In today’s edition of Daily Compliance News:
Author: admin
In this special edition, I am pleased to cross-post a recent live event hosted by Sean Freidlin, Director Product Marketing at SAI Global. He hosted the third edition of SAI Global’s Compliance Book Club, featuring Robert Chesnut, author of Intentional Integrity. Sean’s Compliance Book Club is fast becoming one of the most listened to events in the compliance world. His interview with Robert Chesnut is great information for the compliance professional. Sean graciously allowed me to cross-post this interview as a podcast on the Compliance Podcast Network.
SAI Global’s Compliance Book Club is a community initiative that brings ethics, compliance, and risk professionals together around a book you’ll love, and invites everyone to participate in a live Q&A and discussion with the author. For the third meeting, and as part of our celebration of the fifth annual International Compliance Officer Day, we present “Intentional Integrity: How Smart Companies Can Lead an Ethical Revolution” by Robert Chesnut. In Intentional Integrity, Chesnut offers a six-step process for leaders to foster and manage a culture of integrity at work. He explains the rationale and legal context for the ethics and practices, and presents scenarios to illuminate the nuances of thinking deeply and objectively about workplace culture.
You can check out the original recording here. Check out the full panoply of SAI Global Ethical Leadership Articles and Resources here.
In the Episode, I am joined by Mikhail Reider-Gordon, Managing Director of Institutional Ethics & Integrity at Affiliated Monitors. Mikhail’s areas of expertise include technology, privacy, cybersecurity, IP and accountability in artificial intelligence; the global anti-corruption and anti-money laundering regimes; media & entertainment; biotech and the life sciences; the public sector and international law. She is accustomed to working on extremely sensitive and high-profile matters, both nationally and internationally. In this episode, we explore those other professional service providers who enabled Wirecard in our bring Lawyers Guns and Money episode.
Some of the highlights include:
- Weekly news wrap-up on Wirecard
- Is EY at its Arthur Anderson moment?
- Who has potential lawsuits against EY?
- Is a Bundestag inquiry in the works?
- Will there be an EU-level inquiry into the German government response?
- Who were the Enablers?
- Why is now the time for lawyers to take a stand for the Rule of Law?
In this special five-part podcast series, I take a deep dive into the recent Herbalife FCPA Resolution. Over the next 5 podcasts Mike Volkov, Jay Rosen, Matt Kelly, Jonathan Marks and Jonathan Armstrong will all bring their own unique perspectives to this settlement. In this Part 3, Matt Kelly joins me to consider the role internal audit in this matter and the (non) actions of Herbalife’s Board of Directors.
Some of the highlights include:
- Internal Audit as window dressing does not good government make.
- How high up must internal audit push?
- What is the Board’s duty?
- Is there a Caremark claim against the Herbalife Board of Directors?
As the Voice of Compliance, I wanted to start a podcast which will help to bring both clarity and sanity to the compliance practitioner and compliance profession during this worldwide health and healthcare crisis. In this episode, I visit with EJ Marin, Director of Solution Engineering at Nakisa? We discuss the impact of the Coronavirus health crisis on organizational design.
Some of the topics include:
· The top issues in organizational design at this point in the Coronavirus health crisis.
· Where will org design be in 12 to 18 months?
· What are the compliance issues around these changes in org design?
For more information on Nakisa, click here.
Welcome to the Great Women in Compliance Podcast, co-hosted by Lisa Fine and Mary Shirley.
In this two-part series we welcome back Mel Stanley, owner of First Woman, to reveal personal branding secrets that can help you stand out positively to colleagues, your network and new connections.
Mel shares some thoughts on how Compliance Officers can use personal branding to facilitate our human side being seen as part of our reputation with internal clients and how we as Compliance professionals can demonstrate our expertise without coming across as overly self-promotional or arrogant.
Mary asked Mel’s advice on how to determine if our personal branding is showing up right now as seen by others, to help with the process of developing our branding in the direction we wish. Mary shares with Mel and the audience what results she got following Mel’s advice, including an unintended benefit and accordingly recommends all listeners give it a try. Mel generously and graciously pulls off some impromptu workshopping for Mary which will provide valuable insights for all Great Women in Compliance.
We round off the episode with a what not to do to avoid sabotaging your carefully built up branding.
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. In this episode Matt and Tom go into the weeds to look at the recent fine of $920 million against JPMorgan for spoofing. Some of the issues we consider are:
- What is spoofing?
- How did the CFTC use data analytics to build their case?
- What does that mean for compliance professionals?
- How did the JPMorgan remediation of its compliance function reduce ?
- Once again, the DOJ demonstrates that robust remediation will pay great dividends in the form of a significant penalty reduction.
Resources
See Matt’s blog posts on Radical Compliance-JPMorgan’s Compliance Benefit
See also, David Michaels piece in the Wall Street Journal, JPMorgan’s Probe Revived by Regulators Data Mining
In this podcast I am joined by AMI Managing Director Rod Grandon. We consider the responsibility of federal contractors to maintain their status as “Responsible Contractors” and explore the benefits of having an effective compliance and business ethics program to not only increase business efficiencies and profitability but prepare you in good stead if the regulators come knocking. In this episode, I get to ask Rod a question I have wanted to pose to him for some time, which is “why are we still talking about this?”
Grandon began by noting that this is a fair question given that many of the policies and procedures required in the Federal Acquisition Register (FAR) 3.1000 and 52.203-13 relating to contractor integrity and honesty have been in place since December 2007. Also, Sarbanes-Oxley (SOX) was passed in 2002 so those requirements have been around for nearly 17 years as well. Many contractors, particularly major prime contractors, have invested heavily over the years establishing and maintaining robust corporate ethics and compliance programs and internal controls. Additionally, major primes have taken steps to encourage and assist their subcontractors and suppliers to develop appropriate codes of conduct and related policies, procedures, and infrastructure. The limited research in this area to date has shown that such programs, when effectively implemented, produce positive results in reducing misconduct. Still, significant gaps remain within the federal marketplace, especially at the mid and lower tiers of the supply chain and services industries.
Grandon believes that while these responses to the FAR and legal requirements are “trickling down” to smaller organizations, unfortunately there are a large group of small and middle tier contractors that believe these programs are only for large government contractors, or they believe they lack expertise and resources to build and maintain appropriate programs. Many more do not focus on the requirements at all (until it is too late); instead focusing on building the business and thinking that their customer relationships will help them business survive any future challenges. Grandon also related, “frankly, a lot of small businesses and medium sized businesses either ignored this all together in their pursuit of business and revenues or they put in place a written policy set of policies and procedures, including a written code of conduct.” Perhaps they provided some training, but in most cases, “it was all a paper exercise. It never transcended into a way of doing business”. This has led to continued compliance and ethics lapses.
Regardless of size, for-profit businesses are hesitant to expend time, effort, and money on efforts that do not directly advance company market objectives or revenue growth. Government contractors are no exception. As such, while many contractors grasp the need for integrity programs, company leaders elect to forego necessary investments of time and resources into such programs. Instead, they operate under the assumption that they operate ethical companies; they believe their employees understand and embrace what we all should know from childhood: it is wrong to lie, cheat, and steal.
Grandon concluded by intoning, “even the best programs are threatened by complacency. Contractors must continuously strive to creatively spark their ethics and compliance programs to keep the objectives and expectations fresh and central to business operations.”
To find out more about Affiliated Monitors, Inc. check out their website www.affiliatedmonitors.com.
In this special five-part podcast series, I take a deep dive into the recent Herbalife FCPA Resolution. Over the next 5 podcasts Mike Volkov, Jay Rosen, Matt Kelly, Jonathan Marks and Jonathan Armstrong will all bring their own unique perspectives to this settlement. In this Part 2, Jay Rosen joins me to consider how Herbalife was able to avoid a Monitorship.
Some of the highlights include:
· The Benczkowski Memo.
· The need for full disclosure and candor.
· Remediate extensively.
· End of monitorships as we know them?
