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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program for 3rd Parties – ROI for 3rd Party Risk Management

A study by Forrester Research Inc. compared the user experience, which led to a positive ROI for the technology user around third-party risk management. I found the approach and methodology used persuasive and valuable for the compliance professional to consider evaluating such a process in your organization. Some of the key findings readily translate for the compliance practitioner. The first area was in risk assessments of third parties. If you provide a technological platform, you can enhance the speed and efficiency of your risk assessments on an ongoing basis. This decrease in time, both in terms of length and person-hours, will yield an immediate cost saving for your compliance function.

 

Various other factors could increase your ROI, as detailed in the Forrester report, which includes renewal assessments, ongoing monitoring, and increased business efficiencies for both your organization and the third parties, which would all work to increase ROI. Most critically, you would demonstrate the operationalization of your compliance program into the very fabric of your organization.

Three key takeaways:

1. Why is demonstrating ROI on your third-party risk management program important?

2. Determining ROI helps to demonstrate operationalizing your compliance program.

3. Determining third-party management program ROI can help to tear down compliance siloes.

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The Circle of Gumption

The Circle of Gumption – Cultivating Gumption

Zig Ziglar Said, “I Believe Man was designed for accomplishment, engineered for success, and endowed with the seeds of greatness.” Kenneth O’Neal carries this tradition forward in his work and podcast, The Circle of Gumption, showing how maximizing your God-given talents and abilities leads to a successful, well-balanced existence in all areas of life. Join co-hosts Tom Fox and Kenneth O’Neal as they explore The Circle of Gumption to help change your life mentally, spiritually, physically, financially, and professionally by improving the health of your relationships with others and yourself.

Join Tom Fox and his guest, Kenneth O’Neal, on the Circle of Gumption podcast to gain insight into this powerful word of gumption. Tom and Kenneth interpret gumption as resourcefulness, resilience, and common sense. They discuss the benefits of treating others with humility and listening actively. With time management and effective communication skills, they teach their listeners how to achieve a well-balanced life. They discuss how their program helped students achieve their academic goals, enter the military academy, and create a successful life plan. All this and more can be found in the podcast, the Circle of Gumption Facebook group, weekly webinars, and their book. Take advantage of this opportunity to join the gumption movement and make your life extraordinary.

Here are three tips to help you adopt gumption:

1. Stay Positive: When faced with a setback, it is easy to get discouraged. However, maintaining a positive attitude can develop the resilience needed to overcome obstacles.

2. Be Proactive: Don’t wait for a problem to arise, be proactive and anticipate potential challenges. This way, you can develop contingency plans and be better prepared to handle difficult situations.

3. Never Give Up: Keep moving forward, even when things get tough. Remember that setbacks are a natural part of the journey; every failure is an opportunity to learn and grow.

Check out the Circle of Gumption podcast if you want inspiration to develop your gumption.

Quote: “Gumption to me growing up was close to the word pluck. And what I mean by that is it would stick to it-ness. It was if you get knocked down, you get up. It’s different from grit.” – Tom Fox.

We highly recommend tuning in to this episode to hear Kenneth O’Neal’s inspiring story of turning adversity into a life of purpose and action.

Resources

Kenneth O’Neal

Kenneth O’Neal

The Circle of Gumption

Tom Fox

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Pawtastic Friends - The Paw Talk

Pawtastic Friends – The Paw Talk – Zuma, Pama and Shakira

Welcome to the newest addition to the network, Pawtastic Friends-The Paw Talk. In this podcast, host Tom Fox will visit with Michael and Melissa Novelli, co-founders of Pawtastic Friends, and 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, activities such as yoga and aquatics training, obedience, and agility. This podcast is sure to tug on your heartstrings; listen to how sweet this one dog is! Please tune in to hear more from Michael and Melissa Novelli as they discuss their passion for helping needy pups.

In this Pawtastic Friends Paw Talk episode, Michael and Melissa discuss their experiences working with dogs, including Zuma, Pama, and Shakira. Enrichment training also includes puzzle solving and other games which improve Poochie’s mental acuity. They discuss why it might be best for one dog to be in a home where no other dogs are present and how enrichment training can help those dogs. They also discuss the need for dogs to be spayed and neutered for their health and conclude by talking about their upcoming fundraising event to support their center. Don’t miss this heartwarming episode that showcases the kindness and love that humans can provide to our furry friends. Listen now to Pawtastic Friends Paw Talk.

Dogs Featured 

·      Zuma

·      Pama

·      Shakira

Quotes

“But Tom and Nancy could let her go. So now she became Zuma Richards, they adopted her, and she’s living life, large, and happily ever after.”

“Having spayed and neutered dogs is a huge health issue, not simply for the dogs, but for any offspring they may have. And really for a wider variety of animals as well.”

“Some dogs just need to be your solo dog. And it doesn’t mean there’s something wrong with them. Just that’s just the way they are.”

“Socializing is so important. And I’d probably say that in our program, I’d probably say that 85 percent of the dogs are labeled as only dog households.”

Resources

Pawtastic Friends

Pawtastic Friends Events and Annual Block Party

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12 O’Clock High-a podcast on business leadership

Rob Ryles on Leadership Lessons from the Beautiful Game

12 O’Clock High, a podcast on business leadership, brings together stories from history, the arts, sports and movies, research, and current events to consider leadership lessons. In this episode, Get ready to hear about leadership from an expert in the field, with Tom Fox hosting the engaging episode of  12 O’Clock High, a podcast on business leadership. In this episode, guest Robert Ryles brings extensive experience as a professional football coach to the table. The two discuss everything from professional football players’ immense physical and mental demands to the traits that make an effective leader worth following. Rob emphasizes the importance of developing skills that come naturally to you and recognizing what makes you happy. Additionally, they dive into the crucial role of sports in building the resilience young people need to succeed in life. Don’t miss out on the valuable leadership insights shared in this valuable podcast episode!

Key Highlights

·      Football Leadership and Coaching Techniques

·      Leadership structure in football and business

·      Importance of Self-Understanding in Career Success

·      Leading with Authenticity in Sports Teams

·      Building Resilience in Youth through Sports

·      Remembering Bill Shankly

Notable Quotes 

“People who even love the game and watch it on television have absolutely, and I say this with the greatest respect of absolutely no high idea how good physically and how not only just how skillful but how amazing physically these professional athletes are.”

“And psychologically, they’re not in a good place when they are injurede. That they are hard to deal with, and understandably, they challenge you. They don’t like you. They hate you. They feel like they hate you. They make your life miserable because they’re miserable.”

“And by doing that, you go against mother nature because mother nature will only really heal at the rate the universe allows. And, yes, we have all the tricks in the book. We have all the latest technology depending on what level of the game you work at, but it’s still a challenge.”

“The other observation I had about football is that although the game is 90 minutes, every second matters. I’ve seen games, I can name a couple, but at the 80-eighth minute or the 80-ninth minute, one player blinks for 2 seconds and the balls over their head to someone else, and they score.”

Resources

Rob Ryles

Rob Ryles on Linkedin

Leader* Manager*Coach website

 Leader Manager Coach podcast

Tom 

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Daily Compliance News

April 20, 2023 – The Staying Quiet 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.

Stories we are following in today’s edition:

  • Venezuelan corruption probe snares another PDVSA official. (Reuters)
  • Lawmakers want UFLPA enforced. (WSJ)
  • Staying quiet about export control violations will cost you. (WSJ)
  • FSIA does not apply to instrumentalities. (Reuters)
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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program for 3rd Parties – Ongoing Monitoring of 3rd Parties

One of the key themes in the Evaluation of Corporate Compliance Programs is the use of data and data analytics in a best practices compliance program. This has specific application to third-parties. In the section entitled, Risk-Tailored Resource Allocation, the following question was posed, Does the company devote a disproportionate amount of time to policing low-risk areas instead of high-risk areas, such as questionable payments to third-party consultants, suspicious trading activity, or excessive discounts to resellers and distributors? Under the section entitled, Control Testing, the following question was posed, Has the company reviewed and audited its compliance program in the area relating to the misconduct? More generally, what testing of controls, collection and analysis of compliance data, and interviews of employees and third parties does the company undertake? Finally, under the section entitled, Payment Systems was the following query, How was the misconduct in question funded (e.g., purchase orders, employee reimbursements, discounts, petty cash)? What processes could have prevented or detected improper access to these funds? Have those processes been improved?

All of these questions make clear that the DOJ expects data analytics to be used to help detect or prevent bribery and corruption where the primary sales force used by a company is third-parties. A clear majority of FCPA violations and related enforcement actions have come from the use of third-parties. While sham contracting (i.e., using a third-party to channel the payment of a bribe) has lessened in recent years, there are related data analysis that can be performed to ascertain whether a third-party is likely performing legitimate services for your company and is not a sham. There are several more complex analytics that can be run in combination to identify suspicious third-parties, and some of the simplest can be to look for duplicate or erroneous payments. This final concept of finding patterns that can be discerned through the aggregation of huge amounts of transactions, is the next step for compliance functions. Yet data analysis does far more than simply allowing you to follow the money. It can be a part of your third-party ongoing monitoring as well by allowing you to partner the information on third-parties who might come into your company where there was no proper compliance vetting. Such capabilities are clearly where you need to be heading.

Three key takeaways:

  1. Always remember to follow the money to see where a pot of money could be created to fund a bribe.
  2. Transaction monitoring techniques around fraud monitoring translate to data analysis for compliance.
  3. Do not forget to check names against known PEP and SDN lists.
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The Hill Country Podcast

Carter Keating – Advocating for Texas Agriculture

Welcome to the award-winning The Hill Country Podcast. The Texas Hill Country is one of the most beautiful places on earth. In this podcast, Hill Country resident Tom Fox visits with the people and organizations that make this the most unique areas of Texas. Join Tom as he explores the people, places, and their activities of the Texas Hill Country.

Are you interested in the ins and outs of Texas’ agriculture industry? You have to check out this episode of the Hill Country Podcast, which features Carter Keating, the founder of Texas Agricultural Connection. They discuss how his interest in public service led him to a master’s degree in international affairs and a passion for agriculture. Carter shares his advocacy work on water infrastructure and farmer funding solutions, as well as legislative advocacy, community support, and a scholarship program for high school seniors pursuing education in agriculture. With Texas’ growing population, the state’s water resources have become strained, but Carter and Tom discuss legislative priorities for funding water access programs and incentivizing young people to enter the agriculture industry. Additionally, they explore the potential impact of the Chinese purchase of American agriculture and land on the American food supply system. Start listening to Hill Country Podcast now to learn all about Texas’ agricultural landscape and the issues it faces!

Key Highlights

·      Carter Heating’s journey to Texas Agricultural Connection

·      Agricultural Commodity Associations and Water Infrastructure

·      Agricultural Water Challenges and Solutions

·      Legislation improving rural life in Texas

·      Agricultural Regulations and National Security

·      Crafting foreign investment legislation in Texas

·      Balancing Agriculture and Other Concerns

 Notable Quotes 

“ Our mission is to promote support and strengthen Texas agriculture, educating the general Texas public about why agriculture is important, why it matters, and why it matters to the general Texas public even if you’re not directly involved in that industry.”

“In my research, it seems like just about every issue has water at its core. Last year, in 2022, we had more than 3000 boil water notices in the state of Texas.”

“Evidence suggests that broadband access improves health outcomes. It increases the educational opportunities that are available in rural communities. It makes farms and ranches more profitable and more competitive.”

“Right now, only 7 or 8 percent of our producers are under the age of 35, and the average age of the farmer is right around 60 years old.”

Resources

Carter Keating on LinkedIn

Texas Agricultural Connection

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

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FCPA Compliance Report

Incorporating EHS and Safety in an ESG Program

Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. Are you interested in learning about the overlooked importance of safety in ESG? Host Tom Fox and his guests from Traliant, Andrea Foster Mack and Maria D’Avanzo delve into this topic in the latest episode of the FCPA Compliance Report. Learn how prioritizing safety can lead to cost savings and become a major differentiator for corporations in talent acquisition and retention. The trio also discusses how EHS professionals can reduce risk by implementing hazard awareness training and preventing discrimination. Furthermore, they emphasize the value-add that safety can offer to organizations in terms of corporate governance and brand recognition. Tune in to hear the experts share their insights on how ESG and EHS align under the sustainability cause and how innovative business and management decisions can lead to environmental sustainability.

 Key Highlights

·      ESG and Safety Culture within Organizations

·      The Importance of Safety in Talent Retention

·      Corporate Governance and Safety in Organizations

·      The Importance of “E” in ESG Reporting

·      ESG and its Role in Elevating Brands

·      Managing Chemical Hazards and ESG Standards

 Here are three tips to consider when incorporating safety into your ESG strategy:

1. Communicate safety policies and performance to stakeholders, such as investors and customers, to build trust and enhance reputation.

2. Use safety data to identify improvement opportunities, mitigate risks, and promote continuous learning and innovation.

3. Develop partnerships and collaborations with other organizations and industries to address safety challenges and share best practices.

Resources

Andrea Foster Mack on LinkedIn

Maria D’Avanzo on LinkedIn

Traliant

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

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Great Women in Compliance

Jane Norberg – The Whistleblowing Guru

Welcome to the Great Women in Compliance Podcast, hosted by Mary Shirley and Lisa Fine.  The Great Women in Compliance podcast has covered speaking up from many angles over the last several years because it’s such an important and perennial topic that Compliance Officers need to keep thinking on to maximize effectiveness.

This week’s unique speak up angle comes from the former Chief of the Office of the Whistleblower at the Securities and Exchange Commission.  Jane Norberg is now a partner at Arnold&Porter and shares some insightful observations and advice that leverage off her knowledge from receiving whistleblower tips over nine years.  She tells the #GWIC audience how the Office of the Whistleblower focuses their priorities and how the SEC typically works with whistleblowers.  Jane talks about the well-known phenomenon that many whistleblowers do make an attempt to report internally before they turn elsewhere and Mary asks her about some of the specific areas of opportunity that companies have to avoid missing the gift of a whistleblower tip – you won’t want to miss this.

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.

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Compliance Into the Weeds

SOX Compliance, PCAOB Inspections and Audits

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 more. Join Tom Fox and Matt Kelly in the latest “Compliance into the Weeds” episode as they delve into the world of SOX compliance. Matt shares insights from recent webinars and Cornerstone Research studies on class action lawsuits related to accounting issues in this discussion. At the same time, Tom emphasizes the importance of preventing accounting fraud through robust internal control systems.

They shed light on the role of IT controls in ensuring the integrity and security of financial systems and the challenges auditors face in verifying their effectiveness. They discuss how companies can mitigate the risk of fraud by implementing strong access and cybersecurity controls and adapting to new business environments. Don’t miss out on this captivating episode offering practical tips and strategies for compliance officers and industry professionals!

Key Highlights

·      Current SOX compliance priorities

·      The cost of lawsuits involving SOX compliance failures, financial accounting, and financial restatements are going up

·      2023 PCAOB inspection priorities

 Notable Quotes:

“None of those numbers are going in the right direction for SOX compliance officers.”

“A lot of what SOX compliance is and a lot of what auditors are looking at relates to IT controls.”

“We rely so much on IT now to run the accounting system, the accounts payable, the finance function, a lot of what you need to ensure a strong accounting system is really how are you governing software running those apps.”

“That, however, assumes that you’ve got strong cybersecurity and strong access controls around getting into that portal.”

 Resources

Matt  on LinkedIn

Matt’s three articles on Radical Compliance

a.     SOX Compliance

b.     Lawsuits over SOX failures

c.     PCAOB Inspection Priorities

Tom

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