Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.
Stories we are following in today’s edition:
Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.
Stories we are following in today’s edition:
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.
Welcome back to another exciting episode of our podcast, where we delve into the fascinating world of compliance and artificial intelligence (AI). Today, I am joined by Caroline Shleifer, CEO and founder of RegAsk. Regulatory intelligence plays a crucial role in today’s business landscape, where regulatory requirements constantly evolve. Staying ahead of these changes is not only essential for compliance but also offers a competitive advantage. In this episode, Tom and Caroline Shleifer deeply dive into how AI and other emerging technologies enhance regulatory intelligence and compliance.
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Caroline Shleifer on LinkedIn
Tom Fox
Welcome to the latest edition of the Compliance Podcast Network: Into the Chair: Tales from Chief Compliance Officers, which 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 navigate the compliance waters in any company successfully? 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. Into the Chair: Tales from Chief Compliance Officers is a Comply podcast hosted by Tom Fox and is a production of the Compliance Podcast Network. In this episode, I visit with Anh Lam, Senior Vice President and Chief Compliance Officer at Sandy Spring Bank.
Anh Lam, a seasoned professional in compliance management, brings a unique perspective shaped by her personal and professional experiences. Born and raised in Vietnam, Anh’s interest in wealth management was sparked by her father’s experience with misleading investments in a country with limited regulations. Now serving as the Chief Compliance Officer for Sandy Spring Bank’s wealth divisions, Anh believes in the enduring importance of compliance but also sees a future where technology and artificial intelligence play a significant role in making compliance more efficient and effective. She envisions a future where each firm has its internal AI system integrated with different platforms to adapt to changing regulations and anticipates a global standardization of compliance regulations, akin to the GDPR for privacy regulations. Join Tom Fox and Anh Lam as they delve deeper into these topics on the next episode of the Into the Chair podcast.
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Resources:
Anh Lam on LinkedIn
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Regulatory intelligence plays a crucial role in today’s business landscape, where regulatory requirements are constantly evolving. Staying ahead of these changes is not only essential for compliance but also offers a competitive advantage. I recently had the opportunity to visit with Caroline Shliefer, founder and CEO of RegAsk, on the topic of AI and emerging technologies enhancing regulatory intelligence and compliance. RegAsk has a tagline that states, “Empowering Smarter Regulatory Decisions Curated Regulatory Intelligence Augmented by AI.” It is certainly that and much more.
Caroline Shliefer is a seasoned professional with a rich background in healthcare, law, and regulatory affairs, boasting a PharmD PhD and a health law degree. Her perspective on emerging technologies enhancing regulatory intelligence and compliance is shaped by her extensive experience in the EU, US, and Asia and her role as the founder of RegAsk, which leverages technology to address compliance challenges. She believes that technologies such as AI, machine learning, blockchain, and data analytics are revolutionizing regulatory monitoring, enabling faster and more accurate interpretation of regulatory information, and fostering a more proactive approach to compliance. Her goal with RegAsk is to digitize and streamline the regulatory intelligence process, reducing the risk of non-compliance and fostering innovation.
Regulatory intelligence involves the systematic collection, analysis, and dissemination of information about regulatory requirements, policies, and guidelines that impact product development, manufacturing, and distribution. Traditionally, this process has been manual and challenging, requiring businesses to collect information from various sources and analyze it accurately. However, emerging technologies such as artificial intelligence (AI), machine learning, blockchain, and advanced data analytics are revolutionizing regulatory monitoring and compliance.
AI and machine learning are transforming regulatory monitoring by enabling swift and accurate interpretation and analysis of regulatory information. These technologies can track regulations across different jurisdictions and provide predictive analytics, reducing manual workload and mitigating human errors. By leveraging AI, businesses can anticipate regulatory changes and define various scenarios, allowing them to be prepared and gain a competitive advantage. As Caroline Shliefer, the guest on the podcast, highlighted, being proactive and understanding the small signals that can lead to new regulations is crucial for success.
Blockchain technology ensures secure record-keeping and smooth audits. It brings a level of security and transparency, helping businesses keep records securely and conduct audits more efficiently. This technology is particularly relevant in industries where traceability and accountability are essential, such as supply chain management.
Advanced data analytics allows for anomaly detection and informed decision-making. By analyzing compliance data, businesses can gain deeper insights and intelligence, enabling them to detect anomalies and make strategic decisions faster. These insights help companies understand the impact of regulatory changes on their operations and take proactive actions to ensure compliance.
The integration and automation of these emerging technologies synchronize and streamline the compliance process, resulting in fewer errors and efficient adaptation to new regulatory changes. Compliance managers and decision-makers are empowered and augmented by these technologies, allowing them to focus on strategic aspects while routine and tedious tasks are handled by technology.
Regulatory intelligence is not limited to a single business area. It extends to various sectors, including life sciences and consumer goods. Within consumer goods, regulations related to environmental sustainability and packaging are particularly important. Monitoring and complying with these regulations is crucial for businesses operating in these sectors.
Looking ahead, the future of automated regulatory intelligence is promising. The integration of AI and machine learning will continue to enhance regulatory tracking, enabling businesses to autonomously monitor, analyze, and report compliance requirements across various jurisdictions. Predictive analytics will allow companies to forecast future regulatory shifts and trends, enabling proactive strategy adjustments. This proactive approach ensures consistent compliance and helps businesses stay ahead in the ever-evolving regulatory landscape.
Regulatory intelligence providers, like RegAsk, are true market differentiators. They not only catalog regulatory changes but also anticipate them. By leveraging emerging technologies, they can advise clients on potential regulatory changes before they occur, allowing businesses to be prepared and ready to adapt. This proactive approach to regulatory intelligence and compliance is a game-changer, offering businesses a competitive edge.
In conclusion, emerging technologies are enhancing regulatory intelligence and compliance by revolutionizing the way businesses monitor and interpret regulatory information. AI, machine learning, blockchain, and advanced data analytics empower compliance managers and decision-makers, enabling them to stay ahead of regulatory changes and make informed decisions. By embracing these technologies, businesses can foster a proactive and resilient approach to regulatory compliance, ensuring compliance and gaining a competitive advantage in the market.
Resources
Caroline Shliefer on LinkedIn
The 2023 ECCP provided clear-cut criteria regarding effective compliance investigations. Unfortunately, many compliance teams fail to promptly substantiate most of the reports they investigate, partly due to their inability to quickly and easily find the evidence they need, especially about harassment and misconduct cases. He stated, “This doesn’t just demonstrate a fundamental lack of effectiveness from the DOJ’s perspective, but a long-term organizational risk that goes well beyond any individual allegation of misconduct.” The reason is not simply legal but also operational. If substantive allegations are indeed violations, they could continue, exacerbating the problem(s) and lengthening the time of legal liability.
All of this is particularly significant in light of the industry research that shows many compliance investigations today are unsubstantiated and can take over 40 days from start to finish. The ability of AI to find and analyze data from the web and social media in this automated fashion will be able to overcome some of those challenges in terms of length of time and overall scope of the investigation. Finally, always remember data preservation. The regulators always want to know if you have the documents and data tied down. This allows a company to have confidence in its papers and, in turn, can make such representations to regulators and prosecutors that the documents are secure. In other words, Document, Document, and Document.
Three key takeaways:
For more information, check out The Compliance Handbook, 4th edition, here.
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. This podcast features an in-depth conversation about the uses of data and data analytics in compliance programs. Data Driven Compliance is back with another exciting episode. Today, Tom takes a solo turn to consider using AI to facilitate compliance investigations.
The advent of artificial intelligence (AI) is revolutionizing the landscape of legal and compliance investigations, enhancing substantiation rates, expediting case closure times, and preserving crucial evidence. Tom Fox, a seasoned expert in the field, firmly believes in the transformative potential of AI in this domain. He posits that AI can significantly improve regulatory compliance by enhancing substantiation rates, shortening case closure times, and preserving key evidence. Fox’s perspective is shaped by the current challenges initially posed by the COVID-19 pandemic, which made traditional methods of internal interviews and company data analysis less feasible, and those challenges coming out of the pandemic.
He advocates using AI technology to search unstructured web and social media data, leading to more efficient and conclusive investigations. Furthermore, he underscores the importance of data preservation and the ability of AI to analyze large volumes of social media data, thereby reducing investigation length and promoting fair institutional justice. Join Tom Fox in this episode as he delves deeper into this fascinating topic.
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Resources:
Tom Fox
Connect with me on the following sites:
Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.
Stories we are following in today’s edition of Daily Compliance News:
Welcome to 10 For 10, the podcast which 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.
· Insufficient cyber plan = FCA violation. (DOJ Press Release)
· Roger Ng banned for life. (YaHooFinance)
· FASB adopts crypto accounting rules. (WSJ)
· Ken Paxton and slow creep of corruption. (Texas Tribune)
· Spanish Women’s National team coach fired. (ESPN)
· Ramaswamy’s claims of FDA corruption disavowed by company he founded. (Reuters)
· FIFA suspends head of Spanish football. (FT)
· Using AI to improve workplace safety. (WSJ)
· DOJ to go after Oligarch’s facilitators. (WSJ)
You can check out the Daily Compliance News for four curated compliance and ethics related stories each day, here.
Connect with Tom
Welcome to the only roundtable podcast in compliance as we celebrate our second century of shows. In this episode, we have the quartet of Jay Rosen, Jonathan Armstrong, Matt Kelly and Karen Woody, with Tom Fox hosting. We conclude with our always popular and fan fav Shout Outs and Rants.
1. Matt Kelly looks at the new SEC requirement for companies to improve their risk assessments and attendant processes. He rants about the US Federal Courts not allowing television cameras and says we need the Trump trials televised in federal courts.
2. Karen Woody reviews Opinion Release 23-01. She shouts out to the Barbie movie.
3. Tom Fox shouts out to Megan Rapinoe for great professional career and her social activism while a member of the USWNT.
4. Jay Rosen looks at the imbroglio surrounding the Spanish National football team after its Women’s World Cup win. Rosen shouts out SOCAR, the South Orange County Compliance and Ethics Roundtable.
5. Jonathan Armstrong considers the NATS air traffic debacle and operational resilience. He shouts out Sgt. Graham Saville who lost his life helping a person in distress.
The members of the Everything Compliance are:
• Jay Rosen– Jay is Vice President, Business Development Corporate Monitoring at Affiliated Monitors. Rosen can be reached at JRosen@affiliatedmonitors.com
• Karen Woody – One of the top academic experts on the SEC. Woody can be reached at kwoody@wlu.edu
• Matt Kelly – Founder and CEO of Radical Compliance. Kelly can be reached at mkelly@radicalcompliance.com
• Jonathan Armstrong –is our UK colleague, who is an experienced data privacy/data protection lawyer with Cordery in London. Armstrong can be reached at jonathan.armstrong@corderycompliance.com
• Jonathan Marks can be reached at jtmarks@gmail.com.
The host and producer, ranter (and sometime panelist) of Everything Compliance is Tom Fox the Voice of Compliance. He can be reached at tfox@tfoxlaw.com. Everything Compliance is a part of the Compliance Podcast Network.
