Categories
Compliance Tip of the Day

Compliance Tip of the Day: Preparing for An Investigation

Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements.

Whether you’re a seasoned compliance professional or just starting your journey, our aim is to provide you with bite-sized, actionable tips to help you stay on top of your compliance game.

Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your organization on the right side of the law. Tune in daily for your dose of compliance wisdom, and let’s make compliance a little less daunting, one tip at a time.

In this episode, we look at some of the key steps you should take in preparing for an internal investigation.

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

Categories
Adventures in Compliance

The Return of Sherlock Holmes: Ethical Lessons from The Adventure of Charles Augustus Milverton

Welcome to a review of all the Sherlock Holmes stories that are collected in the work “The Return of Sherlock Holmes.“. It is a collection of thirteen detective stories written by Sir Arthur Conan Doyle, marking the reappearance of the brilliant detective Sherlock Holmes after his apparent death in “The Final Problem.” The collection spans various intriguing cases and mysteries that Holmes and his loyal friend Dr. John Watson tackle.

Today we consider some ethical lessons from The Adventure of Charles Augustus Milverton.

Sherlock Holmes, the iconic character created by Arthur Conan Doyle, is not only a detective par excellence but also a complex character entangled in ethical dilemmas. These moral conundrums, as depicted in the 8th story of the Return of Sherlock Holmes series, offer valuable lessons on justice, professional integrity, and privacy rights through the interactions of Holmes, Watson, and the king of blackmailers, Charles Augustus Milverton.

The story emphasizes the importance of these topics. Inspired by Holmes’ strict adherence to confidentiality, moral code, and his considerations of ethical implications, Fox underlines the detective’s willingness to bend the law to uphold justice. Fox sees in Sherlock Holmes a role model for compliance professionals to navigate complex ethical challenges while staying true to principles of justice and truth.

 

Key Ethical Lessons:

  • Respect for Privacy: This story highlights the importance of respecting individuals’ privacy rights.
  • Confidentiality: Holmes maintains strict confidentiality regarding his clients and the information they share with him.
  • The Right to Justice: While Holmes and Watson are not averse to bending the law in pursuit of justice, they ultimately work to bring Milverton to justice through legal means. They recognize that everyone, regardless of their actions or character, is entitled to a fair trial and due process.
  • Ethical Dilemmas: The story presents ethical dilemmas concerning the balance between the greater good and individual rights.
  • Professional Integrity: Despite the morally ambiguous nature of some of his methods, Holmes maintains professional integrity in his work.
  • Consequences of Actions: The story underscores the importance of considering the ethical implications and potential consequences of one’s actions.

Resources:

The New Annotated Sherlock Holmes

Sherlock Holmes FAQ

Categories
Daily Compliance News

Daily Compliance News: March 25, 2024 – The Neurodiverse Talent 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.

In today’s edition of Daily Compliance News:

  • EY promotes neurodiverse talent. (BBC)
  • Boeing prepares for closer FAA scrutiny.  (NYT)
  • A MoD report on UK corruption vis-à-vis Saudi Arabia was found in the public archive. (The Guardian)
  • MLB to investigate Ohtani’s translator’s scandal. (WSJ)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

Categories
Culture Crafters

Culture Crafters: Assessing Your Culture Through The Culture Audit™

It is always interesting to see the regulators catch up to the business world. That is what has happened around corporate culture. The Department of Justice is now assessing corporate culture for any company under investigation. Yet more than simply complying with this mandate, companies should strive to foster the best culture they can. The reason is deceptively simple: the better the culture, the better the company. But many business executives and even compliance professionals do not know how to craft a culture that allows your employees and, thereby, your organization to implement such strategies. How can you unlock the power of a thriving workplace culture?

In this podcast series, Sam Silverstein, the most trusted voice in America on accountability  and Tom Fox, the Voice of Compliance, look at the ways companies can elevate their culture to new heights.  In this inaugural episode, they discuss how to assess your culture through the Culture Audit™.

The concept of a culture audit is a transformative tool that assesses an organization’s critical areas such as ethics, engagement, accountability, and diversity, offering valuable insights for improvement and fostering a high-performance work culture.

Tom posits that the culture audit not only measures these critical areas but also guides action plans for improvement, emphasizing continual assessment and prioritization of key cultural drivers for genuine change.

Similarly, Sam Silverstein underscores the necessity of conducting a culture audit to discern an organization’s cultural strengths and weaknesses. He asserts that culture directly affects an organization’s bottom line, citing instances where cultural improvements have significantly boosted performance, profits, and employee retention. For Silverstein, a comprehensive culture audit from the boardroom to the shop floor is fundamental for developing a positive and high-performing work environment.

Key Highlights:

  • Enhancing Organizational Culture for High Performance
  • Cultivating Accountability and Excellence for Success
  • Enhancing Workplace Culture through Detailed Assessment
  • Transparent and Traceable Culture Audit Findings
  • High-Performance Culture: Driving Financial Success

Resources:

Sam Silverstein

Sam Silverstein on LinkedIn

Sam Silverstein

The Culture Audit™

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

Categories
Blog

Auditing Culture

Why should you audit your culture? A compliance professional can utilize a comprehensive approach to evaluate various aspects of a company’s culture, including ethics, engagement, accountability, and diversity. Tom Fox and Sam Silverstein took up this topic in the inaugural episode of the Culture Crafters podcast. Silverstein emphasized the pivotal role of a high-performance culture in attracting and retaining top-tier talent, ultimately leading to improved company performance and profitability. According to Silverstein, the shortest and quickest path to organizational transformation is through culture, as it forms the core of all change.

Beginning with the speech by Deputy Attorney General Lisa Monaco in October 2021, they recognized the need for companies to assess, manage, monitor, and improve their corporate culture. This was memorialized in the 2023 Evaluation of Corporate Compliance Programs (ECCP) update, announced in January 2023. In the ECCP, the DOJ asks the following questions: how often and how does a company measure a culture of compliance? What are your hiring and incentive structures around compliance? What steps have you taken in response to your measurements of compliance?

All these questions posed by the DOJ lead to the requirement that every company assess its culture because the DOJ will take any enforcement action or review. However, it can be done using the same current compliance processes, as culture is just like any other risk. As a risk, it can be assessed. This is why a culture audit is a necessary first step in determining where your culture is, what needs improvement, and how to do so.

As important as it is to meet these DOJ expectations, the real power is to create a high-performing culture to allow your organization to grow to its potential. Focusing on a high-performance culture can lead to an 80% increase in performance, profits, and employee retention, fostering a productive work environment and driving overall success. The bottom line is that a high-performance culture is essential for attracting and retaining top-tier talent and can significantly improve a company’s performance and profitability.

Every compliance professional understands that you must first assess your risks in risk management. When you have assessed a risk, you can start to put together a risk management strategy. The same is true for corporate culture. You must first assess where your culture is and then move forward to improvement through culture and a culture management strategy. With your culture strategy in place, you can train your employees and monitor their performance, determining the results. From there, you can improve your culture strategy as needed. But it all starts with a culture audit.

The steps are familiar to every compliance professional.

  1. Assess Every Level. To gain a comprehensive understanding of the company’s culture, you must assess everyone in the organization, not just senior leadership.
  1. Continuous Improvement. After conducting the culture audit, organizations must receive a detailed Culture Audit Report, which includes responses and action plans. This report serves as a roadmap for companies to focus on key drivers, enhance alignment, and continuously improve their workplace culture.
  1. Sustain High Performance. Focus on building a high-performance culture can yield remarkable results, including an 80% increase in performance, profits, and employee retention. Creating a culture that inspires individuals to excel and be accountable is essential for long-term success.

To facilitate this, Silverstein created Culture Audit™. The Culture Audit is a software solution that assesses critical areas of a company’s culture, such as ethics, engagement, accountability, and diversity, providing actionable insights for improvement. Available in over 20 languages, it aids in transforming a company’s culture for sustainable high performance. A high-performance culture is essential for attracting and retaining top-tier talent and can significantly improve a company’s performance and profitability. The Culture Audit Report, a detailed document with responses and action plans, enables organizations to enhance their workplace culture effectively. The audit results are auditable, ensuring accurate conclusions and data traceability, adding credibility to the process. Focusing on a high-performance culture can lead to an 80% increase in performance, profits, and employee retention, fostering a productive work environment and driving overall success.

Silverstein encapsulates the essence of culture transformation: “The shortest, quickest path to seeing transformation in an organization is always through the culture because that’s at the core of all transformation.” Every business is incumbent upon preparing a comprehensive document that takes a deep dive into its culture assessment results and guides it on the path to improvement. This report is a foundation for implementing educational initiatives, training programs, and organizational transformation.

In conclusion, the culture audit is not a one-time fix but a continuous process that requires regular assessment and improvement. By prioritizing a high-performance culture, companies can create a productive work environment, attract top talent, and drive overall success.

Categories
Sunday Book Review

Sunday Book Review: March 24, 2024 Books on Mental Health Edition

In the Sunday Book Review, Tom Fox considers books that would interest the compliance professional, the business executive, or anyone who might be curious. It could be books about business, compliance, history, leadership, current events, or anything else that might interest me.

In today’s edition of the Sunday Book Review, we look at some of the best new books mental health, as noted in TLS.

  • Breaking Through Depression by Phillip Gold
  • The Anxiety Project by Daan Heerma Van Voss
  • The Perfection Trap by Thomas Curran

Resources:

Thinking About Mental Health by Kathleen Taylor

For more information on Ethico and a free White Paper on ROI for your compliance program, click here.

Categories
10 For 10

10 For 10: Top Compliance Stories For The Week Ending March 23, 2024

Welcome to 10 For 10, the podcast which brings you the week’s Top 10 compliance stories in one podcast each week.

Tom Fox, the Voice of Compliance, brings to you, the compliance professional, the compliance stories you need to be aware of to end your busy week.

Sit back, and in 10 minutes, hear about the stories every compliance professional should be aware of from the prior week.

Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for compliance professionals, all curated by the Voice of Compliance, Tom Fox.

Get your weekly filling of compliance stories with 10 for 10, a podcast produced by the Compliance Podcast Network.

  1. Warren wants the SEC to look into Tesla Board independence. (WSJ)
  2. The Vietnamese President resigns over corruption issues. (NPR)
  3. Goldman files a suit against Malaysia over 1MDB. (Bloomberg)
  4. Mike Lynch finally goes on trial. (FT)
  5. SEC settles first AI washing enforcement. (WSJ)
  6. Adani Green says there is no DOJ investigation notice.  (Bloomberg)
  7. Vitol Trading corruption agents were caught on videotape discussing their bribery and corruption. (Bloomberg)
  8. More CFTC fines for messaging app violations. (WSJ)
  9. $12 bank fraud in Vietnam. (FT)
  10. Money laundering of $6.3bn fraud in UK.  (AML Intelligence)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

You can check out the Daily Compliance News for four curated compliance and ethics related stories each day, here.

Connect with Tom 

Instagram

Facebook

YouTube

Twitter

LinkedIn

Categories
Compliance Week Conference Podcast

Compliance Week 2024 Speaker Preview Podcasts – Raina Rose Tagle on Compliance in a Decentralized Environment

In this episode of the Compliance Week 2024 Speaker Preview Podcasts series, Raina Rose Tagle discusses her panel at Compliance Week 2024, “Confronting Regulatory Change: Leveraging Compliance Agility in a Decentralized Environment.” Some of the issues she will discuss in this podcast and her presentation are:

  • How does one design and implement solutions in a short timeframe?
  • Responding proactively to regulatory pressures
  • Learning about adjacent business best practices at Compliance Week 2024

I hope you can join me at Compliance Week 2024. This year’s event will be held April 2-4 at the Westin Washington, DC, Downtown. The line-up is first-rate, with some top ethics and compliance practitioners around.

Gain insights and make connections at the industry’s premier cross-industry national compliance event, offering knowledge-packed, accredited sessions and take-home advice from the most influential leaders in the compliance community. Back for its 19th year, join 500+ compliance, ethics, legal, and audit professionals who gather to benchmark best practices and gain the latest tactics and strategies to enhance their compliance programs. Compliance, ethics, legal, and audit professionals will gather safely face-to-face to benchmark best practices and gain the latest tactics and strategies to enhance their compliance programs, among many others, to:

  • Network with your peers, including C-suite executives, legal professionals, HR leaders, and ethics and compliance visionaries.
  • Hear from 80+ respected cross-industry practitioners, including CEOs, CCOs, regulators, federal officials, and practitioners, to help inform and shape the strategic direction of your enterprise risk management program.
  • Hear directly from panels on leadership, fraud detection, confronting regulatory change, abiding by cross-border rules and regulations, and the always-favorite fireside chats.
  • Bring actionable takeaways from various session types, including cyber, AI, Compliance, Board obligations, data-driven compliance, and many others, to your program for you to listen, learn, and share.
  • Compliance Week aims to arm you with information, strategy, and tactics to transform your organization and career by connecting ethics to business performance through process augmentation and data visualization.

I hope you can join me at the event. For information on the event, click here. As an extra benefit to listeners of this podcast, Compliance Week is offering a $200 discount on the registration price. Enter the discount code TFOX2024 for $200 off.

The Compliance Podcast Network produces the Compliance Week 2024 Preview Podcast series. Compliance Week sponsors this series.

Categories
Regulatory Ramblings

Regulatory Ramblings: Episode 40 – Super Apps, FemTech and Financial Resilience with Neha Mehta

Neha Mehta is a member of the Department of Mathematics at Nanyang Technological University in Singapore. She also teaches in that institution’s Master of Science program in FinTech.

Her work with SG Women in Tech demonstrates her interests in financial inclusion, using FinTech to achieve it, climate sustainability, innovating for a blue economy and greener future, and encouraging more women to enter the tech industry.

Neha is also a FinTech lawyer, former diplomat, and social entrepreneur. She authorized a new book called “One Stop” on Super Apps.

As she points out, new software applications are churned daily to respond to people’s needs. “Super Apps,” she says, allow users to access several services from one application. Super Apps like Grab and WeChat are gaining popularity, and tech giants and FinTechs want to stake their claim in this digital revolution. In “One Stop,” Neha traces the history of Super Apps. She analyses the cultural differences in their adoption and popularity—and, in some cases, the lack thereof—in the East versus the West. Through stories of well-known Super Apps and in-depth interviews with central banks, entrepreneurs, and FinTech industry experts, Neha’s book illustrates how the Super App revolution disrupts, innovates, and creates opportunities.

With the COVID-19 pandemic as a background highlighting the need to move to digital platforms, “One Stop” also examines how Super Apps can potentially create an inclusive and sustainable world for all in an increasingly digital future.

With that as a launching pad, Neha shares with Regulatory Ramblings host Ajay Shamdasani about her upbringing in Bangalore, how she first became interested in matters of financial inclusion, climate sustainability, the green economy, and women in tech, and what she sees as the interconnections between them—namely, economic growth and good stewardship of the planet.

​The discussion also delves into creating talent pools in the tech entrepreneur and/or corporate realms to see more women at the decision-making table in boardrooms. A key part of the equation, Neha says, is getting more females enrolled in STEM subjects earlier in life. In that vein, she stresses the need for policy frameworks incentivizing parents of young girls to send them to schools focused on how they can be software engineers or enter the emergent fields of artificial intelligence or data management.

She draws on her experiences to share her views about Singapore’s tech ecosystem and entrepreneurial environment. In 2019, Neha set up FemTech Partners to represent women in tech, especially in the fintech space. The focus was on how to make them financially resilient and receive the pro bono mentorship they need.

The conversation includes Neha’s thoughts on being a member of the NTU math faculty and a summary of her book’s key conclusions, observations, and policy recommendations.

Podcast Discussion:

  • 03:27 – Unveiling the Super App Revolution: From Cultural Shifts to Financial Inclusion
  • 10:14 – Journey from India to Singapore: Navigating Discrimination, Legal Empowerment, and Financial Inclusion
  • 14:32 – Adapting to Tech Evolution and Embracing Change
  • 31:36 – Striving for a Level Playing Field: Empowering Women in STEM and Entrepreneurship
  • 43:12 – What do you celebrate on International Women’s Day?
  • 45:41 – Singapore’s Success Recipe: Infrastructure, Talent, Capital, and Ecosystem Synergy
  • 53:07 – Empowering Through Education: Fintech’s Role in Learning, Teaching, and Financial Inclusion
  • 55:03 – Empowering Foreign Domestic Workers: Fintech Solutions for Financial Inclusion in Unbanked Communities
  • 58:23 – Super Apps and Financial Resilience: Navigating Data Privacy, Consumer Protection, and Cybersecurity
  • 1:03:29 – Lessons for Young Professionals on Career Flexibility and Resilience

Connect with RR Podcast at:

LinkedIn: https://hk.linkedin.com/company/hkufintech 
Facebook: https://www.facebook.com/hkufintech.fb/
Instagram: https://www.instagram.com/hkufintech/ 
Twitter: https://twitter.com/HKUFinTech 
Threads: https://www.threads.net/@hkufintech
Website: https://www.hkufintech.com/regulatoryramblings 

Connect with the Compliance Podcast Network at:

LinkedIn: https://www.linkedin.com/company/compliance-podcast-network/
Facebook: https://www.facebook.com/compliancepodcastnetwork/
YouTube: https://www.youtube.com/@CompliancePodcastNetwork
Twitter: https://twitter.com/tfoxlaw
Instagram: https://www.instagram.com/voiceofcompliance/
Website: https://compliancepodcastnetwork.net/

Categories
Creativity and Compliance

Creativity and Compliance: Commercials for Compliance Engagement

Where does creativity fit into compliance? In more places than you think. Problem-solving, accountability, communication, and connection—they all take creativity. Join Tom Fox and Ronnie Feldman on Creativity and Compliance, part of the award-winning Compliance Podcast Network.

Ronnie’s company, Learnings and Entertainment, utilizes the entertainment devices people use to consume information in their everyday, non-work lives and applies them to important topics around compliance and ethics. It is not only about being funny. It is about changing the tone of your compliance communications and messaging to make your compliance program, policies, and resources more accessible. Today, Ronnie and Tom consider how TV ads and commercials can be used as a basis for engaging in compliance communications.

Commercials for Compliance is an innovative approach to using engaging clips to convey important messages about behavior within organizations. Ronnie Feldman is a proponent of the idea and thinks that commercials can make compliance training enjoyable, memorable, and easy to understand. Tom emphasizes the importance of fostering an engaging and memorable user experience that fits seamlessly into an organization’s culture.

Ronnie points to the effectiveness of commercials in delivering short, entertaining, and positive messages that resonate with employees and are more likely to be remembered. With the perspective that commercials can be used across various platforms, Fox and Feldman encourage organizations to embrace this unique approach to improve visibility, engagement, and understanding of compliance topics.

Key Highlights:

  • Entertaining Compliance Messages through Short Clips
  • Embedding Ethical Principles in Business Culture
  • Interactive Compliance Messaging for Employee Engagement
  • Engaging Compliance Promotion through Creative Methods

Resources:

Ronnie

Tom

Instagram

Facebook

YouTube

Twitter

LinkedIn

Click here for more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance.