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31 Days to More Effective Compliance Programs

Day 2 | Measuring your risk

Operationalizing your compliance program can take many shapes and forms. Using the entire risk management process to embed your compliance program within the contours of your organization is an important key step that will allow you to have full visibility of your compliance risks through a longer life cycle. Forecasting allows you to consider your business strategy and wed the risks you can foresee. Risk assessments allow you to evaluate and measure known risks. Risk-based monitoring allows you to monitor both the compliance risks you know about and detect those you do not know, on an ongoing basis.

Three key takeaways:

  1. The risk management process is an important backbone of operationalizing compliance.
  2. You should be able monitor and measure both known and unknown risks.
  3. All of these steps help a business to run more efficiently and more profitably.
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Daily Compliance News

January 2, 2020, the Conspiracy edition

In today’s edition of Daily Compliance News:

  • How did Carlos Ghosn escape from Japan? (NYT) and (WSJ)
  • US targets more human rights abusers with economic sanctions. (WSJ)
  • Guilty of corruption, just get immunity. (Washington Post)
  • Will corruption finally kill off Venice? (BBC)
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31 Days to More Effective Compliance Programs

Day 1 | What 2019 Brought to Compliance Programs

2019 was a very significant year for every compliance practitioner and compliance program. Not only was it the year with the single highest amount of FCPA enforcement actions, fines and penalties assessed against corporation but it also saw the greatest number of individual prosecutions. Yet perhaps most significantly there were three noteworthy releases of information by the federal government which directly impacted compliance professionals in 2019. Two came from the Department of Justice (DOJ) and one came from the Department of Treasury, Office of Foreign Asset Control (OFAC). These three guidances contributed to the continued evolution of what constitutes a best practices compliance program.

Three key takeaways:

  1. The 2019 Guidance asks three key questions of every corporate compliance program and adds a mandate for culture assessment, management and improvement.
  2. The OFAC Framework mandates on third parties not simply those in the sales cycle but also vendors in the Supply Chain and customers as well.
  3. The Antitrust Division Compliance Evaluation adds a requirement for data analytics and statistical analysis in monitoring and continuous improvement.
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Daily Compliance News

January 1, 2020, the New Year’s edition

In today’s edition of Daily Compliance News:

  • Only female billionaire in Africa has assets frozen. (Bloomberg)
  • Former Cognizant GC wants prepayment for legal fees. (Times of India)
  • CFTC announces $1MM whistleblower award. (Compliance Week)
  • 23-day data breach at Wyze Labs. (NYT)
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12 O’Clock High-a podcast on business leadership

2019 Year End Wrap Up

Richard Lummis and I are back and today for our final podcast of 2019 and the second decade of the 21stCentury. Today, we provide a wrap up of 2019 podcasts, giving some of our favorites and new issues we learned about or perhaps reacquainted ourselves with from history. We then consider some of the topics we will explore in 2020.
Highlights of this podcast include:

  1. Leadership series based upon the book by Retired General Stanley McCrystal.
  2. How economic bubbles from the 18th and 19th century inform leadership, business and crowd psychology today.
  3. Leadership lessons from our fan favorite Oscar Best Pictures series.
  4. Presidential series from the post-Civil War Presidents up to TR, proving once again there are no new issues in American politics.
  5. Our tribute to author Phillip Kerr and his final Bernie Gunther novel Metropolis.
  6. A series on General MacArthur and President Truman, exploring their diverse leadership styles.
  7. The significance of the title to this podcast.
  8. What are we looking forward to talking about in 2020?

Resources
Metropolis by Phillip Kerr
Leaders: Myths and Reality by General Stanley McCrystal, Jeff Eggers and Jason Magone

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Daily Compliance News

December 31, 2019, the End of the Teens edition

In today’s edition of Daily Compliance News:

  • Corruption returning to South America? NYT.
  • Ghosn jumps bail in Japan. (WSJ)
  • SEC wants to loosen auditor independence rules. (WSJ)
  • Do you Belong? (Washington Post)
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FCPA Compliance Report

Karen Woody on the SEC year in FCPA Enforcement

In the Episode, I visit with Karen Woody, Assistant Professor of Law at Washington and Lee. Karen was in private practice for many years before going into Academia. She specializes in the SEC and issues around the Commission. Some of the highlights include:

  • Karen moved this year from the Indiana University-Kelly School of Business to the Law School at Washington and Lee. We discuss some of the differences in teaching at a law school as opposed to a business school.
  • Karen assesses the SEC’s overall year in FCPA Enforcement.
  • Karen highlights some of the key SEC FCPA enforcement actions over the past year.
  • She provides insights into the upcoming Supreme Court consideration of Lui and Wang attack on profit disgorgement.
  • We consider SEC Chairman Clayton’s backing off on his attempt to cut whistleblower awards. Why did it fail?
  • Woody highlights some of the SEC enforcement areas she is paying the most attention to going forward.
  • We conclude with a look into the veiled land of the future and what Woody expects to see from the SEC in 2020.

Resources
Scholarly papers from Karen Woody, click here.

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Daily Compliance News

December 30, 2019, the Joh Low is Missing edition

In today’s edition of Daily Compliance News:

  • Malaysia not getting much help to find Jho Low. (Bloomberg)
  • Lilly said it would cut prices for generic insulin. Did it? (Washington Post)
  • What does the CCPA mean? (NYT)
  • Reports of sexual harassment at Apple stores. (Houston Chronicle)
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Daily Compliance News

December 29, 2019, the Farewell to the Decade edition

In today’s edition of Sunday Book Review:

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Popcorn and Compliance

Star Wars IX-The Rise of Skywalker

In this podcast series, recovering screenwriter (and Mr. Monitor) Jay Rosen and Tom (the Compliance Evangelist) indulge in passion for the movies by looking at them through the lens of compliance. Jay is a contemporary movie fan and I am more of a classic movie maven so we present a well-rounded view of the movie fandom. If you want to indulge in your love for the movies with two guys who are passionate about Hollywood and get some ideas for your compliance program, this is the podcast series for you. In this episode, Jay and I review the final episode in the 9-part Star Wars cycle, The Rise of Skywalker.
Some of the highlights include:

  • What are the compliance lessons from the return of Emperor Palpatine?
  • What message Jannah and the former storm troopers bring to middle management and tone in an organization.
  • How Princess Leia illustrates the need for mentors and mentorship in the compliance profession.
  • Why were there so many creative changes at the top and how does that inform your compliance regime?
  • Do you have to do it the same as you always have in the past?
  • Tom gives the movie an overflowing special purchaser bucket of popcorn and special edition R2D2 super-sized Diet Coke. Jay gives the movie one bucket but takes it to a new level with a can of Red Bull thrown in to keep his up during this lengthy flick.