Author: Michael Volkov

General

13 May, 2024

Dancing on the Head of a Pin: Corporate Boards, Committees and Cybersecurity Risk Management

No one was surprised when compliance and risk publications cited cybersecurity as the number one risk that corporations face today.  While this is a relatively simplistic and head-line grabbing statement, the truth remains that corporate boards should have cybersecurity in their Top-3 List of corporate risks facing the organization. Like everything in life, it is one thing to identify the risk — it is quite...

Podcasts

12 May, 2024

Episode 320 — NAVEX 2024 Whistleblower Report

NAVEX continues to produce high-quality compliance reports, many of which are a must-read in the compliance industry.  Its annual Whistleblower Report is of particular note — NAVEX is the leading provider of hotline services in the world and its data is invaluable as a source of trends in this industry. This year –2024 — is no exception.  NAVEX combed through the data from 3784 organizations...

General

10 May, 2024

Checking In on Caremark Cases in Delaware

Over the last ten years, we have seen a marked shift from the Delaware Chancery Court chipping away at corporate board member liability claims.  In a number of seminal cases involving Boeing airplane crashes (In re the Boeing Co. Derivative Litig., No. 2019-0907 (Del. Ch. Sept 7, 2021)), and deadly listeria outbreaks from tainted ice cream (Marchand v. Barnhill, 212 A.3d 805 (Del. 2019)), Delaware Courts...

General

9 May, 2024

The Power and Reward of Cooperation: Binance Founder CZ Sentenced to 4 Months Imprisonment

Defendants often face a tough choice — challenge the government’s evidence and if convicted, face significant jail time.  On the flip side, defendants who plead guilty and cooperate can earn significant sentencing reductions, even avoiding any jail time. The contrast between cooperating and non-cooperating defendants can be very stark. Samuel Bankman-Fried or “SBF” was convicted after a lengthy trial.  He was convicted of a massive...

General

7 May, 2024

Quarterly Trade Compliance Update – April 2024

Each quarter, we send many of our clients a quarterly trade compliance update, highlighting important developments over the last few months and summarizing key points for important sanctions programs. Click here to download the quarterly update for April. Below is a summary of events this past quarter: About the document: This handy one-pager is designed to be used by our clients to provide a quick...

Podcasts

5 May, 2024

Episode 319 — Deep Dive into SCG Plastics $20 Million Settlement with OFAC to Resolve Violations of Iran Sanctions Program

OFAC is capable of extending a long-arm of enforcement, reaching sometimes non-U.S. companies that may “cause” another company to violate U.S. Sanctions laws.  If you need to find an example of this long reach, look no further than OFAC’s recent settlement with SCG Plastics (“SCG”), in which SCG, a Thailand company, which sells plastic resins, agreed to pay $20 million for violations of the Iran...

General

2 May, 2024

NIST Adopts New 2.0 Cybersecurity Framework

In the absence of federal cybersecurity and data privacy laws, companies have to look to other sources of guidance, including industry standards, and state laws.  The National Institute of Standards and Technology (“NIST”) has sought to fill some of the large gaps on the issue of cybersecurity.  Enforcement agencies often cite the NIST Framework as an important barometer of an organization’s commitment to cybersecurity risks...

Podcasts

29 Apr, 2024

Episode 318 — LRN’s Recent Study Underscores Importance of Ethical Culture and Values-Based Leadership

LRN continues to set the standard for ethics and compliance program research.  Volkov Law is  a supporter of, and advocate for, LRN’s research because it has consistently confirmed what we all know and believe — ethical companies perform better in the marketplace over the long run.  It is an intuitive fact that employees respond better to values-based leadership than a rules-based environment and culture.  Volkov...

briqven factory in ciudad guayana in venezuela

General

25 Apr, 2024

OFAC Rolls Back Venezuelan Sanctions Relief, Again Prohibiting Oil and Gas Transactions

On April 17, 2024, OFAC formally rolled back the sanctions relief it previously provided to the Venezuelan oil and gas industry.  While OFAC provided the initial relief believing that Venezuela would permit a fair and open election, it appears that the Maduro regime has fallen short of its commitments.  As such, and as part of its agreement with the beleaguered South American nation, OFAC has...

Events

24 Apr, 2024

Webinar: Effective Strategies to Handle Whistleblower Complaints

Webinar: Effective Strategies to Handle Whistleblower Complaints May 21, 2024, 12 Noon EST Sign Up HERE Whistleblower reporting is a real and pervasive threat to companies. The Justice Department, the Securities and Exchange Commission and other regulatory agencies offer financial rewards to potential whistleblowers. This new incentive structure poses real risks for companies that whistleblowers may skip internal reporting and present concerns to fedferal prosecutors...

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