Tag: risk

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Compliance Into the Weeds

Compliance into the Weeds: Risk-Based Compliance Lessons from a Young Entrepreneur’s Ice Cream Stand

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 more fully. Are you looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this special election day episode of ‘Compliance into the Weeds,’ Tom Fox and Matt Kelly dive into a lighter yet insightful compliance story involving a young boy named Danny Doherty.

At 12 years old, Danny set up a homemade ice cream stand in Massachusetts to raise money for a hockey team for children with developmental disabilities. However, the local health department shut its stand down due to risks associated with homemade dairy products, highlighting the importance of a risk-based approach in compliance activities. Tom and Matt discuss key compliance lessons from this incident, such as the necessity of addressing real risks, the potential for compliance failures despite good intentions, and the importance of effective communication by regulators.

Key highlights:

  • The Story of Danny Doherty
  • Compliance Lessons from Danny’s Story
  • Risk-Based Approach in Compliance
  • The Importance of Communication in Compliance

Resources:

Radical Compliance

Tom

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Sunday Book Review

Sunday Book Review: November 3, 2024 – The Books on Risk Edition

In the Sunday Book Review, I consider books that would interest the compliance professional, the business executive or anyone who might be curious. It could be books about business, compliance, history, leadership, current events, or anything else that might interest me.

In today’s edition of the Sunday Book Review, we look at four top book risks for the compliance professional in November 2024.

  1. Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein
  2. The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb
  3. Risk: A User’s Guide by General Stanley McChrystal and Anna Butrico
  4. Risk: A Very Short Introduction by Baruch Fischhoff and John Kadvany

 

Resources:

Top Books To Read on Risk in 2024 in Dataminr.com

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Trekking Through Compliance

Trekking Through Compliance – Episode 50 – Ethical Lessons from Patterns of Force

In this episode of Trekking Through Compliance, we consider the episode  Patterns of Force, which aired on February 16, 1968, and occurred on Star Date 2534.

When the Enterprise approaches the inner planet Ekos to investigate the cessation of communication with researcher John Gill, it is attacked by a rocket carrying a nuclear weapon. Kirk and Spock beam down to explore and discover that a Nazi movement has swept the planet. John Gill is their leader.

They are captured, and in jail, they find that the Nazi movement began with the arrival of Gill. They escape and penetrate Nazi headquarters. They discover that Gill is only the drugged puppet of Deputy Führer Melakon. Gill and Melakon are killed. Kirk and company then return to the Enterprise in peace.

Commentary

The storyline follows the Enterprise crew as they uncover a Nazi regime on the planet Ecos, led surprisingly by John Gill. The episode delves into the ethical and compliance implications of totalitarian ideologies. Tom Fox extracts key compliance lessons from this narrative, including the importance of thorough context understanding, identifying unethical practices, recognizing normalization dangers, gathering diverse perspectives, upholding principles, empowering whistleblowers, and using appropriate interventions. These lessons offer practical guidance for fostering an ethical and compliant organizational culture.

Key Highlights

  • Story Synopsis
  • Fun Facts and Behind the Scenes
  • Ethical Lessons from Patterns of Force
  • Practical Compliance Strategies

Resources

Excruciatingly Detailed Plot Summary by Eric W. Weisstein

MissionLogPodcast.com

Memory Alpha

 

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Trekking Through Compliance

Trekking Through Compliance – Episode 23 – Business Ethics Lessons from A Taste of Armageddon

In this episode of Trekking Through Compliance, we consider the episode A Taste of Armageddon, which aired on February 23, 1967, with a Star Date of 3192.1.

The Enterprise arrives at Eminiar VII to open diplomatic relations. Unfortunately, a tri-cobalt satellite explosion from Vendikar declared it destroyed, and all persons aboard were ordered to report for disintegration within 24 hours.

Kirk manages to tell Scotty to issue General Order 24 (destruction of the planet) in two hours. Kirk then overpowers his guards and is joined by Spock. They destroy the central computer. This nullifies the treaty with Vendikar and initiates a real war unless Anan 7 agrees to make peace with its ancient enemy. Now faced with the grisly consequences of a real war, Anan agrees, and Fox offers to mediate the negotiations. As the Enterprise heads towards Organna 2, Fox reports from Eminiar VII that the outlook is hopeful.

 Commentary

The Enterprise encounters a planet in a simulated war with severe compliance and ethical implications. Key takeaways include prioritizing human rights, embedding corporate responsibility, fostering transparency, encouraging ethical leadership, empowering employees to speak up, and conducting proactive risk assessments. These lessons can help compliance professionals build ethically grounded and financially successful organizations.

Key Highlights

  • Plot Summary of ‘A Taste of Armageddon’
  • Interesting Factoids and Analysis
  • Business Ethics Lessons from the Episode

Resources

Excruciatingly Detailed Plot Summary by Eric W. Weisstein

MissionLogPodcast.com

Memory Alpha

 

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Trekking Through Compliance

Trekking Through Compliance – Episode 18 – Leadership Lessons from Arena

In this episode of Trekking Through Compliance, we consider the episode Arena, which aired on January 19, 1967, with a Star Date of 3045.6.

The Enterprise arrives at the Cestus III Outpost by invitation of its commanding officer, but the crew finds the outpost obliterated and then under attack from an unknown vessel. Both ships enter a new space sector and lose all propulsion power shortly after. Enterprise is contacted by the Metrons, who announce they will pit the respective captains in a one-to-one battle to the death. Kirk is transported to the planet’s surface along with the other captain of the Gorn.

Kirk attempts to communicate with the Gorn but has not received a response. Kirk lies in wait for the Gorn and fires on him. As Kirk prepares to deal a death blow, he considers the Gorn’s claims that the attack on Cestus III was only self-defense and allowed him to live. Suddenly, the Gorn disappears, and a Metron appears to Kirk, congratulating him on not only winning the battle but showing the advanced trait of mercy for one’s enemy, leading the Metron to comment that “you are still half-savage, but there is hope,” and that the Federation should seek out the Metrons again in several thousand years.

Commentary

In this episode of ‘Trekking Through Compliance,’ host Tom Fox explores episode 18 of the original Star Trek series, ‘Arena.’ The narrative details Captain Kirk’s encounter with the Gorn and the intervention by the Metrons, who force them into a duel to the death. Key elements include the destruction of the Earth Observation Outpost, the high-stakes battle between Kirk and the Gorn, and Kirk’s ultimate moral and strategic decisions. Fox highlights several leadership lessons for compliance professionals drawn from the episode, including adaptability, empowering subordinates, emotional intelligence, strategic thinking, and principled decision-making. These insights aim to enhance the skills of compliance officers in navigating corporate governance and risk management.

Key Highlights

  • The Duel: Kirk vs. The Gorn
  • Behind the Scenes and Cultural Impact
  • Leadership Lessons from Arena

Resources

Excruciatingly Detailed Plot Summary by Eric W. Weisstein

MissionLogPodcast.com

Memory Alpha

 

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Trekking Through Compliance

Trekking Through Compliance – Episode 16 – Compliance and Leadership Lessons from The Galileo 7

In this episode of Trekking Through Compliance, we consider the episode The Galileo Seven, which aired on January 5, 1967, Star Date 2821.5

The Enterprise passes close to a quasar-like formation identified as Murasaki 312. Kirk sends a science team to investigate the formation. Soon after launch, the shuttle is pulled off course. Spock makes an emergency landing on Taurus II, a rocky, fog-shrouded world in the middle of the Murasaki phenomenon. The crew is attacked, and Spock chooses to attempt to frighten the creatures rather than kill them outright.

Spock then manages to lift Galileo off the ground using the shuttle’s boosters. However, the shuttle has too little fuel to escape the planet’s gravity or achieve a stable orbit, and there is still no way to contact the Enterprise. Spock suddenly dumps and ignites the remaining fuel from the shuttle’s engines. The giant flare he produces is seen on the Enterprise view screen just as the ship has left orbit. The survivors are beamed out.

Back on board the Enterprise, Kirk questions Spock, trying to get him to admit that his final action was motivated more by emotion than logic. Spock refuses but freely admits to stubbornness, at which the rest of the crew burst into laughter.

Commentary

In Episode 16 of Trekking Through Compliance, host Tom Fox examines the Star Trek episode ‘The Galileo Seven,’ exploring its valuable lessons for compliance and leadership. The episode recounts Spock’s first command mission, where a shuttlecraft crash lands on Tarsus II, leading to challenges. Fox highlights key takeaways, including effective communication, ethical decision-making, risk assessment, and the balance of structure and flexibility in compliance programs. The episode underscores the necessity of preparedness and moral leadership in high-pressure situations.

Key Highlights

    • Challenges on Tarsus II
    • Desperation and Survival
    • Rescue and Reflection
    • Real-World Leadership Lessons
    • Compliance Takeaways

Resources

Excruciatingly Detailed Plot Summary by Eric W. Weisstein

MissionLogPodcast.com

Memory Alpha

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Compliance Into the Weeds

Compliance into the Weeds: Of Fat Fingers, Internal Controls and Compliance

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 more fully explore a subject.

Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds!

In this episode, Tom and Matt delve deep into Citigroup’s $126 million trading error, resulting from poor internal controls.

They discuss how a simple ‘fat finger’ error by a trader led to a major flash crash on European stock exchanges in 2022, and how the failure of Citigroup’s internal controls allowed it to happen. The discussion covers multiple compliance lessons, including the importance of understanding the human element in control design, the need for adequate staffing and monitoring, and the necessity of consistent global risk management.

Fox and Kelly also highlight the importance of addressing findings from internal audits and maintaining urgency in improving internal controls. They emphasize that companies should think creatively about risk management, taking into account various global factors, including holidays and local regulations.

Key Highlights:

  • The Citigroup Internal Control Fiasco
  • Compliance Lessons from Citigroup’s Mistake
  • The Human Element in Compliance and Control Failures
  • Global Consistency in Risk Management

Resources:

Matt on Radical Compliance

 Tom 

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Principled Podcast

S11E1 | The Foundational Importance of Risk: E&C Program Effectiveness in 2024

What you’ll learn on this podcast episode

As geopolitical events, new technology, and regulatory developments increase the severity and frequency of risks, E&C programs are focused on their risk mitigation efforts. At LRN, a central lesson from over 10 years of primary research is that values-based programs are not only the most effective, but also correlate strongly with reduced risk and better business outcomes. But how exactly are E&C programs evolving in response to this increasingly complex risk landscape? And what do global best practices look like going into 2024? In this episode of the Principled Podcast, host Amy Hanan discusses key findings from the 2024 global edition of LRN’s annual Ethics & Compliance Program Effectiveness Report with Juliana Rodrigues, the global chief compliance officer at Coty.

Get a copy of the global edition of LRN’s 2024 Ethics & Compliance Program Effectiveness Report. 

Guest: Juliana Rodrigues

Juliana Rodrigues – Grayscale

Juliana Rodrigues is the global chief compliance officer at the beauty and personal care product manufacturing organization Coty. In this role, she deploys, controls, and defines strategies for the company’s global ethics and compliance program—including a global data privacy program—across the Americas, APAC, and EMEA regions. Juliana has over a decade of experience working in multinational companies with an emphasis on leadership of regional E&C areas, reporting to C-suite executives, and providing strategic support and advice on compliance matters. Prior to joining Coty, Juliana spent seven years at Louis Dreyfus Company as a compliance officer, responsible for the trade compliance and regulatory compliance issues for the company in Latin America. She holds a Master of Laws from the University of California, Davis School of Law and a MBA from Brazil’s Fundação Getulio Vargas (FGV).  

Host: Amy Hanan

Amy Hanan – Grayscale

Amy Hanan is the chief marketing officer at LRN. A B2B digital marketing leader, Amy has a nearly 20-year track record in product, brand, lifecycle, and demand-generation marketing as well as corporate communications for media, professional services, and technology companies. One of her central areas of expertise is executing tech-enabled marketing initiatives for growth. Before joining LRN, Amy was the chief digital officer at Baretz+Brunelle, a marketing and communications agency serving the legal and financial services industries. Her previous experience includes Reorg Research, ALM Media and The Associated Press. She holds a Bachelor of Arts degree from Northern Arizona University.

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Daily Compliance News

Daily Compliance News: August 1, 2023 – The Accident Waiting to Happen Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance brings to you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in 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.

  • Binance founder draws scrutiny from German regulator. (WSJ)
  • Lead FBI agent talks about Householder case. (Columbus Dispatch)
  • US asks SCt to delay Purdue Pharma settlement. (Reuters)
  • eBike for adult or motorcycle for kids: disaster in the offing. (NYT)
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FCPA Compliance Report

FCPA Compliance Report – Scott Solomon on Managing Cash Risk Through Compliance

Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. Join Tom Fox on the FCPA Compliance Report as he discusses with Scott Solomon, the CEO of Operational Security Solutions (OSS), how they manage compliance and ethical considerations around cash management, particularly for high-risk customers.

In this episode, they talk about the importance of compliance in the financial industry and how OSS helps financial institutions manage their portfolio through best practices. The podcast also touches on the challenges faced by legal cannabis businesses and the gaming industry regarding compliance and cash operations. Listeners will get insights into boutique cash and transit providers’ role in navigating licensing and permitting requirements for cannabis-related cash operations. This informative podcast concludes with contact information and an eagerness to continue the conversation. Don’t miss out on the insights shared in this episode. Tune in now to FCPA Compliance Report with Tom Fox and Scott Solomon.

 Key Highlights:

  • Challenges of Compliance in Handling Cash Transactions
  • Challenges of Compliance in Regulated Industries
  • Cash delivery in the legal cannabis industry
  • Risk Management for Financial Businesses

Notable Quotes

“Our primary customer or partner is a financial institution. So when you look at secure cash management and logistics, it boils down to our specialty is moving cash, and we have the ability in the compliance background to help financial institutions support their high-risk customers.”

“OSS was founded around compliance. A group of former law enforcement personnel, special military operators, and federal regulators got together and saw an opportunity to initially start by consulting.”

“We work with the customer. It doesn’t help us, and it doesn’t help the bank if the customer goes off the rails and becomes non-compliant. So, we want to educate them.”

“I come out of the anti-corruption compliance space; we’ve always looked to the casino world as one of the leaders around AML work simply because it was in their business interest to do.”

Resources

Scott Solomon on LinkedIn

Operational Security Solutions

Tom Fox

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