Tag: Tom Fox

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The Corruption Files

Hiring in the Financial Space

Welcome to another episode of The Corruption Files!

Thomas Fox and Michael DeBernardis discuss questionable hiring practices from JP Morgan, Credit Suisse, and Bank of New York (BNY) Mellon in employing relatives of high-profile clients to gain favor. They also discuss how companies can find a middle ground in hiring families, why Hiring can be a high-risk area, preventative questions to avoid a violation, and the significance of internal control and documentation.

▶️ Hiring in the Financial Space with Thomas Fox and Michael DeBernardis

Key points discussed in the episode:

✔️ Thomas Fox gives a brief background on the BNY Mellon case.

✔️ Michael DeBernardis mentions how Hiring based on connections has existed for a long time and doesn’t directly violate any laws. It’s all up to a company’s intent. For BNY Mellon, it was to maintain close connections with major clients. He recommends compliance professionals look into their company’s hiring process.

✔️ Hiring unqualified people means you’re hiring them for other reasons. JP Morgan took in ineligible candidates for leverage with high-profile clients and free advertising in their respective home countries. Documentation stopped JP Morgan in its tracks.

✔️ JP Morgan structured hiring program managed to override compliance controls, revealing regulation flaws. Being discovered next to BNY Mellon’s case, it was not the last instance of son-and-daughter corruption.

✔️ Thomas Fox retells the Credit Suisse case. Retracing the company’s spreadsheets revealed their inner workings.

✔️ The risk of hiring relatives can be minimized when there is a middle ground. Thomas Fox shares questions to ask to prevent violations. He also adds strengthening internal control can put a company on the good side of regulators.

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Do you have a podcast (or do you want to)? Join the only network dedicated to compliance, risk management, and business ethics, the Compliance Podcast Network. For more information, contact Tom Fox at tfox@tfoxlaw.com.

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Everything Compliance - Shout Outs and Rants

Everything Compliance-Shout Outs and Rants from Episode 102

Welcome to our fan-favorite Shout Outs and Rants.

  1. Matt Kelly rants about the LIV exhibit golf tour and the insane amount of money being spent by Saudi Arabia to rehabilitate its reputation through sports.
  2. Jonathan Marks shouts out SEC Chairman Gary Gensler on the 20th anniversary of the enactment of SOX.
  3. Tom Fox shouts out to Vin Scully, the former play-by-play announcer for the Los Angeles Dodgers.
  4. Jay Rosen shouts out to Celtic great Bill Russell, who died this week.

The members of Everything Compliance are:

  • Jay Rosen– Jay is Vice President, Business Development Corporate Monitoring at Affiliated Monitors. Rosen can be reached at JRosen@affiliatedmonitors.com
  • Karen Woody – One of the top academic experts on the SEC. Woody can be reached at kwoody@wlu.edu
  • Matt Kelly – Founder and CEO of Radical Compliance. Kelly can be reached at mkelly@radicalcompliance.com.
  • Jonathan Armstrong is our UK colleague, an experienced data privacy/data protection lawyer with Cordery in London. Armstrong can be reached at armstrong@corderycompliance.com.
  • Jonathan Marks is Partner, Firm Practice Leader – Global Forensic, Compliance & Integrity Services at Baker Tilly. Marks can be reached at marks@bakertilly.com.

The host and producer, ranter (and sometime panelist) of Everything Compliance is Tom Fox, the Voice of Compliance. He can be reached at tfox@tfoxlaw.com. Everything Compliance is a part of the Compliance Podcast Network.

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The Corruption Files

The Corruption Files Introduction


This is Tom Fox. I want to welcome you to an exciting new podcast series that I’m premiering on the Compliance Podcast Network, The Corruption Files, together with my co-host Thomas Fox and Michael DeBernardis, an artist partner at Hughes Hubbard & Reed LLP. We will be looking at some of the top corruption enforcement actions in the United States and beyond.
In our first five episodes, we’re going to focus on some key industries inside the United States which had important FCPA actions. We’re going to focus on the background of each of the enforcement actions.
What did it mean from the prosecutorial perspective, the Department of Justice, and the Securities and Exchange Commission? And then, what did it mean at the time of the enforcement action? What does it mean today, and what does it continue to mean for the compliance professional in the future?
I know you’ll enjoy this great new series, The Corruption Files.

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Corruption, Crime and Compliance

Episode 233 – Tom Fox and Michael Volkov Discuss Recent DOJ Criminal Trials


In this episode, Tom Fox and Mike Volkov review recent DOJ trial successes and stumbles — Tom and Mike review DOJ trial strategy, successes and failures, and the approach of the antitrust division.

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Compliance Week Conference Podcast

Tom Fox on Why You Should Attend Compliance Week 2022

In this episode of the Compliance Week 2022 Preview Podcasts series, I discuss some of my presentation at Compliance Week 2022 “EU Whistleblower Protections and Responses”. Some of the issues we tackle in this podcast are:

  • Understand how to comply with both the EU Whistleblower Directive and GDPR requirements around call recordings, interview notes, records, and whistleblower rights to privacy
  • Learn how to run a Data Privacy Impact Assessment (DPIA)
  • Discover where requirements between the EU Whistleblower Directive and data privacy regulations conflict with each other

In this first full compliance conference in over 2 years, I hope you can join me at Compliance Week 2022. This year’s event will be May 16-18 at the JW Marriott in Washington DC. The line-up of this year’s event is simply first rate with some of the top ethics and compliance practitioners around.

Gain insights and make connections at the industry’s premier cross-industry national compliance event offering knowledge-packed, accredited sessions and take-home advice from the most influential leaders in the compliance community. Back for its 17th year, compliance, ethics, legal, and audit professionals will gather safely face-to-face to benchmark best practices and gain the latest tactics and strategies to enhance their compliance programs. and many others to:

  • Network with your peers, including C-suite executives, legal professionals, HR leaders and ethics and compliance visionaries.
  • Hear from 75+ respected cross-industry practitioners who are CEOs, CCOs, regulators, federal officials, and practitioners to help inform and shape the strategic direction of your enterprise risk management program.
  • Hear directly from the two SEC Commissioners and gain insights into the agency’s areas of enforcement and walk away with guidance on how to remain compliant within emerging areas such as ESG disclosure, third-party risk management, cybersecurity, cryptocurrency and more.
  • Bring actionable takeaways back to your program from various session types including ESG, Human Trafficking, Board obligations and many others for you to listen, learn and share.
  • The goal of Compliance Week is to arm you with information, strategy and tactics to transform your organization and your career by connecting ethics to business performance through process augmentation and data visualization.

I hope you can join me at the event. For information on the event, click here. As an extra benefit to listeners of this podcast, Compliance Week is offering a $200 discount off the registration price. Enter discount code discount code TFLAW $200 OFF.

Compliance Week 2022 podcast series is a production of Compliance Week, which is the sponsor of this podcast series.

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The ESG Report

Implementing ESG Programs


 
Tom Fox speaks on important issues to note in designing and implementing ESG programs. He shares an overview on the structure of ESG programs and explains why they should be led by compliance.
 

 
ESG Internal Controls
ESG programs must be tailored to fit your company’s risk profile, Tom explains. Companies must be able to identify, measure, and address all risks within ESG. “The ‘E’ is going to be more focused on climate and the environment, but this means understanding your company’s environmental footprint and your risks.” Rather than assigning this to the audit committee, Tom recommends ethics and compliance, as they have a similar responsibility and similar processes. “This tends to show how compliance lends itself to either leading or being a significant part of an overall ESG corporate response,” he adds. From an operational perspective, it makes more sense to then report directly to the board after these operations are put together.
 
Measuring ESG
ESG operations consist of a cross section of corporate operations, environmental concerns, and social issues. Companies must identify issues falling under the ESG umbrella, tailor an ESG program, and select key measures of performance. “ESG disclosures open up an entire new set of standards, controls, and requirements around setting proper disclosure of ESG relevant information and performance,” Tom tells listeners. DEI is just one; climate change and environmental issues will raise another set of requirements. Companies will have to determine what information shareholders, stakeholders, investors, and others will focus on for the ESG evaluation process.
 
ESG and Compliance
Both ESG and compliance programs involve risk assessments, policies and procedures, and controls to mitigate risk, to name a few similarities. Tom advocates that compliance is uniquely suited to lead a corporate ESG effort, as this new world “shares many operational principles with an overall ethics and compliance program.” Issue programs must be designed around five basic operational issues:

  1. Information collection,
  2. Accuracy and reliability of information,
  3. Data collection procedures,
  4. Coordination with the disclosure procedures, and
  5. Testing, auditing, and monitoring the process to ensure accuracy and effective operation.

 
Resources
Tom Fox’s email
 
Implementing ESG Programs: Structure and Responsibilities (Part I of III) – Corruption, Crime & Compliance
 
Building an ESG Structure and Program (Part II of III) – Corruption, Crime & Compliance
 
Basic Operational ESG Program Issues (Part III of III) – Corruption, Crime & Compliance
 

Categories
Fraud Eats Strategy

Operationalizing Compliance

Today’s episode features special guest Tom Fox, founder of the Compliance Podcast Network and Author of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Our discussion focuses on the guidance compliance officers can use as a roadmap when architecting their ethics and compliance programs and anti-bribery and corruption compliance programs.

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Join us each week as we take a deep dive into the various forms of fraud across the world and discuss crime families, penny stock boiler rooms, international money launderers, narco-traffickers, oligarchs, dictators, warlords, kleptocrats and more.

Scott Moritz is a leading authority on white-collar crime, anti-corruption, and in the evaluation, design, remediation, implementation, and administration of corporate compliance programs, codes of conduct. He is also considered an authority in the establishment, training, and oversight of the investigative protocols carried out by financial intelligence, corporate security, and internal audit units.
 

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The Ethics Experts

Episode 069 – Tom Fox

In this episode of The Ethics Experts, Nick and Gio welcome Tom Fox, C-Suite Network Executive Leader, to the show.

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Integrity Through Compliance

Keeping Compliance Fresh: Compliance Evangelist Tom Fox Speaks with Vin DiCianni

 

Affiliated Monitors, Inc.’s Founder and President Vin DiCianni puts Tom Fox the Compliance Evangelist on the hot seat to discuss how to use stories and pop culture to keep ethics and compliance interesting. Together they trace how Tom became an international authority in the compliance world, and why he finds the field so interesting. Additionally, Vin and Tom note the way the field has changed in the previous decades, and the trends that may be upcoming.
Lastly, they preview Tom’s new book, The Compliance Handbook: Volume II which is now available for preorder through LexisNexis. Use the discount code FOX25for 25% off your purchase.

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Cordery

Cordery Head to Head @ Home: Tom Fox on Investigations & Improving Your Compliance Program


In this edition of Cordery Head to Head @ Home Cordery’s Jonathan Armstrong talks to Tom Fox.
Tom is one of the US’s leading compliance commentators. Tom joins us from his home in Houston, Texas. Tom has practiced law in Houston for 30 years. He is now an Independent Consultant, assisting companies with anti-corruption and anti-bribery compliance. He was previously General Counsel at Drilling Controls, Inc., a worldwide oilfield manufacturing and service company. Before that he was division counsel with Halliburton Energy Services, Inc. where he supported Halliburton’s software division and its downhole division.
Listen to the episode now:

Tom is the author of the award winning FCPA Compliance and Ethics Blog and the international best-selling book “Lessons Learned on Compliance and Ethics”.
Tom talks about the challenges of investigations and how to improve your compliance program. He talks about the specific issues caused by the pandemic and the need to look at how the compliance risks have changed in every organisations. He also speaks about how investigations always have the benefit of hindsight and how regulators may not make allowances for the current pandemic in future investigations. He gives practical tips that you can do now to avoid issues in the future.
You can watch some earlier films with Jonathan and Tom chatting in London here https://www.corderycompliance.com/cordery-head-to-head-tom-fox-on-importance-of-customers-in-compliance/
You can find out more about Tom and listen to his podcasts here http://fcpacompliancereport.com/
You can find out more about Cordery and its work here https://www.corderycompliance.com/.
You can also read about current issues in dealing with the pandemic here https://www.corderycompliance.com/category/covid19/
There is more on Cordery’s work in investigations here https://www.corderycompliance.com/internal-investigations/