We often hear the compliance refrain on the importance of tone-at-the-top – meaning when the board, the CEO and senior executives demonstrate by communications and by conduct their commitment to a culture of ethics and compliance. This single idea carries with it enormous importance to the success or failure of a compliance program. A positive tone-at-the-top permeates every aspect of a compliance program and specifically...
Compliance professionals are learning about new technologies that are quickly evolving to aid the compliance function. We hear regularly about the promise of artificial intelligence and block chain technology. These new developments will have a significant impact on compliance. But for now there are other areas where technology can help compliance programs today, including automation, data collection and analytics and monitoring capabilities. In this episode,...
The Justice Department added to its roster of criminal FCPA defendants. Going back to 2017, it is clear that the Yates Memorandum requirements have resulted in an increase in criminal FCPA prosecutions. Last week, the Justice Department unsealed a superseding indictment adding two individuals to the Rolls Royce criminal FCPA case in Ohio. The criminal investigation centers on bribes to a Kazakh official to win...
Webinar: A Deep Dive into the Russia-Ukraine Sanctions Program June 12, 2018 12 Noon EST Sign Up Here Sanctions compliance has become more complex and difficult. The Russia-Ukraine Sanctions Program includes detailed sectoral sanctions and comprehensive “oligarch” sanctions against Russia’s leading industrial oligarchs. Compliance officers have to ensure that their trade compliance programs are nimble and able to adapt to the ever-changing compliance environment. Join...
The compliance profession cannot rest on its achievements and become complacent. There are two significant events that are on the horizon and inevitably will occur. Compliance professionals have grown in number and in influence. At the same time, compliance professionals are enjoying unprecedented independence and authority. As the compliance profession rises, however, so will accountability – fair or unfair, it is soon about to hit....
A chief compliance officer can only succeed with the support of other important compliance partners. Another way to put it – in the words of Blanche Dubois from A Streetcar Named Desire, “I have always depended on the kindness of strangers.” This observation, while dramatic in license, applies to the place of the compliance officer in the corporate governance world. A key partner for compliance...
Research has consistently demonstrated that an ethical corporate culture results in increased profits and sustainable growth. Companies with a positive culture have lower rates of employee misconduct, increased employee productivity, and lower employee turnover. All of these factors lead to higher growth rates, improved employee morale, and a reduced risk of misconduct and government investigation. This basic premise holds true: when ethical values are embedded in a company’s...
The fundamental principle of SEC’s market regulation is the power of sunshine, transparency and disclosure. In other words, the SEC seeks to ensure that companies disclose important information to the public so that securities markets operate efficiently. Whether the SEC has appropriately applied this principle in regulating the securities industry is a debate for another day. The SEC, however, has used this policy goal to...
We live in a bizarre time — an information age where lines are blurred between truth and lies — a strange era in which our daily doses of information are dominated by scandals, corruption, and repeated claims of “fake news.” One of the unfortunate consequences is that otherwise important issues often fade in competition with these ever-pervasive scandals. Please do not misunderstand me – the...
Tom Fox has been called the “Compliance Evangelist.” Whatever title may be given to Tom, one thing is for sure – Tom is a steady force, providing practical advice to advance the compliance function. To that end, Tom’s latest contribution is a new tome – The Complete Compliance Handbook: A Guide to Operationalizing Your Compliance Program. I recently received my autographed copy of Tom’s new...
