In today’s edition of Daily Compliance News:
Author: admin
Welcome to the Great Women in Compliance Podcast, co-hosted by Lisa Fine and Mary Shirley.
At the Great Women in Compliance Podcast, we believe in the value of speaking up whilst acknowledging that it often isn’t easy to do so. No one personifies this more than heroic whistleblowers such as today’s guest, Erika Cheung. Erika was one of the Theranos whistleblowers and is featured as our second speaker in this two-part series on whistleblowing.
Erika tells her story of what it was like starting at Theranos as a new graduate from university and details the experiences that led to her blowing the whistle on practices at the company thought of at the time as a unicorn and the next big thing.
We get to hear about what Erika is working on now as one of us – a new member of the Compliance community and her tips for startups seeking to embed a culture of integrity in their business. We also hear about the personal toll the experience has had on Erika in addition to her successes moving on from the now disgraced company.
Mary often likes to end episodes with a little nugget of information or advice and this episode we maximize the star power already brought to the episode with Erika and feature one of the greatest feminist influencers of Mary’s childhood outside of family – some commentary from Ann. M Martin, author of The Baby-sitters Club books, given especially for the GWIC podcast.
The Great Women in Compliance Podcast is proudly featured on the Compliance Podcast Network and sponsored by Corporate Compliance Insights. If you enjoyed this episode please subscribe to the podcast and rate it on your podcast player to help other compliance professionals find it.
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.
Lisa and Mary have extended the Great Women in Compliance brand to the booking “Sending the Elevator Back Down: What We’ve Learned from Great Women in Compliance” (CCI Press, 2020) which can be found on Amazon and features valuable wisdom and advice from Great Women in Compliance across the world.
If you’ve already read the booked and liked it, will you help out other women to make the decision to leverage off the tips and advice given by rating the book and giving it a glowing review on Amazon?
As always we are so grateful for all of your support and if you have any feedback or suggestions for our 2021 line up, or would just like to reach out and say hello, we always welcome hearing from our listeners.
Join the Great Women in Compliance community on LinkedIn here.
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Gaps in Compliance
Welcome to the latest edition to the Compliance Podcast Network, The Wirecard Saga. In this series, I am joined by Mikhail Reider-Gordon, Managing Director of Institutional Ethics & Integrity at Affiliated Monitors. In this episode, we take a deep dive into the gaps in compliance in not simply Wirecard but in those entities which facilitated Wirecard or did business with Wirecard.
Some of the highlights include:
- Hufeld Heaved Aside
- BaFin Day Traders
- Fact Finding Scheutz
- Top Officer Lobbies
- Nobody Knows Us
- Bavarian State Officials
- Guttenberg Resurfaces
- Augustus Intelligence
- BKLA Holds AML Chat
- Cash On the Move
- Supervision Totally Inadequate
- Banking Firtash
- Corporatocracy
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GameStop and Compliance
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today we consider the GameStop matter through the lens of the compliance profession. Some of the issues we consider are:
- What is the background?
- What are the compliance implications of this matter?
- Is this a black swan event or just ‘business as usual?
- Short sellers in the bulls-eye?
- The role of the regulators?
- Who are Robinhood’s stakeholders?
- What is the more relevant precedent; Long Term Capital or the Panic of 1907?
- What is the role (or responsibility) of social media?
Resources
Check out Tom’s 5-part blog post series on GameStop and Compliance:
GameStop and Compliance-Introduction
GameStop and Compliance-The Shorts
GameStop and Compliance-The Squeeze and Social Media
GameStop and Compliance-The Regulatory Response
GameStop and Compliance-Lessons for the Compliance Professional
In this episode, I am joined by Mikhail Reider-Gordon, Managing Director of Global Affairs at Affiliated Monitors, Inc. We discuss the ABA Guidelines on Monitors.
Gordon has long been a part of the ABA’s discussions around monitors. These standards are found under the Criminal Justice Standards on Monitors (the “ABA Standards”). The ABA Standards emphasize the monitor selection process should encourage consideration of a broad range of monitor candidates and should not be artificially limited by demographic, professional and geographic factors. Gordon also emphasized that “qualifications, integrity, credibility and professionalism are the top of the list.”
Moreover, under potential exclusion, there are a number of examples the standard provides that should be baked into every monitor selection process. Basically, anything that appears to create a conflict of interest or would be perceived to impair the monitor’s judgment or independence are non-starters. Yet, Gordon believes the standards actually go further. She stated, “They go onto provide additional factors that should be considered, some of which may seem obvious to us; such as not having worked for the organization being monitored during the time of the activity in question; not holding prior affiliation with a firm that provided legal or other professional services to the organization being monitored; and even extending to any other factor that could bias or impair or be perceived bias or impair the monitor’s judgment, objectivity, independence, including the prospect of future engagement or other economic considerations that could influence it”. The bottom line is that the ABA Standards “emphasizes the importance of independence.”
All of this extends beyond the criminal side where a monitorship might be put into place concerning a prosecution. It also extends to the civil side of enforcement. Moreover, the ABA Standards can also be applied to a variety of over situations where the independent third-party might be an ombudsman, Independent Sector Inspector Generals or other nomenclature. Gordon believes that “encoding true independence is essential no matter what form a monitorship takes, what title you give it, or whatever you might call it.”
The Compliance Life details the journey to and in the role of a Chief Compliance Officer. How does one come to sit in the CCO chair? What are some of the skills a CCO needs to success navigate the compliance waters in any company? What are some of the top challenges CCOs have faced and how did they meet them? These questions and many others will be explored in this new podcast series. Over four episodes each month on The Compliance Life, I visit with one current or former CCO to explore their journey to the CCO chair. This month, my guest is Natalia Shehadeh, Chief Compliance Officer at ABB.
Episode 1-Why Compliance?
Natalia comes to compliance from a unique background. She was born in Spain and has lived all over the world. She comes from a multi-cultural/lingual family from birth and in marriage. She always wanted to do something professionally that would afford her the privilege to see the world. Her career journey in compliance has delivered this gift to her.
Tricia Benn is the Chief Community Officer at C-Suite, a digital platform that focuses on providing growth development and networking opportunities for business executives. She is also the General Manager of The Hero Club, an invitation-only membership organization for CEOs, founders, and inventors. Tom Fox welcomes her to this week’s show as they discuss creating collaboration among leaders to build business growth.
C-Suite Network
C-Suite Network helps business leaders in growth development by creating an ecosystem of content creation and distribution, Tricia explains. It is a community of leaders motivating and inspiring each other on multiple levels. It is a values-based organization, with an emphasis on how leaders, investors, and businesses put people first. Before the pandemic, it was done via face-to-face seminars but has since then gone virtual. Tom comments that with this pivot, an explosion of content that hadn’t been available to leaders and businesses before has now become available.
The Principle of Success
“The principle of success is what you define it as,” Tricia says. She emphasizes that as a business leader you have to be clear about how you define success. Tom asks her to explain the other services that her companies offer. Tricia says that C-Suite and The Hero Club provide whatever tools are necessary for the support of a leader’s content creation. With the pandemic, a lot of businesses have gone virtual, and C-Suite and The Hero Club accommodate for that. The main focus is about facilitating the access and intelligence needed for content providers, as well as the platform, to allow for business leaders to activate virtually. Implementing diversity is also important, Tricia stresses. Servicing everyone, and appreciating everyone’s differences is essential to hero leadership.
The Lifeblood of Success
Innovation is the lifeblood of a business’ success. It means putting one foot in front of the other every day. Without innovation, there can be no growth, and you end up losing ground. It is important to keep adapting. As things change around us, so must our methods, approaches, and our business models to better serve the environment in which we live. Tricia emphasizes that with innovation, it is important to never let the people you serve feel the pain of what you are learning. You must only let them feel the gains of that learning.
Resources
C-Suite Network
Tricia Benn | Twitter, LinkedIn
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Welcome to ComTech
In this new show on the Compliance Podcast Network, Tom Fox, the Voice of Compliance, and Valerie Charles of StoneTurn are going to be exploring the intersection of compliance and technology.
In this initial episode, Tom and Valerie share their plans for the show – who they want to talk to, what they want to explore, and the impact they hope to have on the industry. They also give some insight into how they got to where they are in their careers and how their appreciation and understanding of technology in the compliance space has evolved over the years.
Valerie explains that compliance isn’t really top-down, anymore – people are empowered to evaluate risk and make decisions accordingly. The best compliance people are creative in how they implement programs and strategies.
In the future, Tom and Valerie are going to be speaking to lawyers, CPA’s and audit types, and non-compliance people who come in and start working in technology – marketing, sales, entrepreneurs. The silos for compliance are gone, and Comtech is going to be digging deep into what that means.
Tune in every other Monday for another episode!
Resources
StoneTurn