People love to give advice – they love to tell people what to do (and hear themselves talk). In order to be effective, compliance professionals have to be able to “listen.” That means more than just being polite and paying attention when people speak. The ability to “listen” means a willingness to consider new ideas, alternative strategies and approaches to compliance issues. We all know...
The Consumer Finance Protection Bureau continues to spread its wings in the enforcement arena. It is an agency born and confined in political controversy. The Director of the CFPB’s recess appointment and legal status is up in the air and on appeal before the courts. Republicans on Capitol Hill continue to conduct oversight and pressure the CFPB on its regulatory authority and actions. Despite all...
Let’s try and put this all in perspective. Last fiscal year, the Antitrust Division collected over $1 billion in criminal fines and sent a number of senior executives to prison. The Antitrust Division’s enforcement record is impressive and is likely to grow with the LIBOR investigation and the ever-expanding investigation of auto parts suppliers. Based on this clear enforcement risk, you would expect that antitrust...
Chief Compliance Officers are basically optimists. In the face of a mountain of worst case scenarios (typically referred to as “risks”), CCOs keep smiling and work incredibly hard. They are “religious” zealots in business clothing. CCOs indoctrinate their staff to fight the same cause and they spread the word on the importance of ethics and compliance. The perception of CCOs is far different. Management and...
In the age of superstar CEOs who command media attention and excessive compensation packages, a company’s performance can often boil down to the relationship between the Board and the CEO. Corporate governance can succeed or fail based on the CEO’s performance. Numerous studies have focused on the personality types of CEOs. In a recent article, a British study found that CEOs are four times as...
Chief Compliance Officers are usually very proud of their anti-corruption training programs. Most companies rely on a combination of live and on-line training programs to communicate the message of compliance. The FCPA Guidance was very clear on the subject of training programs. The Justice Department and the SEC took a little bit of time to underscore the importance of making a training program relevant and...
Every compliance program depends on collaboration. No one actor at a company determines the success or failure of a corporate compliance program. One key component of this collaborative effort is the relationship among the Chief Compliance Officer (”CCO”), General Counsel and Internal Auditor. Neither one of them can do it all no matter how hard they work or how good they are at their respective...
When: May 21 or 22, 2013, 12 Noon to 1 PM Register Here (May 21) or Here (May 22) As more companies design and implement anti-corruption compliance programs, companies need to monitor the performance of their compliance programs. Depending on the size of the company, and the countries in which it operates, audits and other monitoring tools should be used to assess business activities and...
There is a lot of grumbling these days over the Justice Department’s use of Deferred and Non-Prosecution Agreements. Some think the deals are too lenient and corporations should be required to plead guilty. Capitol Hill continues to question why individuals are not prosecuted in recent mega-settlements. Another area of criticism focuses on the detailed compliance conditions imposed on companies. One thing is clear – the...
The bottom-line: If you do not conduct a risk assessment, then you should start praying. The FCPA Guidance made it clear – conduct a risk assessment and tailor your compliance program to the risk assessment. In the unfortunate event that your company is involved in an FCPA enforcement action, DOJ and the SEC conduct a thorough review of a company’s compliance program. If the program...
