Tag: conflict of interest

Categories
Innovation in Compliance

Compliance Professionals Adapting to Change: Industries, Regulations, and Beyond: Part 2 – Renee Murphy on Managing Conflicts at the Board

Welcome to a special series sponsored by Diligent, where we look down the road at key issues in 2024 and beyond. In this series, I will visit with Nicholas Latham, Renee Murphy, Jessica Czeczuga, Yee Chow, and Alexander Cotoia. Over this series, we will consider compliant communications in regulated industries, managing conflicts of interest at the Board level, the Board’s role in compliance training and communications, navigating the current ESG landscape, and professional growth and mentorship in compliance. Part 2 considers how an organization can manage conflicts of interest with Renee Murphy on the Board of Directors.

Renee Murphy has a rich compliance, governance, and risk management background. Having served as both an internal and external auditor and currently the Chief Evangelist of Diligent, she brings a unique perspective to managing board-level conflicts of interest and implementing ESG practices. Renee believes that conflicts of interest at the board level can have serious implications and emphasizes the importance of identifying and addressing these conflicts to prevent financial misconduct. She also advocates that boards prioritize disclosing their ESG practices and carbon emissions, as stakeholders will increasingly demand this. Her expertise and insights are shaped by her diverse experiences, including her role as a lead analyst at Forrester Research and her work with Fortune 500 companies. Join Tom Fox and Renee Murphy as they delve deeper into these topics on the next episode of the Diligent Podcast.

Key Highlights:

  • Board Members Sitting on Multiple Boards
  • Conflicts of Interest at the Board Level
  • ESG Reporting for Long-Term Risk Management
  • The Role of Compliance in Board Governance

Ready for Purpose-Driven Compliance? Diligent equips leaders with the tools to build, monitor, and maintain an open, transparent ethics and compliance culture. For more information and to book a demo, visit Diligent.com

Join us tomorrow as we consider the role of the Board of Directors in compliance training, messaging, and communications.

Categories
Daily Compliance News

March 28, 2022 the No Conflicts Edition


In today’s edition of Daily Compliance News:

  • H-GAG says it can’t enforce its own COI rules. (Houston Chronicle)
  • London insurance firms caught up in bribery probe.  (Bloomberg)
  • Do you trust Google AI to review your medical records? (WSJ)
  • Another 3M loss in military ear plugs litigation. (Reuters)
Categories
FCPA Compliance Report

Mikhail Reider-Gordon on Conflicts of Interest

In this episode of the FCPA Compliance Report, I am joined by Mikhail Reider-Gordon, Managing Director at Affiliated Monitors, Inc. We discuss conflicts of interest with some very high-profile examples torn literally from the headlines. Highlights include:

·      What exactly is a Conflict of Interest and how does it differ from self-dealing, nepotism?

·      Is a COI purely an ethical problem or are there are situations where COIs are illegal?

·      COIs in the news of late and in some surprising places?

·      Have there been other examples across industries?

·      The Courts, the Fed, SCOTUS?

·      Do you ever come across COIs in your work?

        Resources

Original Posting on podcast on Integrity Through Compliance

Mikhail Reider-Gordon at AMI

Categories
Survive and Thrive

How to manage if a conflict of interest arises in your organization? 


How to manage if a conflict of interest arises in your organization? 
Scenario: It’s Friday, July 3, and the General Counsel is on holiday. At 4 PM, you get a call from someone who tells you he has a deal with the CEO to be put on the Board of Directors. He further says he’s held up his end of the agreement to loan the CEO $5MM for a Board seat. He says he has the email traffic and will file a suit unless he is named to the Board within three days. He says the GC has approved this deal and is on the email trail.
What can you do? You review the code of conduct and believe it’s a Conflict of Interest (COI). There are four new Board members. Did they have similar arrangements?
In this episode, Compliance Evangelist Thomas Fox and Kortney Nordrum, Regulatory Counsel & Chief Compliance Officer, Deluxe Corporation, thresh out what to do if you are in a similar scenario and assess the best approach and manage corruption within your organization.
Key takeaways in the episode:
✔️ Make your first call with outside counsel. If members of the BOD are suspect, you wouldn’t want to tip them off by calling the Audit Committee chair – especially if that individual may be part of the problem.
✔️ Push to have outside counsel perform the special investigation instead of the BOD. That way, the results are above reproach.
✔️ Board membership should be vetted by counsel, especially when it comes to COI.
✔️ Reiterate that disclosing a conflict of interest is required, but that doesn’t mean that the conflict will cause a problem. Conflicts have to be managed. Some of them will result in the Board, the CEO, executive leadership, or members of the workforce not being able to take the actions they want to take.
✔️ Use COI incidents as an opportunity to retrain, reeducate and build awareness with the rest of the workforce on conflicts of interest and the code of conduct.
✔️ Train people in person on conflicts of interest and use real-life examples. COIs can be much broader, and ensure you name those. It can be sending business to a relative, a wife, or a child on the payroll can be a wide variety of things.
✔️ When you’re appointing so much of the Board and looking for people to help run your company, full diligence is really important.
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Welcome to SURVIVE AND THRIVE, the newest addition to the Compliance Podcast Network. This is a podcast where we unpack compliance, crisis disasters and walk you through all the red flags which appear, and give you some lessons learned going forward. This show is hosted by Compliance Evangelist Thomas Fox and Kortney Nordrum, Regulatory Counsel & Chief Compliance Officer, Deluxe Corporation.
Do you have a podcast (or do you want to)? Join the only network dedicated to compliance, risk management, and business ethics, the Compliance Podcast Network. For more information, contact Tom Fox at tfox@tfoxlaw.com.