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 Natalia Shehadeh, Chief Compliance Officer at ABB.
Episode 1-Why Compliance?
Natalia comes to compliance from a unique background. She was born in Spain and has lived all over the world. She comes from a multi-cultural/lingual family from birth and in marriage. She always wanted to do something professionally that would afford her the privilege to see the world. Her career journey in compliance has delivered this gift to her.
Tricia Benn is the Chief Community Officer at C-Suite, a digital platform that focuses on providing growth development and networking opportunities for business executives. She is also the General Manager of The Hero Club, an invitation-only membership organization for CEOs, founders, and inventors. Tom Fox welcomes her to this week’s show as they discuss creating collaboration among leaders to build business growth.
C-Suite Network
C-Suite Network helps business leaders in growth development by creating an ecosystem of content creation and distribution, Tricia explains. It is a community of leaders motivating and inspiring each other on multiple levels. It is a values-based organization, with an emphasis on how leaders, investors, and businesses put people first. Before the pandemic, it was done via face-to-face seminars but has since then gone virtual. Tom comments that with this pivot, an explosion of content that hadn’t been available to leaders and businesses before has now become available.
The Principle of Success
“The principle of success is what you define it as,” Tricia says. She emphasizes that as a business leader you have to be clear about how you define success. Tom asks her to explain the other services that her companies offer. Tricia says that C-Suite and The Hero Club provide whatever tools are necessary for the support of a leader’s content creation. With the pandemic, a lot of businesses have gone virtual, and C-Suite and The Hero Club accommodate for that. The main focus is about facilitating the access and intelligence needed for content providers, as well as the platform, to allow for business leaders to activate virtually. Implementing diversity is also important, Tricia stresses. Servicing everyone, and appreciating everyone’s differences is essential to hero leadership.
The Lifeblood of Success
Innovation is the lifeblood of a business’ success. It means putting one foot in front of the other every day. Without innovation, there can be no growth, and you end up losing ground. It is important to keep adapting. As things change around us, so must our methods, approaches, and our business models to better serve the environment in which we live. Tricia emphasizes that with innovation, it is important to never let the people you serve feel the pain of what you are learning. You must only let them feel the gains of that learning.
Resources
C-Suite Network
Tricia Benn | Twitter, LinkedIn
Categories
Welcome to ComTech
In this new show on the Compliance Podcast Network, Tom Fox, the Voice of Compliance, and Valerie Charles of StoneTurn are going to be exploring the intersection of compliance and technology.
In this initial episode, Tom and Valerie share their plans for the show – who they want to talk to, what they want to explore, and the impact they hope to have on the industry. They also give some insight into how they got to where they are in their careers and how their appreciation and understanding of technology in the compliance space has evolved over the years.
Valerie explains that compliance isn’t really top-down, anymore – people are empowered to evaluate risk and make decisions accordingly. The best compliance people are creative in how they implement programs and strategies.
In the future, Tom and Valerie are going to be speaking to lawyers, CPA’s and audit types, and non-compliance people who come in and start working in technology – marketing, sales, entrepreneurs. The silos for compliance are gone, and Comtech is going to be digging deep into what that means.
Tune in every other Monday for another episode!
Resources
StoneTurn
Categories
Episode 049–Sarah Badahman
In this episode of The Ethics Experts, Nick welcomes Sarah Badahman, CEO/Founder of HIPAAtrek, to the show to discuss the importance of organizational values, HIPAA compliance, and the lives of compliance leaders.
In the Episode, I have back Pamela Fierst-Walsh, Senior Advisor for Conflict & Critical Minerals, Bureau of Economic and Business Affairs, U.S. Department of State. Pamela joins me to discuss the responsible sourcing initiatives from the former Administration and where we may be headed under the Biden Administration.
Some of the highlights include:
- What are your job duties as a Senior Advisor for Conflict & Critical Minerals, Bureau of Economic and Business Affairs, U.S. Department of State?
- What is responsible sourcing?
- What is the public/private partnership around this issue?
- Why is this seen as a national security issue?
- Is there an Executive Order on domestic supply chains relying on critical mineral sourcing from foreign Adversaries?
- What is the process for considering this issue? Are there plans in the works to deal or remedy this?
- What, if any, changes do you expect under the Biden Administration?
In this episode, CSS’s Executive Advisor on Global Transaction Reporting Mikkel Mördrup sits down with Regulatory Specialist Nicklas Nilsson for a look back into the world of transaction reporting in 2020 – from uncertainties in the market to new regulations – and a look forward at changes to EMIR REFIT and MiFID II / MiFIR coming in 2022.
A CSS RegTech podcast series on moving from a tactical to strategic approach to regulatory compliance. The global regulatory space is complex and fragmented. Financial firms can address this problem through tactical responses to regulatory deadlines or think more strategically on how to optimize their compliance data, operations and technology. The CSS weekly podcast features regulatory experts, former Chief Compliance Officers, cybersecurity specialists, industry partners and RegTech collaborators to help prepare investment management firms for changes on the regulatory horizon. For more information on CSS, visit: www.cssregtech.com
About Our Guest Speakers:
Mikkel Mördrup is CSS’s Executive Advisor on Global Transaction Reporting. Mikkel has headed up CSS Nordic since 2010. After 20-plus years in the financial industry, Mikkel knows the value of combining quality and knowledge and has extensive knowledge from EMIR and MiFIDII/MiFIR. Prior to CSS, Mikkel worked at SimCorp with project implementations and account management. He has also held leadership positions at Nordea Bank and Danske Capital AB.
Nicklas Nilsson is a Regulatory Specialist at CSS concentrating on global transaction reporting, including SFTR, MiFIR and EMIR. Nicklas is currently in a cross-functional role covering the regulations from analysis to implementation. He has eight years of experience working in the finance industry, including operational experience in fund reporting and regulatory implementation. Prior to joining CSS, Nicklas held positions at Swedbank, SEB and Wahlstedt Sageryd.
The 2020 Update re-emphasized the need for both performing a root cause analysis but equally importantly using it to remediate your compliance program. It stated, “a hallmark of a compliance program that is working effectively in practice is the extent to which a company is able to conduct a thoughtful root cause analysis of misconduct and timely and appropriately remediate to address the root causes.”
It went on to state, what additional steps the company has taken “that demonstrate recognition of the seriousness of the misconduct, acceptance of responsibility for it, and the implementation of measures to reduce the risk of repetition of such misconduct, including measures to identify future risk”).”
The key is that after you have identified the causes of problems, consider the solutions that can be implemented by developing a logical approach, using data that already exists in the organization. Identify current and future needs for organizational improvement. Your solution should be a repeatable, step-by-step processes, in which one process can confirm the results of another. Focusing on the corrective measures of root causes is more effective than simply treating the symptoms of a problem or event and you will have a much more robust solution in place. This is because the solution(s) are more effective when accomplished through a systematic process with conclusions backed up by evidence.
When you step back and consider what the DOJ was trying to accomplish with its 2020 Update, it becomes clear what the DOJ expects from the compliance professional. Consider the structure of your compliance program and how it inter-relates to your company’s risk profile. When you have a compliance failure, use the root cause analysis to think about how each of the structural elements of your compliance program could impact how you manage and deal with that risk.
Three key takeaways:
- The key is objectivity and independence.
- The critical element is how did you use the information you developed in the root cause analysis?
- The key is that after you have identified the causes of problems, consider the solutions that can be implemented by developing a logical approach, using data that already exists in the organization.
In today’s edition of Sunday Book Review:
- Leaders Eat Last by Simon Sinek
- Lean In: Women, Work, and the Will to Lead by Sheryl Sanderson
- The 21 Irrefutable Laws of Leadership: Follow Them and People Will Follow You by John C. Maxwell
- Dare to Lead: Brave Work. Tough Conversations. Whole Hearts by Brené Brown