In today’s edition of Daily Compliance News:
In today’s edition of Daily Compliance News:
In today’s edition Sunday Book Review edition of Daily Compliance News:
Welcome to the last installment of this 5-part Compliance in Finance Series, where Innovation in Compliance host, Tom Fox, talks with Philip Fry, the VP of Go To Market Strategy for Verint. Today, Phil and Tom are talking about oversight – bringing together data and analysis from across an organization.
Listen to the episode:
Phil makes the point that the success of a compliance program is dependant on your ability to see the whole picture, so gathering, combining, analysing and understanding the data created by various operational systems can keep an operation running smoothly, or run it off the rails. There are plenty of challenges in managing this month information, but Phil thinks it’s more achievable than it might look at the outset. The key is the ability to cut through all the noise created by the mountains of data, and home-in on areas of concern, of potential or real non-compliance, that require attention.
Tom and Phil discuss the different ways this oversight can be gained, and the importance of open standards across compliance solutions. They talk about Trade Reconstruction, speech analytics, surveillance, and the new technology that is bringing them together and making them accessible to compliance program managers around the world.
If you missed any episodes of the Compliance in Finance Series, click on the links below to catch what you missed, and if your organization needs a comprehensive, up to date and sustainable compliance solution, reach out to Verint to see what they have to offer.
Episode 1: Overview
Episode 2: Capture
Episode 3: Control
Episode 4: Sustainability
Welcome back to the Compliance In Podcast Series with Philip Fry from Verint! Yesterday we talked about the tools, strategies and importance of controlling the information its now possible to capture, and today, we’re getting into making that kind of activity sustainable over the long term.
Listen to the Episode:
Tom starts the conversation by mentioning how common and multi-purposed the word sustainability is, so Phil gets into some detail about exactly what sustainability means from a compliance in finance standpoint. Namely, that it refers to effectively managing constant change and moving your compliance organisation and resources, technology, practices, procedures, data, skills etc. to a place where they run effectively and efficiently, without undue drama (however that might be caused) and where compliance risks are minimised.
A big part of successfully making a complex compliance program sustainable is looking back on what different tools, systems and strategies have been in place before the newest one, to help plan an attainable rout from where companies are to where they want to be. Phil talks about how this has shaped his vision of the future and the other factors that have to be considered, like the ability to cope with disruption, verifying the operation of a structure, and the attitude and will of an organization. All stakeholders need to be invested in a compliance program if it’s going to be sustainable going into the future.
In tomorrow’s fifth and final installment, Tom and Phil discuss how to get and keep oversight of the mountains of information that are generated by modern compliance programs.
If you missed any of the previous episodes – click the links below to catch up!
Episode 1: Overview
Episode 2: Capture
Episode 3: Control
Resources:
Philip Fry
Verint
In this episode of Across the Board, I visit with Mike Volkov, founder and CEO of the Volkov Law Group. We take a deep dive into the Business Roundtable’s Statement on the Purpose of a Corporation and consider the Board’s role in moving towards the goals articulated in the Statement.
In August, the Business Roundtable announced the release of the Statement on the Purpose of a Corporation (The Statement). The new Statement was signed by 181 Chief Executive Officers (CEOs) who committed to lead their companies for the benefit of all stakeholders – customers, employees, suppliers, communities and shareholders. In full, it stated:
Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity. We believe the free-market system is the best means of generating good jobs, a strong and sustainable economy, innovation, a healthy environment and economic opportunity for all.
Businesses play a vital role in the economy by creating jobs, fostering innovation and providing essential goods and services. Businesses make and sell consumer products; manufacture equipment and vehicles; support the national defense; grow and produce food; provide health care; generate and deliver energy; and offer financial, communications and other services that underpin economic growth.
While each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders. We commit to:
Each of our stakeholders is essential. We commit to deliver value to all of them, for the future success of our companies, our communities and our country.
Resources
Mike Volkov’s 3-Part Blog post series on the Statement of the Purpose of a Corporation. Part 1, Part 2, Part 3
Tom Fox’s blog post on the Business Roundtable’s Statement on the Purpose of a Corporation, click here.
What does control mean when we’re talking about compliance in finance? And how do you maintain it? That’s what Tom Fox and Philip Fry are talking about in this third installment of the 5-part Compliance and Podcast series on Innovation in Compliance. In this context, control means the tools and strategies we employ to prevent non-compliant actions from taking place or being alerted to them when they do.
Listen to the episode:
Phil mentions that if at all possible it’s better to prevent non-compliance than find it after the fact – but that isn’t always a reality. He shares some examples of the different tools and strategies available to help manage the difficulties of controlling information capture, like taking a cohesive approach to validating the collection and quality of interaction data. What can be very time and resource-intensive when done manually, can be done quickly and accurately via automation.
Tom asks Phil to apply this kind of automation capability to organizations that have a variety of different communications systems in play, and Phil talks about the importance of having open standards and taking an open approach to developing solutions that help various systems co-exist.
Another way to build better control is by staying on top of changes within the workforce, and making sure that your roster of what needs to be monitored when is kept up to date. By being flexible, but strategically using the tools available, you can have greater control overall.
In tomorrow’s episode of this 5-part series, Phil and Tom will be getting into the important issue of sustainability – and what it means in the context of compliance in finance.
Resources
Philip Fry
Verint
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 have a special live and in person podcast recording from Converge19. In this episode, Matt Kelly and I go into the weeds to explore the recent SEC enforcement action against Quad/Graphics and its Peruvian subsidiary. Matt comes in smoking on the egregious conduct of the company and the lack of criminal sanctions against the company.
Some of the highlights include:
For additional reading see the following:
Matt’s blog post, Graphics Firm Draws $10 FCPA Settlement, on Radical Compliance.
Tom’s blog post, Quad/Graphics-the Sham-ness of it all, on the FCPA Compliance Report.
In this new show on the Compliance Podcast Network, Alyson Van Hooser is taking her breadth of experience – personal and professional – to explore and develop leaders across all industries.
The people who step up and take their place are the ones who will make the biggest change in the world. Alyson had to figure out a lot on her own as she was growing up, and that has inspired a passion for taking ownership of her own life and helping others do the same. When you take control of your own circumstances, you can change your reality to match your dreams.
Leadership comes from influence – and influence can go in all directions. Ultimately, the choice is whether or not you want to be a leader who makes incredible things happen. Alyson believes that the influence critical to leadership comes from serving people. Stories about the greatest leaders people have ever had have always been about those who wanted to serve others. Those stories and the lessons we learn from them are the focus of this podcast.
Listen Now:
