Who needs more drama in their life? Anybody? Nobody! There is an upside to conflict, though. If you, or if people on your team, are dealing with conflict…it is possible to eliminate the conflict and come out with a stronger, better relationship – if you handle it correctly! As a leader, it is your responsibility to successfully navigate conflict and help your team to do the same.
In today’s episode we are digging into a how one top-recognized leader, Chris, uses an old school theory to help him and his team successfully navigate conflict. Chris and I are both millennials. But, no matter how young, how cool, how old, how smart you are…there are some things we will always be able to learn from the people who went before us.
We are discussing the Transactional Analysis theory developed in the mid 1900’s. This theory helps leaders understand why their people might think, act, and feel the way they do.
We’re going to walk you through how you can use this information to help in the trenches at work. Let’s dig in –it’s time to LEVEL UP!
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Vince Walden welcomes Wendy Riggs and Kara Ricupero to the Walden Pond show. Wendy heads Information Governance and Legal Operations at Airbnb, and Kara is the Senior Global Director of Information Governance at Ebay. This week’s discussion revolves around the new communication and collaboration tools such as Slack, which are now widely adopted by organizations, and the unique issues and challenges they pose for information governance and compliance.
Listen to the episode now:
The issue of data retention and review is one that is particularly problematic. With communication tools like Slack being used to share vast amounts of information, reviewing and holding on to potentially relevant data proves challenging. Kara says that it’s an all or nothing conundrum unless you bring in a separate legal hold tool. You can’t use the company’s automated deletion policy because you don’t know which channel may be relevant to litigation or an investigation. Wendy adds that putting governance around a tool like Slack is difficult from an architectural perspective.
Finding an effective solution to these governance issues is a matter of understanding your business. Work with your people to find the best defensible position for your company that also makes you compliant, Kara advises.
Resources
Wendy Riggs on LinkedIn
Kara Ricupero on LinkedIn
Control Testing – Has the company reviewed and audited its compliance program in the area relating to the misconduct? More generally, what testing of controls, collection and analysis of compliance data, and interviews of employees and third-parties does the company undertake? How are the results reported and action items tracked?
Fortunately, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) 2013 Internal Controls Framework considers assessing compliance internal controls. In “Internal Controls – Integrated Framework, Illustrative Tools for Assessing Effectiveness of a System of Internal Controls”, COSO laid out its views on assessing the effectiveness of internal controls. It noted that an effective system of internal controls provides “reasonable assurance of achievement of the entity’s objectives, relating to operations, reporting and compliance.” Moreover, there are two over-arching requirements that can only be met through such a structured protocol. First, each of the five components are present and functioning. Second, that the five components operate in an integrated fashion with each other. One of the most critical components of the COSO Framework is that it sets internal control standards against those which you can audit to assess the strength of your compliance internal controls.
Three key takeaways:
- An effective system of internal controls provides reasonable assurance of achievement of the company’s objectives, relating to operations, reporting and compliance.
- There are two over-arching requirements for effective internal controls. First, each of the five components are present and function. Second, are the five components operating together in an integrated approach.
- For an anti-corruption compliance program, you can use the Ten Hallmarks of an Effective Compliance Program as your guide to test against.
In today’s edition of the Daily Compliance News:
- PwC CEO warns ‘heads may roll’ over the firm’s work for Isabel Dos Santos. (The Guardian)
- Dos Santos banned from her own back. (NYT)
- Vale ex-CEO charged with homicide over dam collapses. (WSJ)
- Warren wants DOJ task force to investigate Trump administration corruption. (com)
Welcome to the Great Women in Compliance Podcast, co-hosted by Lisa Fine and Mary Shirley.
In episode 47 of the Great Women in Compliance Podcast, Lisa Fine and Mary Shirley are pleased to feature Sofia El Mansouri, a native of Morocco who has spent many years practicing Compliance in the Middle East.
Sofia outlines for us the current state of the fight against corruption in the Morocco, including ambitions of the National Anti-Corruption Commission to do its part in focusing on Ethics and Compliance.
Sofia also shares the perspective of someone sitting at the desk of a Compliance function in the Middle East and highlights some of the key risk areas as well as give pointers on a couple of key aspects to be aware of to make sure you’re covering adequately if you’re a Compliance Officer outside of the Middle East region but with remit over the area.
As a veritable professional media guru, Sofia kindly shares her recipe for crafting value-add LinkedIn posts that create engagement and facilitate topical discussion as well as give the author solid professional media presence which in turn builds your profile.
Our final thought for the episode is an easy tip that you can implement now at the outset of the year that will not only make your end of year performance appraisal a breeze to complete but also serve as useful preparation for your next job interview.
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 Matt indulges me as we take a deep dive into the Houston Astros sign stealing scandal. We mine the episode for compliance and ethics lessons. It turns out there are quite a few.
Some of the highlights include:
- What was the role amnesty to the players played in both the speed of the MLB Report and its thoroughness?
- Does the MLB sanctions against Luhnow and Hinch send a clear (enough) signal?
- It was a technology innovation which led to the scandal. How does that inform a compliance professional?
- Houston’s culture was broken. How can it be fixed?
- Did the Mets and Red Sox both actually consider keeping Alex Cora and Carlos Beltran? If so why?
Resources
Tom’s five blog posts (to date) in the FCPA Compliance and Ethics Blog.
Part 1-The Scandal
Part 2-Luhnow and Hinch
Part 3-Compliance Lessons
Part 4-Ethics and The Truth of the Game
Part 5–the Whistleblower and Amnesty
The Evaluation of Corporate Compliance Programs – Guidance Document (2019 Guidance) was very clear about the need for continuous improvement in any compliance program. It stated quite succinctly, “One hallmark of an effective compliance program is its capacity to improve and evolve. The actual implementation of controls in practice will necessarily reveal areas of risk and potential adjustment. A company’s business changes over time, as do the environments in which it operates, the nature of its customers, the laws that govern its actions, and the applicable industry standards. Accordingly, prosecutors should consider whether the company has engaged in meaningful efforts to review its compliance program and ensure that it is not stale.”
This was further specified in the DOJ’s 2019 Guidance which listed three types of continuous improvement, each further refined with multiple attendant questions. It also added a new area of inquiry that every compliance practitioner needs to incorporate into their assessment, improvement and management cycles; culture.
Three key takeaways:
- Your compliance program should be continually evolving.
- Monitoring and auditing are different, yet complimentary tools for continuous improvement.
- Culture assessment and monitoring are also now required as well.
Trysha Daskam has been with Silver Regulatory Services since its inception 18 months ago. She is the in-house expert on Environmental Social Governance (ESG) at Silver and was brought in by founder Fizza Khan (guest on episode 108 of this podcast) to grow the ESG arm of the business. She chats with Tom Fox about how Silver Regulatory Associates helps their clients improve their ESG compliance.
Creating an ESG Program
Trysha defines ESG as a lens through which you comprehensively evaluate the investments that you make. It is often deemed a risk tool because it evaluates a set of environmental, social and governance risk factors that were not typically captured in traditional diligence. Tom asks Trysha to describe the steps a company should take to create an internal ESG program. She responds that companies should start by determining if they already have any ESG-related document that could form the basis of a policy. If not, then there are a few core steps to take:
- Create your guidance document that enumerates your ESG procedures;
- Train the investment personnel who will be responsible for the policy;
- Entrench the policy in the company culture through communication.
How ESG Helps You See In The Dark
ESG is increasingly becoming a matter of corporate citizenship, Trysha says. It is a way for a firm to establish how it is acting responsibly towards its clients, employees and community at large. In addition, investors want to see that the ESG policies on paper are actually being implemented, that protective mechanisms were put in place to guard against considered risks. ESG should put a firm in a place where they are less surprised by things that happen, Trysha remarks; it’s another tool to help them see in the dark. Tom comments that it’s a framework to be able to not only analyze questions and manage risks, but also to give answers to multiple stakeholders.
ESG for Investment Firms
Tom asks where an investment firm should start if they want to evaluate their portfolio or potential acquisitions from an ESG perspective. Trysha responds with some questions they should ask:
- What do you deem to be a material ESG risk for the business that you are evaluating?
- From that list, are there any underlying sub factors that can be measured?
Resources
SilverRegulatoryAssociates.com
Episode 108 with Fizza Khan
In today’s edition of the Daily Compliance News:
- Huawei executive extradition hearing begins in Canada. (WSJ)
- How a 2009 Boeing jet crash presaged the 737 Max crisis. (NYT)
- Insider trading convicted Congressman sentenced to 26 months. (Washington Post)
- Energy companies given reprieve on Venezuela. (Houston Chronicle)