It’s not a bad idea for leadership to involve employees in hopes that they will increase their knowledge, become more invested in the work, and overall become a stronger asset for the team. But, involvement is only half of the solution that will earn you those results you want. What leaders must do is both involve AND engage employees. In today’s episode, were going to break down the “what, how, and why” behind involving and engaging employees.
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Tom Brady cements his position as the GOAT of All Time with his Super Bowl win. Jay bemoans Tompa Bay using ‘his quarterback’ to win the Super Bowl. They are also back to look at some of the top compliance articles and stories which caught their eye this week.
- What is the state of the CCO in 2021? Mike Volkov takes a deep dive on the Crime Corruption and Compliance. Part 1-Looking Back and Looking Forward, Part 2-Troubling Trends, Part 3-a Coming Storm?
- What is the intersection of compliance, culture and covid? Calvin London explores in CCI.
- What comes next for ABC enforcement in Brazil? Sean Hecker, Marshall Miller, and Ana Frischtak in NYU’s Compliance and Enforcement
- 4 steps to building out a business continuity plan. Matt Kelly in Navex Global’s Risk and Compliance Matters.
- SEC reverts and allows more to do investigations. Aaron Nicodemus in Compliance Week. (sub req’d)
- Wirecard red flags missed. Dylan Tokar interviews former Wirecard CCO/CEO in the WSJ Risk and Compliance Journal.
- Retrieving WhatsApp messaging for an internal investigation. Andrew Reeves and David Harris asks in the FCPA Blog.
- The virtual Boardroom. Andrew Lepczyk and Barton Edgerton on the Harvard Law School Forum on Corporate Goverance.
- On The Compliance Life, Natalia Shehadeh, CCO at ABB joins me this month. In the first episode, Natalia explained why she choose the compliance profession. Check out the Episode 1. In Episode 2, Natalia talks about her professional jouney to the CCO chair, from Capitol Hill to Big Law to corporations.
- New podcasts out on the Compliance Podcast Network this month. In ComTech, Valerie Charles joins Tom for an exploration of the intersection of compliance and technology. Episode 2 posted Monday, February 8 and featured Parth Chanda, the Skywalker of Compliance. In Big Brains in Compliance Tom is joined by Stephen Martin to visit with some of the top thinkers and doers in compliance. It premiers February 22. Finally Tom premiers a new video podcast (PodTube) on YouTube. The Compliance Handbook, a podcast on the nuts and bolts of compliance. In Episode 1, he is joined by Stephen Martin to talk about how to best think through a comprehensive compliance program.
- A new AMI podcast is out, Integrity Through Compliance. It will have AMI’s expert observations and guidance in the fields of ethics, antitrust, healthcare, government contracting, corporate governance, cybersecurity, construction, telecommunications, consumer protection and more. In the Episode 1, AMI founder Vin DiCianni visits with AMI MD Jerry Coyne the future of telehealth & home healthcare during a pandemic and beyond.
- On Thursday, February 25, join the “Ask an Expert FINQuiry” webinar on DOLFIN: K2 Integrity’s financial crimes compliance experts will respond to your AML/CFT, sanctions, and other financial-integrity-related questions. Information and Registration here.
- Compliance Week is accepting nominations for its Excellence in Compliance Award. Submit your nominee here.
- Join the Baker Tilly Fraud 1st Annual Fraud and Compliance Summit, Tuesday, Feb 23, 2021, to Thursday, Feb 25, 2021. Details and registration here.
- Interested in podcasting? Want to be a part of a Guiness World Record attempt? PodFest Global Summit is a gathering for those who are passionate about sharing their voice and message with the world through audio and video. Join Tom and others at Podfest Global Summit at any time during March 1-5. Best all of listeners to this podcast can attend at no charge. Register here, using promo code CPN.
- Tom announces his latest book, The Compliance Handbook, 2nd edition is available for presale purchase. Use Use the code FOX25 and go here. The Compliance Handbook 2ndedition will be available in both print and eBook editions.
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.
In this episode, I am joined by Mikhail Reider-Gordon, Managing Director of Global Affairs at Affiliated Monitors, Inc. Today, we consider why independence in monitors is so critical. Gordon has seen the continuing and ever-present need for independence by monitors and in monitorships. She noted that she has observed the selection of monitors “where their true independence is perhaps dubious.” There has also been a trend of “hiring former colleagues with their agencies or people that have worked with in the past by regulators.” This has led some commentators to accuse the process of cronyism but also that monitors may be more sympathetic to the enforcement side. This latter point has led many companies to shy away from monitorships when perhaps they could best use their assistance.
It has also led into what Gordon characterized as the “danger of informal sympathies” with “subtle influences that can remove true impartiality.” Gordon underscored that true neutrals are not as easily come by as many may have thought. Such informality can be found in so many of our human relationships, former law school classmates, work colleagues, friendships, even home or social background can play such a significant role in allowing dispensations to occur, all of which can impact success of combating noncompliance.
Gordon tied all this “back to understanding on ethical culture where informality can allow certain behaviors to slide into a negative situation.” It could be “a willingness to cross lines regarding a specific regulation or failing to see that the spirit of the laws are not being fully upheld in a particular entity.” All of this means a monitor “can start with the proposition that every compliance and ethics program can be improved and then move to address what changes have to occur that will demonstrate to the outside world company and to the regulator which is overseeing terms of settlement agreement. Let’s get you to that place and help you to understand the value of constant evolution and compliance and ethics program.”
For more information on AMI, check out their website. For more information on Mikhail Reider-Gordon, check out her LinkedIn profile.
Shub Nandi is the co-founder and CEO of PiChain Innovations Pvt Limited, a RegTech company that researches and develops DeepTech systems to proactively learn, solve, and automate complex problems. Shub joins Vince Walden to discuss PiChain’s use of AI and blockchain to help with the automation of customer onboarding.
Roughly 1 trillion USD is laundered yearly in the US, yet only 1% of those illicit transactions are uncovered, Shub cites. This occurs despite the existence of regulations and compliance, suggesting that the implementation of these measures is lacking. Shub comments that many financial institutions view compliance as a “black box that is yet to be solved.”
PiChain is bridging the gap between the unbanked population and financial institutions via easy, simple, and convenient interfaces that are easily accessible through smartphones. Onboarding the 400+ personas in this population requires enhanced KYC and advanced programming like artificial intelligence to create ideal financial products for their needs. In addition, PiChain uses blockchain in conjunction with AI technology to ensure that their processes are compliant, and their models are fair and explainable.
Shub advises financial service companies to focus on understanding their customers rather than just their financial details.
Resources
Shub Nandi on LinkedIn
PiChainLabs.com
Welcome to the Great Women in Compliance Podcast, co-hosted by Lisa Fine and Mary Shirley.
Lisa and Mary are pleased to present the second bonus episode of the series. For those new to the podcast, bonus episodes identify interviewees who are not Great Women in Compliance but have expertise to share that will benefit the advancement and empowerment of Great Women in Compliance. Jay Rosen is a friend of the podcast and has been an ally for #GWIC from the very beginning. The GWIC team extends their sincere gratitude to Jay for his support and friendship over the years.
There is no one better known for their networking skills than Jay, also known as Mr. Monitor due to his day job at Affiliated Monitors. While many folks fell into Compliance, Jay’s start in Hollywood is amongst the least conventional pre-cursor careers. We get to hear his story leading him to Compliance before diving into the substantive topic of how to network like a pro – even if you’re shy and introverted with no existing contacts.
Jay shares his best tips with us – addressing those in Compliance departments and those at vendors or other sales roles doing the important job of supplying tools, resources and services to Compliance practitioners to help them function at their best.
The conversation with Jay ends poignantly with Jay recounting the best advice that he ever received from his mother – a supporter of Great Women in Compliance as she purchased Jay a copy of “Sending the Elevator Back Down: What We’ve Learned from Great Women in Compliance” (CCI Press, 2020) for Jay for Hannukah – that remains of more relevance than ever before.
Mary wraps up the episode with a short story based on her mother’s reframing of a situation that changed how Mary thinks about situations and lessens negative self-talk.
The Great Women in Compliance Podcast is proudly featured on the Compliance Podcast Network and sponsored by Corporate Compliance Insights. If you enjoyed this episode please subscribe to the podcast and rate it on your podcast player to help other compliance professionals find it.
You can subscribe to the Great Women in Compliance podcast on any podcast player by searching for it and we welcome new subscribers to our podcast.
Lisa and Mary have extended the Great Women in Compliance brand to the book “Sending the Elevator Back Down: What We’ve Learned from Great Women in Compliance” (CCI Press, 2020) which can be found on Amazon and features valuable wisdom and advice from Great Women in Compliance across the world.
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. Today we consider the SEC regulations requiring companies to detail human capital issues in their annual reports. What have some of the initial disclosures revealed? What does it mean for compliance?
Some of the issues we consider are:
- Why is this issue so important?
- What are the SEC reporting rules?
- How did companies report their human capital issues?
- What does all this mean for corporate culture?
Resources
Matt’s blog post in Radical Compliance:
Corporate Culture and Human Capital Disclosures
The Compliance Life details the journey to and in the role of a Chief Compliance Officer. How does one come to sit in the CCO chair? What are some of the skills a CCO needs to success navigate the compliance waters in any company? What are some of the top challenges CCOs have faced and how did they meet them? These questions and many others will be explored in this new podcast series. Over four episodes each month on The Compliance Life, I visit with one current or former CCO to explore their journey to the CCO chair. This month, my guest is Natalia Shehadeh, Chief Compliance Officer at ABB. In this episode we look at Natalia’s early professional career.
Natalia’s early professional career began after graduation, when she started her career in Washington D.C. on the Hill in trade policy and then moved to provide practice navigating quickly to the regulatory side of white-collar defense – trade compliance and some FCPA compliance matters. Later, wanting to see how corporate clients operationalized the guidance she moved in-house in 2007, which opened my eyes to an entirely different side of our practice filled with opportunity.