Tag: CRO

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2 Gurus Talk Compliance

2 Gurus Talk Compliance: Episode 36 – The Fall is Here Edition

What happens when two top compliance commentators get together? They talk 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, Kristy and Tom discuss a range of vital topics in the compliance and legal world. They delve into the implications of the recent election on sanctions and OFAC policies, highlighting a rare decline involving Boston Consulting Group. The episode also covers significant enforcement actions, challenges of corruption in California and South Africa, and the role of chief resilience officers in corporate risk. Additionally, they share quirky and alarming anecdotes, such as a man attempting to check a human as luggage, and emerging trends in the ever-evolving compliance landscape.

Stories Include:

  • PE Partners loses equity for FCPA violations. (WSJ)
  • Tough U.S. Sanctions Packages Are Here to Stay—Whether It’s Harris or Trump – (WSJ)
  • Nordea Bank to pay $35MM for AML violations. (WSJ)
  • BCG receives a Declination. (WSJ)
  • RTX to pay $1.2bn for trade sanctions violations. (Radical Compliance)
  • South Africa investigating $7bn worth of corruption at state-owned enterprises. (Toronto Star)
  • How California Became a New Center of Political Corruption (NYT)
  • How Do You Change a Chatbot’s Mind? (NYT)
  • Now Hiring: Chief Resilience Officer. Do You Have What It Takes? (CCI)
  • Shrink-Wrapped Florida Man Tries to Check-In as Luggage at Miami International Airport – Simple Flying: HERE

Resources:

Kristy Grant-Hart on LinkedIn

Spark Consulting

Prove Your Worth

Tom

Instagram

Facebook

YouTube

Twitter

LinkedIn

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From the Editor's Desk

March and April 2023 in Compliance Week

Welcome to From the Editor’s Desk, a podcast where co-hosts Tom Fox and Kyle Brasseur, EIC at Compliance Week, unpack some of the top stories which have appeared in Compliance Week over the past month, look at top compliance stories upcoming for the next month, talk some sports and generally try to solve the world’s problems.

 From the Editor’s Desk, hosted by Tom Fox and Kyle Brasseur, is the perfect podcast to stay informed on the dynamic events of March 2023. They discuss the Department of Justice’s changes in the ECCP and the CCO compliance officer as well as look into the SEC and banking regulator’s roles during the SVP Bank failure. Kyle previews the upcoming long-form Compliance Week case study, which will take a deep dive into ESG in one company and conclude with a look into sports by reviewing the madness of 2023 March Madness, the issues surrounding Ja Morant, and Kyle’s deep appreciation for the World Baseball Classic, noting its ability to add diversity to the game and its positive impact on the baseball community as a whole.

 Highlights Include:

·      The Role of the Chief Compliance Officer in 2021: Navigating Changing Regulations and Increased Pressure.

·      Financial Regulatory Oversight In the Wake of the Dodd-Frank Act

·      The Role of the Chief Risk Officer in Risk Management

·      The Practical Uses of ESG Disclosures in Real Life

·      The Ups and Downs of March Madness: Unprecedented Success for Small Schools.

·      Reporting on Personal Hardships in Sports: The Case of Ja Morant and Josh Hamilton

·      The Power of Unity in Baseball: A Discussion on the Global Impact of the World Baseball Classic

·      The Appeal of the World Baseball Classic

 Kyle relates some of the upcoming Compliance Week 2023 Conference highlights from May 15-17 in Washington, DC. Listeners of this podcast will receive a discount of $200 by using code TF200 on the link below.

Resources

Compliance Week 2023 information and registration here

Kyle Brasseur on LinkedIn

Compliance Week

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Daily Compliance News

March 27, 2023 – The Most Thankless Job 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.

Stories we are following in today’s edition of Daily Compliance News:

  • Belarus targeted in a new round of sanctions. (WSJ)
  • First Republic-nepotism runs rampant. (WSJ)
  • Most thankless job in banking. (WSJ)
  • Ex-Barclay’s whistleblower suit dismissed. (Reuters)
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Compliance Into the Weeds

Beneath the Bailout: The Collapse of Silicon Valley Bank

The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject. In this episode, Matt and I explore the collapse of Silicon Valley Bank (SBV) and its outcomes. We discuss the consequences if the Federal government fails to bail out Signature Bank in New York and Silicon Valley Bank. The Dodd-Frank Act is examined, and noting that the SBV Chief Risk Officer left 8 months ago and was never replaced is a huge red flag. Will this event cause the Federal Reserve will pause interest rate hikes? Why did Libertarians from the tech industry scream for bailouts? Tom and Matt expertly unpack the complex details within the industry and provide insight and analysis into this relevant and timely industry topic.

 Key Highlights

The Impact of Silicon Bank and SBV’s Failures on the Banking Industry [02:01]

Implications of Unsold Silicon Valley Bank Assets on Taxpayers [05:04]

Challenge of Businesses Dealing with Employee Benefits under Federal Government Regulations [09:04]

Effects of Changes to the Dodd-Frank Act on Midsized Banks [12:54]

The Impact of Regulatory Ease on Business Failures [16:47]

The Reasons Behind Silicon Valley Bank’s Chief Risk Officer Quitting [20:53]

The Impact of Social Media on Interest Rate Decisions by the Federal Reserve [24:52]

 Notable Quotes:

1.     “So those loans brought in maybe 2 or 3 percent interest, but SVP had to pay out interest rates that might be more at 4 percent. That difference undermined the capital structure and the balance sheet of SVB until people started getting skittish, and then they said, Maybe I should pull my money out, which made the bank even more weak, so people got even more skittish.”

2.     “The big issue, which is why the business customer angle is important, is that under FDIC rules, a bank’s deposits are insured up to 250,000 dollars per account.”

3.     “Is it a business if you can never fail? This was not too big to fail. This was we are not going to let anybody fail.”

4.    ” You may not know where your key suppliers, customers, or key third parties are banking. Maybe you have that information. But does that mean you’re going to have to assess the financial health of those financial institutions of your customers? And know if they can pay you for your vendors or third-party suppliers. They can meet their payroll to deliver their services.”

 Resources

Matt  on LinkedIn

Tom on LinkedIn

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Compliance Into the Weeds

Compliance into the Weeds: Episode 121-The Role of the CRO in ERM

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 Kelly (the coolest guy in compliance) and I take a deep dive intothe role of the Chief Risk Officer in overall Enterprise Risk Management. Some of the highlights include:
Some of the highlights include:

  • Why is effective ERM is more than simply operationalization of ethics and compliance?
  • Why the Board and senior management must take a holistic approach to ERM?
  • Why is it even more important for Boards and senior management to have better risk governance?
  • How do you define the role of Chief Risk Officer?
  • What is the role of internal audit in today’s analytical world of risk management?
  • Could or even should the role of the Chief Audit Officer evolve into the role of a Chief Risk Officer?

For more reading check out Matt’s blog post “The Chief Risk Officer Role”. Also listen to the Radical Compliance podcasthere.