In today’s edition of Daily Compliance News:
Welcome to a special five-part K2 Integrity sponsored podcast, series Business and Financial Fraud: Yesterday, Today, and Tomorrow. Over the course of this series I have been joined by Joanne Taylor, a Managing Director at K2 Integrity. She has 20 years of legal, investigations and financial crime compliance experience, working within the financial and legal services industries. I am also joined by Ray Dookhie, a Managing Director in K2 Integrity’s Investigations and Risk Advisory practice, with more than 25 years of experience in compliance, integrity risk monitoring and management, and investigations. Over the series, we have considered the top fraud trends you might expect to see in 2021, what the regulatory landscape may well look like in 2021, best practices in fraud prevention, how to detect fraud and responding to fraud once it is uncovered. In our concluding episode, Part 5, Ray Dookhie joins me to discuss what a company should do after allegations of fraud arise.
As March roars in as its traditional lion, Tom and Jay look at this week’s stories top compliance and ethics stories which caught their interest on This Week in FCPA.
Stories
- Apple announces a compliance website. Harry Cassin in the FCPA Blog. Matt Kelly in Radical Compliance.
- What are some principles for victim remediation in ABC enforcement action. Sam Hickey in Global Anticorruption Blog.
- ESG is ‘having a moment’. Dave Lefort in Compliance Week. (sub req’d)
- Global trends on ABC enforcement. Stephanie Yonekura and Ann Kim on CCI.
- Ex-SBM Offshore Executive convicted in UK SFO Bribery Case. Jonathan Armstrong in Cordery Compliance.
- FCPA themes from 2020. Jonathan Marks in Board and Fraud.
- Board liability increases around compliance programs. Mike Volkov in Crime Corruption and Compliance.
- Global trends in corporate governance. In the Harvard Law School Forum on Corporate Goverance.
Podcasts and Events
- On The Compliance Life, Rob Chesnut joins me for the month of March. In the first episode, Rob talks about his academic career at UVA and how its Honor Code influenced his thinking about ethics in his professional career and his his career as an AUSA. Check out Episode 1.
- Microsoft joins the Compliance Podcast Network, with two podcasts, Voice of Data Protection, hosted by Bhavanesh Rengarajan Protection and Uncovering Hidden Risks, hosted by Raman Kalyan Talhah Mir. Episode 1 of Voices of Data Protection is available here. Episode 1 of Uncovering Hidden Risks is available here.
- Convercent rolls out a new podcast this week on the Compliance Podcast Network, The Ethics & Compliance Library, hosted by Lauren Siegel. Check out Episode 1 where Siegel takes a deep dive into Blind Spots by Ann Tenbrunsel and Max Bazerman.
- Join K2 Integrity’s financial crimes risk and compliance experts on March 18 as they discuss the impact of ongoing developments in the financial integrity community. Topics will include: Regulatory trends and predictions for 2021 and beyond, Changes in the AML/CFT and ABC landscape, and Implications of evolving OFAC sanctions programs. Registration and Information here.
- Join K2 Integrity for a webinar, “Libya: New Government—Opportunities for the Construction Industry” on March 11, where Paul Ryan and Sabrine Hassen will be joined by guest speaker John Davie of Altra Capital to discuss the opportunities and risks in post-conflict Libya for the construction industry. Registration and information here.
- Tom announces his latest book, The Compliance Handbook, 2nd edition is available for presale purchase. Use the code FOX25 and go here. The Compliance Handbook 2ndedition will be available in both print and eBook editions. This week on The Compliance Handbook podcast, the ladies from #GWIC join Tom for a deep dive into written standards.
Tom Fox is the Compliance Evangelist and can be reached at tfox@tfoxlaw.com. Jay Rosen is Mr. Monitor and can be reached at jrosen@affiliatedmonitors.com.
Welcome to a special five-part K2 Integrity sponsored podcast, series Business and Financial Fraud: Yesterday, Today, and Tomorrow. In this series I am joined by Joanne Taylor, a Managing Director at K2 Integrity. She has 20 years of legal, investigations and financial crime compliance experience, working within the financial and legal services industries. I am also joined by Ray Dookhie, a Managing Director in K2 Integrity’s Investigations and Risk Advisory practice, with more than 25 years of experience in compliance, integrity risk monitoring and management, and investigations. Over this series, we will consider the top fraud trends you might expect to see in 2021, what the regulatory landscape may well look like in 2021, best practices in fraud prevention, how to detect fraud and responding to fraud once it is uncovered. In Part 4, Joanne Taylor joins me to review best practices in fraud detection.
Join us tomorrow for our concluding Part 5 where we look at responding to fraud after it is uncovered. For more information on K2 Integrity, check out their website here.
In the Special Episode, I visit with Michael Rasmussen, who together with OCEG have rolled out a fabulous new resource for the compliance community, the Policy Management Pro and publication of the Policy Management Capability Model. Michael discusses how Policy Management Pro brings policy standards and a professional certification in policy management to the market for the first time. We also discuss why the Policy Management Capability Model is a great free and open-source resource.
Recourses
Check out Policy Management Pro here.
Ernest Brod is Managing Director with Disputes and Investigations services and head of the Global Investigations and Intelligence practice at Alvarez & Marsal. For 30 years, Ernest has worked with top law firms, corporations, and financial institutions to reduce clients’ risk of fraud, corruption, Foreign Corrupt Practices Act issues, and anti-money laundering and terrorism concerns. He joins Vince Walden to discuss new technologies that are redefining how due diligence is done.
The traditional practices of third-party due diligence involve public record searches supplemented by dumpster diving and surveillance. However, advancements in technology have allowed Alvarez and Marsal to do deeper, more advanced and efficient due diligence. Alvarez and Marsal provide intelligence services such as web, bank, contact, and location intelligence which have incredibly dynamic applications and reduce the risk of fraud and corruption.
Some of the providers of these types of intelligence are shady and often push the envelope where legality is concerned. Acquiring these services through recognized firms like Alvarez & Marsal is the safest way to conduct the advanced due diligence that they provide as their practices are filtered through ethical concerns.
Resources
Ernest Brod on LinkedIn | Twitter
AlvarezandMarsal.com
In this podcast we explore how new advances in artificial intelligence and machine learning take on the challenge of hunting for insider risks within your organization. Insider risks aren’t easy to find, however, with its ability to leverage the power of machine learning, artificial intelligence can uncover hidden risks that would otherwise be impossible to find.
Listen to the episode now:
Welcome to Uncovering Hidden Risks, a broader set of podcasts focused on identifying the various risks organizations face as they navigate the internal and external requirements they must comply with. We’ll take you through a journey on insider risks to uncover some of the hidden security threats that Microsoft and organizations across the world are facing. We will bring to surface some best-in-class technology and processes to help you protect your organization and employees from risks from trusted insiders. All in an open discussion with topnotch industry experts!
Learn More
Subscribe on: Apple Podcasts, Stitcher, Spotify, Google Podcasts, Deezer, TuneIn
Categories
Data Protection After Brexit
In this episode Jonathan Armstrong and Tom Fox are back to discuss issues relating to data privacy, data protection and GDPR. Today, we begin a 3-part series on issues relating to GDPR after Brexit. They include data protection, data transfer and issues related to trade sanctions, AML and export control. In this episode we consider data protection. Highlights include:
- Does GDPR still exist in the UK?
- Does pre-Brexit case law still matter in the UK?
- What is the temporary data protection deal between the EU & UK all about?
- How will extra-territorial reach work for the EU & the UK?
- Will I need a Data Protection Representative?
- Will I need a new Data Protection Officer
Resources
Check out the Cordery Compliance Client alert on the data transfer after Brexit here.
Check out the Cordery Compliance, client alert on this topic, click here. For more information on Cordery Compliance, go their website here. Also check out the GDPR Navigator, one of the top resources for GDPR Compliance by clicking here.
In this episode of The Compliance Handbook, I asked the Great Women in Compliance (#GWIC) co-hosts Mary Shirley and Lisa Fine to talk about some of their best practices around written standards for a compliance program.
The definition of a successful compliance program is not foreign for many compliance specialists. However, the challenge is to understand what it truly means for a compliance program to be effective.
Most organizations claim that the central meaning of compliance is to define and enforce guidelines and standards that can minimize the possibility of a violation of compliance. Though, the truth remains that if misconduct exists, your attempt to highlight that your compliance policy conforms with regulatory requirements will increment your culpability score and contribute to a noticeable difference in fines and jail time.
To help you paddle through your compliance programs, I recently met two influential women in compliance, Lisa Fines and Mary Shirley. These phenomenal women will add transparency to these ethics and compliance concerns. We will dive into written compliance and touch base on #GWIC (Great Women In Compliance) and how it has become a powerful platform that supports compliance practitioners.
Key takeaways discussed in the episode:
- Know what is written compliance inside out. Understand that everybody needs to know what the rules are. But, it should not be lawyer-written, 20 pages long. Use the simplest terms possible, break things down to the absolute essential thinking.
- Call to mind that the code is our ethos, and the policies are the regulations to explain them. If possible, get your message across in the shortest possible time using the least words possible.
- Hark back to the truth that there is no one size fits all compliance program. Thus, make learning come to life and apply it to people’s job roles. As much as possible, tell people what the expectations are and help facilitate their decision-making.
- Factor into that it’s natural to maintain your relationships with former colleagues, but It’s not okay and could be risky if you talk shop with them.
- Support Women Empowerment and appreciate their contributions, especially in compliance. Learn how #GWIC grew into a community of great women who share valuable resources and support compliance practitioners.
The Compliance Handbook, 2nd Edition incorporates the most current government pronouncements governing best practices compliance programs, including the 2019 Evaluation of Corporate Compliance Programs released by the Fraud Section of the Department of Justice, and its 2020 Update; the updated FCPA Resource Guide 2nd edition; the Framework for OFAC Compliance Commitments; and the 2019 DOJ Antitrust Division’s Evaluation of Corporate Compliance Programs in Criminal Antitrust.
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