In today’s edition of Daily Compliance News:
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In this episode I visit with Matthew Jacobs, a partner at Vinson & Elkins in San Francisco who represented the Audit Committee of the Board of Directors of Juniper Networks in the company’s recently concluded FCPA enforcement action. In addition to his discussion his work on the matter we discussed some interesting questions about representation during the pendency of a FCPA investigation. Some of the highlights include:
- Initial retention by the Audit Committee and the scope of the assignment?
- Why the settlement was so favorable to the company?
- How the company is in a stronger position now to stay in compliance with the FCPA and other international anticorruption laws today.
- When should there be separate counsel for company and audit committee?
- Why do cases take so long and how does that help or hurt the company?
- What is the role of management changes in the resolution of a FCPA enforcement action?
- How has the interest of the government in compliance changed?
- Where does the disgorgement issue fit in settlement discussions?
- What is the effect of the government deferring to internal investigations?
Resources Matthew Jacobs, V&E website.
In today’s edition of Daily Compliance News:
- Canadian company concludes FCPA enforcement action. (FCPA Blog)
- Barclays settles FCPA hiring case. (FCPA Blog)
- Quad Graphics settlement long standing FCPA case. (FCPA Blog)
- Luis Alberto Chacin Haddad, sentenced to 51 months for FCPA violations. (FCPA Blog)
In today’s edition Sunday Book Review edition of Daily Compliance News, we continue a review of the Short List for the Financial Times Business Book of the Year Award:
- Range: Why Generalists Triumph in a Specialized World–by David Epstein
- The Third Pillar: How Markets and the State Leave the Community Behind-by Raghuram Rajan
- The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution-by Gregory Zukerman
As Tom celebrates the Astros franchise record of 104 wins (to-date) and Jay continues to avoid talking about the Red Sox, they then turn to discuss some of this week’s top compliance and ethics stories which caught their collective eyes.
- Both Nissan and Carlos Ghosn settle SEC charges for failure to report salary. Does Nissan have a massive conflict of interest in its investigation? Sean McLain and Nick Kostov report.
- PwC gets in yet more trouble with SEC. Francine McKenna reports. Matt Kelly explores. Tom and Matt take a deep dive in Compliance into the Weeds.
- TechnipFMC settles SEC charges for FCPA violation. Harry Cassin reports.
- How do you fix a toxic culture? Mike Volkov enlightens.
- What factors influence an ethical culture? Jay continues a multipart series.
- Thinking about investiging in US real estate? Foreigners need to check in on the new rules. Doug Cornelius explains.
- 8 Prominent CCOs tackle 5 compliance questions in an interview in Compliance Week.
- What are 10 reasons compliance programs fail? Andrew Hayward and Tony Osborn consider.
- Has the fight against corruption in Mexico turned the corner? Andrew Levine, Kara Brockmeyer and Marisa Taney consider.
- Tom continues his preview of the Converge19 speakers in a special bonus series of podcasts on the Compliance Podcast Network. Check out the following: Monday-Jacki Cheslow with a testimonial of why you should attend; Tuesday-Michael Rasmussen on a SWOT analysis for CCOs; Wednesday-Stephen Martin on the role of the Board of Directors; Thursday– Dan Chapman on the new DOJ Guidance (with an assist from FCPA Monitor himself) and Friday– Ren McEachern on the power of integrated 3rd party risk management. The podcast is available on multiple sites: the FCPA Compliance Report, iTunes, JDSupra, Megaphone, YouTube, Spotify and the Compliance Podcast Network.
- The Everything Compliance gang will be doing its first live podcast at Converge19. You should be there! Listeners to this podcast can obtain a complimentary ticket by using the promotion code foxvip, for registration and information, click here.
Tom Fox is the Compliance Evangelist and can be reached at tfox@tfoxlaw.com. Jay Rosen is Mr. Monitor and can be reached at jrosen@affiliatedmonitors.com. For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit our sponsor Affiliated Monitors at www.affiliatedmonitors.com.
CONVERGE is in its 4th year of bringing together the world’s leading companies for 2 days of dynamic speakers, thought-provoking breakout sessions, and opportunities to connect with like-minded professionals. You will leave the conference with new resources and best practices allowing you to continue the hard work of driving ethics to the center of your business. In today’s episode I visit with Ren McEachern, Managing Director at Exiger. We visit about his presentation at Converge19 on The Power of Integrated 3rd Party Risk Management: A Law Enforcement Perspective.In this presentation, McEachern will ask are you getting a comprehensive risk picture on your third parties? Learn how moving your organization from reactive to proactive risk management can give you a real business advantage from this session.For more information on Converge19, click here.
CONVERGE is in its 4th year of bringing together the world’s leading companies for 2 days of dynamic speakers, thought-provoking breakout sessions, and opportunities to connect with like-minded professionals. You will leave the conference with new resources and best practices allowing you to continue the hard work of driving ethics to the center of your business. In today’s episode I visit with Dan Chapman, founder and Principle of Presyse Consulting. We visit about his interactive presentation at Converge19 on DOJ Guidance Best Practices.
In this presentation, Chapman will be joined by Jay Rosen VP at Affiliated Monitors, Inc. and Jonathan Marks, Partner at Baker Tilly. They will discuss the new DOJ guidance contained some subtle but impactful messages for the E&C community. This session will explore these key messages, the impact they are having and how you can best align your program with this guidance. For example, the emphasis on culture is a clear indication of the elevation of E&C, the impact you have on your business and the expectations that regulators now have that go way beyond pure regulatory adherence. You will leave this session better armed to elevate your programs to align with this new guidance and the emerging trends in our industry.
For more information on Converge19, click here.
Welcome to the only roundtable podcast in compliance. Today, we have a quartet of Jay Rosen, Matt Kelly, Sarah Hadden and Mike Volkov with a potpourri of topics and commentary on current events from the compliance perspective. Rants and shouts outs follow the commentary for this episode.
- Mike Volkov takes a deep dive into the Business Roundtable’s Statement on the Purpose of a Corporation. Volkov shouts out to Stephen Colbert and his humor for helping to get him through the Trump years.
- Jay Rosen considers whether the term Culture Culture Culture has supplanted the phrase Document Docment Document as the 3 most important words in compliance. Rosen shouts out to two recently deceased rockers who came of age in the 70s and 80s; Eddie Money and Ric Ocasek, as they joined that great band in Rock and Roll Heaven. Jay bids them to ‘go with God.’
- Sarah Hadden considers ethics and incentives to drive employee behavior. Hadden shouts out to the LinkedIn group Keep Calm and Compliance On which provides practical and science-backed strategies on how to thrive as a compliance officer.
- Matt Kelly considers the imbroglio around the Intelligence Whistleblower and the Trump Administration stonewalling its mandated review by Congress. He analyzes it in the context of a corporate whistleblower and corporate oversight. Kelly shouts out to the SEC for prosecuting Vantage Drilling for fabricating the existence of a CFO for nearly 3 years on SEC mandated reporting.
- Tom Fox shouts out to Major League Baseball for being the greatest of America’s pastimes for three reasons (1) Yaz tossing the Opening Pitch to his grandson, Mike Yastrzemski on the occasion of his grandson’s first appearance in Fenway Park (albeit as a San Francisco Giant). Mike responded by hitting a home run later in the game; (2) Toronto Second Baseman, Cavan Biggio, son of Hall-of-Famer Craig Biggio, hit for the cycle this week; thereby becoming the first father/son duo to hit for the cycle in MLB history; and (3) the Houston Astros became the 6thteam in MLB history to have three consecutive 100 win seasons.
Host Vince Walden welcomes this week’s guest, e-discovery legend Henry Dicker to the podcast. Henry is the President of data privacy and forensic service consultancy firm, Franklin Data. Before that, he worked with ALM in legal tech for 20 years. Vince asks Henry to reflect on the heydays of legal tech. Henry describes the momentous strides made during those early years, including how today’s discovery evolved from Boolean search.
Listen to the episode now:
The main issue, Henry points out, will always be preservation of data. No corporation or advisor can manage the vast amount of data without decent technology. As technology evolves and regulatory demands become greater, firms need to keep up with the times or get left behind. He advises CCOs to engage other departments, even board members, to do this successfully. He lists three questions a CCO should ask himself and other stakeholders:
Vince asks Henry about the innovations and technologies that excite him. Henry talks about four such technologies, including the rise of AI and its future implications.
- What do you believe is the greatest regulatory risk facing the company?
- What do you believe is the greatest business risk facing the company?
- What do you believe is the greatest geographic risk facing the company?
Treat these questions like a math or statistical calculation: take the sum of all their answers and align them with your answers to the same question; aggregate them and now you have a starting point for where you should be going.
Vince asks Henry about the innovations and technologies that excite him. Henry talks about four such technologies, including the rise of AI and its future implications.
Resources
Nexem Legal, formerly Franklin Data
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