How can you survive an FCPA enforcement action? In this special podcast series, Tom Fox and Nick Gallo lay out the Top 10 things you can do to reduce your overall fine and penalty, perhaps down to a full declination. All of the actions you can take come from recent DOJ prosecutions under the FCPA and speeches from DOJ representatives. This podcast, sponsored by Ethico, is the companion series to the book The FCPA Survival Guide: Surviving and Thriving a Foreign Corrupt Practices Act Enforcement Action. Today, we discuss the DOJ requirement for extensive remediation.
Tom Fox and Nick Gallo are back to look at the importance of extensive remediation in compliance, particularly in the context of the FCPA enforcement actions. They highlight three enforcement actions – ABB, Albemarle, and SAP – to demonstrate how companies have implemented effective remediation strategies. ABB’s approach included a comprehensive data analytics program and cultural changes led by Chief Integrity Officer Natalia Shehadeh. The DOJ’s recognition of data analytics in the Albemarle and SAP cases signals a shift from cutting-edge practices to standard expectations in compliance. The episode also delves into the transformation of business models as a form of remediation, with Albemarle and SAP making significant changes to their sales strategies to manage risks better and ensure direct customer relationships. Through these discussions, Tom and Nick emphasize that extraordinary remediation is about authentic efforts to improve compliance and reduce risk, not just fulfilling minimal requirements.
Key Highlights and Issues
- Exploring ABB’s Compliance Remediation Strategy
- Beyond Checking the Box: A Deep Dive into Compliance Remediation Mindset
- The Power of Data Analytics in Compliance Remediation
- Transforming Business Models for Better Compliance Remediation
Resources:
Nick Gallo on LinkedIn
The FCPA Survival Guide: Surviving and Thriving a Foreign Corrupt Practices Act Enforcement Action
Tom
