The compliance profession is filled with optimists and unsung heroes. Chief Compliance Officers are zealots and they believe in their mission and the righteousness of their cause. Perhaps the most important advocate for the compliance profession has been – and will continue to be – Donna Boehme. I have had the fortunate professional experience to collaborate with Donna, to learn from Donna and to share...
It is too easy to ignore the impact that Brazil’s new anti-corruption law will have with a cynical brush of the hand in the air. It is too easy to dismiss Brazil’s commitment to the anti-corruption movement by suggesting that it merely was in reaction to Brazil’s upcoming appearance on the world stage for the World Cup in 2014 and the Olympics in 2016. If...
What does it take for a company to embrace change? How does change in an organization come about? Companies do not just wake up one day and embrace change. To the contrary, companies grow into change in several different ways – sometimes business necessity leads to change, sometimes companies proactively embrace and seek out change, and sometimes change comes from a government enforcement action. The...
It is difficult for regulators and law enforcement to keep up with creative new ways in which criminals choose to store and trade money. This is especially true in the Internet-age where anonymity and ease of communications and transactions are available. Regulators are now wrestling with the intractable issue of virtual currencies. Everyone has been reading about Bitcoin as the new viper of virtual currency. ...
With all the attention paid to anti-corruption enforcement and compliance, it always amazes me how successful the Department of Justice criminal antitrust enforcement program has been and will continue to be. Starting in the 1990s and continuing year-after-year, the Antitrust Division has built a significant record of corporate and individual prosecution of cartel criminals. In fiscal year 2012, the Antitrust Division collected a record $1.1...
Change is difficult. I understand that. Business leaders know the importance of change, adaptation and innovation. However, when it comes to compliance and ethics, senior managers slowly embrace change. With all the recent press on spiraling anti-corruption investigations and risks, you would think that business leaders would redouble their efforts to improve their anti-corruption programs. Survey after survey confirms that business leaders recognize corruption risks...
As a former US Attorney for the Southern District of New York, Mary Jo White promised a new and more aggressive SEC. She is starting to deliver on that promise. Reams and reams of client alerts have been sent out by law firms warning of a new policy requiring certain defendants to admit their wrongdoing. At first glance, it may seem like the policy is...
Companies are embracing the independent and empowered chief compliance officer. The trend is continuing to grow and there is no reason it will stop. CCOs are no longer reporting to the general counsel but are now moving into the C-Suite where they can exercise a leadership role. CCOs are becoming an invaluable resource in the C-Suite, carrying the responsibility for ensuring compliance and ethical conduct...
You have to admire chief compliance officers for their tenacity and ability to multi-task. They are the consummate jugglers of important projects, strategies and tasks. They can never completely finish their tasks – when one is finished, the list continues to grow with more to dos. Over the last few years, companies have paid more attention to third-party due diligence. As a result, companies have...
A confident person is willing to admit a mistake. An insecure person is unwilling to admit a mistake, even in the face of overwhelming evidence contrary to his or her argument. Not that my prior position was mistaken but I have argued that one of several messages in the FCPA Guidance was that companies are spending too much time, and too many resources in reviewing...
