John Castner says he had a ‘Sliding Doors’ moment, which led him to leave his teaching career to move into the software industry. John is the President and CEO of IsoMetrix, a risk and compliance management software company. Via their software, John says, “We focus on three things: change for good, partnerships that empower, and the possibility of a better world.” John joins Tom Fox on this week’s show to share how his company is disrupting the risk and compliance industry.
Moving Towards True Risk Management
Tom asks John to explain the difference between simply compliance and true risk management. John responds that risk management at its heart is really about understanding people and how we make decisions. People make decisions based on risk, not compliance, he argues. As such, companies should create a culture where people think about their decisions and the risks associated with the choices they make. “What I think risk management does versus compliance,” John comments, “is it forces another level of thinking, of assessing and then acting accordingly.” A risk-based decision-making approach gives people more ownership and accountability for their actions.
Disrupting Integrated Risk Management
John offers three ways IsoMetrix is disrupting the risk and compliance industry. Firstly, they believe in the interconnectedness of all parts of the business. Their software architecture breaks down the silos seen in traditional organizations and uses “golden threads” that show how each data point relates to every area of the business. Secondly, IsoMetrix posits that a company’s social capital greatly influences its sustainability and risk management. Lastly, John says, they are different because they embrace change and challenges.
Sustainability Post-COVID
Tom and John discuss the concept of sustainable business in the post-COVID world. John believes that the understanding of sustainability is shifting. “I think what COVID is going to do is make that word sustainability more holistic, almost like a circular concept… And I think that’s going to include a lot of the decisions about the interconnectedness of all the various aspects of your business,” he points out. If you don’t focus on Environmental, Social, and Governance (ESG) and sustainability, your business is at risk.
Resources
IsoMetrix.com
IsoMetrix on LinkedIn | Twitter
John Castner on LinkedIn
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In today’s edition of Daily Compliance News:
- Texas AG says he will not resign. (Texas Tribune)
- When ethics meets business? (FT)
- What’s the formula for a social responsible company? (WaPo)
- Gov data mining led to JPMorgan spoofing fine. (WSJ)
CONVERGE20 will be here on Tuesday. Have you registered yet? I certainly hope so. Did you know that the entire event is free? CONVERGE20 is a pinnacle component of this community, providing two days of inspiration, growth and connection. What makes Convercent’s CONVERGE conference so unique and, indeed, so special? It is the Converge Community who attend the event. This year will be no different as you will have the chance to experience that Converge Community in the most unique way yet presented in a compliance conference. Why should you attend? Listen to this clip of some of this year’s attendees.
In short, there will be something for everyone in the compliance community.
I hope you will join me in attending. I will be speaking and engaging as well. Registration for CONVERGE20 is still ongoing. Need some CLE or CEUs? This will be the place for you. Did I mention the best part? All of this is at NO CHARGE. Yes, CONVERGE20 is free to attend. So, head on over to the Registration page and sign up today.
In this special five-part podcast series, I take a deep dive into the recent Herbalife FCPA Resolution. Over the next 5 podcasts Mike Volkov, Jay Rosen, Matt Kelly, Jonathan Marks and Jonathan Armstrong will all bring their own unique perspectives to this settlement. In this Part 1, Mike Volkov details how he would counsel a company which found itself in a situation similar to Herbalife.
Some of the highlights include:
· Where would you start?
· Make sure the full Board of Directors understands its obligations and the risks involved.
· Build internal alliances moving forward.
· Be up front and candid with prosecutors.
· Do not walk back promises or representations made to prosecutors.
In today’s edition of Daily Compliance News:
- Texas AG accused of corruption by his hand-picked assistants. (Texas Tribune)
- Will Wirecard kill off EY? (FT)
- With friends like the US, who needs enemies? (NYT)
- Regal Cinema likely to shut down indefinately. (WSJ)
In today’s edition of Sunday Book Review:
- The Finisher by Peter Lovesey
- Dead West by Matt Goldman
- One By One by Ruth Ware
- An Inconvenient Woman by Stephanie Buelens
CONVERGE is in its 5th year of bringing together the world’s leading companies for 2 days of dynamic speakers, thought-provoking breakout sessions, and opportunities to connect with like-minded professionals. This year the conference has gone virtual. You will leave the conference with new resources and best practices allowing you to continue the hard work of driving ethics to the center of your business. In today’s episode I visit with Aaron Narva. We visit about his panel at Converge20 on Who Owns the Risk? What Social Pressure and an Integrated View of Risk Mean for the Compliance Officer.
The corporate ethics and compliance landscape continues to expand. In addition to omnipresent regulatory pressure, companies are increasingly beholden to environmental and social considerations coming from Boards of Directors and Customers.
Due diligence programs must now encompass an expanded scope of risk; from environmental to labor to diversity and reputational issues – and do so across a widening spectrum of business relationships; from customers all the way to vendors and suppliers. Expanding the scope and purpose of due diligence programs is one thing, but who manages the additional risks once they are identified and understood? For more registration and information on Converge20, click here.
We have been getting accountability all wrong in the compliance profession. It’s not a set of tasks – it’s a way of thinking and it has to come from the heart as well as the head. On Accountability: The Heart of Compliance Tom Fox and Sam Silverstein dig into what accountability means to the corporate compliance function and business organizations and most significantly, how to make it an integral part of your culture. In this episode Sam and myself discuss one of the most difficult issues in America today, policing. We consider it from the accountability perspective. Some of the highlights include:
- Can you hold everyone accountable?
- What is the failure in leadership?
- What is the commitment to “It’s All of Us” and why does it start there?
- Why is the policing crisis in America an accountability crisis?
- Why are problems now being tackled by local police departments across the country are not law enforcement issues. They are cultural issues.
- Where did the Warrior Mentality/Shoot to Kill mindset come from?
- How do they differ from the Guardian Mindset?
- How do you turn things around on a law enforcement team that is having problems?
For more information on Sam Silverstein and his work on accountability, click here.
See Sam’s blog posts:
The George Floyd Moment: An Accountability Revolution
Policing in America: The Accountability Crisis
This Is Not a Law Enforcement Issue – It’s an Organizational Culture Issue
The Solution to the Accountability Crisis in Law Enforcement
Welcome to a special five-part podcast series where I take a deep dive into the Miller & Chevalier Chartered Latin American Corruption Survey. Over this five-part series I will visit with firm lawyers James Tillen, Matt Ellis, Alexandra Almonte and Greg Bates. Miller & Chevalier and 14 partner firms have tracked perspectives on anti-corruption issues in the region since 2008. It is the most comprehensive survey on the perception of corruption in Latin America.
This year, 54 percent of survey respondents said corruption is a significant obstacle to doing business – up 10 percent since 2012 – while only 45 percent of respondents believe offenders are likely to be prosecuted, down from 66 percent in 2008. Despite Latin America’s anti-corruption progress over the last decade this new survey data reveals corruption risk to be at an all-time high across the region.
In this Episode 5, I am joined by James Tillen and Matt Ellis to take a retrospective look back over the 12 years of Miller & Chevalier’s Latin American Corruption Survey. Some of the highlights include:
- How have the perceptions of corruption changed in the region over the past 10 years?
- What have been the changes in anti-corruption laws in the region over the past 10 years?
- What has been the progression of views on corruption related risks to specific countries over the past 10 years?
- Miller has 14 partner firms from the region involved in the Survey and we discuss their crucial role in obtaining actionable data.
For more information on the Miller & Chevalier Chartered 2020 Latin American Corruption Survey, click here. The Survey is available in English, Spanish and Portuguese.
