Tag: Sherlock Holmes

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Adventures in Compliance

Adventures in Compliance – Leadership Lessons from The Red-Headed League

Welcome to a review of all the Sherlock Holmes stories which are collected in the work, “The Adventures of Sherlock Holmes.” The appeared in the Strand Magazine from July 1891 to June 1892. Over the 12 episodes, I will be reviewing each story and mine them for leadership, compliance and ethical lessons. “The Red-Headed League” was published in Strand Magazine in July 1891.

Summary

The story revolves around a peculiar organization called the Red-Headed League, which captivates the attention of Holmes and his assistant, Dr. John Watson.Jabez Wilson, a red-headed pawnbroker, seeks the help of Holmes after his temporary job with the Red-Headed League abruptly ends. Wilson had been enticed by an advertisement offering well-paid work exclusively to red-headed men. Curious about the strange circumstances, Holmes agrees to investigate.

Upon examining the case, Holmes discovers that the Red-Headed League is a clever ruse devised by a criminal mastermind named John Clay. Clay, aided by his accomplice, Vincent Spaulding, a disguised assistant at Wilson’s pawnshop, had lured Wilson away from his shop to create a distraction.

Meanwhile, Clay planned to tunnel into the bank vault located next to the pawnshop to carry out a major robbery. However, Holmes foils the plan just in time, capturing Clay and preventing the theft. Holmes reveals the intricate details behind the crime and the motives of the criminals.

“The Red-Headed League” showcases Holmes’ exceptional deductive reasoning and his ability to solve seemingly complex mysteries by observing small details. The story also highlights the cleverness and audacity of criminals who employ elaborate schemes to carry out their illegal activities.

Leadership Lessons

1.         Pay attention to details: In the story, Sherlock Holmes was able to solve the case by paying close attention to small details, such as the unusual requirement of red hair for the members of the Red-Headed League. Leaders should also be detail-oriented and not overlook anything that seems insignificant, as it may hold valuable information.

2.         Be skeptical: Holmes was skeptical of the League from the start and investigated further, even when others didn’t see any reason to be concerned. Leaders should also be skeptical of seemingly too good to be true opportunities and should do their due diligence to verify their legitimacy.

3.         Think outside the box: Holmes used his unique and innovative thinking to solve the case and uncover the true motives of the criminals behind the League. Leaders should also encourage creative thinking and be open to new ideas and approaches to problem-solving.

4.         Work with a team: Holmes worked with Dr. John Watson to solve the case, and their teamwork allowed them to uncover the truth faster. Leaders should also value the importance of teamwork and collaboration and should foster a positive and supportive working environment.

5.         Trust your instincts: Holmes trusted his instincts and followed his gut feelings, even when the evidence didn’t seem to support his conclusions. Leaders should also trust their instincts and be confident in their decisions, if they are based on sound reasoning and evidence.

Resources

The New Annotated Sherlock Holmes

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Adventures in Compliance

Adventures in Compliance – Leadership Lessons from A Scandal in Bohemia

Welcome to a review of all the Sherlock Holmes stories which are collected in the work, “The Adventures of Sherlock Holmes.” They appeared in the Strand Magazine from July 1891 to June 1892. Over the next 12 episodes, I will be reviewing each story and mine them for leadership, compliance, and ethical lessons. We begin with “A Scandal in Bohemia” in which the author Arthur Conan Doyle, introduced his famous detective character, Sherlock Holmes. The story” was published in July 1891 and introduced the character of Irene Adler, a woman who is remembered as “The Woman” in Holmes’s life.

Summary

The story starts with Dr. Watson visiting Sherlock Holmes only to find him engaged in a case. A masked man, later revealed to be the King of Bohemia, approaches Holmes. The king is about to be married to a Scandinavian princess but fears that a past liaison with an American opera singer named Irene Adler could jeopardize his upcoming marriage.

The scandal revolves around a photograph showing the King and Adler together, which the King believes Adler might use to cause a scandal. Despite the King’s attempts to retrieve the photograph, Adler refuses to hand it over. He hires Holmes to obtain the photograph without causing any scandal or alerting Adler.

Holmes, with his astute observational and deductive abilities, impersonates a groom to gain information and then a clergyman to gain access to Adler’s home. However, his plan to trick Adler into revealing the photo’s location is foiled when a warning is raised about a fire, and Adler, in her concern, unwittingly reveals where the photograph is hidden.

Holmes returns the next day to retrieve the photograph but finds that Adler, suspecting foul play, has fled with her new husband, Godfrey Norton, leaving behind a letter for Holmes and a photograph of herself. The letter reveals that she saw through Holmes’s disguise and tricked him but assures the King she won’t use the photograph for blackmail since she is happy in her new life.

Impressed by Adler’s intelligence and wit, Holmes keeps the photograph of her as a memento, and from then on, refers to Irene Adler as “the woman,” a figure who, in his eyes, epitomizes the strengths and intellect of her gender. The King relieved about the resolution, offers a reward, but Holmes rejects it, asking only for the photograph of Adler.

Leadership Lessons

  1. Adapt to changing circumstances: In the story, Sherlock Holmes was faced with a new and challenging case, and he adapted his strategies and methods to solve it effectively. Leaders should also be flexible and able to adapt to changing circumstances, whether in the workplace or their personal lives.
  2. Be strategic: Holmes used his strategic thinking to outmaneuver his opponent, the King of Bohemia, and solve the case. Leaders should also have a strategic mindset and think ahead to anticipate challenges and opportunities.
  3. Keep your word: In the story, Holmes kept his promise to the King of Bohemia, even when it was difficult, and he did not reveal the King’s secrets. Leaders should also be honest and trustworthy and keep their promises, as their reputation is one of their most valuable assets.
  4.  Use your strengths: Holmes used his exceptional deductive skills and attention to detail to solve the case, and he relied on his strengths to succeed. Leaders should also identify their strengths and use them to achieve their goals.
  5. Maintain professionalism: Throughout the story, Holmes maintained his professionalism, even in the face of personal challenges, and he did not let his emotions interfere with his work. Leaders should also maintain their professionalism, even in difficult situations, and they should strive to remain calm and level-headed.

Resources

The New Annotated Sherlock Holmes

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Adventures in Compliance

The Creeping Man and Risk Management by the Board

We are back with another podcast on Adventures in Compliance, where we consider the intersection of Sherlock Holmes and Compliance. Today, I visit The Adventure of the Creeping Man. From this story we take the Holmes utterance to Watson “Come at once if convenient—if inconvenient come all the same”. This informs today’s discussion how Boards of Directors can be more involved in compliance through more effective oversight of risk management.
Compliance Takeaways

  1. What is the role of a company’s Board in a compliance program?
  2. A Board should not engage in management but should engage in oversight of the Chief Compliance Officer. The Board does this through asking hard questions, particularly around risk assessment, risk identification and risk management.
  3. What are 6 principles for Board oversight of compliance?
  4. Define the Board’s role.

A.Foster a culture of compliance risk management.
B. Incorporate risk management directly into a compliance strategy.
C. Define the company’s appetite for risk around compliance.
D. Execute the compliance risk management process.
E. Benchmark and evaluate the compliance process.
5. CCO reporting to the Audit/Compliance Committee must be structured carefully to promote ethics and compliance. Here are five best practices to help guide the reporting.
a. Quarterly reports.
b. Executive session.
c. Sitting in on other reports.
d. Informal relationship.
e. Annual report to full board.
Join us tomorrow as we mine the story of The Lion’s Mane for its compliance lessons.

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Adventures in Compliance

The Problem of Thor Bridge and Monitoring Controls

We are back with another series of Adventures in Compliance podcasts. This week I am exploring stories from The Casebook of Sherlock Holmes. In this week’s second offering, I consider The Problem of Thor Bridge. From this story we take the Holmes utterance “We must look for consistency. Where there is want of it, we must suspect deception”. This informs our discussion on monitoring controls.

Compliance Takeaways
  1. How do you determine that want of consistency? Monitoring controls is one key.
  2. Consider the fifth and final Objective from the COSO 2013 Internal Control Framework is Monitoring Activitiesas a guide.
  3. Further consider Principles 16 & 17 of the COSO Framework.
  4. Monitoring Activities should bring together your entire compliance program and give you a sense of whether it is running properly.
  5. Both ongoing monitoring and auditing are tools the CCO and compliance practitioner should use in support of this objective.
  6. The most important item to note is that all the controls need to be sustainable.
Join us tomorrow as we consider The Adventure of the Creeping Man.
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Adventures in Compliance

The Three Garridebs and Objective Discipline

We are back with another five episodes of Adventures in Compliance to consider the next five stories from The Casebook of Sherlock Holmes, mining each story for themes and lessons related to the compliance professional, leadership and business ethics. In today’s offering, I consider The Three Garridebs. From this story the need for objective discipline in a variety of areas in any best practices compliance program.

Compliance Takeaways
  1. That objectivity in disciple is called the Fair Process Doctrine. As you incorporate the Fair Process Doctrine in your compliance program, there are three key areas to focus on.
  2. Administration of discipline.Discipline must not only be administered fairly but it must be administered uniformly across the company for the violation of any compliance policy.
  3. Employee promotions.If your company is seen to advance and only reward employees who achieve their numbers by whatever means necessary, other employees will certainly take note and it will be understood what management evaluates and rewards employees on.
  4. Internal investigations. Simply put, if your employees do not believe that the investigation is fair and impartial, then it is not fair and impartial.
  5. An often-overlooked role of any Chief Compliance Officer (CCO) or compliance professional is to help provide employees with procedural fairness. If your compliance function is seen to be fair in the way it treats employees, in areas as varied as financial incentives, to promotions, to uniform discipline meted out across the globe; employees are more likely to inform the compliance department when something goes array. If employees believe they will be treated fairly, it will go a long way to more fully operationalizing your compliance program.
Join us tomorrow as we consider The Problem of Thor Bridge.
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Adventures in Compliance

The Sussex Vampire and Root Cause Analysis

We conclude our week of Sherlock Holmes-themed podcasts today. Over this week’s blog posts, I have been exploring the first five stories from The Casebook of Sherlock Holmes, mining each story for themes and lessons related to the compliance professional, leadership and business ethics. In today’s concluding offering, I consider The Adventure of the Sussex Vampire and it informs a root cause analysis in any best practices compliance program. The concludes my initial exploration of The Casebook of Sherlock Holmes and its intersection with compliance and leadership. I hope you have enjoyed listening to it as much as I did researching and brining it to you. But do not worry as I will continue my exploration of the entire Holmes oeuvre in later podcast series.

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Adventures in Compliance

The Three Gables and Institutional Justice

We are back with fan favorite Sherlock Holmes week. In this week’s special series of podcasts, I will focus on the first five from The Casebook of Sherlock Holmes, mining each story for themes and lessons related to the compliance professional, leadership and business ethics. In today’s offer, I consider The Adventure of the Three Gable and how institutional justice in any best practices compliance program. Join us tomorrow where we conclude our week of stories from The Casebook of Sherlock Holmes by looking at the The Adventures of the Sussex Vampire and how it informs root cause analysis.

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Adventures in Compliance

The Marazin Stone and Storytelling in Compliance

We are back with fan favorite Sherlock Holmes week. In this week’s blog posts, I will focus on the first five stories from The Casebook of Sherlock Holmes, mining each story for themes and lessons related to the compliance professional, leadership and business ethics. In today’s offering, I consider The Adventure of the Marazin Stone and how it informs storytelling in compliance. Join us tomorrow as we continue our week of stories from The Casebook of Sherlock Holmes by looking at the The Adventure of the Three Gables and institutional justice.

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Adventures in Compliance

The Blanched Soldier and Learning to Ask for Help

We are back with fan favorite Sherlock Holmes week. In this week’s blog posts, I will focus on the first five stories from The Casebook of Sherlock Holmes, mining each story for themes and lessons related to the compliance professional, leadership and business ethics. In today’s offering, I consider The Adventure of the Blanched Soldier and learning to ask for help. Join us tomorrow as we continue our week of stories from The Casebook of Sherlock Holmes by looking at the The Adventure of the Marazin Stone and storytelling in compliance.