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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program Through Data Analytics: Day 16 – AI and Data Driven Compliance for Remote Work

The COVID-19 pandemic has significantly changed how businesses operate, with remote work becoming the new norm. This shift has highlighted the crucial role of data and data analytics in compliance across various industries. Regulators now emphasize not only the need for access to data but also its utilization in a way that promotes continuous improvement. One of the key challenges compliance teams face in this new era is the vast amount of data generated by remote work. Communication channels like email and text messages and collaboration platforms like Slack and Zoom have become essential for remote collaboration. However, this explosion of data presents compliance officers with the task of proactively monitoring and understanding unstructured data to uncover hidden risks.

AI-powered data cleansing capabilities have been developed to address this challenge. These capabilities sift through content and focus on relevant and risky information while minimizing false positives. Compliance teams can efficiently concentrate on potentially dangerous content by removing duplicative content, obvious junk, and non-human-generated text. This targeted approach significantly reduces false-positives in the alerts generated by the system.

COVID-19 brought about changes that are still felt today in the business world. Some changes were temporary, but some have become permanent, and remote work is one of them. It is here to stay. The change has underscored the importance of AI and data in compliance across various industries. The shift to remote work has resulted in increased data that compliance teams must proactively monitor. AI-powered data cleansing capabilities help sift through content and focus on relevant and risky information, while AI algorithms and machine learning models aid in risk detection. By leveraging AI and data, compliance teams can enhance their prevention, detection, and remediation efforts, ultimately promoting a culture of ethical behavior and ensuring compliance with data protection laws.

Three key takeaways:

  1. The pandemic changed the corporate world in many ways. One of the permanent ones was moving to remote work.
  2. Remote work generates much more data because messaging apps and online communication tools require new and innovative compliance solutions.
  3. AI and data-driven compliance around data generated from remote work can move a company from detection to prevention.

For more information on KonaAI, click here.

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Compliance and AI

Compliance and AI: Jag Lamba – Certa’s AI Tools for Streamlining Procurement and Compliance Processes

What is the role of Artificial Intelligence in compliance? What about Machine Learning? Are you using ChatGPT? These questions are but three of the many questions we will explore in this exciting new podcast series, Compliance and AI. Hosted by Tom Fox, the award-winning Voice of Compliance, this podcast will look at how AI will impact compliance programs into the next decade and beyond. If you want to find out why the future is now, join Tom Fox on this journey to the frontiers of AI. Today, Tom hosts Jag Lamba, founder and CEO of Certa, on their new AI-based tool, Design AI.

In today’s rapidly evolving business landscape, organizations are constantly seeking ways to enhance efficiency and agility in their procurement and compliance processes. The emergence of artificial intelligence (AI) has provided new opportunities to streamline these operations and respond effectively to supply chain disruptions and compliance requirements. Certa, a leading provider of AI-powered solutions, has developed innovative tools that aim to address these challenges and revolutionize the way organizations manage their procurement and compliance functions.

One of Certa’s flagship AI tools is Design AI, which allows customers to design and edit workflows and integrations using natural language. This eliminates the need for technical expertise, making it easier for organizations to create and digitize new workflows or modify existing ones. With Design AI, customers can simply express their requirements in plain English, and Certa’s AI technology will generate the necessary questionnaires, workflows, and integrations based on their specific needs. This empowers organizations to quickly adapt and optimize their processes, ensuring they remain agile in the face of dynamic procurement and compliance landscapes.

Resources:

Jag Lamba on LinkedIn

Certa

Tom Fox

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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program Through Data Analytics: Day 13 – Data Management Automation

Data automation not only streamlines the compliance process but also provides transparency and visibility into the decision-making process. There is a clear importance to connecting people, data, process systems, and tools in one place. This eliminates the need for compliance officers to navigate multiple systems and tools, allowing them to focus on risk-based due diligence. By having a clear understanding of the decision tree and the ability to adjust the automation process, organizations can trust the automation while maintaining control and oversight.

The importance of automation for data analysis in compliance programs cannot be overstated. Organizations need to have visibility into their data at their fingertips to ensure regulatory compliance and mitigate risks. Automation streamlines the compliance process, provides transparency, and allows for adaptability in the face of evolving regulations and risks. By leveraging data analysis, organizations can identify deviations, improve cycle times, enhance training effectiveness, and make informed decisions. Board-level involvement is crucial in overseeing the automation and data analysis process, recognizing its strategic value, and ensuring its effective implementation. With the advent of AI and intelligent approaches, organizations that do not embrace automation and data analysis may suffer in the long run. Trust but verify, and always prioritize visibility and transparency in compliance programs.

Three key takeaways:

  1. Automation not only streamlines the compliance process but also provides transparency and visibility into the decision-making process.
  2. There is a need for board-level involvement in overseeing the automation and data analysis processes.
  3. Through analyzing deviations from the expected path, compliance officers can identify areas that require additional process controls or adjustments.

Check out KonaAI here.

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Compliance and AI

Compliance and AI – Fred Schonenberg on Generative AI: Transforming Business Efficiency and Innovation

What is the role of Artificial Intelligence in compliance? What about Machine Learning? Are you using ChatGPT? These are but three of the many questions we will explore in this exciting new podcast, Compliance and AI. Hosted by Tom Fox, the award-winning Voice of Compliance, this podcast will look at how AI will impact compliance programs into the next decade and beyond. If you want to find out why the future is now, join Tom Fox on this journey to the frontiers of AI.

Fred Schonenberg is a seasoned entrepreneur and the founder of VentureFuel, a company specializing in helping large organizations innovate faster through collaboration with startups. Schonenberg’s perspective on VentureFuel’s approach to innovation and integration of generative AI is that it bridges large organizations, early-stage startups, and VentureFuel’s capital.

He believes that in an era where large organizations are being asked to do more with fewer resources and the convergence of different industries and technologies requires them to seek external innovation, VentureFuel can help these organizations make sense of the external innovation world, find the best solutions, and collaborate with startups to solve business challenges. Schonenberg emphasizes the importance of finding scalable and repeatable solutions that can be integrated into existing business operations, a perspective shaped by his extensive experience in the startup and high-growth company sectors. Join Tom Fox and Fred Schonenberg on this episode of AI and Compliance to learn more about this innovative approach.

Key Highlights:

  • Bridging the Gap: Connecting Startups and Corporates
  • Building a Professionalized Corporate Culture
  • Generative AI: Transforming Business Efficiency and Innovation
  • Leveraging Generative AI for Legal Efficiency
  • The Importance of “Dating” Potential Partners

Resources:

Fred Schonenberg is on LinkedIn

VentureFuel

Tom Fox

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2 Gurus Talk Compliance

2 Gurus Talk Compliance: Episode 19 – The Holiday Edition

What happens when two top compliance commentators get together? They talk about compliance, of course. Join Tom Fox and Kristy Grant-Hart in 2 Gurus Talk Compliance as they discuss the latest compliance issues in this week’s episode! In this episode, Tom and Kristy take on a wide variety of topics, including Florida Man’s Booty Patrol.

In the ever-evolving world of regulatory compliance and risk management, challenges are constant and strategies must be dynamic. Tom highlights recent SEC pronouncements on culture and takes a look back at Serpico and the Salt Lake City Olympic scandal. Kristy highlights AI regulation in the EU and US, talks about the need for employees to have some time off, and checks in on Florida Man. Join Tom Fox and Kristy Grant-Hart as they delve deeper into these issues in this episode of the 2 Gurus Talk Compliance podcast.

Highlights Include:

  1. SEC Chief Accountant on what bothers him. (WSJ)
  2. Using onboarding as a corporate culture set. (FCPA Blog)
  3. Serpico at 50. (The Guardian)
  4. Salt Lake City Olympic corruption scandal, 25 years later. (Salt Lake Tribune)
  5. Carrot and Stick in new M&A Safe Harbor (Compliance and Enforcement)
  6. SEC Kicks Climate Rule to 2024 (Radical Compliance)
  7. In Landmark Vote, Europe Approves AI Regulations–Paving the Way for U.S. Adoption (Inc.com)
  8. SEC Head Warns Against ‘AI Washing,’ the High-Tech Version of ‘Greenwashing’ (WSJ)
  9. Employees Need Time Off. Here’s How to Craft a Successful Policy. (Bamboo HR)
  10. Florida man faces charges after driving ‘BOOTY PATROL’ truck (ClickOrlando News)

 Resources: 

Kristy Grant-Hart on LinkedIn

Spark Consulting

Tom

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Principled Podcast

Principled Podcast – S10E14: How can businesses approach AI in an ethical way?

What you’ll learn on this podcast episode

Artificial intelligence has become the topic du jour—from national news outlets to trade publications. The very term can elicit feelings of uncertainty and dissonance about how it will be applied in our daily lives. One thing is certain: AI will transform the way we do business. With such innovative technology comes the responsibility to use it wisely and ethically. In this episode of the Principled Podcast, host Susan Divers discusses how organizations can approach AI in a responsible and ethical way with Jim Byrne, the vice president for ethics and business conduct at Lockheed Martin.

Guest: Jim Byrne

Jim Byrne – Grayscale

The Honorable James M. Byrne currently serves as Vice President, Ethics and Business Conduct, for Lockheed Martin Corporation. He is responsible for the strategic direction and operational excellence of Lockheed Martin’s award-winning domestic and international ethics program and execution of the Corporation’s compliance training across the enterprise. Jim is also on the Corporate Artificial Intelligence (AI) Executive Steering Committee and Corporate Vice Presidents Contributions Committee of Lockheed Martin, established and authorized to review and approve large charitable contributions. He previously served as Lockheed Martin’s Chief Privacy Officer and Associate General Counsel leading teams supporting information security, counterintelligence, electronic discovery and records management. Jim also served for several years on the board of directors for Pacific Architects & Engineers (PAE), then a wholly-owned subsidiary of Lockheed Martin.

Jim is a Secretary of the Navy Distinguished Midshipman Graduate of the U.S. Naval Academy, where he received an engineering degree and held the top leadership position of Brigade Commander. He holds a law degree from Stetson University College of Law, where he was awarded a public service fellowship.

In his current role, Jim draws upon his experiences as a deployed Marine Corps combat arms officer, U.S. Department of Justice international narcotics prosecutor, and service at the highest levels of the federal government. He was forward-deployed as an anti-corruption advisor to senior Iraqi officials while leading a team of dedicated and experienced federal law enforcement officers investigating criminal fraud and other misuses of funds supporting the $52B U.S. reconstruction effort in Iraq. Prior to rejoining Lockheed Martin, Jim was nominated by the President and confirmed by the U.S. Senate as General Counsel and then as the 8th Deputy Secretary of Veterans Affairs—the designated chief operating officer of the second largest U.S. cabinet agency.

Jim’s past professional engagements include director and advisory board positions on several startup companies, and service on the U.S. Department of Homeland Security Data Privacy & Integrity Advisory Committee and the International Association of Privacy Professionals Board of Directors (Chairman). He currently serves as a proxy holder–outside board director for Rancher Government Solutions, a subsidiary of FWB: SUSE. Jim is active in his church and community, and prioritizes mentoring veterans. He currently volunteers on the American Association of Suicidology Board of Directors, the Navy–Marine Corps Relief Society Advisory Board, Veterans Moving Forward Board of Directors, Maternal Mental Health Leadership Alliance Board of Directors and the Give an Hour Executive Board of Directors.

 

Host: Susan Divers

Headshot_Susan_Divers_S7E18_Principled_Podcast

Susan Divers is a senior advisor with LRN Corporation. In that capacity, Ms. Divers brings her 30+ years’ accomplishments and experience in the ethics and compliance area to LRN partners and colleagues. This expertise includes building state-of-the-art compliance programs infused with values, designing user-friendly means of engaging and informing employees, fostering an embedded culture of compliance and substantial subject matter expertise in anti-corruption, export controls, sanctions, and other key areas of compliance.

Prior to joining LRN, Mrs. Divers served as AECOM’s Assistant General for Global Ethics & Compliance and Chief Ethics & Compliance Officer. Under her leadership, AECOM’s ethics and compliance program garnered six external awards in recognition of its effectiveness and Mrs. Divers’ thought leadership in the ethics field. In 2011, Mrs. Divers received the AECOM CEO Award of Excellence, which recognized her work in advancing the company’s ethics and compliance program.

Mrs. Divers’ background includes more than thirty years’ experience practicing law in these areas. Before joining AECOM, she worked at SAIC and Lockheed Martin in the international compliance area. Prior to that, she was a partner with the DC office of Sonnenschein, Nath & Rosenthal. She also spent four years in London and is qualified as a Solicitor to the High Court of England and Wales, practicing in the international arena with the law firms of Theodore Goddard & Co. and Herbert Smith & Co. She also served as an attorney in the Office of the Legal Advisor at the Department of State and was a member of the U.S. delegation to the UN working on the first anti-corruption multilateral treaty initiative.

Mrs. Divers is a member of the DC Bar and a graduate of Trinity College, Washington D.C. and of the National Law Center of George Washington University. In 2011, 2012, 2013 and 2014 Ethisphere Magazine listed her as one the “Attorneys Who Matter” in the ethics & compliance area. She is a member of the Advisory Boards of the Rutgers University Center for Ethical Behavior and served as a member of the Board of Directors for the Institute for Practical Training from 2005-2008.

She resides in Northern Virginia and is a frequent speaker, writer and commentator on ethics and compliance topics. Mrs. Divers’ most recent publication is “Balancing Best Practices and Reality in Compliance,” published by Compliance Week in February 2015. In her spare time, she mentors veteran and university students and enjoys outdoor activities.

 

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FCPA Compliance Report

FCPA Compliance Report – Ryan Lougheed on Teamwork and Communication: Lessons from Esports and GRC

Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. In this episode, Tom Fox welcomes Ryan Lougheed, Director, of Product Management at Onspring.

Ryan Lougheed has over twelve years of experience in the Governance, Risk, and Compliance (GRC) field, currently serving as the director of a platform at Onspring, a SaaS GRC platform and business process automation platform. Drawing from his background in esports, Lougheed believes that teamwork and communication are crucial in both the GRC space and the world of esports. He emphasizes the importance of effective and efficient communication, especially in high-stress situations, and believes that these skills can be carried over to a compliance-focused career.

In the context of esports, Lougheed explains that communication is vital in a team of five players and that professional esports organizations provide resources such as physical trainers and sports psychologists to support their players’ communication skills. He also notes that the esports industry is evolving, with larger companies creating brands around individual streamers and organizations acting as agents to help grow the streaming culture. Join Tom Fox and Ryan Lougheed on this episode of the FCPA Compliance Report podcast to delve deeper into the importance of teamwork and communication in GRC.

 Key Highlights

  • GRC Collaboration and Communication
  • Streamlining compliance with Onspring’s centralized platform
  • Streamlining Communication in High-Stress Compliance Situations
  • Leveraging Esports Skills for GRC Success

Resources

Ryan Lougheed on LinkedIn

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Tom Fox

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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program Through Data Analytics: Day 4 – AI Driven Risk Management and Fraud Prevention

Through leveraging AI-driven solutions, companies can collect and analyze survey data to identify patterns and trends that may indicate potential risks. This empowers organizations to take proactive measures to mitigate these risks and foster a culture of trust and transparency.

Another area of significance is mapping risks to controls. This allows a compliance professional or risk manager to know where risks are occurring within an organization and then map them to corresponding controls. This permits compliance functions to assess the effectiveness of their controls and identify areas that require improvement. By leveraging AI-driven solutions, organizations can gain a comprehensive understanding of their risk landscape and make data-driven decisions to strengthen their control environment.

AI-driven solutions have the potential to revolutionize risk assessment and fraud prevention. By leveraging these solutions, companies can enhance their compliance efforts, improve efficiency, and make data-driven decisions. However, it is crucial to balance automation with human expertise and address challenges related to data availability and quality. Ultimately, the successful implementation of AI-driven solutions requires a holistic approach that considers the impact on employees, fosters a culture of trust and transparency, and aligns with the organization’s risk management objectives.

Three key takeaways:

  1. Data visibility allows organizations to effectively manage their compliance efforts and make data-driven decisions.
  2. By leveraging AI-driven solutions, compliance functions can generate dashboards and analytics that provide real-time insights into their risk landscape.
  3. This not only improves efficiency but also enables auditors to focus on understanding the data and identifying potential risks.

For more information on this month’s sponsor check out KonaAI.com.

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Data Driven Compliance

Data Driven Compliance: Marta Cadavid – Fighting Fraud with AI

Are you struggling to keep up with the ever-changing compliance programs in your business? Look no further than the award-winning Data Driven Compliance podcast, hosted by Tom Fox, is a podcast features an in-depth conversation around the uses of data and data analytics in compliance programs. Data-Driven Compliance is back with another exciting episode. Today, I visit with Marta Cadavid, co-founder of NoFraud Latam who talks about using data-driven compliance to fight fraud.

Marta Cadavid, a Colombian accountant and co-founder and CEO of NoFraud Latam, is a passionate advocate for fraud prevention and detection. Marta’s perspective on “AI-based fraud prevention software developed by Northrop La Tam CEO” is shaped by her belief that fraud is a significant issue causing financial losses for companies and that current detection methods are slow and ineffective.

Mart and her team have developed Fraud Explorer, a software that uses artificial intelligence to detect fraud in real-time, significantly reducing the typical 12-month detection period. Marta emphasizes the importance of a diverse team in developing effective strategies to mitigate risks related to fraud and other misbehaviors in companies. Join Tom Fox and Marta Cadavid on this episode of the Data-Driven Compliance podcast to learn more about her innovative approach to fraud prevention.

Highlights Include:

  • Transforming Compliance Through Data Analytics
  • Effective Strategies in Compliance and Risk Management
  • The Role of Data Analytics in M&A Compliance
  • Leveraging diverse data sources for risk assessment
  • Managing Risks: Vendors, Customers, and Employees
  • Strengthening Compliance Programs Through Team Collaboration
  • The Power of Generative AI in Compliance
  • Enhancing Compliance Programs with Predictive Models
  • Factors Influencing Budget Approvals and Getting Budget

 Resources:

NoFraud Latam

Marta Cadavid on LinkedIn

 Tom Fox 

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10 For 10

10 For 10: Top Compliance Stories For the Week Ending November 4, 2023

Welcome to 10 For 10, the podcast that brings you the week’s Top 10 compliance stories in one podcast each week. Tom Fox, the Voice of Compliance brings to you, the compliance professional, the compliance stories you need to be aware of to end your busy week. Sit back, and in 10 minutes hear about the stories every compliance professional should be aware of from the prior week. Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for the compliance professional, all curated by the Voice of Compliance, Tom Fox. Get your weekly filling of compliance stories with 10 for 10, a podcast produced by the Compliance Podcast Network.

  • Altice USA says corruption probe will have ‘no material impact’ on business. (Bloomberg)
  • Costco is in trouble for stocking products produced by forced labor. (WSJ)
  • FDIC probing former First Republic officers. (Reuters)
  • Big 10 coaches are livid over UM football cheating. (ESPN)
  • France wants an anti-corruption commission with teeth. (Politico)
  • Companies are still struggling with communications compliance. (WSJ)
  • Biden Administration releases statement on AI. (FT)
  • Is crypto financing terrorism? (NYT)
  • Suits against A&F begin. (WSJ)
  • SBF was found guilty. (WSJ)

You can check out the Daily Compliance News for four curated compliance and ethics-related stories each day, here.

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