Tag: Walmart

Categories
The Corruption Files

Episode 14 – Walmart with Tom Fox and Michael DeBernardis

Rapid expansion presents great opportunity and great risk.

Tom Fox and Michael DeBernardis go deep into the Walmart bribery case, why immediate cooperation matters, tips for companies to prevent similar problems, the best course of action when working internationally, and projecting risk regardless of industry.

▶️ The Walmart Enforcement action with Tom Fox and Michael DeBernardis. 

Key points discussed in the episode:

  1. Tom Fox lays out the facts of the Walmart case. Michael points out how prevention could have saved millions of investigation costs.
  2. Rapid expansion presents great opportunity and risk. Tom emphasizes that extensive remediation and cooperation can bring significant credit.
  3. Michael explains Walmart’s underwhelming conduct. Tom brings up the congressional investigation, leader exits, and the business implications of publicizing.
  4. Michael shares his advice to avoid Walmart’s case – setting realistic and proper incentives. He also provides hypothetical counsel if he could work with Walmart when the issue broke out.
  5. Michael highlights the importance of timeliness, engaging with regulators as early as possible, and providing FCPA training when asked.

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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.

Categories
Daily Compliance News

November 16, 2022 the Let the Games Begin Edition

In today’s edition of Daily Compliance News:

  • Cyber insurance markets harden. (WSJ)
  • Former Kazak official jailed for corruption. (RadioFreeEurope)
  • Oral argument set for Trump Special Master. (Reuters)
  • Walmart to pay $3.1bn for opioid settlement. (NYT)

Categories
This Week in FCPA

Episode 279 – the Happy Hanukkah Edition

Hanukkah comes early this year. As the Rosen household begins its annual celebration, Tom and Jay are back to look at some of the week’s top compliance and ethics stories this week in the Happy Hanukkah edition. 

Stories

1.     Preparing for dawn raid in the era of hybrid work? Andrew Reeves and Annie Birch in FCPA Blog.
2.     When you fight corruption, it fights back. Rick Messick in GAB.
3.     Why does Walmart want to keep an exec quiet about its compliance program? Dick Cassin explores in the FCPA Blog.
4.     Board effectiveness survey.  Paul DiNicola and Leah Malone in the Harvard Law School Forum on Corporate Governance.
5.     New OECD ABC suggestions. Nicola Bonucci and Nat Edmonds in the FCPA Blog.
6.     Graybeards and Youngbloods working together. Carrie Root in CCI.
7.     Trust in companies ‘shockingly’ low? Lawrence Heim in PracticalESG.
8.     Are senior level compliance positions becoming harder to find and fill? Matt Kelly explores in Radical Compliance.
9.     Role of PwC in Tesla/JPMorgan dispute. Francine McKenna explores in The Dig (sub req’d).
10.  How will tech change the work landscape in 2022? Check out this pod with Mrs. Monitor (AKA Rebecca Rosen) on Freshbrewed Tech. 

Podcasts and Events

11.  How can you show ROI from your internal investment in compliance? Nick and Gio Gallo join Tom Fox in the most unusual pod series, Mining the Gold in Compliance. Part 1 – ROI on Compliance. Purchase Decisions. Part 2 – Extending Compliance Value Across an Organization. Part 3 – Compliance and ESG Investments. Part 4 – Finance and Investing Models for Compliance. Part 5 – Investment Strategies for the Compliance Professional.
12.  Are you exasperated? Then check, F*ing Argentina. In this podcast series co-hosts Tom Fox and Gregg Greenberg, author of F*ing Argentina explore the current American psyche of being overworked, over leveraged, overtired and overwhelmed. Find out about modern America’s exasperation with well…exasperation. In Episode 11, a birthday party battle through text messages.
13.  In November on The Compliance Life, I visited with Wendy Badger, CCO at Tennant. In Part 1, she detailed her academic career and early professional life. In Part 2, changing ladders to advance your career. In Part 3, Wendy moved into the CCO Chair. In Part 4, Wendy talked about having courage in your career choices and compliance into the future. Next week, we begin the December series with Matt Silverman, Director of Trade Compliance at VIAVI.
14.  The Compliance Podcast Network welcomes Professor Karen Woody and her new podcast, Once Upon a Trading Law: The History of Insider Trading. In this most unique pod, Karen interviews some of her student to tell the history of insider trading. Check out Episode 1, which looks at the beginnings of insider trading.
15.  Join Tom, Mike Volkov, Carrie Penman, Dr. Pat Harned and Skip Lowney (an all-star panel if there ever was one) for the ECI webinar on the intersection of compliance and E&C programs. Wednesday, December 15, from 2-3:30 ET. Registration and information here.
Tom Fox is the Voice of Compliance and can be reached at tfox@tfoxlaw.com. Jay Rosen is Mr. Monitor and can be reached at jrosen@affiliatedmonitors.com.

Categories
FCPA Compliance Report

Walmart FCPA Settlement

In this special bonus podcast, I am joined by Jay Rosen to discuss the stunning resolution to one of the longest running bribery, corruption and money-laundering sagas on the international stage, the FCPA enforcement action against the world’s largest retailer–Walmart. Some of the highlights include:

  • The background facts;
  • How significant is the case;
  • Is the penalty too low (or too high)?
  • Response of Walmart;
  • Lessons learned for the compliance professional;
  • Was there self-disclosure and full cooperation?
  • How should we analyze the monitor requirement under the Benczkowski Memo?

Resources:
The documents for this matter include:
From the Department Of Justice

  1. Criminal Information
  2. Non-Prosecution Agreement
  3. Plea Agreement and Statement of Facts
  4. Press Release

From the SEC, aCease and Desist Order and Press Release.
See also Tom’s Blog Post Walmart Enforcement Action-Part 1: Introduction. Tom will have multiple blog posts on the Walmart enforcement action so keep abreast on the FCPA Compliance Report.

Categories
This Week in FCPA

Show Notes for This Week in FCPA-Episode 159, week ending June 21, 2019 – the KPMG Trainwreck and Walmart Settles edition

With KPMG in the news for one of the biggest ethical trainwrecks in recent memory (or since the last biggest ethical trainwreck-Walmart) Tom and Jay return to discuss both events some of this week’s top compliance and ethics stories which caught their collective eyes.

  1. Wal-Mart settles. Harry Cassin breaks the story for the compliance community in the FCPA Blog.
  2. The KPMG ethical trainwreck catapults off the tracks with a SEC enforcement action. Francine McKenna with the most comprehensive reporting. Tom and Matt Kelly explore in separate blog posts.
  3. What is the role of the WTO in global anti-corruption enforcement? Luciana Silveira explores.
  4. Banks behaving badly (Part 1,304,555). Swedebank suspends execs from its Estonia branch. Dominic Chopping reports in WSJ. Deutsche Bank under criminal investigation for AML violation. David Enrich, Ben Protess and William K. Rashbaum report.
  5. NAVEX Global published a first-of-its-kind ethics and compliance benchmark report. Jaclyn Jaeger reviews.
  6. What are the data security/data privacy issues from using Slack? Jim Murphy explains.
  7. Designing an ethical company is easy. So says Jeff Kaplan.
  8. Why are negligence and willfulness different standards? Greg Morvillo and Christine Handley explore.
  9. Dylan Tokar joins the WSJ Risk and Compliance Journal. See his twitter You can reach him at dylan.tokar@wsj.com.
  10. Why does one size not fit all? Jay continues his series on working with monitors.
  11. This week Tom had a special 5-part podcast series sponsored by Assent Compliance on the emerging regulatory challenges in Supply Chain management. Check out the following: Part 1-Ithe HTS Landscape; Part 2-instituting a broader Risk Management Program; Part 3– CSR value proposition; Part 4-Conflict Minerals/Responsible Minerals; Part 5-scaling up to meet challenges.  The podcast is available on multiple sites: the FCPA Compliance Report, iTunes, JDSupra, Megaphone,YouTube,  Spotifyand Corporate Compliance Insights. The Compliance Podcast Networkjoins C-Suite Radio.
  12. Tom is keynoting next week (June 28) at the University of Miami conference “Compliance Across Borders”. For information and registration click here. In Europe and want to attend a great compliance conference? Tom will be keynoting at Circle of Compliance forum on July 3 and 4 in Paris. For more information and registration, click here.

Tom Fox is the Compliance Evangelist and can be reached at tfox@tfoxlaw.com. Jay Rosen is Mr. Monitor and can be reached at jrosen@affiliatedmonitors.com.
For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit our sponsor Affiliated Monitors at www.affiliatedmonitors.com.

Categories
Daily Compliance News

Daily Compliance News: June 21, 2019 Walmart settles edition

In today’s edition of Daily Compliance News (all dedicated to the Walmart FCPA settlement):