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Daily Compliance News

Daily Compliance News: September 18, 2023 – The Texas is Open for Business Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance brings to you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in 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.

  • Singapore AML corruption case reaches $1.2bn?  (South China Morning Post)
  • Jann Wenner ousted from Rock HOF Board. (WSJ)
  • Head of China military under investigation for corruption. (Reuters)
  • Texas AG acquitted of corruption. (Texas Tribune)
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FCPA Compliance Report

FCPA Compliance Report – Carlos Villagrán Muñoz on Implementing Effective Compliance Programs in Latin America

Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. In this episode, Tom Fox welcomes Carlos Villagrán Muñoz, Chief Compliance Officer at CMPC in Chile. We discuss operationalizing compliance at CMPC and in Latin America.

Carlos Villagrán Muñoz is a seasoned Chilean attorney with considerable experience in implementing and advancing compliance programs in Latin America. His perspective on the subject is shaped by his extensive experience and understanding of the unique challenges in the region. Carlos identifies two major hurdles in implementing effective compliance programs in Latin America: the need to tailor programs to both global and local contexts due to cultural nuances and differing perceptions of corruption and the pressing issue of money laundering, fueled by illegal activities such as corruption, drug trafficking, and human trafficking. He believes that Latin America lags in anti-money laundering efforts, which are crucial in combating corruption, and advocates for compliance programs that address these issues while considering cultural differences. Join Tom Fox and Carlos Villagrán Muñoz as they delve deeper into these topics and more in this episode of the FCPA Compliance Report podcast.

 Key Highlights

·      CMPC’s Compliance Program Addressing Antitrust Infringement

·      Navigating Cultural Nuances and Money Laundering: Compliance Challenges in Latin America

·      CMPC’s Comprehensive Compliance Training Program

·      The Rise of Technologically Savvy Compliance Experts in Chile

·      Dynamic Networking Opportunities for Compliance Professionals

Resources

Carlos Villagrán Muñoz on LinkedIn

The FinCEN Report Company

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

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Sunday Book Review

Sunday Book Review: September 17, 2023 – The More Books on Business Process Edition

In the Sunday Book Review, I consider 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, I continue my summer exploration of books on crime. Today, look at some of the top books on auditing, both for the audit professional and the compliance professional.

  • Operations & Process Management: Principles & Practice for Strategic Impact by Nigel Slack and Alistair Jones
  • High Performance Through Business Process Management: Strategy Execution in a Digital World by Mathias Kirchmer
  • The Power of Business Process Improvement: 10 Simple Steps to Increase Effectiveness, Efficiency, and Adaptability by Susan Page
  • Fundamentals of Business Process Management by Marlon Dumas, Marcello La Rosa, Jan Mendling, and Hajo A. Reijers

Resource

10 Business Process Management Books Worth Reading By William Jepma

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10 For 10

10 For 10: Top Compliance Stories For the Week Ending September 16, 2023

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 the compliance professional, 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.

  • Turkish fraud sentenced to 11,196 years in prison. (BBC)
  • EU has massive money-laundering problem.(AML Intelligence)
  • Will a name change for SNC-Lavalin help it overcome its corrupt past?  (Bloomberg)
  • Rubiales resigns. (ESPN)
  • Australian tycoon says workers need to see pain to return them to subservience. (BBC)
  • BP CEO resigns for lying about ‘multiple’ relationships with employees. (com)
  • Businesses should disclose China risks. (WSJ)
  • DOJ ramps up National Security enforcement resources. (WSJ)
  • No timeline for climate disclosure from SEC. (WSJ)
  • New pod on corruption. (Dirty Deeds)

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

Connect with Tom 

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Riskology

Infortal on Global Risk Outlook: Part 5 – Dr. Ian Oxnevad on Asia

“If war takes place and the US wins, your property and your investments in China are still going to be confiscated, seized. If you try to keep your investments in China and there’s a war and the US loses, then you could wind up losing property rights as the result of instability here, depending on how the war plays out,” says Dr. Ian Oxnevad on the final installment of the Riskology special series. He and Tom discuss China’s political landscape and its impact on global business.

Dr. Ian Oxnevad is the Director of Geopolitical Risk Intelligence for Infortal Worldwide, with a background in political science and national security studies. He is also the host of The Riskology Podcast.

 

You’ll hear Ian and Tom discuss:

  • Risks associated with China in terms of trade, political conflict and competition, as well as China’s robust response to COVID-19. Ian also discusses the impact COVID-19 had on China’s public health and its policies. 
  • The current tensions between China and Taiwan and the possibility of war. 
  • Looking towards India as an alternative source of investment due to longer term macroeconomic and geopolitical trends, as well as a larger domestic market with fewer political issues compared to China. Ian also touches on India’s aviation market and the opportunities and potential for US companies. 
  • India as a better possibility for companies wishing to relocate from China as it has the ability to defend itself and maintain supply chains should China go to war. India also has experience with democratic governance so it is less susceptible to authoritarianism. 
  • US companies should consider nearshoring or reshoring from China to mitigate risks and the US government could provide tax incentives, grants, and other incentives to facilitate reshoring efforts.

 

Resources

Infortal Worldwide | Email | Tel: 1.800.736.4999 | Podcast

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Data Driven Compliance

The Uses of Data Driven Compliance: Part 5 – Compliance Successes Using Data Driven Compliance

Welcome to Data Driven Compliance. In this podcast, we discuss how to use data to improve and enhance the effectiveness of your compliance program, creating greater business efficiency, all leading to more return on investment for your compliance regime. Join host Tom Fox as he explores how data will drive your compliance program to the next level. This podcast is sponsored by KonaAI.

I recently had the opportunity to visit with Vince Walden, founder and CEO of KonaAI, for a podcast series on the uses of data driven compliance. Over these five podcasts, we have discussed generative AI and ChatGPT in compliance, the profiles of a corrupt payment, making the business case for data-driven compliance, what to ask for and how to ask for it, and some success stories. In this concluding Part 5, we will look at some compliance successes using a data driven approach.

In the world of business, compliance is a critical aspect that ensures organizations adhere to legal and ethical standards. Compliance not only helps companies avoid legal troubles but also plays a significant role in improving business efficiency and profitability. In this episode, Tom and Vince considered the advanced compliance tools for fraud detection and cost savings. Our discussion entailed a comprehensive analysis of the key factors that impact advanced compliance tools for fraud detection and cost savings, exploring the tradeoffs involved, the challenges faced, and the importance of considering the impact on decision-making.

Key Highlights:

  • Invoice Price Discrepancy Detection and Recovery
  • Compliance-driven Efficiency through Fraud Risk Analysis
  • Shifting Travel Expenses for Manufacturing Observations
  • Integrating Multiple Data Sources for Fraud Detection

Resources:

Connect with Vince Walden on LinkedIn

Check out Kona AI

Connect with Tom Fox on LinkedIn

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31 Days to More Effective Compliance Programs

One Month to More Effective Written Standards: Day 9 – Dynamic Compliance Policies

One of the key changes coming out of the Covid-19 pandemic is the need for dynamism on corporate policies. This message was driven home in a  MIT Sloan Management Review article,“Turbulent Times Demand Dynamic Rules”. The authors believe, “Circumstances can change rapidly in an uncertain world — organizational rules should be designed to change along with them.”

This concept is most appropriate in the compliance arena in the area of risk management. As your risks change, your management of those risks should adapt to the new reality. This is why the DOJ intoned in the 2023 Evaluation of Corporate Compliance Programs (ECCP) that you should assess your risks as they change, modify your risk protocols, monitor your risk management strategy and then update your compliance programs through continuous monitoring.

This dynamic policy process can build dynamic rules to enhance your company’s ability to anticipate and cope with risk changes. When the corporate compliance function embraces experimentation and learning in the creation and reformulation of policies, it builds flexibility into the organization’s structure, processes, and practices. This type of flexibility is essential as we have moved from disaster recovery to business resiliency to business as usual, especially in the field of risk management.

Three key takeaways:

1. After Covid-19, your policies must be as dynamic as your business.

2. There are three general areas to improve the dynamic features of policy creation and improvement; transparency, experimentation and innovation.

3. Garner feedback from your users on the effectiveness of your compliance policies.

For more information, check out The Compliance Handbook, 4th edition, here.

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Career Can D0

Career Can Do: Embracing the Enlightened Workplace with Michael Sherlock

On this episode of Career Can Do, Mary Ann Faremouth welcomes guest Michael Sherlock, CEO and president of Shock Your Potential. In addition to her role at Shock Your Potential, Michael has cultivated the global community, The Enlightened Workplace, which focuses on nurturing personal growth and enhancing career trajectories. She is a proponent of self-reflection and an advocate for taking responsibility. Her book “Tell Me More” focuses on the power of asking the right questions, ensuring effective communication, and deriving the best from employees. Michael and Mary Ann delve deep into the transformative power of community and how joining the right one can amplify your career success, enhance communication skills, and cultivate an environment of continuous learning.

The Enlightened Workspace community offers support, coaching, and training to professionals searching for clarity and direction in their careers. Members gain access to live training sessions, Q&A opportunities, and an innovative “virtual water cooler” for genuine engagement. 

Personal growth is at the heart of career success. Michael emphasizes the necessity of self-reflection and accountability for your actions. This journey of self-awareness, coupled with actionable guidance from the community, empowers individuals to harness their skills effectively. Michael believes that quick fixes will not result in long-term success. Instead, genuine commitment and effort are required.

In today’s dynamic job market, you need to communicate your transferable skills. Michael’s Enlightened Workplace community offers specialized training that helps individuals present themselves authentically during interviews. Emphasis is placed on understanding and showcasing your true value in the workplace, allowing for more fruitful and fulfilling career opportunities.

Resources

Michael Sherlock on the Web | LinkedIn | Twitter

Shock Your Potential on the Web | LinkedIn | Facebook | Instagram | YouTube | Twitter | Podcast

Access the free assessment to see if the Enlightened Workplace community is the place for you!

Faremouth.com

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Report from IMPACT 2023

Report from IMPACT 2023: Nick Gallo on Generational Change in the Workplace and Importance of Culture

ECI’s IMPACT 2023 was one of the leading compliance events in 2023. At this conference, Tom Fox, the Voice of Compliance, was able to visit with several of the speakers, exhibitors, participants and one group of ethically minded Girl Scout Troop. In this limited podcast series, Report from IMPACT 2023, Tom explores many of the most cutting-edge topics in ethics and compliance through short podcast episodes. Check out the full series of interviews. You will be enlightened, informed and come away with a fuller and more thorough understanding of the most cutting-edge topics in ethics and compliance. In this episode, Tom visits with Nick Gallo, co-CEO at Ethico and Keynote speaker at Impact 2023. He and Tom talk about the themes from Nick’s Keynote.

Nick Gallo brings a wealth of experience from his background in private equity to the discussion of the changing landscape of work, ethics and culture. Gallo’s unique insights are shaped by his belief that traditional hierarchical structures in workplaces have been replaced with more flat and remote structures, presenting a significant opportunity for industry transformation. Drawing from his firsthand experience during his PE acquisitions and mergers career, he emphasizes the critical role of authentic culture in enhancing employee engagement and performance. Gallo also highlights the need for aligning personal values with the purpose of an organization, a concept he believes is lacking in today’s transactional economy. Join Tom Fox and Nick Gallo as they delve deeper into these insights on this episode of the Report from Impact podcast.

 Highlights Include 

·      The impact of culture in M&A

·      The role of ethics in the workplace

·      A new generation in the workforce

 Resources 

Nick Gallo on LinkedIn

Ethico

ECI

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Daily Compliance News

Daily Compliance News: September 15, 2023 – The We Need to See Pain 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 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.

Stories we are following in today’s edition of Daily Compliance News:

  • Will a name change for SNC-Lavalin help it overcome its corrupt past?  (Bloomberg)
  • CA to require employers to pay for food worker certification. (NYT)
  • Australian tycoon says workers need to see pain to return them to subservience. (BBC)
  • BP CEO resigns for lying about ‘multiple’ relationships with employees. (Houston Chronicle)