Categories
Fraud Eats Strategy

Destigmatizing Whistle-Blowers: The SEC’s Office of the Whistleblower 10 Years In – Best Practices for Companies in a Brave New World

The passage of Dodd-Frank represented a major overhaul of U.S. financial regulations. Among the Act’s most notable achievements were the creation of the U.S. Securities and Exchange Commission (“SEC”) Office of the Whistleblower and the SEC Whistleblower Program. In its short, 10-year history, the SEC Whistleblower Reward Program has been extraordinarily successful in enabling the SEC to root out securities fraud and protect investors. Since the inception of the SEC Whistleblower Program, the SEC has paid more than $900 million in awards to whistleblowers resulting in more than $3.5 billion in financial remedies. According to the SEC Whistleblower Program’s 2020 Annual Report, the SEC is tracking over 1,100 matters in which a whistleblower’s tip has caused a Matter Under Inquiry or investigation to open.

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Join us each week as we take a deep dive into the various forms of fraud across the world and discuss crime families, penny stock boiler rooms, international money launderers, narco-traffickers, oligarchs, dictators, warlords, kleptocrats and more.

Scott Moritz is a leading authority on white-collar crime, anti-corruption, and in the evaluation, design, remediation, implementation, and administration of corporate compliance programs, codes of conduct. He is also considered an authority in the establishment, training, and oversight of the investigative protocols carried out by financial intelligence, corporate security, and internal audit units.
 

Categories
Integrity Through Compliance

Keeping Compliance Fresh: Compliance Evangelist Tom Fox Speaks with Vin DiCianni

Affiliated Monitors, Inc.’s Founder and President Vin DiCianni puts Tom Fox the Compliance Evangelist on the hot seat to discuss how to use stories and pop culture to keep ethics and compliance interesting. Together they trace how Tom became an international authority in the compliance world, and why he finds the field so interesting. Additionally, Vin and Tom note the way the field has changed in the previous decades, and the trends that may be upcoming.
Lastly, they preview Tom’s new book, The Compliance Handbook: Volume II which is now available for presale through LexisNexis. Use the discount code FOX25 for 25% off your purchase.

 

Email podcast@affiliatedmonitors.com with comments or questions.
Engineering, production, and music by Dan Barton
 
 

Categories
Great Women in Compliance

Karen Moore: Slide Door Moments to a Career in Compliance


Welcome to the Great Women in Compliance Podcast, co-hosted by Lisa Fine and Mary Shirley.
Karen Moore came highly recommended to the Great Women in Compliance Podcast, including by one of her very own team members.  There’s not much better a signal than that that someone is a strong and well respected leader.
In this episode Karen and Mary talk about what brought Karen such a great degree of success in her career, including the seemingly inconsequential decision she made in high school to accessorize herself to look cool which led to the international adventures in Compliance Karen has had.  The conversation canvasses an array of subjects from there including Karen’s learnings as an adjunct professor, speculation about the future of data privacy/protection law in the United States (yes, we’re doing futurist predictions today), and a lesson learned the hard way.
The Great Women in Compliance Podcast is proudly featured on the Compliance Podcast Network and sponsored by Corporate Compliance Insights.  If you enjoyed this episode please subscribe to the podcast and rate it on your podcast player to help other compliance professionals find it.  Want to hear more from us?  We have a book, “Sending the Elevator Back Down: What We’ve Learned from Great Women in Compliance” (CCI Press, 2020).
If you’ve already read the booked and liked it, will you help out other women to make the decision to leverage off the tips and advice given by rating the book and giving it a glowing review on Amazon?
As always, we are so grateful for all of your support and if you have any feedback or suggestions for our 2021 line up or would just like to reach out and say hello, we always welcome hearing from our listeners.
You can subscribe to the Great Women in Compliance podcast on any podcast player by searching for it and we welcome new subscribers to our podcast.
Join the Great Women in Compliance community on LinkedIn here.

Categories
Compliance Into the Weeds

Financial Crimes Compliance Costs


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. This week Matt and Tom take a deep dive into the recent report from LexisNexis Risk Solutions about the costs of financial crimes compliance and its implications for ABC compliance professionals. Some of the issues we consider are:

  • What costs have gone up?
  • Why have the costs for financial crimes compliance increased?
  • What areas are the costs centered?
  • Did the costs increase due to the pandemic?
  • What does this mean for other compliance disciplines going forward?

 Resources
Matt in Radical Compliance
Financial Crimes Compliance Cost Keeps Going Up 
LexisNexis Report – True Cost of Financial Crime Compliance Global Report

Categories
Daily Compliance News

June 16, 2021 the Spying on Employees edition


In today’s edition of Daily Compliance News:

  • SEC looking at reversing Trump Era changes. (WSJ)
  • Companies looking at long-term ESG investment. (WSJ)
  • IKEA-France former CEO given 2-year suspended sentence for spying on employees. (BBC)
  • US and EU suspend Boeing Airbus tariff feud. (NYT)
Categories
The Compliance Life

Gabe Hildago-Into the CCO Chair


The Compliance Life details the journey to and in the role of a Chief Compliance Officer. How does one come to sit in the CCO chair? What are some of the skills a CCO needs to success navigate the compliance waters in any company? What are some of the top challenges CCOs have faced and how did they meet them? These questions and many others will be explored in this new podcast series. Over four episodes each month on The Compliance Life, I visit with one current or former CCO to explore their journey to the CCO chair. This month, my guest is Gabe Hidalgo, Managing Director at K2 Integrity and former CCO.
Hidalgo moved into CCO chairs at Community Federal Savings Bank and at Noble Bank International. His role in both of these financial institutions was primarily AML  compliance but it included broader compliance roles as well. The biggest lesson was that the ‘buck stops with the CCO’. Ultimately it is your responsibility and you must have accountability of all areas of compliance. As a CCO a key trait is empathy which you must employ in your dealings with other executives and employees. He believes you must connect with your employees.
 Resources
Gabe Hidalgo LinkedIn Profile
Gabe Hidalgo K2 Integrity Profile
K2 Integrity

Categories
Compliance Kitchen

OFAC and Burma

In this episode, the Kitchen checks into the ingredients of OFAC’s new general license for Burma and how did the UK amend its defense and military items open general export licenses.

Categories
Survive and Thrive

Avoiding Compliance Training Fatigue in RTW


Are you up and ready to return to the workplace?
Scenario: The CDC has dropped its mask mandate and social distancing guidelines. Your CEO says he wants plans for returning to the workplace (RTW) from each department head in one week. You are in the middle of evaluating your compliance training program, which for the past year has been virtual and remote, and you push to the back burner to get ready to return to the office. One day into that project, you get an email from the CEO who says he wants compliance training to be updated for RTW and, by the way, make it more exciting and relevant.
You call HR and ask if there have been any training evaluation surveys, and it turns out there have not been any, so you don’t know where the CEO’s comment came from.
What are some of the key steps you think about to improve the quality of your compliance training, make it applicable to RTW, make it effective, and most importantly, avoid compliance training fatigue?
Key takeaways in the episode:
✔️ Measures relating to RTW issues. Returning to work presents the perfect opportunity to train (or retrain) everyone on basic COVID practices and compliance responsibilities. Many states and jurisdictions require COVID-specific training before reopening offices.
✔️ Risk ranking employees for compliance training. Determine who needs what training through risk ranking by job duties. Train people on what they need to know and don’t throw extra training at anyone “just to be safe.”
✔️ The benefits of live training. Human interaction is essential. Think about how much richer the context is if you do compliance training at the yearly sales kickoff event, this shows your people the personal element to compliance.
✔️Which is better, a one-hour online course v. monthly 5-minute training videos? Either way works. Adults need to hear information approximately seven times before they remember it. Short, monthly videos would help with that retention. On the other hand, a more extended module would allow for more context and real-world scenarios in training. Both have benefits and takeaways.
✔️ Measure effectiveness with what happens AFTER training — are your people making good choices? Are issues being caught and reported? Do people come to HR/Compliance/Legal with questions/issues/red flags?
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Welcome to SURVIVE AND THRIVE, the newest addition to the Compliance Podcast Network. This is a podcast where we unpack compliance, crisis disasters and walk you through all the red flags which appear, and give you some lessons learned going forward. This show is hosted by Compliance Evangelist Thomas Fox and Kortney Nordrum, Regulatory Counsel & Chief Compliance Officer, Deluxe Corporation.
Do you have a podcast (or do you want to)? Join the only network dedicated to compliance, risk management, and business ethics, the Compliance Podcast Network. For more information, contact Tom Fox at tfox@tfoxlaw.com.

Categories
Innovation in Compliance

Tech – The White Canvas for Creativity with Jedidiah Yueh


 
Jedidiah Yueh is Tom Fox’s guest this week on the Innovation in Compliance Podcast. Jedidiah is a data innovator, a best-selling author, and the founder and CEO of Delphix. He has spent the last two decades decoding innovation and collecting and testing frameworks that motivate many successful entrepreneurs in technology. Jedidiah has invented software products worth more than $4 billion in sales. He joins Tom Fox to discuss digital transformation and digital disruption, and what companies need to know and do about both.
 

 
Technology, Creativity & Evolution
“What’s interesting about technology today is it’s an incredibly broad white canvas,” Jed begins. Creativity is applied to the development of technology as much as it is to the liberal arts, he tells Tom. “If you think about some of the things that you do as an English major where you’re really looking for these themes and these tropes within works of literature… You have to do that for the world of technology as well.” Tech evolves on so many levels that you have to see and analyze, similar to what’s done in literary analysis.
Digital Disruption
When Jed first ventured into tech, his main objective was finding a concept or product that would give him a competitive advantage. He had the idea of taking the backup data from MP3 players and transitioning that into the technology enterprise. Jed says that he knew that the concept would be disruptive and that it would change the industry. “That’s exactly what happened over the course of a decade,” he tells Tom.
Delphix
Tom asks Jed why he founded Delphix. In Jed’s previous company, a lot of customers had issues where they had to be restoring data to other locations to be able to use it. The demands for data efficiency had risen. Jed created Delphix to answer this market need. “The idea was we wanted to build a new architecture that was focused on enabling the multi-use of data for all of these strategic and valuable use cases that drive innovation and differentiation for companies,” he remarks.
COVID-19 & Beyond
The pandemic and the relocation to remote work was a profitable opportunity for Jed’s company. There was an acceleration of digital transformation. Tom asks Jed what companies need to focus on in the coming years. “I think companies really need to focus on what is real digital transformation and what is not,” Jed remarks. Real digital transformation changes the way your business operates. The overall ecosystem of the business has to be transformative. “If a company doesn’t engage in a digital transformation and make its own data available to itself to make their business processes more efficient, frankly they’re going to be left in the dust by their competitors who do so.”
Resources
Jedidiah Yueh | LinkedIn | Twitter
Delphix
 

Categories
The ESG Report

ESG: Opportunities and Risk: a Conversation with Trysha Daskam


 
Introducing The ESG Report with Tom Fox 
ESG has exploded into compliance and business consciousness in 2021, so as a compliance industry professional, you need to be up to date. To open up the show, Tom Fox is speaking with Trysha Daskam, the Head of ESG Strategy at Silver, a premier provider of regulatory compliance, ESG and due diligence advisory services to the investment management industry. She and Tom are talking about regulatory shifts, the G7, trends in reporting and key risk areas.
 

 
Trends and Shifts at Home and Abroad
Trysha talks about how ESG stakeholders in the states have been paying close attention to what is happening in the EU, and specifically regulations that are coming out of the European Commission. She talks about what they mean for American companies and other entities. Investors are very interested in the indirect impacts from what is happening across the pond. She goes on to talk about the first ESG alert that is identifying the riskiest practices in the space.  
The G7 Summit
The early focus of ESG was on the link between environmental and investment risk, but it is much broader now. Tom and Trysha discuss the climate conversation, the focus of the Biden administration, and the different governmental and other bodies involved in it.  Of particular interest is the strong stance the G7 leaders took on the Task Force on Climate Related Financial Disclosure. 
The Business Case for ESG Analysis
Tom and Trysha talk about the portfolio of ESG risks, and how there was a shift from looking at it as primarily environmental to a much broader spectrum of risk. There are hundreds of factors that fall under the ESG profile, and investment managers are looking at them to fully understand the benefits and risks of different opportunities. A strong focus on governance has been a hallmark of being a manager to other people’s assets. Trysha shares an example about Exxon Mobile, and their lack of transparency about risk in the Gulf Coast. 
Resources:
Silver Regulatory Associates
How EU Climate Regulations May Affect US Private Fund Managers