Welcome to the Great Women in Compliance Podcast, co-hosted by Lisa Fine and Mary Shirley.
For those of you who do not know the origin of the Great Women in Compliance podcast, put simply, we are not sure if this podcast would have started without the support and guidance of Tom Fox. He is known as the Compliance Evangelist and has been that and more to so many in our field.
We have wanted to include him as a guest on the podcast, and this turned out to be the perfect time as he is about to release an update of the Compliance Handbook, 2nd edition (LexisNexis) which pulls off the trick of being a practical how-to guide while also including nuanced analysis of the law and regulations.
Mary and Lisa are both a part of this special interview, where Tom discusses the handbook as well as his experience in building the Compliance Podcast Network and how he keeps up-to-date with so much going on in our space. He also discusses what advice he would give to new compliance practitioners.
Listeners to this podcast can received PreSale discount of 25% is available for presale purchase. Use the code FOX25 for the presale discount and go here for more information and to order The Compliance Handbook 2nd edition. It will be available in both print and eBook editions. It will be published in April 2021.
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.
Lisa and Mary have extended the Great Women in Compliance brand to the book “Sending the Elevator Back Down: What We’ve Learned from Great Women in Compliance” (CCI Press, 2020) which can be found on Amazon and features valuable wisdom and advice from Great Women in Compliance across the world.
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.
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. Last week we considered the SEC regulations requiring companies to detail human capital issues in their annual reports and what it meant for compliance. This led to a week-long dialogue between Matt and myself about the current state of employee trust and its role in corporate culture and a best practices compliance and ethics program. Some of the issues we consider are:
- Trust is down.
- The now former UK KPMG Chairman who told employees to ‘quit whining’ about the Coronavirus health crisis issue.
- Employees are under more pressure to deliver results. What does this do to trust?
- Employee to employee trust issues in WFH.
- Trust issues around RTW, both employee to employee and management response to employee health and safety issues at the workplace.
- Benjamin Moore getting rid of legal department and then restricting employee access to legal assistance.
- Greater fear toward retaliation stopping whistleblowers from coming forward.
Resources
Matt’s blog post in Radical Compliance:
Corporate Culture and Human Capital Disclosures
Tom’s blog posts on the FCPA Compliance and Ethics Blog:
A Macro Approach for Human Capital Compliance
Hal Holbrook, Mark Twain and Employee Trust
How to Destroy Employee Trust
Leadership Lessons from Abraham Lincoln
The Board’s overarching intention is to maintain a company’s growth and success by overseeing its affairs while fulfilling its owners and critical parties’ appropriate needs. On a case-by-case basis, it is for the Board to judge which participants it treats as ‘important’ and which of its concerns is necessary to comply with, keeping in view the legislation, the relevant laws, and market considerations. A board of directors does a uniquely challenging range of obligations and obstacles in fulfilling this core objective and often faces a set of contradicting set of priorities. These Pandora’s boxes motivated Tom Fox to take a leap and do something to educate and provide valuable resources for board members and those in the same field. In todays’ episode of The Compliance Podcast, Tom is joined by the legendary Mike Volkov of the Volkov Law Group. Tune in to the episode as Tom and Mike share a meaningful discussion about the “The Role of Boards and Compliance.”
Key Takeaways Discussed in the Episode:
- Be reminded of the crucial roles of the Board as accentuated by Mike Volkov. According to Mike, at all times, the Board should;
- Promote the goodwill of clients and related stakeholders.
- Bear the accountability for overseeing the company and its operations through a management structure and entrepreneurial leadership.
- Be mainly accountable for authorizing the organization’s strategic goals and working to ensure that the human and financial capital required to achieve such objectives are made available.
- Continually evaluates the risk assessment and internal control activities of the organization through the Audit Committee.
- Recognize any weaknesses or shortcomings to accomplish its ultimate aim. Therefore, the Board is advised to reflect on specific duties that it must or intends to conduct itself and determine if the top leadership can execute further in the correct way.
- Have you heard of the “High-minded Nondisclosure Route“? If not, tune in to the episode, as this might help when things get rough.
- Recognize the importance of having a Board of Directors’ Compliance Committee and why there should be a Compliance expert on the Board.
- Hear more about what leads to a successful Board investigation and the compliance metrics a Board should look for.
- Be informed of recent Board failures in compliance and learn from these failures to not walk on the same path.
- Explore the promising outcomes of incorporating compliance into long-term Board strategy.
The Compliance Handbook, 2nd Edition
The Second 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.
eBooks, CDs, downloadable content, and software purchases are non-cancellable, nonrefundable and non returnable. Click here for more information about LexisNexis eBooks. The eBook versions of this title may feature links to Lexis + for further legal research options. A valid subscription to Lexis + is required to access this content.
Order your copy OR copies of the The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.
http://www.lexisnexis.com/fox25
In this episode, I am joined by Mikhail Reider-Gordon, Managing Director of Global Affairs at Affiliated Monitors. In this episode, we consider how Gordon’s teaching compliance and investigations at the International Anti-Corruption Academy inform her view of wide-ranging cultural differences in monitorships. Gordon is a frequent Guest Lecturer at the IACA, having been on the faculty for about five years, teaching investigations and compliance. She also supervises graduate students in writing their thesis. The IACA is an international organization formed by 70 member States, about eight and a half years ago. It is dedicated to enhancing knowledge and education in the field of anti-corruption. It runs graduate level programs and degree programs dedicated to training professionals in combating corruption in all its married forms.
It is headquartered in Laxenburg, Austria, and hosts students from over 70 countries, including US, Europe and a heavy presence of African students. Many of the student are prosecutors and investigators from developing countries who are looking to expand their capabilities and technical skills in combating corruption back in their home countries.
Gordon said that from her work at the IACA she has garnered a wider appreciation of the cultural differences that every compliance practitioner and monitor need to be attuned to in monitorship work. She said, “that is one of the more enjoyable elements of it. We touch on a lot of cultural differences and we will raise scenarios or questions in the class. We’ll have folks from the Middle East, from Africa, from China, from Indonesia, India, Western European countries, from Brazil, from the US, from Canada, basically from across the globe. This leads to a wide range of opinions.”
For more information on AMI, check out their website. For more information on Mikhail Reider-Gordon, check out her LinkedIn profile. For more information on the IACA, click here.
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. In this Episode 3, we review Natalia’s moving into the CCO Chair.
Natalia went into the corporate world and immediately landed jobs at not only high-profile firms but those going through significant FCPA journeys, investigations and enforcement actions. Her roles provided the beauty of travel and connection across dozens of countries, experience in areas well beyond traditional compliance including: high-stakes enforcement and litigation provoking brand risks, devastating security challenges provoking human risk, and yet opportunity for synergy as we recognized the impact organization culture and inclusion can have on our integrity mission.
Tom Fox’s guest on this week’s show is Dr. James Kelley, co-founder and CEO of qChange. qChange is a technology company that uses artificial intelligence to improve leaders’ skills and make meetings more impactful. James spent the last 12 years in academia before co-founding qChange. He chats with Tom about his academic research, his book, and how he is helping leaders become more impactful in meetings.
Customize the Message
James’ academic research was a five-country study about consumers’ attitudes towards global brands. He studied various customer attributes and how it impacted their attitudes towards a brand. What he found was that global companies needed to tailor their narrative to reach customers outside of their local audience. This study has implications for internal communications around compliance as well, he points out. “I’ve always argued that if you could diversify your population inside the organization and tailor that messaging, the likelihood of compliance will increase drastically because you’re speaking the language of the individual.”
Crucible Moments
Tom and James discuss James’ book, The Crucible’s Gift. James details why he wrote the book, and shares some insights from his interviews with 150 “authentic leaders”. The greatest learning he took away from those interviews was that they all had a “crucible moment”. “What I found is that a majority of those I interviewed that I perceived as being really authentic took some sort of adversity moment and created an opportunity.” He tells Tom that their crucible moments led them to ultimately become more authentic. Tom shares his own crucible moment. “Learning to see the door and then have the courage to walk through, [that] was the biggest lesson for me,” Tom comments.
Making Meetings Better Through Technology
“[qChange] was born out of this notion that technology – the use of AI – could be a collaborator in a leader’s journey, not a competitor,” James says. “So our whole entire company is predicated on the idea of prompting, measuring, growing, and predicting leaders’ and teams’ success in Microsoft Teams. We’re very meeting focused: we believe that where leaders show up most is in a meeting.” He describes how their AI software prompts leaders to practice specific soft skills within meetings. The comprehensive feedback loop compares the leader’s self-score with how his team members rate them, culminating in a personal leadership score. Making it experiential and real-time helps leaders retain those lessons in a tangible way. James tells Tom that their solution is end-to-end. Tom asks him what he sees as the future of meetings, to which he responds that work is going to be hybrid. He shares how qChange is preparing for the future, and that they’re well-positioned to meet it with success.
Resources
qChange.com
qChange on LinkedIn | Facebook
James Kelley on LinkedIn
The Crucible’s Gift book
Big Brains In Compliance is the newest show on the Compliance Podcast Network featuring Tom Fox, the Voice of Compliance, and Stephen Martin, Partner at StoneTurn. In this series, Tom and Stephen are going to be interviewing and learning from the biggest names in the compliance world.
In this premiere episode, Tom and Stephen share their professional backgrounds and their journey into the compliance space. Stephen’s interesting career – including his time at WorldCom during the scandal that brought down the company – taught him some important lessons that he shares with listeners. Tom talks about his own career and what eventually led him to become a leading voice in compliance. They also discuss how compliance has evolved over the years.
In future episodes, Tom and Stephen are going to be speaking to the people who have been at the forefront of the evolution of compliance and have transformed the industry for the better. Not only will listeners hear about guests’ professional contributions to the compliance space, but they will also learn a bit about them personally.
Tune in every other Monday for another episode!
Resources
StoneTurn.com
Stephen Martin on LinkedIn
In the Episode, I have back Philip Urofsky, a partner at Shearman & Sterling and editor of the firm’s FCPA Digest. Urofsky joins me to discuss the 2020 FCPA Digest and where anti-corruption enforcement may be headed in 2021. Some of the highlights include:
- Intro of the Shearman and Sterling FCPA Digest. What is it? How is compiled and produced?
- 2020 saw total sanctions of approximately $8.24 billion, making 2020 a record-shattering year in terms of quantum of FCPA enforcement penalties. What does this mean going forward?
- There was growing cooperation between the FCPA enforcement agencies and other U.S. government entities, including OFAC and the CFTC. What might this mean for anti-corruption enforcement going forward? What might be the impact of CFTC enforcement of the FCPA going forward?
- Did the international cooperation and enforcement in the Goldman Sachs FCPA enforcement action by state agencies such as the New York DFS signal another type of increased cooperation in investigation and enforcement?
- Does the prosecution of Thomas Moyer Apple Global Head of Security, indicate a potential shift in the theoretical underpinnings of FCPA enforcement? Read in conjunction with the Relator’s actions in Opinion Release 20-01, might this signal a new approach to FCPA application?
- Will the application NDAA influence or even inform FCPA requirements around due diligence on third-parties which are shell companies?
- What, if any, changes to FCPA enforcement under the Biden Administration?
Resources
Check out a copy of the Shearman & Sterling FCPA Digest here.
In this episode, CSS’s ESG experts Marye Cherry and Ronan Brennan talk about the latest developments with the EU Sustainable Finance Disclosure Regulation. The ESAs have published the much-anticipated final report and draft RTS on disclosures under the EU SFDR while there’s still the impending 10 March deadline for high-level, principles-based compliance with the Level 1 SFDR.
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:
Marye Cherry is the EU Regulatory Counsel and Regulatory Guidance Specialist at CSS. With more than 10 years of legal and compliance experience, Marye specializes in transparency and regulatory reporting issues in the financial services industry, including sensitive industries and ESG. At CSS, Marye focuses on European financial regulations that affect fund managers’ operations worldwide and helps translate those requirements into automated reporting solutions.
Ronan Brennan is the Chief Product Officer at Compliance Solutions Strategies (CSS). In his role, he has direct responsibility for the strategic evolution of the global suite of CSS products and regulatory content. Managing product in CSS involves ensuring the product suite is ready to support both the current and future compliance management and regulatory reporting needs of investment management and advisory firms globally. Ronan participates as a speaker in many industry events each year, in addition to publishing a company blog and development of thought leadership materials. Ronan has 26 years of experience in the technology sector, 21 of which have been spent in the investment data management and regulatory reporting space.