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Webinar: Achieving an Effective Compliance Program: DOJ and OFAC Guidance, Best Practices, and Industry Trends

Webinar: Achieving an Effective Compliance Program: DOJ and OFAC Guidance, Best Practices and Industry Trends June 25, 2019, 12 Noon EST SIGN UP HERE The compliance industry is evolving. Recent DOJ and OFAC Guidance are just one influence. At the same technology and innovative strategies using data analytics are quickly eclipsing government guidance, especially in the area of compliance program monitoring, testing and auditing. Companies...

OFAC’s New Sanctions Compliance Training and Testing Requirements (Part IV of IV)

When providing compliance program guidance, the Justice Department and OFAC, like every compliance practitioner, will pay homage to the relatively obvious point that there is no one-size-fits-all compliance solution.  In other words, as is often repeated, a company’s compliance program will vary depending on a variety of factors, including the company’s size, sophistication, products and services, and geographic configuration.  These factors eventually form the basis...

Making Sure Your Internal Controls Address Sanctions Risks (Part III of IV)

The term “internal controls” is a loaded one – it morphs in various ways depending on the context.  Sometimes it is a shorthand for financial accounting controls; other times it encompasses a company’s compliance controls (i.e. policies and procedures). OFAC embraced the term to equate with a company’s policies and procedures for sanctions compliance.  OFAC recognized that OFAC compliance functions have to begin with the...

Conducting a Sanctions Risk Assessment: A New Era for Analyzing Your Risks (Part II of IV)

OFAC’s new framework guidance for sanctions compliance programs stretched into new territory with its risk assessment requirement.  This new approach reflects OFAC’s recent aggressive enforcement programs. In recognition of the importance of various economic sanctions programs, particularly Iran, North Korea and Venezuela, OFAC has laid out some important markers.  These enforcement actions, e.g. the Epsilon case (here), and the elf Cosmetics case (here), and the...

Episode 92 — How to Implement a Sanctions Compliance Program

OFAC’s new  Framework for Sanctions Compliance Programs is a game changer.   When it comes to sanctions compliance programs, most companies are well behind the curve.  OFAC’s new framework raises the bar by creating a well-crafted framework for companies to assess their current program and then re-design important elements to meet OFAC’s standards.    To the extent that a company’s sanctions compliance program operates as part of an overall...

Remediate and Enhance Your Internal Investigation Program (Part III of III)

An audit program of a company’s internal investigation function provides valuable insights for its internal investigation program and the company’s overall ethics and compliance program.  It is a critical part of ensuring that a companies speak up culture is adequately supported and promoted by an efficient and reliable internal investigation function. A company learns a lot about its overall operations from its employee complaints and...

How to Audit Your Internal Investigation Program (Part II of III)

As an initial step, an audit of an internal investigation program requires a detailed understanding of the operation of a company’s internal investigation program.  In crafting the audit, the first step is to define the relevant universe of investigations.  The audit scope will depend on the number of investigations to be review based on the number of investigations and the years to be reviewed.  Assuming...

Improving Your Internal Investigation Program (Part I of III)

In the compliance idea marketplace, there has been an increased focus on the importance of maintaining an organization’s speak up culture and the importance of a reliable and efficient internal investigation program.  From a practical standpoint, if a company has a defective program for encouraging reporting, and conducting timely and efficient investigations, the company is likely to suffer from some serious breakdowns in conduct and...

Episode 91 — How to Audit and Improve Your Internal Investigation Program

Companies are starting to understand that an effective internal investigation program is a critical function to promote a speak up culture.  A company that has a dysfunctional internal investigation program will find it difficult to prevent and detect misconduct.  To this end, companies have to commit to a multi-step review and improvement process for its internal investigation program.  This is an exercise that is limited...