Welcome to this special podcast series, Integrity Matters: Exploring the NDAA, sponsored by K2 Integrity. This week I visit with Chip Poncy, Global Co-Head Financial Crimes Risk Management practice and member of K2 Integrity’s Board, and Gail Fuller, Managing Director at K2 Integrity. Over the week, we will break down the changes to the Bank Secrecy Act (BSA) and changes in enforcement authority to Financial Crimes Enforcement Network (FinCEN) which are found the recently passed National Defense Authorization Act (NDAA). Topics include breaking down the big picture, company formation reform, new opportunities under this new law, coming change to corporate governance under the NDAA and the long view of the new law. In Part 4, I am joined by Chip Poncy as we consider some of the new governance models under the NDAA.
Join us tomorrow as we conclude our podcast series by taking the long view with Gail Fuller.
For more information go to the K2 Integrity website.
For more information on the Dedicated Online Financial Integrity Network (DOLFIN) click here.
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Looking Back and Looking Forward
In this episode Jonathan Armstrong and Tom Fox are back to discuss issues relating to data privacy, data protection and GDPR. Today, we take a look back at some of Jonathan’s most significant cases, enforcement actions and events in data privacy/data protection in 2020. We also consider the potential impact of Brexit on data transfers between the UK and the EU and how this will impact data transfers between the UK and US.
Resources
Check out the Cordery Compliance, client alert on this topic, click here. For more information on Cordery Compliance, go their website here. Also check out the GDPR Navigator, one of the top resources for GDPR Compliance by clicking here.
Andrew Levine is a partner at Debevoise & Plimpton LLP, who specializes in white-collar regulatory defense and internal investigations. He joins Vince Walden to discuss the compliance journey, what initiatives compliance professionals should take in 2021, and the recently updated DOJ compliance guidance.
The DOJ guidance that came out in June 2020 is a step in the right direction in terms of understanding how prosecutors incorporate compliance programs into their decision-making, Andrew says. It offers real, actionable advice for building a framework for analyzing a compliance program. The guidance is centered around three critical questions: Is the program well designed? Is it adequately resourced and empowered to function effectively? And, does it work in practice?
As prosecutors’ expectations for what makes up an effective compliance program continue to rise, leaders should think about enhancement opportunities. “Don’t let the perfect be the enemy of the good,” Andrew counsels. “Develop a reasonable plan, think about resourcing for implementation, think about a timetable that works, and then execute while understanding that the compliance journey is a never-ending one.”
Resources
Andrew Levine on LinkedIn
Richard Lummis and I are back for another episode of 12 O’Clock High, a podcast on business leadership. Today, we take up the issue of what is ‘focused leadership’. Our podcast is based on the Harvard Business Review article, The Focused Leader by Dan Goldman, who notes “A primary task of leadership is to direct attention. To do so, leaders must learn to focus their own attention. When we speak about being focused, we commonly mean thinking about one thing while filtering out distractions. But a wealth of recent research in neuroscience shows that we focus in many ways, for different purposes, drawing on different neural pathways—some of which work in concert, while others tend to stand in opposition. Grouping these modes of attention into three broad buckets—focusing on yourself, focusing on others, and focusing on the wider world—sheds new light on the practice of many essential leadership skills.” Richard Lummis and Tom Fox break it down for you. It consists of self-awareness, self-control, the empathy triad and building relationships. We look at it in the context of long-term strategy, innovation and system awareness.
What is the value of having a Code of Conduct? In its early days, a Code of Conduct tended to be lawyer-written and lawyer-driven to wave in regulator’s face during an enforcement action as proof of ethical overall behavior. Is such a legalistic code effective? Is a Code of Conduct more than simply your company’s internal law? What should be the goal in the creation of your company’s Code of Conduct?
The three most important things about your compliance program are “Document, Document, and Document.” The same is true in communicating your company’s Code of Conduct. You need to do more than simply put it on your website and tell folks it is there, available and that they should read it. You need to document that all employees, or anyone else that your Code of Conduct is applicable to, has received, read, and understands it. The DOJ expects each company to begin its compliance program with a very publicly announced, very robust Code of Conduct. If your company does not have one, you need to implement one forthwith.
However, your Code of Conduct is not a static document to be put on a shelf and never reviewed again. For just as your compliance program is a living entity; it should be constantly evolving, the same is true for your Code of Conduct. If your company has not reviewed or assessed your Code of Conduct for five years, do so in short order, as much has changed in the compliance world. All of this has become much more clear in the age of Coronavirus. Some of the questions you should begin with include:
- When was the last time your Code of Conduct was revised?
- Have there been changes to your company’s business model since the last revision to the Code of Conduct?
- Have there been changes to relevant laws relating to a topic covered in your company’s Code of Conduct?
- Are any provisions of the Code of Conduct outdated?
- What is the budget to revise your Code of Conduct?
Three key takeaways:
- Every formulation of a best practices compliance program starts with a written Code of Conduct.
- The substance of your Code of Conduct should be tailored to the company’s culture, and to its industry and corporate identity.
- “Document, Document, and Document” your training and communication efforts.
Welcome to this special podcast series, Integrity Matters: Exploring the NDAA, sponsored by K2 Integrity. This week I visit with Chip Poncy, Global Co-Head Financial Crimes Risk Management practice and member of K2 Integrity’s Board, and Gail Fuller, Managing Director at K2 Integrity. Over the week, we will break down the changes to the Bank Secrecy Act (BSA) and changes in enforcement authority to Financial Crimes Enforcement Network (FinCEN) which are found in the recently passed National Defense Authorization Act (NDAA). Topics include breaking down the big picture, company formation reform, new opportunities under this new law, coming change to corporate governance under the NDAA and the long view of the new law. In Part 3, I am joined by Gail Fuller to look at some of the opportunities under the new law.
Join us tomorrow as we continue our podcast series by visiting with Chip Poncy on changes in governance brought about by the new law.
For more information go to the K2 Integrity website.
For more information on the Dedicated Online Financial Integrity Network (DOLFIN) click here
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Ask Us Anything
Welcome to the Great Women in Compliance Podcast, co-hosted by Lisa Fine and Mary Shirley.
The Great Women in Compliance podcast is back! In this joint episode, Lisa and Mary kick off 2021 with an “ask us anything” episode where the questions were solicited from the GWIC Community.
Mary and Lisa discuss substantive issues including their opinions what may happen in 2021, including whether compliance enforcement will change in the US given the change in administration; how organizations may change their management and leadership in the E&C function, and the “new new normal” from COVID.
They also talk about their own goals for 2021 for professional development and growth, both in their full-time jobs and in learning and thought leadership. As usual, they also laugh and discuss the lighter side of what the amazing compliance community does every day.
Lisa and Mary also note that they always appreciate feedback on the podcast, potential guests, and topics to discuss, and solicit any thoughts from listeners.
Have you heard that the Great Women in Compliance Book, Sending the Elevator down is now available in an electronic version? Head to Amazon to get your copy today!
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’re 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.
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 five issues that compliance practitioners need to watch in 2021. We also talk about the second five which did not make the Top 5 but you still need to watch. Some of the issues we consider are:
- What will be the implications of the Covid-19 vaccine and RTW?
- The Anti-Money Laundering Law of 2020.
- The first Biden Administration announcement.
- Climate Change Disclosures.
- The SolarWind Cybersecurity Disaster.
- A special bonus from Matt.
Resources
For more information see Matt’s blog post in Radical Compliance:
Five Compliance Events to Watch in 2021