Categories
Compliance and Coronavirus

John Fanning on the Increased Need for Due Diligence During Covid-19


Welcome to the newest addition to the Compliance Podcast Network, Compliance and Coronavirus. In this episode, I visit with John Fanning. He is a long-time player in the compliance space and John recently associated with Integrity Risk International. We discuss his move over to IRI and then take a deeper dive into 3rd party due diligence in the time of Coronavirus.
Some of the highlights include:

  • Why are due diligence services even more important in the era of Covid-19?
  • What are Three Important Due Diligence Technology Innovations?
  • Due Diligence is broader than simply FCPA compliance, for instance what is the role of DD in ‘Green Risk’?
  • What are some of the other services IRI provides?

For more information on Integrity Risk International and click here.
For more information on John Fanning, check out his LinkedIn profile here.

Categories
Innovation in Compliance

A Conversation with Convercent and StoneTurn: Asha Palmer on Internal Reporting


Welcome to a special five-part podcast series, A Conversation with Convercent and StoneTurn: From the Code of Conduct to Risk Assessment to Continuous Improvement. This week’s podcast series is jointly sponsored by Convercent and StoneTurn Group. Over the course of the series we will explore the impacts on corporate compliance programs from the recently released 2020 Update to the Department of Justice’s (DOJ) Evaluation of Corporate Compliance Programs (2020 Update). We focus on investigations, data analytics, evaluating compliance programs, internal reporting and corporate culture. Participants in this podcast series include: Asha Palmer, Convercent Chief Ethics and Compliance Officer (CECO) and Executive Vice President (EVP) of CONVERGE; Rex Homme, Michele Edwards, and Stephen Martin, all Partners at StoneTurn. In this second episode, we take a deep dive with Palmer into internal reporting.

Join us tomorrow, as Michele Edwards, Partner at StoneTurn details how to create an inventory of compliance metrics.

Resources

For more information on StoneTurn, check out their website, here.
For more information on Convercent, check out their website, here.

To download a copy of the  Convercent Interactive Self-Assessment based on the 2020 Update to the Evaluation of Corporate Compliance Programs, click here.

Categories
Innovation in Compliance

The Customer Relationship Evangelist with Josh Elledge


 
This week’s guest is Josh Elledge of Up My Influence, an influencer company that helps turn their clients into celebrities, as well as build sales systems for them. Josh chats with Tom Fox about the importance of building customer relationships, and he shares a process-oriented approach to doing so.
 

 
Building Influence
Tom reflects that your brand is not your image; your brand is your relationship with your customer. Josh comments that he chose his company name to speak to his market’s pain point: they want to build their influence and authority. He helps them implement simple processes to make that happen, he says. His podcast, The Thoughtful Entrepreneur, is one such step. “I think that everybody has a message that could possibly impact the world. My job is to help you get access as quickly as possible… All you gotta do is just focus on serving, serving, serving; going from platform to platform; …and just do it with a… relentless, unceasing devotion,” he says.
Preparation and Storytelling
Tom comments on the educational content Josh sends to his podcast guests to help them prepare for their interview. Josh responds that it’s a win-win-win for everybody: he helps his guests be prepared so that his audience can fall in love with them. “My job [as a guest],” he says, “is to show up and deliver as much value as I possibly can in a short amount of time as possible. So prep is important.” 
He talks about the importance of storytelling in the sales process. First, he advocates spending time with your customers and giving them value for free. “If people get enough time and enough value from you on the front end, they’re going to build that belief that you can solve their problems, and they will pay you for that.” Next, he says that your customers should be able to substitute themselves for the experience of the person in your story. This way, they’re building up a mental narrative about how your company can help them. This leads to sales, Josh says.
Give First
“You’re in business to bring far more value than what you ask for in return,” Josh points out. He believes in giving lots of value first. Your prospects will let you know when they’re ready to take the next step, he says. Focus on building relationships. He invites listeners to explore his website to learn how they systematize relationship-building. Make it easy for customers to spend time with you, he says. “Just stop treating people like numbers and sales prospects! Just make it ridiculously easy for people to spend time with you.”
Resources
UpMyInfluence.com
The Thoughtful Entrepreneur Podcast

Categories
Daily Compliance News

August 11, 2020-the Big Mac edition


In today’s edition of Daily Compliance News:

  • Kodak shares plummet. (WSJ)
  • McDonald’s sues former CEO. (Click2Houston)
  • Interactive Brokers to pay for AML violations. (WSJ)
  • Follow on corruption litigation is expensive. (D&O Diary)
Categories
31 Days to More Effective Compliance Programs

Inquiring up and down

Where does “tone at the top” start? With any public and most private U.S. companies, it is at the Board of Directors. But what is the role of a company’s Board in compliance? First a Board should not engage in management but should engage in oversight of a CEO and senior management. The Board does this through asking hard questions, risk assessment and identification.
Initially it must be important that the Board receive direct access to such information on a company’s policies on this issue. The Board must have quarterly or semi-annual reports from a company’s CCO to either the Audit Committee or the Compliance Committee. Every Board should create a Compliance Committee to deal with compliance issues, as an Audit Committee may more appropriately deal with financial audit issues. A Board Compliance Committee can devote itself exclusively to non-financial compliance. The Board’s oversight role should be to receive such regular reports on the structure of the company’s compliance program, its actions and self-evaluations. From this information the Board can give oversight to any modifications to managing FCPA risk that should be implemented. CCO reporting to the Compliance Committee must be structured carefully to promote ethics and compliance.
Three key takeaways:

  1. A Board Compliance Committee should provide oversight not management.
  2. A CCO should use multiple reports to communicate with the Board Compliance Committee.
  3. Board Compliance Committee oversight makes companies more efficient and at the end of the day more profitable.
Categories
Innovation in Compliance

A Conversation with Convercent and StoneTurn: Rex Homme on Conducting Investigations and Ensuring Consistent Outcomes


Welcome to a special five-part podcast series, From the Code of Conduct to Risk Assessment to Continuous Improvement: A Conversation with Convercent and StoneTurn. This week’s podcast series is jointly sponsored by Convercent and StoneTurn. In this podcast series we will explore the impacts on corporate compliance programs from the recently released 2020 Update to the Department of Justice’s (DOJ) Evaluation of Corporate Compliance Programs (2020 Update). We focus on investigations, data analytics, evaluating compliance programs, internal reporting and corporate culture. Participants in this podcast series include: from Asha Palmer, Chief Compliance Officer and EVP at Convercent;  and  Rex Homme, Michele Edwards, and Stephen Martin, all Partners at StoneTurn. In this first episode, we take a deep dive with Rex Homme into conducting investigations and ensuring consistent outcomes.

Join us tomorrow, as Asha Palmer, EVP at Convercent discusses best practices in internal reporting.

Resources

For more information on StoneTurn, check out their website, here.
For more information on Convercent, check out their website, here.

To download a copy of the  Convercent Interactive Self-Assessment based on the 2020 Update to the Evaluation of Corporate Compliance Programs, click here.

Categories
FCPA Compliance Report

James Koukios on the MoFo Top 10 International Anti-Corruption Developments for March 2020


In the Episode, I visit with James Koukios, partner at Morrison & Foerster, Editor-in-Chief of the firm’s Top 10 International Anti-Corruption Developments. We visit about the firm’s Top 10 International Anti-Corruption Developments for March 2020.
Some of the highlights include:

  1. Portugal Freezes Assets of Africa’s Richest Woman-could this be even bigger than 1 MDB?
  2. Thoughts on Teva FCPA enforcement action in the context of it completing its DPA.
  3. What is the DOJ saying around FCPA enforcement in the Covid-19 era? (IE., any change in enforcement cadence)
  4. What significance, if any, do you see in Mexico request to extradite former Pemex official?
  5. OECD Expresses Concern over Costa Rica’s Foreign Bribery Enforcement Record. What does this mean?

 Resources
To a copy of the Top 10 International Anti-Corruption Developments for March 2020 Newsletter click here.

Categories
Daily Compliance News

August 10, 2020-the M&A is Back edition


In today’s edition of Daily Compliance News:

  • Logistics firm amping up data around Supply Chain. (WSJ)
  • What is revenge travel? (ESPN)
  • How to go back to the Office. (NYT)
  • M&A bursts into life. Are you ready? (FT)
Categories
Sunday Book Review

August 9, 2020, the Sunday Book Review, Old is New edition


In today’s edition of Sunday Book Review:

Categories
Daily Compliance News

August 8, 2020-the End of the Post Office edition


In today’s edition of Daily Compliance News:

  • New head of Post Office moves to destroy it. (WaPo)
  • Former LAA Dir. Of Comms charged in death. (ESPN)
  • Lorenzo Milam’s goal? To change the world. He did. (NYT)
  • Lying, cheating and stealing not enough? Show your underwear while have a toddie and you are gone? (WSJ)