Tag: AI

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Daily Compliance News

Daily Compliance News: February 23, 2024 – The Corruption Tax 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.

In today’s edition of Daily Compliance News:

  • Ohio residents paid the price for FirstEnergy corruption.  (Ohio Capital Journal)
  • The DOJ names the first AI officer. (Reuters)
  • 4-day work week issues. (FT)
  • More child labor in the US. (NYT)

For more information on Ethico and a free White Paper on top compliance issues in 2024, click here.

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TechLaw10

Eric Sinrod & Jonathan Armstrong on AI & ChatGPT

In this edition of TechLaw10, Jonathan Armstrong talks with Attorney and Professor Eric Sinrod. They examine the legal issues surrounding AI, the rise of chatbot ChatGPT, and the legal and ethical issues it raises.

The topics include:

    • A Discussion on Ethics & Technology
    • The Need for AI Not to Discriminate
    • The Use of AI in Recruitment
    • The Use of Chatbots for Harm
    • AI & Copyright Issues
    • Does ChatGPT lie, and if so, what are the consequences?
    • Political Bias with Chatbots
    • A 1996 Case that could limit the Lawful Activity of some chatbots
    • How AI Harvesting Data Could be a Criminal offense under Computer Misuse Legislation
    • How data subject rights under GDPR may impact AI

You can listen to earlier TechLaw10 audio podcasts with Eric and Jonathan at https://www.duanemorris.com/site/techlaw10.html

Connect with the Compliance Podcast Network at:

LinkedIn: https://www.linkedin.com/company/compliance-podcast-network/
Facebook: https://www.facebook.com/compliancepodcastnetwork/
YouTube: https://www.youtube.com/@CompliancePodcastNetwork
Twitter: https://twitter.com/tfoxlaw
Instagram: https://www.instagram.com/voiceofcompliance/
Website: https://compliancepodcastnetwork.net/

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Everything Compliance

Everything Compliance – Episode 129, The Tribute to Navalny Edition

Welcome to the only roundtable podcast in compliance as we celebrate our second century of shows. In this episode, we have the quintet of Jonathan Armstrong, Jonathan Marks, Matt Kelly, Karen Woody, and Jay Rosen, all hosted by Tom Fox.

  1. Jonathan Armstrong talks about the most recent speech by the new SFO director. He rants about Julian Assange’s inane claims to be a journalist.
  2. Matt Kelly discusses the regulation of AI and looks at the new DFS regs around it. He shouts out to Alexei Navalny, who was murdered for his fight against corruption in Russia.
  3. Karen Woody takes a deep dive into the Panuwat trial and the concept of shadow insider trading. She rants about the senseless gun culture in America.
  4. Jonathan Marks discusses the state criminal charges in the FirstEnergy corruption scandal but then evolves into an epic rant, which he continues in Shout Outs and Rants about failures in corporate governance, internal controls, and gun violence in America. He really outdid himself this week.
  5. Jay Rosen looks at the dearth of DOJ-mandated monitorships and proposes a new concept, the self-monitorship. He shouts out the movie Love on the Spectrum and the Bill Bradley interview.
  6. Tom Fox shouts out to Ben Affleck for his DunKing Super Bowl commercial.

The members of the Everything Compliance are:

• Jay Rosen: Jay can be reached at Jay.r.rosen@gmail.com

• Karen Woody is 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, producer, ranter (and sometimes 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.

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Compliance Week Conference Podcast

Compliance Week 2024 Speaker Preview Podcasts – Nakis Urfi on Ethical AI in Compliance

In this episode of the Compliance Week 2024 Preview Podcasts series, Nakis Urfi discusses his workshop at Compliance Week 2024, “Responsible and Ethical AI.”. Some of the issues he will discuss in this podcast and his presentation are:

  • Building an AI program at your organization;
  • What are the relevant regulations and movements globally around ethical AI and
  • Why the Compliance Week conference stands out in the Compliance Arena.

I hope you can join me at Compliance Week 2024. This year’s event will be held April 2-4 at The Westin Washington, DC, Downtown. The line-up for this year’s event is first-rate, with some of the top ethics and compliance practitioners around.

Gain insights and make connections at the industry’s premier cross-industry national compliance event, offering knowledge-packed, accredited sessions and take-home advice from the most influential leaders in the compliance community. Back for its 19th year, join 500+ compliance, ethics, legal, and audit professionals who gather to benchmark best practices and gain the latest tactics and strategies to enhance their compliance programs. Compliance, ethics, legal, and audit professionals will gather safely face-to-face to benchmark best practices and gain the latest tactics and strategies to enhance their compliance programs, among many others, to:

  • Network with your peers, including C-suite executives, legal professionals, HR leaders, and ethics and compliance visionaries.
  • Hear from 80+ respected cross-industry practitioners who are CEOs, CCOs, regulators, federal officials, and practitioners to help inform and shape the strategic direction of your enterprise risk management program.
  • Hear directly from panels on leadership, fraud detection, confronting regulatory change, abiding by cross-border rules and regulations, and the always favorite fireside chats.
  • Bring actionable takeaways to your program from various session types, including cyber, AI, Compliance, Board obligations, data-driven compliance, and many others, for you to listen, learn, and share.
  • Compliance Week aims to arm you with information, strategy, and tactics to transform your organization and career by connecting ethics to business performance through process augmentation and data visualization.

I hope you can join me at the event. For information on the event, click here. As an extra benefit to listeners of this podcast, Compliance Week is offering a $200 discount on the registration price. Enter the discount code TFOX2024 for $200 off.

The Compliance Week 2024 Preview Podcast series is a production of the Compliance Podcast Network. Compliance Week is the sponsor of this series.

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Compliance and AI

Compliance and AI: Ernesto Gerardo on Leveraging AI for Business Growth and Success

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 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 Ernesto Gerardo at an upcoming business and AI summit he is hosting in Dallas, TX, on February 17.

Ernesto Gerardo, a renowned figure in the realm of AI and business, is recognized for his expertise in organizing conferences that center around this advanced technology. Based in Texas, Ernesto is a member of the prestigious C Suite network and has a passion for helping businesses scale and grow. His perspective on “AI in business and real estate conference: strategies and tools” is that AI can be utilized to automate and enhance various aspects of any business, including outreach, follow-ups, lead generation, and scheduling. He believes that in the real estate sector, AI can be used creatively in deal structures, working with contractors, and managing Airbnb properties. His experiences in organizing AI-focused events and his collaboration with other experts in the field have shaped this perspective. Join Tom Fox and Ernesto Gerardo as they delve deeper into this topic on the next episode of the Compliance and AI podcast.

Resources:

Ernesto Gerardo on LinkedIn

AI and Business in Real Estate Summit

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

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Daily Compliance News

Daily Compliance News: February 6, 2024 – The Tweaking DEI 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.

In today’s edition of Daily Compliance News:

  • Companies are tweaking DEI.  (WSJ)
  • Brazil goes after TI. (FT)
  • The DOJ is investigating ADM over accounting irregularities. (Reuters)
  • Using AI for brainstorming. (FT)

For more information on Ethico and a free White Paper on top compliance issues in 2024, click here.

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31 Days to More Effective Compliance Programs

31 Days to a More Effective Compliance Program: Day 29 – Strategic Considerations for Implementing AI in Compliance

Implementing AI in compliance requires strategic considerations and decision-making. Understanding the impact of AI, maintaining an inventory of tools, considering cost efficiency and risk avoidance, involving all business sectors, and utilizing AI for better data usage are key factors to consider. Balancing exploration and rules, as well as selecting the right AI tools, are challenges that need to be addressed. By carefully navigating these considerations and challenges, companies can leverage AI to enhance their compliance programs and stay ahead in an ever-evolving regulatory landscape.

 Three key takeaways:

1. What are the key factors that impact these strategic considerations for implementing AI in compliance?

2. Compliance professionals need to stay updated with the latest AI developments and trends, which requires continuous learning and keeping abreast of industry news and insights.

3. Understanding the impact of AI, maintaining an inventory of tools, considering cost efficiency and risk avoidance, involving all business sectors, and utilizing AI for better data usage are key factors to consider.

For more information on Ethico and a free White Paper on top compliance issues in 2024, click here.

Categories
Blog

Strategic Considerations for Implementing AI in Compliance

What are some of the strategic considerations for implementing AI in compliance? What are the key factors that impact these strategic considerations for implementing AI in compliance, exploring the tradeoffs, challenges, and importance of considering the impact on decision-making.

The first consideration is understanding the impact of AI on the company. AI can affect a company in various ways, from internal operations to the products or services it sells. It is crucial for compliance professionals, CEOs, and compliance functions to take a high-level perspective and identify all the ways AI can impact their organization.

The second consideration is maintaining an inventory of all tools used. This can be challenging, especially when a company uses a mix of homegrown and commercially available tools. However, understanding the tools being used in different parts of the company is essential for fully comprehending the privacy and regulatory risks involved.

The third consideration is understanding the tools for cost efficiency and risk avoidance. Companies need to evaluate the value and usage of AI tools regularly. This evaluation helps in balancing the necessary provision of tools with rigorous data security and risk minimization practices. It also ensures cost efficiencies by avoiding redundant tools and optimizing their usage.

The fourth consideration is involving all business sectors in AI discussions. AI implementation should not be siloed within compliance or any specific department. It requires collaboration and participation from various stakeholders, including the board, operations, and compliance teams. Bringing everyone together in an AI working group or team allows for a holistic and strategic approach to AI implementation.

The fifth consideration is utilizing AI for better data usage in compliance. AI enables compliance professionals to analyze trends and patterns in data effectively. This goes beyond simple automation and moves towards predictive analytics. By leveraging AI, compliance programs can enhance their effectiveness and stay ahead of potential risks.

While implementing AI in compliance brings numerous benefits, there are tradeoffs and challenges to consider. One tradeoff is the need to balance exploration and innovation with rules and regulations. Companies should encourage employees to explore and experiment with AI tools but within a safe environment and with clear guidelines. This ensures that AI is used to benefit the company without causing harm.

Another challenge is the selection of AI tools. With the rapid pace of AI development, companies must carefully evaluate and choose the right tools. The wrong choice can lead to wasted resources and missed opportunities. It is crucial to consider factors such as reliability, controls, and the ability to retrieve data if needed.

The impact of AI implementation on compliance cannot be underestimated. Compliance professionals need to stay updated with the latest AI developments and trends. This requires continuous learning and keeping abreast of industry news and insights. Subscribing to relevant sources, such as AI-focused publications or news platforms, can help compliance professionals stay informed.

Implementing AI in compliance requires strategic considerations and decision-making. Understanding the impact of AI, maintaining an inventory of tools, considering cost efficiency and risk avoidance, involving all business sectors, and utilizing AI for better data usage are key factors to consider. Balancing exploration and rules, as well as selecting the right AI tools, are challenges that need to be addressed. By carefully navigating these considerations and challenges, companies can leverage AI to enhance their compliance programs and stay ahead in an ever-evolving regulatory landscape.

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Everything Compliance

Everything Compliance – Episode 127, The Awesome Edition

Welcome to the only roundtable podcast in compliance as we celebrate our second century of shows. In this episode, we have the quartet of Jonathan Armstrong, Matt Kelly, and Jay Rosen, all hosted by Tom Fox, joining us on this episode to discuss some of the topics they are watching in 2024.

  1. Matt Kelly looks at the recently enacted Foreign Extortion Prevention Act (FEPA). He rants about the SEC getting hacked around the Bitcoin ETF announcement and reminds everyone to use two-factor authentication.
  2. Tom Fox shouts out to the University of Michigan for winning the College Football National Championship.
  1. Jonathan Armstrong looks at the intersection of AI and Operational Resilience and ties it to the need for greater Board skills in these areas. He shouts out to Jay Rosen, who is in transition and would be a great addition to any compliance product or service BD team.
  1. Jay Rosen opines on the DOJ’s Expectations for Data Driven Analytics in 2024. He shouts out to Robert Kraft and the New England Patriots for paying departing coach Bill Belichick his full 2024 salary.
  1. Jonathan Marks asks, What does it mean to be on a Board in 2024? He rants about the Philadelphia Eagles.

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 armstrong@corderycompliance.com
  • Jonathan Marks can be reached at jtmarks@gmail.com.

The host, producer, ranter (and sometimes 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.

For more information on Ethico and a free White Paper on top compliance issues in 2024, click here.

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2 Gurus Talk Compliance

2 Gurus Talk Compliance – Welcome to 2024 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 the self-improvement of the Florida Man gone astray.

In the ever-evolving world of regulatory compliance and risk management, challenges are constant, and strategies must be dynamic. Tom highlights the SFO, culture assessments, Key Board issues for 2024 and the McDonald’s Doctrine. Kristy highlights the new law, FEPA, Supply Chains, AI, 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. U.S. Prosecutors Can Charge Foreign Officials With Bribery Under New Provision (WSJ)
  2. New Actions from the White House Highlight the Difficulty of Tracing Forced Labor in Supply Chains (Supply Chain Brain Blog)
  3. Maryland looks to harness AI for government use with executive order (Washington Post)
  4. WorkLife’s definitive guide to what’s in and out for 2024 (WorkLife)
  5. Analysis of failure to exercise duty of oversight by a corporate officer. (D&O Diary)
  6. Key Board issues for 2024. (Compliance and Enforcement)
  7. Are emojis evil? (FCPA Blog)
  8. SFO hammered in the ENRC report. (WSJ)
  9. Why do you need to do a culture assessment? (CCI)
  10. Florida woman sues Hershey for $5 million over ‘deceptive’ Reese’s packaging (ABC News)

 Resources:

Kristy Grant-Hart on LinkedIn

Spark Consulting

Tom

Instagram

Facebook

YouTube

Twitter

LinkedIn

For more information on Ethico and a free White Paper on top compliance issues in 2024, click here.