In today’s edition of Daily Compliance News:
· Venezuela sentences 6 CITGO execs to prison. (Houston Chronicle)
· JPMorgan fined $250MM for poor controls. (WSJ)
· Did EY act criminally in Wirecard audits? (FT)
· Purdue Pharma pleads guilty. (NYT)
Author: admin
Welcome to the newest addition to the Compliance Podcast Network, Compliance and Coronavirus. In this episode, I am joined by Deann Conroy, the Compliance Solutions Manager for Affiliated Monitors. She is an attorney with 12 years of experience in healthcare law who has worked as an attorney in government compliance in charge of regulating both healthcare professionals as well as healthcare systems and companies. We discuss the importance of communication within a healthcare office or healthcare company or system during COVID.
Resources
For more information on Deann Conroy, click here. For more information on Affiliated Monitors, click here.
Welcome to the only roundtable podcast in compliance. Today, we have the full quintet of Jonathan Armstrong, Jay Rosen, Jonathan Marks, Matt Kelly and Mike Volkov for a deep dive into five key areas of law and enforcement and what they might look like under the Biden Administration. We end with a veritable mélange of rants and shouts outs.
- Jonathan Armstrong looks at the possibility of a fix to Privacy Shield under a Biden Administration. Armstrong shouts out to all retired trial lawyers who want to get back in the courtroom and now have Rudi Giuliani to demonstrate you are never too old to make a fool of yourself in court.
- Jay Rosen looks at the discontinuance of independent monitors under the Trump Administration and how this could change under the Biden Administration. Jay shouts out to our better angels to help rebuild the country after the hate and divisiveness of the Trump Administration.
- Matt Kelly considers the changes in enforcement, policy and focus in the SEC and other regulatory agencies under the Biden Administration. Matt shouts out to Georgia Secretary of State Brad Raffensperger who has withstood criminal actions by the Trump Administration to secure a fair vote from Georgia.
- Mike Volkov considers how antitrust enforcement might move forward under the Biden Administration. Volkov rants about the Trump Administration’s abandonment of the fight against Coronavirus and how its actions have caused untold more deaths.
- Jonathan Marks considers the increased importance of data and data analytics in compliance programs and how they will form the basis of enforcement under the Biden Administration. Marks shouts out to scientists working on the coronavirus vaccine in face of the Trump Administration’s abandonment of science and scientists for charlatans.
- Tom Fox gives a bittersweet shout out to Saul Turteltaub, father of our good friend Adam Turteltaub, who witnessed his beloved Los Angeles Dodgers lose in two consecutive World Series to teams that cheated and was denied seeing his Dodgers win their first pennant since 1987. Saul Turteltaub passed away last spring.
The members of the Everything Compliance are:
- Jay Rosen– Jay is Vice President, Business Development Corporate Monitoring at Affiliated Monitors. Rosen can be reached at JRosen@affiliatedmonitors.com
- Mike Volkov – One of the top FCPA commentators and practitioners around and the Chief Executive Officer of The Volkov Law Group, LLC. Volkov can be reached at mvolkov@volkovlawgroup.com
- Matt Kelly – Founder and CEO of Radical Compliance. Kelly can be reached at mkelly@radicalcompliance.com
- Jonathan Armstrong –is our UK colleague, who is an experienced data privacy/data protection lawyer with Cordery in London. Armstrong can be reached at armstrong@corderycompliance.com
- Jonathan Marks is Partner, Firm Practice Leader – Global Forensic, Compliance & Integrity Services at Baker Tilly. Marks can be reached at marks@bakertilly.com
The host and producer (and sometime panelist) of Everything Compliance is Tom Fox the Compliance Evangelist. He can be reached at tfox@tfoxlaw.com. Everything Compliance is a part of the Compliance Podcast Network.
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. In this episode Matt and Tom go into the weeds to look at recent remarks by SEC Chairman Jay Clayton and Bill Hinman, director of the Division of Corporation Finance, on issues around insider trading compliance programs. Some of the issues we consider are:
- Why would two high ranking SEC officials publicly address insider trading and compliance in the same week?
- What are the rules around 10(b)5-1?
- What about Albert Bourla, the CEO of Pfizer, who sold $5.6 million worth of Pfizer shares on Nov. 9, the day the company announced stellar results of its Covid vaccine trials.
- Who owns insider trading compliance in a corporation?
- Values based ethics v. rules based ethics.
- Tom Moyer, former CCO and now head of Global Security at Apple indicted for alleged offering bribes to obtain concealed carry permits in Santa Clara County CA.
Resources
For more information see Matt’s blog posts:
SEC Warning on Insider Trading Sales
Apple Exec Indicted on Bribery Charge
The week of Thanksgiving is the time of our annual trip to the most beautiful and unique city on earth-Venice, Italy. With travel to Italy shut down this year due to Covid-19, I am visiting Venice virtually and mining this rich city for compliance lessons. This episode concludes my podcast series on how the city of Venice informs your internal reporting system. The symbol of Venice is the Lion of St. Mark. The use of this symbol led to the maxim ‘straight from the lion’s mouth’. This adage came about because the Republic of Venice had its own hotline system where citizens could report misconduct. A citizen could write down his concern on paper and literally put the message into the mouth of statues of lion heads placed around the City. This system was originally set up to be anonymous but later changed to require that a citizen had to write his name down when submitting a message.
As podcast series on compliance lessons from Venice draws to an end, I am reminded how much the western world has to thank the Republic of Venice. From the forms of republican democracy that the US Founding Fathers drew from to helping to establish a world-wide trade and banking system which still reverberates today. But, if you look closer, ancient Venice had many good government techniques which also still inform the modern world. Straight from the lion’s mouth to your company’s internal reporting system is just one of them.
Today, I am joined in this podcast series by Jay Rosen, the Vice President of Business Development and Monitoring Specialist at Affiliated Monitors, Inc. In this episode, we introduce the role of independent integrity monitors and corporate monitorships. Some of the highlights from this podcast include:
1. What is a corporate monitor?
2. What agency has oversight?
3. Who foots the bill?
4. What about subject matter expertise?
I hope you will join us tomorrow for Part 2, where we discuss post-settlement monitorships.
For additional reading see Jay Rosen’s article Corporate Monitorship 101: Who Are They, and What Can You Expect? on Corporate Compliance Insights.
For more information on Affiliated Monitors, Inc. visit their website here.
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 Katie Smith who is the Vice President for Ethics at Assurance. She previously served as Assistant Vice President and Chief Ethics Officer for USAA and Executive Vice President and Chief Compliance and Ethics Officer at Convercent.
Katie is passionate about compliance, having worked in the field for 20 years, building high-performing teams and increasing employee engagement by up to 300%. She has proven expertise in building and promoting talent, creating a trust-based culture, anti-corruption, code of conduct, conflict of interest, marketing internal programs, training and awareness, investigation excellence, data privacy and process efficiency. She is a much sought after public speaker and contributor featured in Wall Street Journal, Time, Fortune, NBC and Compliance Week. Katie’s commitment to the compliance profession is well as she currently sits on the Board of Directors of the Ethics and Compliance Initiative (ECI).
In this fourth and final episode, Katie discusses lessons for the compliance professional from the Coronavirus health crisis. We take a look at the role of the CCO after Coid-19 and whether there is an opportunity for you to refocus your compliance program. We conclude with a look at where the compliance professional and compliance profession might in in 2025 and beyond.
Tom Fox welcomes Brett Manwaring to this week’s Innovation In Compliance podcast. Brett is a Managing Director, Financial Crimes Risk Management at K2 Integrity. Prior to joining K2 Integrity 8 years ago, he served at KPMG and JP Morgan Chase. Brett and Tom talk about the importance of documentation, from both a regulatory and business perspective.
Innovation Can Happen Organically
It’s a common perception that banks are resistant to innovation, Tom comments. In response, Brett remarks that banks, like most people, are resistant to change and innovation is closely tied to change. However, if banks realized what they have and what they can control, innovation could happen organically. A key component is understanding your data, he points out. K2 Integrity can help businesses organize their data into a central repository, which any department can access and leverage.
Poised for Innovation but Unaware
“When it comes to innovation,” Tom asks, “do you see smaller or perhaps midsized companies more poised to engage in innovation?” Brett replies that smaller companies are indeed more poised, but they often don’t know it. The reason they can innovate quicker is that they have less customers, transactions, and data to control. Less data equals more opportunity to innovate quickly. He shares tips on how companies can innovate but still remain compliant with financial regulations. One strategy is to do a data lineage exercise, which Brett says can set up companies for a positive yearly review with regulators. “[Great] reporting creates great discussion, and that great discussion creates great decision points, and those decision points – if they’re implemented correctly – are the basis for your yearly review with regulators.”
The Case for Documentation
To every line of business, including new products and services, there should be a compliance officer attached. “Every decision has a downstream impact,” Brett reminds listeners. “The decision you make is going to impact somebody else.” As such, the compliance officer helps the company to anticipate and mitigate the associated risks. “That will eventually lead to a good review at the end of the year from your regulator because everything’s ticked and tied and you thought downstream,” he adds. We face additional changes and risks due to the pandemic, so companies should make sure that their reporting reflects those changes. “The three most important things in any compliance program are the following: document, document, document,” Tom quips. “You laid out the business case of why documentation could be such a powerful business tool and a part of your overall business plan going forward,” he commends Brett.
Resources
K2Integrity.com
K2 Integrity on Twitter | LinkedIn
Brett Manwaring on LinkedIn