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Compliance Tip of the Day

Compliance Tip of the Day: Compliance Lessons from Boris Karloff’s Frankenstein

Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements.

Whether you’re a seasoned compliance professional or just starting your journey, our aim is to provide you with bite-sized, actionable tips to help you stay on top of your compliance game.

Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your organization on the right side of the law.

Tune in daily for your dose of compliance wisdom, and let’s make compliance a little less daunting, one tip at a time.

How does the Boris Karloff version of Frankenstein inform your compliance program?

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Compliance Tip of the Day

Compliance Tip of the Day: TD Bank Lessons Learned – The Penalty of Growth Restrictions

Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements.

Whether you’re a seasoned compliance professional or just starting your journey, our aim is to provide you with bite-sized, actionable tips to help you stay on top of your compliance game.

Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your organization on the right side of the law.

Tune in daily for your dose of compliance wisdom, and let’s make compliance a little less daunting, one tip at a time.

The OCC not only put on a growth restriction on TD Bank but will further increase the penalty if the Bank fails to meet compliance obligations.

 

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Blog

When New Business Risks Emerge: Lessons for Compliance from The Creature from the Black Lagoon

Ed. Note: This week, leading up to Halloween, I will examine lessons for compliance professionals through the lens of the great Universal Movie Monsters: Frankenstein, Wolfman, Dracula, and The Mummy. Today, we consider what compliance needs to do when new business risks emerge through the lens of the 1954 monster movie classic The Creature from the Black Lagoon. 

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We move from the 1930s to the 1950s to look at the classic horror film The Creature from the Black Lagoon. In this movie, a team of scientists stumbles upon an uncharted and dangerous lagoon in the Amazon rainforest, only to discover the terrifying Gill-man. What starts as a routine scientific expedition quickly becomes a struggle for survival as the group faces an unexpected threat from an unknown entity. As compliance professionals, this scenario is an apt metaphor for when new business risks emerge or your business model changes unexpectedly.

The film offers valuable lessons on preparedness, adaptability, and vigilance in the face of the unknown lessons echoed in the latest guidance from the 2024 Evaluation of Corporate Compliance Programs(2024 ECCP) and commentary from industry experts like Nicole Argentieri. In this post, we will explore what *The Creature from the Black Lagoon* teaches us about managing new business risks, assess the 2024 ECCP’s guidance on this issue, and consider how Principal Deputy Assistant Attorney General Lisa Argentieri’s views on the 2024 ECCP further inform our approach to compliance in a changing business landscape.

Identifying the Uncharted Waters: Recognizing New Risks

The scientists in The Creature from the Black Lagoon ventured into unknown territory, unaware of the dangers lurking beneath the surface. Similarly, when a business undergoes a shift in its business model, whether through entering new markets, launching new products, or facing changes in regulatory environments, new risks can emerge that were previously uncharted. The first step in managing these risks is recognizing them.

The 2024 ECCP stresses the importance of continuously assessing and identifying new risks as part of an effective compliance program. The ECCP notes that businesses should engage in ongoing risk assessments, particularly when significant changes in business operations occur. Compliance officers must have a mechanism to detect these changes early and respond accordingly.

Nicole Argentieri emphasizes this point, highlighting the need for businesses to be proactive rather than reactive. In her commentary on the ECCP, Argentieri notes that one of the key elements of a robust compliance program is its ability to evolve with the business. Companies must quickly recalibrate their risk assessments and compliance strategies when new risks appear. As the film illustrates, failing to anticipate or identify new threats can leave you vulnerable, just as the scientists were unprepared for the dangers in the lagoon.

 Assessing the Threat: The Need for a Swift and Comprehensive Risk Evaluation

Once the scientists in the film realize that the Gill-man is a threat, they must quickly reassess their entire situation. In the corporate world, the appearance of a new risk demands a similar response: swift and comprehensive evaluation. Businesses must assess the immediate risk and its broader implications on the company’s operations, reputation, and compliance obligations.

The 2024 ECCP strongly emphasizes the need for businesses to adapt their risk assessments to reflect changes in operations or the external environment. Whether the company is expanding into a new geographic area, introducing new products, or dealing with changing regulations, the risk landscape will shift. Compliance officers must ensure their risk management frameworks are flexible enough to incorporate these new threats.

Argentieri has noted that when new risks emerge, companies must act swiftly to integrate them into their compliance programs. This involves conducting fresh risk assessments and ensuring that any changes in the business model are reflected in compliance policies, training, and monitoring systems. Like the characters in the film, who adapt their strategies as they learn more about the Gill-man, compliance teams must evolve their strategies based on a full understanding of the new risk landscape.

Adapting Your Strategy: Revising Policies, Procedures, and Controls

The central characters in The Creature from the Black Lagoon must quickly adapt their approach to survive. Similarly, when new business risks arise, compliance officers must reevaluate and adjust existing policies, procedures, and internal controls. The 2024 ECCP clearly states that policies and controls should not remain static. Instead, they must be revised to reflect the changing nature of business operations and risks.

When your business model changes, you cannot assume that your existing compliance framework will continue to be effective. For example, expanding into new geographic regions may introduce new risks related to anti-bribery and corruption (ABAC), data privacy, or supply chain integrity. New product offerings bring consumer protection, product safety, or intellectual property risks to the forefront. The ECCP recommends reviewing and updating your internal controls, third-party risk management processes, and compliance training to ensure that all aspects of your compliance program remain relevant.

Argentieri’s analysis of the 2024 ECCP reinforces this point. She has argued that businesses must build dynamic and agile compliance programs. The compliance function should be involved in key decision-making processes as the business grows and changes. When new risks emerge, the compliance department must be ready to overhaul procedures and policies swiftly. This could mean expanding due diligence efforts, revising conflict-of-interest policies, or rolling out new training programs to address the specific nature of the risk.

Vigilance and Monitoring: Ongoing Risk Management

In The Creature from the Black Lagoon, the characters must always stay vigilant to avoid the creature’s attacks. When new risks emerge, businesses must maintain a heightened level of vigilance through ongoing monitoring and testing of their compliance programs. The 2024 ECCP underscores the importance of regular monitoring to ensure compliance programs work as intended, especially in the face of new business risks.

The ECCP recommends incorporating data analytics and other technological tools to monitor compliance activities in real-time. For example, if your business is expanding into new regions, you may want to enhance monitoring of third-party relationships in those areas to ensure compliance with local laws and regulations. Continuous monitoring allows businesses to spot emerging risks early and respond before they become critical issues.

Argentieri has highlighted the need for compliance professionals to stay engaged with the business as it evolves. She suggests that compliance officers must work closely with business leaders to understand the company’s strategic direction and anticipate new risks before they fully materialize. Compliance professionals can avoid potential threats by actively participating in business discussions and decision-making and adjusting their monitoring programs accordingly.

Training and Communication: Keeping Everyone in the Loop

In the film, survival depends on everyone being aware of the danger and working together to manage it. Similarly, once new risks have been identified, ensuring that all employees, from the C-suite to the front lines, are informed and equipped to handle them is essential. The 2024 ECCP stresses the importance of communication and training as key components of an effective compliance program, especially when new risks are introduced.

When a business model changes or a new risk emerges, compliance officers must update training programs to reflect these developments. Employees should understand the nature of the new risks and how to navigate them within the company’s compliance framework. Regular communication from leadership about the importance of compliance and the role employees play in managing risk is critical for building a culture of compliance.

Argentieri has noted that training should be tailored to address the risks that have arisen. For example, if a company is entering a market with heightened anti-corruption risks, the compliance training should focus on identifying red flags for bribery and navigating local regulatory requirements. Just as the characters in The Creature from the Black Lagoon needed to work as a team to survive, businesses must ensure everyone is on the same page when managing new risks.

The lessons from The Creature from the Black Lagoon offer valuable insights for today’s compliance professionals. When faced with new and unforeseen threats, quickly adapting and responding is crucial for survival. The 2024 ECCP reinforces this need for agility, emphasizing the importance of ongoing risk assessments, the revision of policies and procedures, and vigilant monitoring.

Nicole Argentieri’s commentary on the ECCP provides further guidance, urging companies to build compliance programs that can evolve in real-time with the business. Just as the characters in the film had to adapt to survive, compliance officers must ensure their programs are flexible enough to respond to new risks and changing business models. By staying alert, adapting quickly, and fostering a culture of compliance, businesses can navigate uncharted waters and emerge stronger on the other side.

Join us tomorrow, where we will consider the 1954 movie version of The Creature from the Black Lagoon and how companies must assess and manage new and emerging risks.

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Compliance Tip of the Day

Compliance Tip of the Day: TD Bank Lessons Learned: The Board and It’s Duty of Oversight

Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements.

Whether you’re a seasoned compliance professional or just starting your journey, our aim is to provide you with bite-sized, actionable tips to help you stay on top of your compliance game.

Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your organization on the right side of the law.

Tune in daily for your dose of compliance wisdom, and let’s make compliance a little less daunting, one tip at a time.

Under the Caremark Doctrine, the Board of Directors has clear duties not to put their head in the sand and engage in conscious indifference.

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Blog

Branding Lessons from Bela Lugosi’s Count Dracula for the Modern Compliance Professional

Ed. Note: This week, leading up to Halloween, I will examine lessons for compliance professionals through the lens of the great Universal Movie Monsters: Frankenstein, Wolfman, Dracula, and The Mummy. Today, we consider Bela Lugosi’s film version of Dracula. 

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When we think about the iconic portrayal of Count Dracula, it is almost impossible to picture anyone but Bela Lugosi in his 1931 film role. His elegant, mysterious demeanor and commanding presence defined the image of Dracula for generations. But what does this classic portrayal of a vampire do with corporate compliance? More than you might think.

Branding in the corporate world is often reduced to logos and taglines, but a deeper dive reveals that branding is much more about perception, reputation, and the story you tell—and in that sense, Count Dracula is a case study in strategic brand management. As compliance professionals, we can draw several important lessons from Lugosi’s Dracula to help us think more strategically about how we build and maintain the reputation of our companies, especially in today’s dynamic regulatory environment. Let’s sink our teeth into some of these branding lessons.

Consistency in Presentation is Key

From the moment Bela Lugosi first appears onscreen as Dracula, his image is unmistakable: the sleek, black cape, the formal attire, the slicked-back hair. He is always meticulously dressed and composed. This consistent visual representation became Dracula’s calling card, which is why he is recognized globally, even by those who have never seen the film.

In the corporate world, consistency in branding is just as essential. A company’s branding must be coherent and uniform across all platforms, whether marketing materials, social media, or internal communications. This does not just apply to the visual aspects but also to the tone, messaging, culture, and values that the company communicates.

For compliance professionals, this lesson reminds us that consistency builds trust. A company that is inconsistent in its messaging or approach to compliance, one-day promoting ethical behavior while the next quietly allowing questionable practices, sends mixed signals to employees, stakeholders, and regulators. Maintaining a clear and consistent message about a culture of compliance not only builds credibility but also helps shape a corporate culture where ethics and integrity are central.

A Strong Brand Requires Attention to Detail

Lugosi’s Dracula is memorable not just for the sweeping cape or chilling stare but also for the subtleties of his performance: the deliberate pace of his speech and the way he uses his eyes to convey menace. Every detail contributes to the impression that Dracula is sophisticated and dangerous.

Branding is no different. Every touchpoint and every interaction with your brand contributes to the overall perception. From how your team members answer the phone to the layout of your website, these seemingly small details add up to create a cohesive brand image.

For compliance professionals, the details matter. A robust compliance program requires meticulous attention to detail, from the language used in your Code of Conduct to the reporting mechanisms available for employees to raise concerns. Every part of the program must work harmoniously to present a clear and coherent message: compliance is not just a checkbox but an integral part of your company’s identity.

Create a Memorable Experience

When audiences see Lugosi’s Dracula for the first time, they do not just see a movie; they experience it. The chilling atmosphere, the tension-filled interactions, and the eerie soundtrack all combined to create a sense of dread long after the credits rolled. Dracula wasn’t just another movie; it was an unforgettable experience.

In corporate branding, creating memorable experiences for your audience is essential. Whether it is customers, employees, or regulators, the way people experience your company will shape their perception of your brand. This goes beyond products or services; it creates a culture and environment where people feel respected, valued, and heard.

For compliance teams, this can mean creating engaging and thought-provoking training sessions, not just rote exercises. It means fostering a workplace environment where employees feel empowered to speak up without fear of retaliation. Just as Dracula left a lasting impression on audiences, compliance leaders should strive to leave a positive and lasting impression on employees and stakeholders, reinforcing the importance of ethical behavior.

Adaptation and Reinvention

Though Lugosi’s portrayal of Dracula is the most iconic, the character has been reimagined countless times over the decades. The essence of Dracula as a mysterious, powerful figure remains constant, but each new version of the character is adapted to fit the time period and audience. This adaptability is key to Dracula’s enduring appeal.

Corporate branding, too, must be adaptable. Your brand’s core values—integrity, excellence, responsibility, and a culture of compliance—should remain constant, but the way you communicate those values must evolve with the times. As consumer expectations, technology, and regulatory landscapes shift, so must your branding approach.

For compliance professionals, this means staying ahead of the curve. Compliance programs cannot be static; they must evolve to meet new regulations, new risks, and new business realities. Just as Dracula has been reinvented to remain relevant to new generations of audiences, compliance programs must be continually updated and refined to remain effective and aligned with current expectations.

The Power of Reputation

Dracula’s reputation precedes him. Long before he appears on screen, the audience knows he’s a dangerous figure to be feared. This reputation enhances his power; he is already feared and respected without having to do anything.

In the corporate world, reputation is everything. Your brand’s reputation is its most valuable asset, and it must be protected at all costs. One scandal and a misstep can undo years of hard work in building a positive brand image.

Protecting the company’s reputation is a central part of the job for compliance professionals. A strong compliance program is not just about avoiding fines and penalties but also safeguarding the company’s reputation. This involves ensuring that the company complies with all regulations and fostering a culture where employees understand the importance of acting ethically and with integrity. Reputation, like Dracula’s presence, is powerful; it can either elevate or destroy a company.

Control the Narrative

Count Dracula controls how others perceive him; he is always in command of the narrative, whether by charm, intimidation, or deception. Lugosi’s Dracula exudes a controlled power that clarifies that he is always one step ahead of his opponents.

In corporate branding, controlling the narrative is critical. This doesn’t mean manipulating facts or engaging in deception but rather ensuring that your company’s story is told clearly, positively, and authentically. Companies need to proactively shape how they are perceived by the public, regulators, and their own employees.

For compliance teams, controlling the narrative is especially important in times of crisis. How you respond can make all the difference when something goes wrong, whether it is a data breach, an ethics scandal, or a regulatory violation. Compliance leaders should be prepared with a clear communication plan during crises, ensuring transparency, accountability, and a commitment to rectifying any issues.

Building a Brand that Endures

Bela Lugosi’s Dracula remains iconic nearly a century after his first appearance. His lasting legacy is a testament to the power of strategic branding. For compliance professionals, the lessons are clear: build a consistent, detail-oriented, adaptable, and trustworthy brand. As Dracula’s reputation continues to influence modern pop culture, how your company approaches compliance will shape its reputation for years.

By learning from Count Dracula’s branding playbook, compliance professionals can help their companies survive and thrive in an increasingly complex and competitive business environment.

Join us tomorrow as we consider the need to assess and manage new and emerging risks through the lens of The Creature from the Black Lagoon. 

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Compliance Tip of the Day

Compliance Tip of the Day: TD Bank Lessons Learned – New and Emerging Risks Demand Action

Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements.

Whether you’re a seasoned compliance professional or just starting your journey, our aim is to provide you with bite-sized, actionable tips to help you stay on top of your compliance game.

Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your organization on the right side of the law.

Tune in daily for your dose of compliance wisdom, and let’s make compliance a little less daunting, one tip at a time.

If you develop new products and services, you must assess those offerings as new compliance risks to manage.

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Blog

Compliance Lessons from Boris Karloff’s Frankenstein

Ed. Note: This week, leading up to Halloween, I will examine lessons for compliance professionals through the lens of the great Universal Movie Monsters: Frankenstein, Wolfman, Dracula, and The Mummy. First up is Boris Karloff’s film version of Frankenstein. 

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The 1931 classic Frankenstein, starring Boris Karloff as the iconic monster, offers more than gothic horror. It provides a rich framework for understanding corporate compliance. The film, adapted from Mary Shelley’s novel, tells the story of Dr. Henry Frankenstein, whose ambition to play God results in the creation of a monstrous figure. While focusing on the horror elements is easy and fun, a closer analysis reveals valuable lessons for compliance professionals and business leaders alike.

We will explore how this film version of Frankenstein mirrors real-world compliance challenges and how its themes of ambition, unchecked power, and ethical negligence offer critical insights into today’s corporate environment. We will also consider how Frankenstein offers a range of corporate compliance lessons that resonate with the key points raised by Nicole Argentieri in her recent speech to the Society of Corporate Compliance and Ethics (SCCE) and the 2024 Evaluation of Corporate Compliance Programs (2024 ECCP).

The Perils of Ignoring Ethical Oversight: Frankenstein’s Creation and Corporate Risk

Dr. Frankenstein’s pursuit of creating life was a scientific marvel, but his failure to consider his work’s moral and ethical implications led to his downfall. His ambition closed his eyes to the responsibilities that come with power and innovation. This reflects a critical issue for corporate compliance: the danger of ignoring ethical oversight in the rush to achieve business objectives.

In her SCCE speech, Nicole Argentieri highlighted the importance of ethical decision-making and the need for leadership to embed compliance into every facet of business operations. The 2024 ECCP emphasizes that compliance officers must have the authority and autonomy to act independently and influence decision-making at the highest levels of an organization. Just as Frankenstein lacked the oversight to rein in his dangerous experiment, a lack of oversight in corporate governance can result in catastrophic outcomes.

The clear lesson for compliance professionals is that organizations must prioritize ethical oversight and ensure compliance is involved in strategic decision-making. As the 2024 ECCP advises, having a strong compliance function with direct access to the board of directors can prevent “Frankenstein-like” risks from spiraling out of control. Ethics cannot be an afterthought; just as Frankenstein learned too late that his creation needed more than raw ambition, organizations must recognize the importance of ethical governance before it’s too late.

Risk Management: Expecting the Unexpected

One key reason for Frankenstein’s failure was his inability to anticipate the risks his creation posed. He believed he could control the creature, but without proper planning, things quickly spiraled out of control. This is a critical lesson in risk management for any organization. The creature was the manifestation of uncalculated risk—an outcome born of Dr. Frankenstein’s failure to consider the “what ifs.”

Argentieri’s speech and the 2024 ECCP emphasize the importance of addressing emerging risks and implementing proactive risk management strategies. As business models evolve, new risks emerge, and compliance professionals must be vigilant in identifying and addressing them before they become uncontrollable.

Compliance professionals should continuously evaluate and adjust their risk management strategies. This aligns with Argentieri’s recommendation that compliance programs must be agile and anticipate emerging risks, especially in areas such as new technologies, cybersecurity, and third-party relationships. A comprehensive risk management process that includes scenario planning and stress testing can prevent corporate “creatures” from escaping the lab and causing damage.

Accountability and Governance Failures

Dr. Frankenstein operated without accountability, answerable only to himself. His lack of governance resulted in a situation without checks and balances on his actions, and his poor judgment led to tragic consequences. The creature’s actions, while horrifying, can be traced back to Frankenstein’s governance failures.

Argentieri emphasized in her SCCE speech that the DOJ expects organizations to maintain a strong compliance culture backed by a governance structure that holds individuals accountable for their actions. The 2024 ECCP builds on this expectation, stressing that compliance programs must ensure accountability at all levels—from executives to front-line employees.

Effective compliance programs must have strong governance structures to hold individuals accountable for their decisions. This is more than just ensuring policies are in place; it’s about creating a culture where employees at every level understand their ethical responsibilities. Just as Frankenstein should have been accountable for the consequences of his experiment, corporate leaders must be held accountable for the risks and decisions they make within the company.

The Ethical Consequences of Secrecy

In Frankenstein, secrecy plays a critical role in Dr. Frankenstein’s downfall. He isolates himself from his peers, hiding the details of his experiments out of fear that others will not understand or approve. This secrecy prevents him from receiving the input and guidance that could have prevented disaster.

Similarly, corporate secrecy can breed ethical violations. In her speech, Argentieri discussed the importance of transparency in compliance efforts, particularly when addressing misconduct. The 2024 ECCP emphasizes open communication within organizations, noting that secrecy or a culture of silence can lead to deeper ethical violations, regulatory breaches, and, ultimately, significant legal consequences.

Compliance professionals must constantly work to foster a culture of transparency and open communication within their organizations. Indeed, the DOJ sees compliance professionals as the holders of institutional justice and institutional fairness in their organizations. Employees should feel empowered to raise concerns without fear of retaliation. Compliance professionals should encourage whistleblowers, monitor for red flags, and ensure that no department operates in secrecy. In the same way, that Dr. Frankenstein’s isolation led to his downfall, a corporate culture of secrecy can result in unethical behaviors festering in the shadows.

Remediation and the Need for Swift Action

One of the more tragic elements of Frankenstein is Dr. Frankenstein’s inability—or refusal—to remediate his mistakes. Instead of acknowledging the harm his creation causes and taking steps to stop it, he spends much of the film trying to avoid responsibility. This refusal to act only exacerbates the problem, leading to even more destruction.

In her SCCE speech, Argentieri emphasized the importance of remediation when compliance issues arise. The 2024 ECCP reinforces this point, stating that companies must take swift action when misconduct occurs to address the immediate issue and prevent future violations. A failure to remediate can lead to a loss of trust from regulators, stakeholders, and the public.

Companies must act swiftly to remediate any ethical or compliance violations. This means conducting thorough investigations, holding wrongdoers accountable, and implementing corrective measures to prevent similar issues in the future. Dr. Frankenstein’s inaction led to tragic consequences, and in the corporate world, failure to remediate can result in reputational damage, legal penalties, and a loss of public trust.

Creating a Culture of Compliance and Ethical Awareness

Ultimately, Dr. Frankenstein’s downfall can be traced to his failure to create an environment that valued ethical considerations and accountability. He was driven by ambition without the ethical grounding to manage his creation responsibly.

Argentieri’s speech stressed the importance of building a culture of compliance and ethical awareness within organizations. The 2024 ECCP echoes this, highlighting that culture is the foundation of an effective compliance program. A company’s culture should not only encourage compliance but make it clear that ethical behavior is a core value of the organization.

Compliance professionals should focus on building a strong ethical culture within your organization. Compliance programs are most effective when employees at all levels buy into the company’s ethical mission. Training programs, consistent messaging from leadership, and visible consequences for unethical behavior are all crucial components of creating this culture.

The Boris Karloff version of Frankenstein may be categorized as a horror film, but its compliance lessons are relevant to any organization today. From respecting ethical boundaries to the importance of accountability, risk management, and training, the film underscores the dangers of unchecked ambition and the value of thoughtful, well-designed compliance frameworks. As compliance professionals, we must ensure that our organizations don’t become modern-day Frankenstein’s, creating monsters we cannot control.

Join us tomorrow as we consider the corporate branding lessons for the compliance professional from the Bela Lugosi movie version of Count Dracula.

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Compliance Tip of the Day

Compliance Tip of the Day: TD Bank Lessons Learned: Putting Profits Over Compliance Will Always End Poorly

Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements.

Whether you’re a seasoned compliance professional or just starting your journey, our aim is to provide you with bite-sized, actionable tips to help you stay on top of your compliance game.

Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your organization on the right side of the law.

Tune in daily for your dose of compliance wisdom, and let’s make compliance a little less daunting, one tip at a time.

Cutting costs in compliance and reducing head count will always be a path to wreck and corporate ruin.

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Innovation in Compliance

Innovation in Compliance: Monica Goyal on Tech-Driven Solutions for Law Firms

Innovation comes in many areas and compliance professionals need to not only be ready for it but embrace it. Join Tom Fox, the Voice of Compliance, as he visits with top innovative minds, thinkers, and creators in the award-winning Innovation in Compliance podcast. This month’s sponsor of Innovation in Compliance is Athennian.

In this episode, Tom welcomes Monica Goyal, the Vice President for Legal Innovation and Lawyer at Caravel LLC and Briefly LLC, to explore the transformative potential of technology in the legal industry.

Monica has a non-traditional journey to the legal profession, beginning with her educational background in electrical engineering and firsthand experience in Silicon Valley. From this perspective and after law school and work in the legal field, she observed multiple process inefficiencies. She discusses how advanced technologies like generative AI and data analytics can address these inefficiencies, improving corporate governance, contract management, and the overall delivery of legal services.

Monica highlights the importance of legal innovation officers in law firms and the role of Caravel Law’s unique model in providing backend support to legal professionals, allowing them to escape administrative tasks and focus on core legal work. She also touches on the innovative concept of fractional in-house counsel, which serves businesses needing more support than external counsel without the full expense of a general counsel. Listeners will gain insights into the growing necessity for legal tech skills and the benefits of tools such as Athennian for document automation. Monica underscores the value of emerging technologies and encourages further exploration of resources like Caravel and Briefly for legal professionals.

Key Highlights:

  • Monica Goyal’s Unique Journey into Law
  • Innovations in Corporate Legal Departments
  • Communicating Tech Solutions to Legal Professionals
  • Caravel’s Unique Business Model
  • Management with Athennian

Future of Legal Tech and Data Analytics

Resources:

Monica Goyal on LinkedIn

Caravel LLC

Athennian

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

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Compliance Tip of the Day

Compliance Tip of the Day: TD Bank Lessons Learned – What Does AML/BSA Enforcement Have to Do With ABC?

Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements.

Whether you’re a seasoned compliance professional or just starting your journey, our aim is to provide you with bite-sized, actionable tips to help you stay on top of your compliance game.

Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your organization on the right side of the law.

Tune in daily for your dose of compliance wisdom, and let’s make compliance a little less daunting, one tip at a time.

Why does every type of compliance professional need to study the TD Bank enforcement Action?