In today’s edition of Daily Compliance News:
Author: admin
In the compliance world, consistency is one of the keys to a successful compliance program. One of those areas where consistency is mandated is in contracting. Having consistency in the compliance terms and conditions of any contract is a critical aspect of the compliance professional. While there will certainly be negotiation over a wide variety of terms and conditions, from the financial and payment terms, to the operational terms, to the legal terms, companies need consistency with their compliance terms and conditions. This is particularly true given the paucity of compliance terms which should be put in place.
For the compliance professional this means that less may well slip through the cracks and you will not be in an after the fact position of finding out that your agent or distributor in a high-risk venue does not have an audit clause.
Three Key Takeaways:
- AI contracting software can make you contracting process more efficient.
- AI contracting software is scalable.
- AI contracting software can allow you to move from a detect to preventative mode.
Welcome to a special series of Trekking Through Compliance, the podcast series inspired by my review of Star Trek, the Original Series. In this special series I am joined by another uber Star Trek maven, Megan Dougherty, co-founder of One Stone Creative. In this series we will review the new television show Picardwhich is currently streaming on CBS.
SPOILER ALERT-Although we will review each episode after it appears, we will discuss each episode in depth.
Episode 6, The Impossible Box. Soji is experiencing a recurring dream of her childhood. Narek believes that exploring her dream will reveal the location of her homeworld. Aboard La Sirena, Jurati tells Picard Maddox died as a result of his injuries on Freecloud. Raffi persuades a Starfleet contact to issue Picard temporary diplomatic credentials, so the Romulans will let him visit the Artifact and meet with Hugh. Narek continues sowing seeds of doubt with Soji about her identity; she scans her belongings and is shaken to find that none of them are older than 37 months. Narek helps her meditate to explore her dream, while his sister is secretly monitoring the room. In the dream, Soji sees herself as a doll; when she looks up, she sees two red moons and a stormy sky. That is enough for Narek and his sister to start looking for her planet. Narek tries to kill Soji, but she escapes and meets Picard and Hugh. Hugh takes Picard and Soji to an emergency long-distance transportation device, allowing them to escape the Artifact. Romulan guards try to stop them, but Elnor appears and kills them, before staying behind with Hugh to hold off the pursuers.
Highlights, speculations and questions include:
- Have we been wrong about the Borg all along.
- Does Locutus of Borg still exist?
- What are some of the cookies in this show?
- Is it just a job for Narek?
- What are we to make of Hugh? Why did he tell Picard he would do anything for him?
In today’s edition of Daily Compliance News:
· Malaysia names new anti-corruption head. (Bloomberg)
· Former Wuhan official charged with corruption. (StraitTimes)
· SwedBank self-discloses. (WSJ)
· Boeing has new headache: coronavirus. (WSJ)
Richard Lummis is on assignment this week so I am pleased to host Alyson Van Hooser, who was recently in Houston. We sat down for a live recording about her recent LinkedIn post, “3 Gen Z Perspectives Leaders Need to Know”.
Highlights of this podcast include:
- Why are you in Houston?
- Why did you write the article?
- How is Gen Z leadership different from Boomer leadership?
- Why do leaders need to learn from stories from their people, not statistics about them?
- How does the style of Gen Z parenting different from that of Gen X (or Boomers) and why is that important to a business leader?
- Why do you advise Gen Z leaders not to roll up their eyes but to roll up their sleeves?
- Why is connecting fast so important to training and communications?
- Why are you so passionate about leadership?
Resources
Alyson’s weekly leadership blog HERE.
If your business would benefit from higher-performing leaders, check out more information about the comprehensive leadership development training Alyson does training, HERE.
If you want to reach out to Alyson directly, email alyson@vanhooser.com.
P.S. Share and tag Alyson on social — @AlysonVanHooser
We previously considered how AI can be used as a business advantage for compliance. The power of AI can extend the more traditional functions of prevention, detection and remediation. The first way is in simply the mass amount of data which could inundate a compliance practitioner. Many compliance practitioners are overwhelmed about the amount of data available to them and do not know how or even where to begin.
Patrick Taylor has said that AI allows the compliance practitioner to understand the “subtle clues in that pattern of activity that will clue me in to take a different look.” He likened it to seeing “patterns in raked leaves” which allows you to then step in and take a deeper and broader look at an issue, either through an audit or investigation. This is where compliance practitioner can step back and literally keep an eye on the big picture and longer term as opposed to just the immediate numbers and information in front of them. It may also be the best hope for finding that kind of systemic fraudulent behavior
Three key takeaways:
- Do you know what your information means?
- AI can help both the detect and prevent prongs in a best practices compliance program.
- AI can help you to see the patterns in raked leaves.
Welcome to the Great Women in Compliance Podcast, co-hosted by Lisa Fine and Mary Shirley.In this episode of GWIC, Lisa speaks with Fatema Merchant, who is an International Trade and White Collar Defense partner at Sheppard Mullin. She is also the first hijab-wearing woman to make partner at a Washington, D.C., Am Law 100 firm.
Fatema talks about wearing the hijab in the context of how each of us expresses our identities and some common misconceptions. Many of us, women and men, may feel like our identities impact how others view our roles in meetings and investigations and Fatema speaks about her own experiences. When Fatema made partner, many South Asian, Muslim and women attorneys reached out to her and she talks about the role of mentorship in creating diverse leaders in the compliance and legal professions.
Fatema is also a member of the steering committee for Sheppard Mullin’s Organizational Integrity Group. OIG helps clients avoid potential crises by identifying and addressing threats to companies’ integrity through proactive solutions. As Lisa works in-house, Fatema turns the tables on Lisa and asks her some questions about working with outside counsel.
Join the Great Women in Compliance community on LinkedIn here.
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 we take a deep dive into recent OCC Guidance on managing 3rd party risk. Some of the highlights include:
- What was the Office of the Comptroller of the Currency, guidance published the on March 5?
- Why is 3rd party risk still a chronic issue?
- What is the role of due diligence?
- What are sustainable business models for 3rd party risk management?
- What are 4th party risks?
- What is Kelly’s Law of 3rd Party Risk Management?
- A short discussion of FINRA’s new bulletin on pandemic risk?
Resources
Matt Kelly blog post, Some Good Guidance on 3rd Party Risk
Next, we consider the four practices that create the conditions for delivering an AI solution to compliance. Using these four practices can lead to enhanced operational excellence, more efficient business processes, and a more robust compliance experience. They are: (1) developing clear, realistic use cases, (2) managing AI learning, (3) continuous Improvement and (4) thinking cognitively. By applying these practices, business leaders can full operationalize AI applications for compliance into their organizational DNA and set themselves up to reap those rewards. It is a continuous cycle. The capabilities enable employees to execute the practices, and the practices themselves exercise and strengthen the capabilities. This cycle helps companies continually adapt at developing and using AI applications that make operations more efficient and create business value through greater profitability.
Three key takeaways:
- AI is not a panacea.
- It is not simply about reading numbers, it is thinking critically.
- Continuous improvement is a key by product of using AI in compliance.
