Category: General

11 Jun, 2019

Michael Volkov Releases New E-Book: The Road Ahead — The Justice Department’s Path to a Balanced White-Collar Enforcement Policy

I am pleased to announce the release of my new e-book: The Road Ahead: The Justice Department’s Path to a Balanced White-Collar Enforcement Policy. The new e-book can be downloaded HERE. Thanks to Corporate Compliance Insights for publishing the book and its continuing support. The Justice Department’s FCPA Corporate Enforcement Policy, adopted in November 2017, was a watershed moment in criminal justice. Over the last...

General

10 Jun, 2019

Telefônica Brasil Pays $4.125 Million for Hospitality-Related FCPA Violations

As the old adage provides – better late than never. (Same applies for my somewhat tardy posting on this case). Telefônica Brasil settled FCPA violations with the SEC for a pretty penny — $4.125 million in civil penalties in connection its hospitality program for the 2014 World Cup and 2013 Confederations Cup According to the settlement agreement, Telefônica Brasil failed to maintain adequate internal controls...

General

8 Jun, 2019

Free Webinar Recording: ITAR Compliance: Navigating Complex Risks

On June 5, 2019, The Volkov Law Group conducted a webinar on ITAR Compliance: Navigating Complex Risks. A free recording of the webinar is here. Mike can be contacted at [email protected].

General

6 Jun, 2019

OFAC’s New Sanctions Compliance Training and Testing Requirements (Part IV of IV)

When providing compliance program guidance, the Justice Department and OFAC, like every compliance practitioner, will pay homage to the relatively obvious point that there is no one-size-fits-all compliance solution. In other words, as is often repeated, a company’s compliance program will vary depending on a variety of factors, including the company’s size, sophistication, products and services, and geographic configuration. These factors eventually form the basis...

General

5 Jun, 2019

Making Sure Your Internal Controls Address Sanctions Risks (Part III of IV)

The term “internal controls” is a loaded one – it morphs in various ways depending on the context. Sometimes it is a shorthand for financial accounting controls; other times it encompasses a company’s compliance controls (i.e. policies and procedures). OFAC embraced the term to equate with a company’s policies and procedures for sanctions compliance. OFAC recognized that OFAC compliance functions have to begin with the...

General

4 Jun, 2019

Conducting a Sanctions Risk Assessment: A New Era for Analyzing Your Risks (Part II of IV)

OFAC’s new framework guidance for sanctions compliance programs stretched into new territory with its risk assessment requirement. This new approach reflects OFAC’s recent aggressive enforcement programs. In recognition of the importance of various economic sanctions programs, particularly Iran, North Korea and Venezuela, OFAC has laid out some important markers. These enforcement actions, e.g. the Epsilon case (here), and the elf Cosmetics case (here), and the...

General

3 Jun, 2019

Putting Together Your Sanctions Compliance Program: Management Commitment (Part I of IV)

If you follow my blog, you know I am not one to embrace hyperbole. So, forgive me for stretching a little here, but the OFAC Framework for Sanctions Compliance Programs is a game changer. Let me explain why I am saying that. When it comes to sanctions compliance programs, most companies are well behind the curve; I am not saying they do nothing, but most...

General

30 May, 2019

Remediate and Enhance Your Internal Investigation Program (Part III of III)

An audit program of a company’s internal investigation function provides valuable insights for its internal investigation program and the company’s overall ethics and compliance program. It is a critical part of ensuring that a companies speak up culture is adequately supported and promoted by an efficient and reliable internal investigation function. A company learns a lot about its overall operations from its employee complaints and...

General

29 May, 2019

How to Audit Your Internal Investigation Program (Part II of III)

As an initial step, an audit of an internal investigation program requires a detailed understanding of the operation of a company’s internal investigation program. In crafting the audit, the first step is to define the relevant universe of investigations. The audit scope will depend on the number of investigations to be review based on the number of investigations and the years to be reviewed. Assuming...

General

28 May, 2019

Improving Your Internal Investigation Program (Part I of III)

In the compliance idea marketplace, there has been an increased focus on the importance of maintaining an organization’s speak up culture and the importance of a reliable and efficient internal investigation program. From a practical standpoint, if a company has a defective program for encouraging reporting, and conducting timely and efficient investigations, the company is likely to suffer from some serious breakdowns in conduct and...