Tag: compliance

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Innovation in Compliance

Defining and Building Effective Compliance Programs – What’s on the Horizon?


In this five-part podcast series, sponsored by K2 Intelligence FIN, we have considered defining and building effective compliance programs. I have been joined in this series by Michelle Goodsir, a Managing Director at K2 Intelligence, and Gail Fuller, Financial Integrity Network (FIN) Vice President. Michelle has 25 years of financial crime compliance experience which includes fraud risk management, anti-bribery and corruption, corporate security and investigations, sanctions, and Anti-Money Laundering (AML) program experience working within the financial services industry and the US government. Gail focuses on developing, refining, and implementing FIN’s quantitative and qualitative risk rating tools. She leads engagements focused on helping FIN’s jurisdictional and private sector clients understand their exposure to financial crime risk and develop and implement strategies to mitigate their risks.
Over this series we have considered key challenges in compliance, why compliance needs a seat at the table, how to do compliance on a budget; training and culture and what is on the horizon. In our conclusion, Part 5, I visit with Gail Fuller as we look into that veiled land of the future and view what’s on the horizon for compliance. Highlights include:

  • What are regulators looking for when it comes to compliance? Regulators are looking for professionals to be proactive and creative problems solvers. 
  • If compliance was an area that was previously not sufficiently funded, what are three things people need to do now if things are cut even further? Reinforce your commitment to compliance; rethink geographic distribution of your compliance team; and think through technology investments.
  • Thinking about this whole series, we talked about a lot of tips… what are the areas you’d suggest our listeners focus on as they look to rebuild or enhance their programs? Be sure to communication your compliance priorities clearly, leverage personnel to more fully operationalize compliance and then harness and pursue technologies.

Resources
K2 Intelligence financial crimes risk & compliance page: https://www.k2intelligence.com/en/services/our-practices/financial-crimes-risk-and-compliance 
K2 Intelligence AML page: https://www.k2intelligence.com/en/services/our-practices/financial-crimes-risk-and-compliance/anti-money-laundering-compliance
K2 Intelligence Anti-corruption page: https://www.k2intelligence.com/en/services/our-practices/financial-crimes-risk-and-compliance/anti-corruption
K2 Intelligence DOLFIN: https://www.finintegrity.com/dolfin.html

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This Week in FCPA

Episode 206 – the Start of Summer edition


The Memorial Day weekend traditionally signifies the start of summer. What does it mean this year? Self-distancing Tom and Jay are back to consider some of the top compliance articles and stories which caught their collective eye this week.

  1. How can you assess a conflict of interest risk? Jeff Kaplan in the Conflict of Interest blog.
  2. Deemed exports rears its ugly head in Higher Ed. Matt Kellyexplains in Radical Compliance.
  3. Mike Volkov takes a deep dive into beneficial ownership in a four-part series on Corruption Crime and Compliance.
  4. What were the top anti-compliance enforcement developments from this decade. James Koukios and Amanda Aikman in CCI.
  5. What steps can you take to refresh your whistleblower system? Lawyers from Wachtell Lipton opine in NYU’s Compliance and Enforcement Blog.
  6. What does a modern bank heist look like? Jon Rusch explores in Dipping Through Geometries.
  7. What are some old school fraud schemes? Francine McKenna discusses in The Dig.
  8. How can company’s win the trust of whistleblowers back? Jonathan Marks in Board and Fraud.
  9. Three more (former) KPMG partners go down in the firm’s test cheating scandall. Aaron Nicodemus in Compliance Week. (sub req’d)
  10. Interested in moving to the CCO chair? Check in on this month’s edition of The Compliance Life where Tom visits with Ellen Hunt, CCO at AARP. In this Part 3, Hunt discusses what happens when you finally sit in CCO chair. New episodes appear each Tuesday in May at 1 PM CST. The Compliance Life is now available on iTunes.
  11. On Compliance and Coronavirus this week: John Shegerian explains why data is the new oil in the time of Covid-19; Matt Whitteker on supply chain risks in this health crisis; Matt Kelly joins me to discuss the requirement for Covid-19 health attestation by Massachusetts businesses reopening in Phase 1 of the state’s reopening. Compliance and Coronavirus is available on iTunes here.
  12. On the Compliance Podcast Network, this month topic: written standards; all on 31 Days to a More Effective Compliance Program. This week’s offerings: Monday-Charitable donation enforcement actions; Tuesday-Opinion Release guidance on charitable donations; Wednesday-Policies and procedures on charitable donations; Thursday– Policies on political contributions; Friday– the problems with Facilitation Payments. Note 31 Days to a More Effective Compliance Program now has its own iTunes channel.

Tom Fox is the Compliance Evangelist and can be reached at tfox@tfoxlaw.com. Jay Rosen is Mr. Monitor and can be reached at jrosen@affiliatedmonitors.com.

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Everything Compliance

Episode 59-the Potpourri Edition


Welcome to the only roundtable podcast in compliance. Today, we have a serving of Jonathan Armstrong, Jay Rosen, Matt Kelly, special guest Jonathan Marks and Mike Volkov with a veritable potpourri of topics and issues. Rants and shouts outs follow the commentary for this episode.

  1. Mike Volkov looks at two recent enforcement actions involving food safety goes into his nuts and bolts toolbox to lay some actions a CCO or compliance professional can consider at this point in the Coronavirus health crisis.
  1. Jonathan Armstrong considers some of the international corruption risks around Covid-19 and the economies coming out of the health crisis.
  1. Jay Rosen explores what monitorships and compliance oversight may look like in the New Normal.
  1. Matt Kelly reports on the state of the compliance hiring market.
  1. Jonathan Marks looks at Board of Director overconfidence. 

Resources: 
Matt Kelly’s post, The Compliance Jobs Market on Radical Compliance.
Jonathan Marks post, Board Overconfidence on Board and Fraud.
Cordery Compliance client alert, Covid-19 and Corruption FAQs.
Mike Volkov’s posts on Blue Bell and Chipotle, both on Corruption Crime and Compliance.
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
  • Mike Volkov – One of the top FCPA commentators and practitioners around and the Chief Executive Officer of The Volkov Law Group, LLC. Volkov can be reached at mvolkov@volkovlawgroup.com
  • 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
  • Today’s special guest Jonathan Marks is Partner, Firm Practice Leader – Global Forensic, Compliance & Integrity Services at Baker Tilly. Marks can be reached at marks@bakertilly.com
Categories
Daily Compliance News

May 20, 2020-the Jesus edition


In today’s edition of Daily Compliance News:

  • Pakistan accuses China of corruption in belts and roads project. (TimeOfIndia)
  • Softbank founder Masa Son compares himself to Jesus. (NYT)
  • Malaysia PM said he had nothing to do with dropping 1MDB case against former PM’s stepson. (Straitstimes)
  • SFO closes probe into ABB over Unaoil. (WSJ)
Categories
Innovation in Compliance

Defining and Building Effective Compliance Programs – Giving compliance a seat at the table – why compliance should be a part of business strategy


In this five-part podcast series, sponsored by K2 Intelligence FIN, we consider defining and building effective compliance programs. I am joined in this series by Michelle Goodsir, a Managing Director at K2 Intelligence FIN. Gail has 25 years of financial crime compliance experience which includes fraud risk management, anti-bribery and corruption, corporate security and investigations, sanctions, and Anti-Money Laundering (AML) program experience working within the financial services industry and the U.S. government. Gail Fuller is a Vice President at K2 Intelligence FIN. Gail focuses on developing, refining, and implementing FIN’s quantitative and qualitative risk rating tools. She leads engagements focused on helping FIN’s jurisdictional and private sector clients understand their exposure to financial crime risk and develop and implement strategies to mitigate their risks. Over this series we will consider key challenges in compliance, why compliance needs a seat at the table, how to do compliance on a budget, training and culture and what is on the horizon. In this Part 2, I visit with Michelle Goodsir on compliance needs to be an integral part of your business strategy going forward. Some of the highlights include:
Resources
K2 Intelligence financial crimes risk & compliance page: https://www.k2intelligence.com/en/services/our-practices/financial-crimes-risk-and-compliance 
K2 Intelligence AML page: https://www.k2intelligence.com/en/services/our-practices/financial-crimes-risk-and-compliance/anti-money-laundering-compliance
K2 Intelligence Anti-corruption page: https://www.k2intelligence.com/en/services/our-practices/financial-crimes-risk-and-compliance/anti-corruption
K2 Intelligence DOLFIN: https://www.finintegrity.com/dolfin.html

Categories
Innovation in Compliance

Defining and Building Effective Compliance Programs -The Biggest Issues in Compliance Today

In this five-part podcast series, sponsored by K2 Intelligence FIN, we consider defining and building effective compliance programs. I am joined in this series by Michelle Goodsir, a Managing Director at K2 Intelligence, and Gail Fuller, Financial Integrity Network (FIN) Vice President. Michelle has 25 years of financial crime compliance experience which includes fraud risk management, anti-bribery and corruption, corporate security and investigations, sanctions, and Anti-Money Laundering (AML) program experience working within the financial services industry and the US government. Gail focuses on developing, refining, and implementing FIN’s quantitative and qualitative risk rating tools. She leads engagements focused on helping FIN’s jurisdictional and private sector clients understand their exposure to financial crime risk and develop and implement strategies to mitigate their risks.

Over this series we will consider key challenges in compliance, why compliance needs a seat at the table, how to do compliance on a budget; training and culture and what is on the horizon. In Part 2, Michelle and I discuss why compliance needs to be an integral part of your business strategy going forward.

  • What has evolved recently in the landscape that has made the role of compliance more challenging? There has been a plethora of  guidance from different regulators to address emergency situations; managing costs; reviewing alerts in a timely manner.
  • You mention that Compliance is often seen as an overhead cost – why should entities think of it differently? There are a variety of costs around the following, enforcement action costs vs. cost of compliance; operationalizing compliance; building compliance in from the beginning vs. retrofitting a program to maintain compliance; outsourcing compliance.
  • How can organizations make sure compliance protocols are carried out every day? Through a variety of tactics including regular training, communication, action; culture of compliance; tone from the top; compliance at business meetings.

Resources
K2 Intelligence financial crimes risk & compliance page: https://www.k2intelligence.com/en/services/our-practices/financial-crimes-risk-and-compliance 
K2 Intelligence AML page: https://www.k2intelligence.com/en/services/our-practices/financial-crimes-risk-and-compliance/anti-money-laundering-compliance
K2 Intelligence Anti-corruption page: https://www.k2intelligence.com/en/services/our-practices/financial-crimes-risk-and-compliance/anti-corruption
K2 Intelligence DOLFIN: https://www.finintegrity.com/dolfin.html
 

Categories
Daily Compliance News

May 16, 2020-the Coloring Book edition


In today’s edition of Daily Compliance News:

  • Dealing with a difficult employee. (NYT)
  • US to file antitrust charges against Google. (NYT)
  • Think travel was a pain in the yazoo before Covid-19? (WSJ)
  • Compliance guidance for maritime industry. (WSJ)
Categories
This Week in FCPA

Episode 205 – the Not So Fast edition


As federal judge Emmet Sullivan reminded the Justice Department that he, not they, run his court this week, self-distancing Tom and Jay are back to consider some of the top compliance articles and stories which caught their collective eye this week.

  1. Former Wal-Mart lawyer sues for allegedly refusing to change internal investigation report on FCPA. Matt Kelly in Radical Compliance. Dylan Tokar in the WSJ Risk & Compliance Journal.
  2. How to mobilize for an internal investigation. In the WSK Risk & Compliance Journal.
  3. What is trade based money laundering? Jon Rausch in Dipping Through Geometries.
  4. Moving towards a more agile compliance and internal audit. Alex Movchan interviews Alkistis Gkiosi for the Risk and Compliance Platform Europe.
  5. What steps can you take to safeguard a compliance program during Covid-19? Kara Brockmeyer, Andrew M. Levine and Philip Rohlikin opine in NYU’s Compliance and Enforcement Blog.
  6. Should the role of the CCO be expanded? Klaus Moosemeyer says yes in the FCPA Blog.
  7. Using data analytics in a compliance regime. Szilvia Andriasik in the FCPA Blog.
  8. A new cyber-compliance playbook? Rod Rosenstein & Sumon Dantiki in Compliance Week. (sub req’d)
  9. How to handle an internal investigation in during Covid-19? Lara Burke & Dominique Strieder in Compliance Week. (sub req’d)
  10. Interested in moving to the CCO chair? Check in on this month’s edition of The Compliance Life where Tom visits with Ellen Hunt, CCO at AARP. In this Part 2, Hunt relates how to move towards the CCO chair. New episodes appear each Tuesday in May at 1 PM CST. The Compliance Life is now available on iTunes.
  11. On Compliance and Coronavirus this week: Megan Dougherty explains why you should be pod-curious; Andrew Rawson on the new normal of employee relations during and after Covid-19; JohnPetrovski and Jim Belin  on how the economy may reopen and the markets play out. Compliance and Coronavirus.
  12. On the Compliance Podcast Network, this month topic: written standards; all on 31 Days to a More Effective Compliance Program. This week’s offerings: Monday-Operationalization of your Code of Conduct; Tuesday-Introduction to policies and procesures; Wednesday-Revising your policies and procedures; Thursday– Policies and procedures on gifts and business entertainment; Friday– Policies and procedures on travel. Note 31 Days to a More Effective Compliance Program now has its own iTunes channel.

Tom Fox is the Compliance Evangelist and can be reached at tfox@tfoxlaw.com. Jay Rosen is Mr. Monitor and can be reached at jrosen@affiliatedmonitors.com.

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ComplianceLIVE

Episode 20: Compliance Investigations in the Time of Coronavirus

Amanda welcomes ComplianceLine’s Director of Compliance Jenelle Stone Case to the studio to discuss tips on how to conduct compliance investigations remotely.

Check out more episodes and full episode videos at ComplianceLine.com, and don’t forget to subscribe on your favorite podcast platform!

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Daily Compliance News

May 13, 2020-the Landlords in Trouble edition


In today’s edition of Daily Compliance News:

  • Will landlords face a reckoning? (NYT)
  • Morgan Stanley pays $5MM for hiding fees. (NYT)
  • Lawyer accuses Wal-Mart of termination for not changing investigation report. (WSJ)
  • Iron Mountain discloses potential sanctions violations. (WSJ)