Tag: FTPF Offense

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Data Driven Compliance

Data Driven Compliance – Fraud vs. Compliance Risk Assessments: Understanding Key Differences and Best Practices

Welcome to Season 2 of the award-winning Data Driven Compliance. In this new season, we will look at the new Failure to Prevent Fraud offense. Join host Tom Fox as we explore this new law and how to comply with it through the lens of data-driven compliance. KonaAI sponsors this podcast and is joined by Jonathan Marks from BDO.

Today, we look at the distinctions between fraud risk assessments and compliance risk assessments. Despite initial similarities in risk control and governance, the two are fundamentally different in purpose, methodology, and impact. We also explore how compliance risk assessments ensure organizations follow laws, regulations, and policies, while fraud risk assessments focus on identifying, assessing, and prioritizing potential fraudulent activities. Key elements, including fraud schemes, concealment techniques, conversion motivations, and red flags, are discussed. Additionally, we emphasize the need for specialized skills and experience in conducting these assessments and highlight the role of continuous improvement in strengthening organizational resilience against both compliance and fraud risks.

Key highlights:

  • Understanding Fraud Risk Assessments
  • Key Elements of Fraud Schemes
  • Identifying and Evaluating Red Flags
  • Connecting Red Flags to Controls
  • Compliance Risk Assessments Explained
  • Differences Between Compliance and Fraud Risk Assessments

Resources:

BDO

Jonathan Marks on LinkedIn

konaAI, a Covasant company

Click here for konaAI White Paper Rethinking Compliance: Practical Steps for Adapting to the UK’s New Fraud Legislation

Connect with Tom Fox on LinkedIn

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FCPA Compliance Report

FCPA Compliance Report – Vince Walden on Leveraging AI and Machine Learning for Fraud Detection

Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. In this episode, Tom Fox welcomes back Vince Walden, CEO of konaAI, a Covasant company.

In this podcast, they take a deep dive into the UK’s Failure to Prevent Reporting (FTPR) offense, particularly in the context of vendor interactions and employee-third-party relations. Walden advocates for the implementation of robust compliance and fraud risk management programs, leveraging AI and machine learning to detect high-risk transactions and enhance business efficiency. He also highlights the global relevance of regulations like the UK Economic Crime and Corporate Transparency Act, stressing the necessity of robust fraud prevention measures to ensure compliance in a rapidly evolving legal landscape.

Key highlights:

  • Addressing Various Fraud Offenses Under ECCTA
  • Effective Fraud Prevention Procedures for Compliance Programs
  • Enhancing Fraud Risk Analysis in Financial Processes
  • Enhancing Fraud Detection Through Risk Assessment

Resources:

Vince Walden on LinkedIn

konaAI, a Covasant company

Click here for konaAI White Paper Rethinking Compliance: Practical Steps for Adapting to the UK’s New Fraud Legislation

Tom Fox

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For more information on the use of AI in Compliance programs, my new book, Upping Your Game. You can purchase a copy of the book on Amazon.com

Categories
Data Driven Compliance

Data Driven Compliance – James Tillen on the Importance of Cross-Functional Collaboration in Complying with the FTPF Offense

Welcome to Season 2 of the award-winning Data Driven Compliance. In this new season, we will look at the new Failure to Prevent Fraud offense. Join host Tom Fox as we explore this new law and how to comply with it through the lens of data driven compliance. This podcast is sponsored by konaAI. In this episode of Season 2, Tom Fox is joined by James Tillen, a member at Miller & Chevalier.

James emphasizes the critical need for cross-functional collaboration within organizations for compliance professionals. It explains that simply focusing on one’s compliance program is insufficient. Instead, engaging with various internal departments and possibly external experts is essential to effectively manage compliance risks, including those associated with the failure to prevent fraud.

Key highlights:

  • Why US multinationals need to pay attention
  • Cross-Functional Collaboration
  • Identifying Key Internal Collaborators
  • Engaging Internal and External Experts
  • Jurisdiction

Resources:

Miller & Chevalier

James Tillen on LinkedIn

New Considerations for Companies with U.K. Ties: Home Office Issues Guidance to Organisations on the Offence of Failure to Prevent Fraud

konaAI, a Covasant company

Click here for the konaAI White Paper Rethinking Compliance: Practical Steps for Adapting to the UK’s New Fraud Legislation.

Connect with Tom Fox on LinkedIn