Category: Podcasts

Episode 207 — Common Pitfalls in Conducting Internal Investigations

An internal investigation is like reading a good novel.  You begin the journey with a general expectation of what the novel or the “investigation” is about.  As you learn more, the investigation gains momentum filled with moments of discovery, surprise and ultimately a basis for understanding.  In some cases, the end of the story (e.g. an oil well explosion) or dramatic event is known.  In...

Episode 206 — Update on Sanctions Compliance and Enforcement

The Department of Treasury’s Office of Foreign Asset Control (“OFAC”) continues to bring sanctions enforcement actions.  At the same time, OFAC is reiterating the importance of sanctions compliance program.  Building on its May 2019 Framework for Sanctions Compliance Program, OFAC is sticking to its word — setting forth sanctions compliance program requirements and holding companies accountable for sanctions program violations. In this Episode, Michael Volkov...

Episode 205 — How to Audit a Compliance Program

Chief compliance officers recognize the importance of conducting robust audits of their compliance programs. The audit process requires a delicate balance between qualitative and quantitative measures. As corporate compliance programs build data analytics and technological capabilities, CCOs have to tailor the audit program to incorporate data as an effective measure of a compliance program. In this Episode, Michael Volkov reviews strategies for conducting compliance program...

Episode 204 — “This is the Way” on Corporate Culture

The culture bandwagon is picking up steam.  Everyone is citing its organization’s “culture” as the foundation for its activities in the hope of meeting a rapidly evolving standard for organizations.  In its latest corporate compliance guidance, the Justice Department, along with numerous regulatory agencies continue to cite the importance of a company’s  “culture of compliance.” But when it comes to defining the terms, how to...

Episode 202 — A Deep Dive into the Alfa Laval OFAC Enforcement Action

In two separate enforcement actions, OFAC announced settlements with Alfa Laval Middle East Ltd., a Dubai, UAE company (AL Middle East), and Alfa Laval, Inc., a Virginia-based company (AL US) for violations of OFAC’s Iran Sanctions Program. AL US enlisted its then subsidiary (now operating unit), Alfa Laval Tank, Inc, based in Exton, Pennsylvania (AL Tank), to participate in the scheme.  The Alfa Laval enforcement...

Episode 201 — DOJ Brings Flurry of False Claims Act Cases

The False Claims Act is a powerful enforcement tool.  The Justice Department with its partner agencies are ramping up enforcement efforts.  The Biden DOJ is preparing to implement an aggressive FCA program across healthcare, defense industries and other government contractors.     The False Claims Act stands as a major risk – businesses that depend on government business, including healthcare, defense and other contractors, have to address...

Episode 200 — The Foster Wheeler FCPA Enforcement Action

The Justice Department and the Securities Exchange Commission are back in business.  The first corporate FCPA enforcement action in 2021 came after a six-month hiatus in 2021. The first case against a corporate entity in 2021 is an interesting one because it reflects a coordinated settlement not only between DOJ and the SEC but the U.K.’s Serious Fraud Office and Brazil’s Ministério Público Federal (MPF),...

Episode 199 — Jonathan Marks, Baker Tilly, and Michael Volkov Review the SEC’s Under Armour Case, Accounting Fraud, and Revenue Recognition Issues

Under Armour settled its long-pending SEC investigation by agreeing to pay $9 million surrounding misleading statements and practices relating to its revenue growth and uncertainties as to future growth. As part of the settlement, the SEC declined to bring charges against its CEO, Kevin Plank, and its CFO, David Bergman. The Justice Department inquiry appears to have lost steam since the middle of last year, and...

Episode 198 — The Biden Administration Announces Anti-Corruption Battle as a National Security Interest

In a far-reaching action, the Biden Administration elevated the global fight against corruption as a national security interest. In an Executive Memorandum, the Biden Administration made a strong statement against corruption, citing the devastating impact that corruption has on democratic institutions, democratic governments, economic development, and other public interest objectives. The Administration launched a robust inter-agency review of the anti-corruption battle, including increased international cooperation,...