The Justice Department and the Securities and Exchange Commission had a strong FCPA enforcement year. However, there is certainly more to come and it is easy to predict that 2023 will be even a bigger year. It is fairly obvious that DOJ and the SEC have cases in the pipeline and with new policies in place, they are getting ready to move them through the...
Oracle’s SEC settlement for $23 million underscores the power of the FCPA provisions mandating effective internal controls and accurate books and records. As everyone knows, these provisions can be applied to a wide-range of conduct beyond foreign bribery. The SEC recognizes the power of these provisions and have used them in a variety of settings. Oracle has now fallen under the enforcement sword twice —...
It is easy to be overwhelmed by the overall risk profile of your third-party population. The best way to tackle the problem is by defining specific problems and risks and then analyzing a subset of third parties as to this specific problem or risk. On the operational side, the business can guide this inquiry, especially procurement professionals who should be familiar with the direct and...
Companies will often rely on a network of distributors to help sell their products in emerging markets. From a business economics standpoint, engaging a distributor is often more cost efficient than investing in a sales force in a new market. As a result, companies may enter a new market by relying on distributors, and if successful, may invest in the future by establishing its own...
Webinar: The State of Third-Party Risk Management in 2018 Date: Tuesday, October 16 Time: 1:00 PM/ET/10:00 AM PT Duration: 60 minutes Sign Up HERE Over half of organizations leave themselves open to risk with an ineffective or non-existent third-party risk management program. That’s shocking given the damage a third party can inflict! To improve or get started on your third-party risk management program, join this...
Ten Essential Elements of a Third Party Risk Management System Wednesday, April 19, 2017, 12 Noon EST Sign Up HERE The Justice Department and the SEC require companies to implement effective third party risk management programs. The Justice Department and the SEC, through their respective enforcement actions, policy speeches, and compliance guidance have set forth important requirements for a third party risk management program. In...
Hui Chen, the Department of Justice’s Compliance Counsel, recently stated that 2015 was the year of due diligence and third-party compliance. A recent survey conducted by Kroll and Ethisphere provided a status check on how the due diligence compliance effort is going. Many companies have heard the message about the importance of due diligence compliance and instituted due diligence systems, hopefully using automated programs. Companies...
Believe it or not, life principles can be used in compliance, especially in due diligence. I always tell my kids that life has a way of setting priorities. As you get older, life becomes simpler and your priorities become clearer. Now watch this transition – the same goes for due diligence, not the age part but the priorities part. Once you assemble information and data...
