In today’s edition of Daily Compliance News:
Tag: compliance
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. In this episode Matt and Tom go into the weeds to look at issues relevant to the next administration. Some of the issues we consider are:
- What are some of the key appointments to follow?
- Where will FCPA enforcement go?
- Will use of monitors increase?
- How might the tone of SEC initiative and enforcement change under the Biden Administration?
- There has been increased scrutiny by the OCC and Fed on financial institutions compliance program. Will it continue?
- The Trump Administration attacks on Diversity and Inclusion training will end.
Resources
See Matt’s blog posts on Radical Compliance– The Biden Administration and Compliance
As the whole world counts down to the US election, Tom and Jay are back to look at top compliance articles and stories which caught their eye this week.
1. Goldman Sachs settles FCPA enforcement action involving Tom with a five-part series on FCPA Compliance and Ethics Blog, Mike Volkov with a 3-part series on Corruption, Crime and Compliance, Tom and Matt on Compliance into the Weeds and the Everything Compliance gang with their first emergency video podcast.
2. The Beam Suntory FCPA enforcement action. Harry Cassin breaks the story in the FCPA Blog. Matt Kelly provides some lessons in Radical Compliance.
3. What can investigators learn from Wirecard? Llyodette Bai-Marrow in the FCPA Blog.
4. TLI President sentenced to 48 months in prison. Dylan Tokar in the WSJ Risk and Compliance Journal.
5. Why the Exit Interview is such a useful exercise. Jonathan Marks in Board and Fraud.
6. It’s Halloween. What are your (corp) skeletons? Michael Toebe in CCI.
7. Experian to appeal ICO fine. Jaclyn Jaeger in Compliance Week.
8. Channel you inner Sherlock Holmes to determine UBOs. Alia Noor on xpertsleague.com.
9. On the Compliance Podcast Network, on 31 Days to a More Effective Compliance Program, we continue our exploration of compliance for Business Ventures. Monday-Franchisor Liability; Tuesday-Franchisor compliance; Wednesday– Following the money thru distributors; Thursday– Distributor liability; Friday– Why Business Ventures are Different than 3rd Parties. Note 31 Days to a More Effective Compliance Program now has its own iTunes channel. If you want to binge out and listen to only these episodes, click here.
10. Join K2 Intelligence FIN for a November 5 webinar, highlighting scenarios in which investigative due diligence can help uncover areas of risk and opportunity in the wake of COVID-19. Learn more and register here.
11. Virtual book launch for Sending the Elevator Back Down. Thursday, November 5, 4:30 ET. Information and registration here.
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.
As the Great Women in Compliance hosts publish their first book and Goldman Sachs settles its massive FCPA enforcement action over 1MDB, Tom and Jay are back to look at top compliance articles and stories which caught their eye this week.
1. Goldman Sachs settles FCPA enforcement action involving 1MDB. See, DOJ Press Release and Remarks of Acting Assistant Attorney General Brian Rabbitt.
2. What have we learned? Team #GWIC (Mary Shirely and Lisa Fine) publish their first book, Sending the Elevator Back Down. Annoucement on CCI.
3. What are the lessons of J&F Investments? Tom takes a deep dive in a 5-Part series on the FCPA Compliance and Ethics Blog. Part 1-Introduction, Part 2-the Bribery Scheme, Part 3-the SEC Order, Part 4-the Plea Agreement, Part 5-Final Thoughts. Mike Volkov does as well in a 4-Part series on Corruption Crime and Compliance. Part 1, Part 2, Part 3, Part 4. Tom and Matt Kelly go into the weeds on Compliance into the Weeds.
4. World Bank to put more resources into evaluating compliance programs. Joshua Ray in the FCPA Blog.
5. Do DPAs and NPAs encourage recidivism? Dylan Phillips continues the debate in the FCPA Blog.
6. Is there more corruption now in college sports? Pat Forde in SI.com.
7. What is the future of financial fraud? Jonathan Karpoff in the Harvard Law School Forum on Corporate Goverance.
8. Will FinTech be the great enabler of the next Industrial Revolution? Ingrid Vasiliu-Feltes on xpertsleague.com.
9. The Everything Compliance gang is back. In this episode, they consider what enforcement might look like under a Trump or Biden Administration. Listen here.
10. On the Compliance Podcast Network, on 31 Days to a More Effective Compliance Program, we continue our exploration of compliance for Business Ventures. Monday-Tying it all together for JVs; Tuesday-Know Your Customer; Wednesday– the Corporate Controller and Business Ventures; Thursday– Financial review of your business venture partner; Friday-Distributors as Business Venture Partners. Note 31 Days to a More Effective Compliance Program now has its own iTunes channel. If you want to binge out and listen to only these episodes, click here.
11. Join Tom and Sam Silverstein for an Executive Forum on Ethics and Accountability on October 28, 2020 12-1 PM CT. Check at the agenda and register here.
12. Join Tom, Holly Sais Phillippi, Head of Americas Risk Sales, Refinitiv and Kelly M. Slavitt in a Refinitiv sponsored webinar, The Future of Due Diligence: Third-Party Risk in the Era of COVID-19, Tuesday, October 27, 1-2 PM CT. Check at the agenda and register here.
13. Check out the replay of the Navex Next 9th Annual Risk & Compliance Virtual Conference event Beyond the Moment. For more information, go here.
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.
As the (non-cheating) Houston Astros attempt to return to the World Series, Tom and Jay are back to look at top compliance articles and stories which caught their eye this week.
- J&F Investments settles FCPA criminal case. Harry Cassin (as usual) breaks the story in FCPA Blog.
- Why third-party due diligence is an ongoing exercise. Mike Volkov in Corruption Crime and Compliance. Jim Nortz takes a deep dive into 3rd party risk management in Part 1 of a six-part series on CCI.
- Citigroup spanked for $400MM by OCC and the Fed. Matt Kelly with a double dive on Radical Compliance (Part 1 & Part 2). Matt and Tom take a deep dive on Compliance into the Weeds.
- Ephemeral messaging frowned upon by SEC. Jonathan Marks in Board and Fraud.
- The WEF’s ESG reporting now includes anti-corruption metrics. Worth MacMurray and Elaine Dezenski in the FCPA Blog.
- Supply Chains under more scrutiny. Vera Cherepanova in Navex Global’s Risk and Compliance Matters.
- Some open-door tales. Richard Leisner with a guest post on the D&O Diary.
- Do the FinCen Papers show we need an AM whistleblower protection program? Hamsa Mahendranathan in NYU Compliance and Enforcement Blog.
- On the Compliance Podcast Network, on 31 Days to a More Effective Compliance Program, we continue our exploration of compliance for Business Ventures. Monday-Safe Harbor in M&A; Tuesday-Pre-acquisition DD, the business perspective (with special guest Vin DiCianni); Wednesday– Pre-acquisition risk assessment; Thursday– Pre-acquisition due diligence; Friday-Integrating post acquisition (with special guest Eric Feldman). Note 31 Days to a More Effective Compliance Program now has its own iTunes channel. If you want to binge out and listen to only these episodes, click here.
- Join Tom and Sam Silverstein for an Executive Forum on Ethics and Accountability on October 28, 2020 12-1 PM CT. Check at the agenda and register here.
- Join Tom, Holly Sais Phillippi, Head of Americas Risk Sales, Refinitiv and Kelly M. Slavitt in a Refinitiv sponsored webinar, The Future of Due Diligence: Third-Party Risk in the Era of COVID-19, Tuesday, October 27, 1-2 PM CT. Check at the agenda and register here.
- Check out the Navex Next 9th Annual Risk & Compliance Virtual Conference event Beyond the Moment October 22 from 10 AM to 4 PM. Check at the agenda and register here.
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.
The DOJ and SEC have both made it clear that they expect companies to be more robust in their use of data analytics in compliance programs. This means using data to not only detect and prevent illegal conduct but also in the remediation prong of any best practices compliance program as well through continuous improvement. In 2019, former Deputy Assistant Attorney General Matthew Miner said in a speech that the DOJ will inquire whether compliance departments have access to internal data that could help them identify misconduct and whether compliance officers make adequate use of data analytics in their reviews of companies under investigation. Since at least 2016 in the FCPA enforcement action involving Key Energy Services, Inc., the SEC has been communicating to compliance professionals of the need for increased use of data and data analytics in any compliance program.
The bottom line is that it is not if but when you begin to incorporate corporate information into your compliance program to make your compliance program more efficient and your business process run more effectively. My suggestion is that you begin now to identify the data you have access to and the data to which you currently do not have access. Find a way to bridge that gap.
Three key takeaways:
- DOJ pronouncements mandate CCO availability to and use of data.
- Data can be an actionable solution across geographic and business lines.
- Use data as a business strategy.
For more information, check out The Compliance Handbook, 4th edition, here.
As President Trump claims to be ‘Covid-free’ and the (non-cheating) Houston Astros prepare to return to the ALCS, Tom and Jay are back to look at top compliance articles and stories which caught their eye this week.
- JPMorgan pays $920 million fine for spooking. Matt Kelly looks at it in Radical Compalince. Tom and Matt take a deep dive in Compliance into the Weeds. Mike Volkov considers on Corruption Crime and Compliance.
- What is ‘efficient patent infringement’ (sort of like being ‘just a little bit’ pregnant)? Jon Rusch in Dipping Through Geometries.
- Of donut holes and cyber attacks. Jonathan Marks in Board and Fraud.
- What is effective discipline? Jeff Kaplan in CEP Magazine.
- Is the SEC moving to increase its penalties in light of Lui? Robert Cohen and Stefani Johnson Myrick in NYU’s Compliance and Enforcement Blog.
- Mobile devices and internal investigations. David Carns in CCI.
- What is a Grand Jury subpoena? Sara Kropf in Grand Jury Target.
- The Everything Complaince gang takes a dive into the Herbalife FCPA resolution. Monday-Mike Volkov on what he would have done; Tuesday-Jay Rosen on the lack of a monitorship; Wednesday-Matt Kelly on the role of Internal Audit; Thursday-Jonathan Marks on the role of gatekeepers; Friday-Jonathan Armstrong on the UK perspective.
- On the Compliance Podcast Network, on 31 Days to a More Effective Compliance Program, we continue our exploration of compliance for Business Ventures. Monday-Dis-linking illegal conduct; Tuesday-JV Risks Under the FCPA; Wednesday– JV Due Diligence; Thursday-Compliance T&C’s in JV agreements; Friday-Auditing JVs .Note 31 Days to a More Effective Compliance Program now has its own iTunes channel. If you want to binge out and listen to only these episodes, click here.
- Join Tom (and Matt Kelly) for Home Stretch 2020, a webinar sponsored by Complaince Line. Check at the agenda and register here.
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.
As the ICIJ releases some 2100 SARs from FinCen detailing over $2 trillion in illegal banking activity, the fires in California, Oregon and Washington finally abate. Tom and Jay are back to look at top compliance articles and stories which caught their eye this week.
- The FinCen Papers. Banks and SARs. (NYT) HSBC allowed Ponzi scheme. (BBC) Cache of FinCen docs made public. (BBC) Aaron Nicodemus says it puts compliance in a bad light in Compliance Week (Sub Req’d). Martin Woods on the breach of trust in Compliance Week (Sub Req’d). Jaclyn Jaeger says look at the banks, In Compliance Week (Sub req’d). Matt Kelly weighs in on Radical Compliance.
- More data analytics tools for compliance. Dylan Tokar in the WSJ Risk and Compliance Journal.
- What makes a ‘Great Woman in Compliance’. Mary Shirley reports on her journey as co-host of #GWIC in CCI.
- What does doing more with less mean for compliance? Matthew McFillin and Amanda Rigby in the FCPA Blog.
- What are the 7 sins of ESG Management? FTI in the Harvard Law School Forum on Corporate Governance.
- The largest AML case in Hong Kong history. Jon Rausch in Dipping Through Geometries.
- Oil trader cops to FCPA violation. Harry Cassin breaks the story on the FCPA Blog
- Why the Board needs a separate Compliance Committee. Mike Volkov in Corruption Crime and Compliance.
- This month on The Compliance Life, I am joined by DeAnna Nwankwo. In this week’s Part 3, DeAnna talks about building trust as a CCO.
- On the Compliance Podcast Network, on 31 Days to a More Effective Compliance Program, this month focuses on internal controls. This week saw the following offerings: Monday– Objective I; Tuesday– Objective II;Wednesday– Objective III; Thursday– Objective IV; and Friday– Objective 5. Note 31 Days to a More Effective Compliance Program now has its own iTunes channel. If you want to binge out and listen to only these episodes, click here.
- Join Jay and Tom at Converge20. Convercent’s top compliance conference is going virtual this year. Check at the agenda and register here.
- Join K2 Intelligence FIN, on September 30 for a webinar with the AIBACP, “Strategies for Surviving an Offsite Regulatory Examination,” featuring Koby Bambilia, K2 FIN Managing Director, and a panel of experts, from banks to regulators. Registration and information here.
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.
As Donald Trump blames the California and Oregon forest fires on ‘trees gone bad’; Tom and Jay continue to brave the surge in Covid cases by staying safe at home. They are back to look at top compliance articles and stories which caught their eye this week.
- How does Bluebell apply to cyber claims against a Board of Directors? Paul Ferllio, Bob Zukis and Christophe Veltsos in the Harvard Law School forum on Corp Governance.
- VW Monitor closes out monitorship. Jack Ewing in the NYT. Mengqi Sun in the WSJ Risk and Compliance Journal.
- Tom takes a deep dive into Herbalife. Part 1, Part 2, Part 3 and Part 4.
- The intersection of anti-human trafficking and ABC compliance. Vanessa Hans in the FCPA Blog.
- Does the DOJ have to turn in SEC investigative material in a criminal FCPA trial? Matt Kelly goes legal in Radical Compliance.
- The intersection of compliance and internal audit? Mike Volkov in Corruption Crime and Compliance.
- Who is a PEP? Dick Cassin considers a plethora of definitions in the FCPA Blog.
- Has Covid-19 changed the relationship between senior management and the Board? Dottie Schindlinger and Kira Ciccarelli in CCI.
- This month on The Compliance Life, I am joined by DeAnna Nwankwo. In this week’s Part 2, DeAnna talks about some of the skills she needed in the CCO chair.
- On the Compliance Podcast Network, on 31 Days to a More Effective Compliance Program, this month focuses on internal controls. This week saw the following offerings: Monday– Internal controls for 3rd parties; Tuesday– Internal controls for GTE; Wednesday– BOD oversight as an internal control; Thursday– Code of Conduct as an internal control; and Friday– What is the COSO Internal Controls Framework. The month of August is being sponsored by Affiliated Monitors. Note 31 Days to a More Effective Compliance Program now has its own iTunes channel. If you want to binge out and listen to only these episodes, click here.
- Join Jay and Tom at Converge20. Convercent’s top compliance conference is going virtual this year. Check at the agenda and register here.
- Join a great upcoming K2 Intelligence FIN webinar. Robin Henry on how investigators can use social media, Thursday, 9-24 at 1600 GMT. Registration and information here.
- Join Tom, Charlie Voelker, Legal Compliance Solutions, Skillsoft and Stephen Martin, Partner, StoneTurn for a joint Skillsoft/StoneTurn webinar on evolving your compliance program under the 2020 Update to the Evaluation of Corporate Compliance Programs. Wednesday, September 23, from 12 PM – 1 PM EDT. Information and registration here.
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.