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Anil Karmel on Revolutionizing Compliance with RegOps

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Post date April 18, 2023
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Data Driven Compliance, hosted by Tom Fox, is a podcast featuring an in-depth conversation about the uses of data and data analytics in compliance programs. In this episode, host Tom Fox visits with Anil Karmel, co-founder of RegScale. They delve into the issue of compliance at scale. They discuss the concept of DevOps and how it can be applied to compliance through a discipline called “RegOps.” It emphasizes automating compliance to create a near-real-time process while providing a good user experience.

As a co-founder of RegScale, Karmel discusses their journey of cultural transformation in compliance, creating an API-centric platform to provide real-time evidence and automated reporting for compliance gaps. We highlight the need for a philosophical change in compliance and discuss the evolving regulatory and business landscape. Don’t miss out on this insightful podcast episode!

Key Highlights

· Scalable Compliance Solutions

· Reg Ops: Applying DevOps to Compliance

· Streamlining Compliance Reporting with Real-time Information

· RegScale: Solving Compliance Challenges for Enterprises

· Modernizing Compliance through Regulatory Operations Approach

Notable Quotes

“Realize this manual paper-based process of trying to demonstrate regulatory compliance is just not something that can be scaled manually.”

“It needs to be easier for the producer and consumer to produce and consume the content.”

“You can present the status of your compliance program, where your gaps are in near real-time, where the associated risks are, and the cost to remediate.”

“Unless there is this transformation of how we do our jobs by leveraging a regulatory operations approach to leverage the best of the machine and the best of the human, we’re already behind the eight ball.”

Resources

Anil Karmel on LinkedIn

RegScale

Tom Fox

Connect with me on the following sites:

Tags Anil Karmel, compliance, data driven compliance, Design Thinking, RegOps, UX

31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program for 3rd Parties-Managing 3rd Party After the Contract is Signed

Post author By admin
Post date April 17, 2023
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The building blocks of any compliance program lay the foundations for a best practices compliance program. For instance, in the life cycle management of third parties, most compliance practitioners understand the need for a business justification, questionnaire, due diligence, evaluation, and contract compliance terms and conditions. However, as many companies mature in their compliance programs, the issue of third-party management becomes more important. It is also where the rubber meets the road of operationalizing compliance. It is also an area the DOJ specifically articulated in the 2020 Update that companies need to consider.

Managing your third parties is where the rubber meets the road in your overall third-party risk management program. You must execute this task. Even if you successfully navigate the first four steps in your third-party risk management program, those are in reality the easy steps. Managing the relationship is where the real work begins.

Three key takeaways:

Have a strategic approach to third-party risk management.
Rank third parties based on a variety of factors including compliance and business performance, length of the relationship, benchmarking metrics, and KPIs for ongoing monitoring and auditing.
Managing the relationship is where the real work begins.

Tags 3rd parties, compliance

Corruption, Crime and Compliance

DOJ Mandates Increased HR and Compliance Cooperation

Post author By admin
Post date April 17, 2023
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The relationship between compliance and HR can make or break a company’s culture of ethics and integrity. The DOJ’s revised Evaluation of Corporate Compliance Program requirements are pushing for greater cooperation and coordination between these two departments to create a robust and effective consequence management system. In this episode, Michael Volkov discusses the implications of these new requirements and emphasizes the need for HR and compliance to work together to achieve a culture of compliance and ethics.

Here are some key ideas you’ll hear Michael discuss in this episode:

The Justice Department is taking a prescriptive approach to mandating greater cooperation between compliance and HR, as there have been too many problems between these departments in the past.
HR and Compliance have joint responsibilities and obligations to achieve a culture of compliance and ethics.
An effective HR and compliance partnership can leverage resources to ensure the overall advancement and success of the company.
Companies must comply with the DOJ’s revised Evaluation of Corporate Compliance Programs and provide compliance with access to data generated across the organization. This is necessary to improve the effectiveness of the company’s compliance program.
DOJ is now requiring companies to maintain a robust and enhanced investigation root cause system to address the specific elements required for a culture of ethics and integrity.
An effective consequence management system can only occur when there is active cooperation and effective coordination between HR and compliance.
The new consequence management system includes financial penalties resulting from clawbacks and deferred compensation schemes that are tied to compliance behaviors and requirements.
DOJ is focusing on incentives and disincentives to enhance individual compliant conduct and overall accountability. Positive incentives include promotions, rewards, and bonuses and disincentives include deferment or escrow of compensation. CCOs need to champion the creation of this system.
CCOs must be seated at the senior executive level of business operations to fulfill DOJ’s expectations for overall consequence management in the disciplinary area.
Companies should consider cross-assignments of business managers to compliance and vice versa to promote career opportunities.
“I have always advocated on behalf of a committee approach or some kind of independent, objective reviewer or the institution that metes out disciplinary actions to ensure consistency,” Michael says.
Senior management must establish a framework for effective coordination and cooperation between HR, senior sales executives, legal, and compliance to achieve a culture of ethics and integrity.
This framework should be empowered to work on behalf of the company to establish organizational justice.

KEY QUOTES:

“The Justice Department is now taking on the role of marriage counselor, not with individual couples, but with the critical corporate relationship – Ethics and Compliance and Human Resources.” – Michael Volkov

“With regard to disciplinary actions, there’s nothing worse, folks, than a disciplinary system that treats similarly situated employees and executives in different ways based upon where they sit or what their sales performance is… Justice has to be blind and consistent here.” – Michael Volkov

“Organizations that throw large contingent payouts for lucrative business contracts or for hitting specific targets should consider the impact of these incentives on sales employees and their ability and incentive to adhere to ethical requirements.” – Michael Volkov

Resources:

Michael Volkov on LinkedIn | Twitter

The Volkov Law Group

Evaluation of Corporate Compliance Programs

FCPA Compliance Report

Jon May On Defending Individuals in FCPA Cases

Post author By admin
Post date April 17, 2023
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Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. In this episode, Tom Fox interview well-known curmudgeon and iconoclast Jon May. May, who is not a compliance officer, talks about his approach to the topic, which has caught Tom’s attention. The conversation traverses May’s professional background, discussing Miami’s wild west environment in the 1980s and corruption within the police department. The podcast takes a deep dive into corporate strategy, DOJ’s enforcement policies, and the changes in whistleblower laws. The author provides an exclusive hotline number for listeners to call him and wraps up by describing where to purchase his book! Take advantage of this engaging podcast with the brilliant Jon May, hosted by Tom Fox.

Key Highlights:

· Negotiating with Government in Corporate Criminal Conduct

· Navigating US Sentencing Guidelines for Defense Lawyers

· Pleading Guilty and Self-Disclosure for White-Collar Crimes

· Changing view of whistleblowers and self-disclosure regulations

· Balancing Crime Fighting and Civil Liberties

Notable Quotes

“It is the company’s recommendation that they obtain counsel before they are interviewed by the company or the company’s outside counsel.”

“I have, as you know, always been very critical of the government’s care and stick approach to convincing companies to self-disclose.”

“But showing the prosecutor that there’s a very different side requires a great deal of work.”

“You might not get 3 points. You might only get 2 points. But the amount of time you can save by litigating various aspects of sentencing could be years and years.”

Resources

Jon May

On Creative Criminal Defense Consultants

Who Says You Can’t: Strategy and Tactics for Becoming a More Creative Criminal Defense Lawyer

Tom Fox

Tags CEP, criminal defense, DOJ, FCPA, Jon May

Daily Compliance News

April 17, 2023 – The End of Faking It Edition

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Post date April 17, 2023
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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.

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

· What’s happening with CHIPS Act? (Bloomberg)

· Mongolia vows to break corruption habit. (Asia Times)

· End of faking it ‘til you make it in Silicon Valley. (NYT)

· Opening statements to begin in Dominion v. Fox News. (Reuters)

Tags CHIPS Act, Dominion lawsuit, Mondolia, Silicon Valley

Blog

New Podcasts On the Compliance Podcast Network

Post author By admin
Post date April 16, 2023
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I have always striven to make the Compliance Podcast Network the most relevant, up-to-date and entertaining podcast network around, in compliance and elsewhere. I have continued that focus by starting nine new podcasts in 2023, with more to come. If you have not done so, check out one or more of these new podcasts on the CPN. I know you will find one for you.

Two Gurus Talk Compliance

What happens when two top compliance commentators get together? They talk compliance, of course. I hope you will join Kristy Grant-Hart and myself for our new podcast, 2 Gurus Talk Compliance! In this podcast series we also review other top commentators in compliance. In this podcast, we will consider all things compliance, corporate ethics, ESG, governance, and whatever else is on our minds and the minds of other experts in the field. Join Compliance Kristy and the Voice of Compliance to explore all of these topics with expertise and wit.

Coming Conflict with China – Business Challenges and Responses

In the short span of the 21st Century, the world’s top powers, the United States and China have moved inexplicably toward a showdown. This evolved from a commercial competition into something more akin to permanent non-kinetic warfare. What does this mean for US business doing business in and with China? In this special 5-part blog post series, I am joined by Brandon Daniels, CEO and President of Exiger, a global risk and compliance company, explore issues diverse as a real danger, supply chain, exports, cyber-attacks, and IP theft from the business perspective and give the compliance and business executive their viewpoints on what you can do to not only prepare your company but protect it as well. The challenges your company faces and, more importantly, the responses you make will go a long way toward determining if your organization will weather the coming storm.

Compliance and AI

What is the role of Artificial Intelligence in compliance? What about Machine Learning? ChatGPT? These are but three of the many questions I will explore in this exciting new podcast, Compliance and AI. This podcast will look at how AI will impact compliance programs into the next decade and beyond. If you want to find out why the future is now, join me on this journey to the frontiers of compliance.

Compliance Man Takes a Euro Trip

Compliance Man is back! In this season, myself and displaced Ukrainian Tim Khasanov-Batirov return to discuss Tim’s observations on the EU compliance scene, having fled Ukraine at the start of the war. Tim and I had previously looked at Tim’s work in emerging markets and in this series we focus on the EU. Bringing the wit, insight, and a non-US-centric take on compliance, join us as we explore compliance from a European perspective.

Data Driven Compliance

In January, I premiered the first new podcast in the Compliance Podcast Network for 2023. This podcast is sponsored by Kona AI and in it, I 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 me as I explore how data will drive your compliance program to the next level.

Fox on Podcasting

Sometimes you have to go meta. After having recorded, produced, hosted, and guested in over 5000 podcasts, I decided it was time to have a podcast about what else–podcasting. In this podcast series, I visit with podcast hosts to learn about their love of podcasting, what they have achieved through podcasting, and why they need to consider starting their podcast. Fun, witty, and chatty with a dash of joie de vivre, this series will be entertaining and educational. Join me as I explores the world of podcasting.

Sunday Book Review – Author’s Podcast

The Sunday Book Review is one of the most beloved podcast in the Compliance Podcast Network. However many listeners wanted a podcast to deal with books for and about the compliance profession. In the Sunday Book Review – Author’s Podcast, I provide just that; as I visit with authors who write about business ethics, leadership, and compliance issues. This podcast will take a deep dive into books relevant to the compliance professional and make for a more leisurely chat with the authors about why they wrote their books, the details in the book, and, most importantly, what skills they will bring to the compliance professional.

Pawtastic Friends – The Paw Talk

Pawtastic Friends is the designated charity for the Compliance Podcast Network. It provides dog enrichment training for rescue dogs. In this podcast, host Tom Fox talks to Pawtastic Friends founders Michael and Melissa Novelli about their passion for helping rescue dogs find their fur-ever home. You have heartwarming and heartbreaking stories from the Novellis and those who work to make Pawtastic Friends such a success. Listen in to Pawtastic Friends-The Paw Talk.

The Woody Report – Karen Woody and Tom Fox talk Succession

Co-hosts Tom Fox and Karen Woody are back as they delve deep into the final season of Succession. From the recurring theme of personal vs. business decisions to the amazing performance from Shiv, Kendall and Roman, Tom and Karen two bring you it all! But that’s not all – learn valuable lessons about deal-making and cultural fit, and find out why the attention to detail in the clothing and accessories of the characters is so important. And if you’re looking for a great podcast recommendation, tune in to catch their thoughts on a brand-new show – who knows, you might find your next binge-worthy obsession! Take advantage of the upcoming second episode of The Woody Report, where Tom and Karen bring you all the latest in pop culture, business, and more.

10. Sports and Compliance

The world of Sports is often a metaphor for business. In this podcast, two of the top compliance commentators around, Stephen Martin and myself, use our love of sports and competition to discuss current ethical issues in sports, look at compliance through a sports lens and determine how the world of sports and its stories can be a guide for the compliance professional.

But do not worry, I currently have several more podcasts in production and you will hear about them in the near future! Happy listening.

Tags 2 Gurus Talk Compliance, Compliance and AI, Compliance Man Takes a Euro Trip, data driven compliance, Fox on Podcasting, SBR-Author's Podcast, Sports and Compliance, The Paw Talk, The Woody Report

Because That's What Heroes Do

Picard, Season 3, Episode 4 – No Win Scenario

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Post date April 16, 2023
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Get ready for an exciting new season of Because That’s What Heroes Do. In it, Tom and Megan review Picard, Season 3. In this episode, we discuss Episode 4, No Win Scenario. This podcast has everything from powerful moments and emotional scenes to Easter eggs and unforgettable plot twists! In this episode, the hosts discuss a barn scene where Shaw blames Captain Picard for his survivor’s guilt, a self-aware crew member, and Jack’s struggle with his father’s absence. They also analyze the evolution of Shaw’s relationship with 7, Jack’s vision, and the introduction of a new big bad. With engaging conversation and expert analysis, Tom and Megan provide insights you won’t find anywhere else. So don’t miss out on this thrilling podcast – tune in now!

Highlights

· Review and Analysis of Wolf 359

· Picard’s family revelation at the bar

· Jack and Picard’s Relationship in Star Trek

· Developments in character relationships and new villain introduction

· Easter eggs and plot highlights in Star Trek episode

· Terrifying Dream Experiences

Notable Quotes

“My apologies, asshole became a substitute for charm at some point. And that excuse me, such an in-like, showed his interesting self-awareness.”

“I thought about that scene a lot because it is incredibly powerful. The pain you see in Jack’s face is so palpable. It’s fabulous acting. And I can’t emphasize enough how fabulous it was in a nonverbal way.”

“And I guess Jack just didn’t understand that the car didn’t know and assumed the car didn’t want and that yeah. Did it hurt my heart a little?”

Resources

Megan Dougherty

Tom

Tags Jean-Luc Picard, Kobiashi Morou, Picard, TNF, Wolf 359

Sunday Book Review

Sunday Book Review – April 16, 2023 – The University of Chicago Press Travels Through Time and Space Edition

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Post date April 16, 2023
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In the Sunday Book Review, I consider books that interest the compliance professional, the business executive, or anyone 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 look at some books focusing on storytelling and history through space and time.

Astrotopia: The Dangerous Religion of the Corporate Space Race by Mary-Jane Rubenstein
The Great American Transit Disaster: A Century of Austerity, Auto-Centric Planning, and White Flight (Historical Studies of Urban America) by Nicholas Dagen Bloom
Travels in the Americas Notes and Impressions of a New World by Albert Camus
Rome as a Guide to the Good Life A Philosophical Grand Tour by Scott Samuelson

Tags books, travel

Because That's What Heroes Do

Picard, Season 3, Episode 3-17 Seconds

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Post date April 15, 2023
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Get ready for an exciting new season of Because That’s What Heroes Do. In it Tom and Megan review Picard, Season 3. In this episode, we discuss Episode 3, 17 Seconds. We take a deep dive deep into the “Wrath of Khan” theme and discuss fascinating theories about Jack’s possible connection with the Borg. They also express their disconcertment with the end of the Dominion War and its impact on the federation. However, the conversation doesn’t stop there as they explore the dynamic between Riker and Picard, uncovering past experiences that may have affected Riker’s decision-making abilities. The hosts also share their thoughts on Riker’s character development and question the use of modern language in the Star Trek universe.

Along the way, the speakers delve into the growth of characters such as 7 of 9, highlighting her evolution as a character and the importance of loyalty. They also touch on the lack of Easter Eggs in the episode and mention an upcoming cameo that has them buzzing with excitement. Don’t miss out on this thought-provoking and insightful episode of “Because That’s What Heroes Do.” Join Tom and Megan as they discuss everything Star Trek and share their passion for the universe.

Highlights