Corporate boards and management face serious challenges in navigating the COVID-19 pandemic. In this difficult environment, companies have to be mindful to apply best practices and exercise care to fulfill their duties of loyalty and care. The challenges are complex and the risks are exponential. Corporate boards have to exercise responsible oversight by understanding the risks facing the company and the impact of the pandemic...
COVID-19 has had a devastating impact. The public health crisis has caused tragic human loss and is overwhelming the United States healthcare system. Businesses have suffered along with the public. Business face real challenges managing the crisis, their respective supply chains and employees. In the second part of a two-part series, Mike Volkov reviews important business responses and strategies for coping with the pandemic.
COVID-19 has had a devastating impact. The public health crisis has caused tragic human loss and is overwhelming the United States healthcare system. Businesses have suffered along with the public. The lack of federal leadership has been glaring. States and local governments are coping the best they can despite the obvious absence of federal leadership. In this two-part episode, Mike Volkov examines the federal and...
Congress enacted the largest economic stimulus bill in history, totaling approximately $2 trillion to protect US families and businesses from massive economic damage resulting from the COVID-19 pandemic. Copy of CARES Act HERE. The package includes: $454 billion in loans and guarantees to businesses $349 billion in small business loans $32 billion in loans and guarantees to airlines/ air cargo $301 billion direct aid to...
Chief compliance officers and human relations leaders are facing enormous challenges in this COVID-19 pandemic. The shut-down of offices and orders to employees to work from home or “tele-work” creates a unique set of risks. Many companies already permit employees to work from home. But we have never experienced a requirement that employees work from home. Some jobs cannot be done from home, while others...
Elizabeth Slim, Senior Consultant at The Volkov Law Group, joins us for a posting on AML and BSA compliance during the current pandemic crisis. Elizabeth can be reached at [email protected]. The COVID-19 outbreak has affected all of us and we now face the new normal of self-quarantine and social distancing. As Anti-Money Laundering (AML) professionals, we are still required to ensure that financial institutions maintain...
Companies dedicate time and resources to enterprise risk management. This is a much broader focus than legal and compliance risks – instead, enterprise risks identifies some of the major catastrophes — e.g. one company had serious weather event risks and disruption of manufacturing activities or another faced supply chain risks when relying on a single source of supply. These are the kind of global enterprise...
These are scary times. We have not experienced such a crisis in our lifetimes. 9-11 was a traumatic event with a tragic impact on our country. The COVID-19 crisis is presenting all of us with enormous challenges. Health and safety is our primary concern while the COVD-19 virus spreads. Our economy is being devastated by the need to ensure health and safety of our country. ...
The future doesn’t belong to the faint-hearted; it belongs to the brave. – President Ronald Reagan Confidence… thrives on honesty, on honor, on the sacredness of obligations, on faithful protection and on unselfish performance. Without them it cannot live. – President Franklin D. Roosevelt There are risks and costs to action. But they are far less than the long range risks of comfortable inaction. — President...
Companies need to review and enhance their antitrust compliance programs, especially those companies with tangible antitrust risks. In designing an effective antitrust compliance program, there are five key elements to an antitrust compliance program: (1) Risk Assessment; (2) Culture and Senior Management Buy-In; (3) Monitoring and Testing; (4) Training; and (5) Speak Up and Reporting Systems. In this Episode, Michael Volkov discusses the key elements of an...
