Welcome to the Great Women in Compliance Podcast, hosted by Mary Shirley and Lisa Fine.
Mary has known of Vera Cherepanova for a long time due to her contributions on the FCPABlog but they only just met in person for the first time at the Society of Corporate Compliance and Ethics ECEI in Amsterdam at the conference in March 2023. Mary was delighted to invite Vera to the #GWIC podcast to talk about her specialty subjects matter areas of behavioral change, behavioral risk and speaking up. We’re pleased to feature Vera who is very accomplished as the author of the first book on corporate compliance in Russian.
You can find the Great Women in Compliance Podcast on the Compliance Podcast Network where you can find several other resources and podcasts to keep you up to date in the Ethics and Compliance world. You can also find the GWIC podcast on Corporate Compliance Insights where you can learn more about the podcast, stream prior episodes and catch up on Mary’s monthly column “Living Your Best Compliance Life.”
Corporate Compliance Insights is a much-appreciated sponsor and supporter of GWIC, including affiliate organization CCI Press publishing the related book; “Sending the Elevator Back Down, What We’ve Learned from Great Women in Compliance” (CCI Press, 2020). If you enjoyed the book, the GWIC team would be very grateful if you would consider rating it on Goodreads and Amazon and leaving a short review. Don’t forget to send the elevator back down by passing on your copy to someone who you think might enjoy reading it when you’re done, or if you can’t bear parting with your copy, consider it as a holiday or appreciation gift for someone in Compliance who deserves a treat.
If you enjoyed the book, the GWIC team would be very grateful if you would consider rating it on Goodreads and Amazon and leaving a short review. Don’t forget to send the elevator back down by passing on your copy to someone who you think might enjoy reading it when you’re done, or if you can’t bear parting with your copy, consider it as a holiday or appreciation gift for someone in Compliance who deserves a treat.
You can subscribe to the Great Women in Compliance podcast on any podcast player by searching for it and we welcome new subscribers to our podcast.
Join the Great Women in Compliance community on LinkedIn here.
Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. Join Tom Fox, the host of FCPA Compliance Report, as he speaks with Maria D’Avanzo, Chief Evangelist Officer at Traliant about privacy issues in the US and around the world. Discover the challenges businesses face due to the lack of national law in the US, with multiple state laws led by California. Compare this to the EU, where GDPR has been in place since 2018, and similar laws have been implemented in other countries such as Singapore, Australia, and Brazil. Learn how GDPR has changed the way businesses handle privacy by making it a part of business processes. Discover the importance of consulting with a good outside counsel, especially for global privacy policy implementation.
Explore how to handle cybersecurity incidents and disclosure of information, as regulations on this topic are still developing. Hear from Maria on how to address these incidents internally and the importance of an incident response plan. Find out how collaborating with the Chief Information Security Officer is crucial in developing a specific plan for these incidents, including a group effort from various departments.
Hear about instances where organizations share confidential information or data, leading to legal backlash and damage to reputation. This section discusses the Tesla case and suggests a broader conversation about company culture may be necessary to prevent such privacy infringements. Don’t miss out on this insightful podcast and tune in now to get important insights into privacy and cybersecurity from two industry experts!
Key Highlights
· The Evolution of Privacy Issues Post-GDPR
· Navigating Privacy Laws and Meeting Legal Standards
· Cybersecurity Incident Disclosure Decision Making
· Importance of Cybersecurity Incident Response Plan
· The Impact of Sharing Sensitive Information
Resources
Maria D’Avanzo on LinkedIn
Tom Fox
How did one company and one CCO actively use social media to make the company’s compliance culture more effective? The company was Dun & Bradstreet, Inc. (D&B), and its then CCO, Louis Sapirman, discussed D&B’s integration of social media into compliance with me.
As we advance, these tools can go a long way toward enhancing your compliance program. Recall the declination to prosecute Morgan Stanley received from the DOJ when one of its managing directors had engaged in FCPA violations. One of the reasons cited by the DOJ was 35 email compliance reminders sent over seven years, bolsters the annual FCPA training the recalcitrant managing director received. You can use your archived social media communications as evidence that you have continually communicated your company’s expectations around compliance. It is equally important that these expectations are documented.
Finally, always remember the social part of social media. Social media is a two-way communication. Not only are you setting out expectations, but also, these tools allow you to receive back communications from your employees. The D&B experience around the name change for its Code of Conduct is but one example. If you have several concerns expressed, it could alert you earlier to begin some detection and move toward prevention in your compliance program.
Three key takeaways:
For more information, check The Compliance Handbook, 3rd Edition available here.
In today’s interconnected world, businesses rely on third-party vendors for various products and services. While these partnerships bring great benefits, they also expose companies to a range of risks such as cyber threats, compliance issues, and reputational damage. In this episode, Tom Fox interviews Paul Valente, the co-founder and CEO of VISO Trust. Paul shares valuable insights into how businesses can mitigate risks posed by third-party vendors, the importance of continuous monitoring, and how VISO Trust’s platform helps companies manage risks effectively.
Paul Valente is the CEO and co-founder of VISO Trust, a company that provides automated third-party cyber risk management solutions. Prior to founding VISO Trust, Paul was the Chief Information Security Officer (CISO) at several companies, including Restoration Hardware, Lending Club, and ASAPP. He is a longtime technologist and security professional with experience in highly regulated industries.
You’ll hear Tom and Paul talk about:
KEY QUOTES:
“There’s companies today that have nothing internally – that are 100% cloud native. What that means typically is that there’s many copies of their data essentially with various other companies, perhaps all over the world… That just increases what we call a tax service … which just means more risk.” – Paul Valente
“I think [boards] need to be asking essentially what the risks are for their organization from a cybersecurity standpoint. They need to ask for those to be regularly reported on, regularly updated, and regularly tracked. …They also need to be aware themselves, both externally as well as relying on the executives within the company to keep them aware of emerging threats.” – Paul Valente
“…our dashboards essentially allow you to list all of your third-party relationships in one single place and easily report on the status of assessments as well as report on inherent risk.” – Paul Valente
Resources:
In this episode of the Compliance Week 2023 Speaker Preview Podcasts series, Adam Balfour and Brian McAlhaney from Bridgestone/Firestone discuss their Case Study at Compliance Week 2023, entitled, “From Training to Learning: How We Use Lessons from Star Wars, Jurassic Park and Top Gun to Help Employees Learn About Ethics and Compliance.”
Some of the issues they will discuss in their presentation are:
I hope you can join me at Compliance Week 2023. This year’s event will be May 15-17 at the JW Marriott in Washington, DC. The line-up of this year’s event is simply first-rate, with some of the top ethics and compliance practitioners around.
Gain insights and make connections at the industry’s premier cross-industry national compliance event offering knowledge-packed, accredited sessions and take-home advice from the most influential leaders in the compliance community. Back for its 18th year, compliance, ethics, legal, and audit professionals will gather safely face-to-face to benchmark best practices and gain the latest tactics and strategies to enhance their compliance programs. And many others to:
I hope you can join me at the event. For information on the event, click here. Listeners of this podcast will receive a discount of $200 by using code TF200 on the link here.
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.
Stories we are following in today’s edition:
