Compliance into the Weeds: Recent Episodes

Tom Fox

What happens when two compliance aficionados get together to talk all things compliance, risk management and ERM? You get Tom Fox, the Voice of Compliance and Matt Kelly, the Coolest Guy in Compliance, going into the weeds of a topic each week. Each week, you can take a deep dive with two of the top writers, thinkers and prognosticators in compliance.

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt consider the recent DOJ enforcement action involving Verizon Business Network Services for failure to have an effective cyber security compliance program. The recent case of Verizon's non-compliance with cybersecurity standards and subsequent remediation efforts has sparked a significant conversation in the realm of cyber compliance. Tom views this case as a roadmap for companies to enhance their cybersecurity programs, emphasizing the importance of gap analysis and pressure testing. He draws parallels between cybersecurity compliance and the Foreign Corrupt Practices Act (FCPA) compliance, suggesting that Verizon's case could serve as an example for other companies. Matt applauds Verizon's voluntary self-disclosure and extensive remediation efforts. He underscores the importance of disclosure, cooperation, and remediation in both cybersecurity and corruption cases, viewing Verizon's actions as a positive example for other companies. Join Tom Fox and Matt Kelly as they delve deeper into this topic in the latest episode of the Compliance into the Weeds podcast. Key Highlights · Verizon's Cybersecurity Program Failures · Enhancing Cybersecurity Compliance through Remediation Measures · Automating Compliance Efforts with GRC Tools · Potential Penalties for Non-Disclosure of Cybersecurity Issues Resources Matt in LinkedIn Matt on Radical Compliance Tom Instagram Facebook YouTube Twitter LinkedIn

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The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt consider the recent FCPA enforcement action involving the Chinese business unit of 3M. The importance of post-event documentation and monitoring in preventing fraud and corruption cannot be overstated, as highlighted by the recent FCPA incident involving 3M China. Tom believes that while training and control environment adjustments are crucial, they may not be enough to prevent misconduct if individuals are determined to commit such acts. He emphasizes the need for hard evidence, such as post-event documentation, and recommends looking to the heavily regulated pharmaceutical sector for guidance. Matt stresses the importance of rigorous post-event documentation to ensure the legitimacy of business activities. Both Fox and Kelly gained these insights from their extensive experience in the field of compliance and their analysis of various fraud cases. To learn more about their unique perspectives on post-event documentation and monitoring, join them on this episode of the Compliance into the Weeds podcast. Key Highlights · Background facts · GTE in FCPA enforcement actions · What happens when conduct is done secretly · Concerns over the use of messaging apps · Lessons Learned Resources Matt in LinkedIn Tom -blog post on the FCPA Compliance and Ethics Blog Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt consider the recent SEC and CFTC enforcement actions around messaging app non-compliance. Join Tom and Matt as they take a deep dive into the enforcement actions and then consider how such claims would impact non-regulated industries. Regulated industries, particularly broker dealer firms like Wells Fargo and Morgan Stanley, are facing enforcement actions and hefty fines for their employees' use of messaging apps like WhatsApp and Snapchat that allow record preservation to be disabled. The involvement of senior managers in these misconducts has prompted the SEC to require an independent compliance consultant in settlements. The conversation between Tom and Matt emphasizes the importance of messaging policies and procedures in regulated industries and the need for stricter compliance measures. They also discuss the complexities and potential consequences of record-keeping obligations and the regulatory concerns over the use of messaging apps. The conversation briefly touches on the future of AI chatbots in customer service, with differing perspectives on their ethical implications. Overall, the conversation highlights the significance of messaging policies, enforcement, and compliance in regulated industries. Key Highlights · Enforcement Actions Against Regulated Industries · Enforcement actions and messaging policies · Record-keeping obligations for broker dealers and other industries · Regulatory concerns over the use of messaging apps · Internal Controls and non-regulated industries Resources Matt LinkedIn Blog Post in Radical Compliance No Smoke and No Fire: The Rise of Internal Controls Absent Anti-Bribery Violations in FCPA Enforcement by Karen Woody in Cardoza Law Review Tom Instagram Facebook YouTube Twitter LinkedIn

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The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt consider the PCAOB proposal for fraud and compliance audits. In this episode, we dive into the heated debate surrounding the proposed rule on auditors and fraud risk audits in this episode of Compliance into the Weeds. Compliance professionals and the audit community have contrasting perspectives on the PCAOB proposal to require audit firms to look more aggressively for compliance and legal violations at their client companies, and then report any such violations more promptly to the company’s board of directors. Discover the stipulations compliance professionals want to include, such as meeting with the chief ethics and compliance officer and reviewing the state of the compliance program. On the other hand, hear why the audit community, represented by the PCAOB, opposes the rule, arguing that auditors lack the necessary expertise and that fees would skyrocket without significant benefits. Gain insights into the complexities and challenges of asking auditors to take on compliance responsibilities. Tune in to understand the potential implications of the proposed rule on audit firms, compliance professionals, and investors. Key Highlights · The PCAOB proposal implications for auditors, with a focus on effects on fraud risk audits. · The difference in how compliance professionals and auditors perceive the impending rule. · The practical difficulties auditors face when tasked with compliance roles. · What are the potential cost and liability hikes for auditors, heralded by the enforcement of the rule? · The uncertainties enveloping the approval and implementation process for the proposed rule. Resources Matt LinkedIn Blog Post in Radical Compliance Tom Instagram Facebook YouTube Twitter LinkedIn

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The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into the recently released SEC rules on cyber breach disclosures. This new era of cyber security calls for increased accountability and transparency from companies to protect investors and citizens from cyber threats. The U.S. Securities and Exchange Commission (SEC) recently adopted new cyber disclosure rules requiring companies to disclose material cybersecurity incidents and risks in their annual reports. This policy change will require companies to analyze and disclose the impacts of any material cybersecurity incidents, as well as any potential exemptions from disclosure that companies may seek. Key Highlights · New Cyber Breach Disclosure Rules · Material Breaches · Role of the Board Resources Matt LinkedIn Blog Post in Radical Compliance Tom Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt consider the current difficulties for auditors to perform an audit on AI. The use of AI in the tech world has brought with it a new concern: implicit bias. Auditing AI code is necessary to ensure that AI applications are free from bias and secure from cyber threats. This complex process involves examining the code of AI programs to ensure that they are functioning as intended and are not producing biased or unethical outcomes. In addition to auditing code, employers must also audit the outcomes of AI tools, and consider ethical considerations when defining the data that the AI is looking at. As AI hiring audits become increasingly necessary, it is more important than ever to ensure that AI applications are free from bias and secure from cyber threats. Key Highlights · AI Implicit Bias · Auditing AI Code · AI Hiring Audits Resources Matt LinkedIn Blog Post in Radical Compliance Tom Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject and looking for some hard-hitting insights on sanctions compliance. Look no further than Compliance into the Weeds! In this episode, Tom and Matt take up the recent CFTC enforcement action involving Bank of America. In yet another reminder of the importance of ethical practices within the banking industry, Bank of America recently faced civil charges for misconduct, including a junk fees scheme and opening credit cards for customers without their authorization. This follows in the footsteps of similar misconduct from Wells Fargo in the mid-2010s, which resulted in a hefty $185 million fine. To address the issue, Bank of America has agreed to discontinue its flawed incentive program and develop a compliance plan within 90 days. Banks must remain vigilant in their compliance efforts, capture customer consent and documentation, and have data analytics capabilities, or risk similar fines. Furthermore, this penalty emphasizes the need for banks to keep their practices updated with regulations.

Key Highlights · Facts of enforcement action · BOA penalty · BOA remediation · Comparisons to Wells Fargo · Banks behaving badly

Resources: Matt Kelly LinkedIn

Blog Post in Radical Compliance

Tom Fox Instagram Facebook YouTube Twitter LinkedIn

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The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, co-hosts Tom Fox and Matt Kelly are joined by Compliance Man himself Tim Khasanov-Batirov. We consider how the Airbus scandal has highlighted the importance of compliance and ethics in corporate conduct in France, and the need for reliable data in ESG reporting, artificial intelligence, and third party risk management. We also discuss the challenges faced by American and European compliance professionals, and the need for Diversity, Equity and Inclusion (DEI) in creating a strong speak up culture. They discussed the EU Whistleblower Directive, which states that anonymous reports should be allowed, and the importance of clean conduct in government agencies. Compliance practitioners have an important role to play in this process, and the EU is leading the world's discussions around ESG reporting. Key Highlights · ESG Reporting Requirements · AI and DEI in Compliance · European Compliance Challenges · European Compliance vs US · AI and Compliance in France Resources Matt LinkedIn Tom Instagram Facebook YouTube Twitter LinkedIn Tim LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, co-hosts Tom Fox and Matt Kelly dissect the Navex 2023 State of Risk and Compliance Report. Tom and Matt delve into Navex's annual benchmarking report, which surveyed 1,300 compliance professionals. The report revealed that 53% of respondents described their compliance programs as mature. The speakers question whether the board is driving the conversation or if compliance officers are requesting updates due to potential liability. The report's findings on cybersecurity and privacy concerns, survey results on where compliance should reside in a company, and the importance of having a mature anti-bribery anti-corruption compliance program are all discussed. Tune in to hear more about how compliance officers can address pressing concerns such as cybersecurity breaches and attacks. Key Highlights · Navex's benchmark report on compliance programs · Board-Compliance Officer Relationship & Cybersecurity in Compliance · Necessity of Dedicated Compliance Committees · Survey Finds Diverse Views on Compliance Placement in Companies · The Importance of Anti-Bribery Compliance for Cybersecurity · Compliance Officer Reporting to CISO Dynamics Resources Matt LinkedIn Blog Post in Radical Compliance Tom Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, co-hosts Tom Fox and Matt Kelly dissect a disastrous 10k report filed by Ammo Incorporated, exposing the company's shocking governance and compliance breakdown. The lack of personnel, internal control processes, and proper segregation of duties are just some of the material weaknesses that led to this corporate disaster. The hosts provide insightful lessons on what companies should avoid to maintain internal governance, share tips on approaching remediation, and emphasize the importance of self-awareness among senior management and the board. Tune in to hear how this niche investigative story was uncovered, and how Twitter played a crucial role in the investigation. Don't miss Compliance into the Weeds - the podcast that will change the way you think about governance and compliance! Key Highlights · Material weaknesses in internal governance practices · Material weaknesses in operations at Ammo · Challenges with Ammo Inc.'s strategic shift and internal controls · Remediating Company Failures: Story's Disclosure Resources Matt LinkedIn Blog Post in Radical Compliance Tom Instagram Facebook YouTube Twitter LinkedIn

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The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! Tom Fox and Matt Kelly are back with another thought-provoking episode discussing the proposed new Audit Standard 2405 by the PCAOB. This new proposal requires auditors to evaluate legal violations and noncompliance that could have a material impact on financial statements. While some people believe this is a good idea, others question the cost and whether audit firms are trained for this task. The discussions covered a range of topics, including internal control evaluations, expanding audit duties, Wells Fargo case study, the potential for increased audit fees, and reporting noncompliance to law enforcement. The hosts urge listeners to read the proposal and provide feedback as the final standard is expected to be approved by the SEC. This is a must-listen for compliance professionals who want to stay up-to-date and think critically on the latest audit news. Key Highlights · Auditing Process for Legal and Compliance Issues · New Standards for Auditors Beyond Financial Reporting · Expanding PCAOB's Legal Obligations for Auditors · Expanding Audit Firm Duties: Impact and Concerns · Commenting on Proposed Audit Rule Notable Quotes: “This seems like a huge expansion of what auditors have done in the past.” “Certainly, for example, a large FCPA violation if you're looking at $1,000,000,000 fine, and that would definitely strike me as material.” “The proposal to expand the duties of audit firms is a dramatic expansion of what they were previously asked to do, and it is unclear whether they are fully equipped to handle this responsibility.” “Internal auditors and compliance officers may also have concerns.” Resources Matt LinkedIn Blog Post in Radical Compliance Tom Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! Join Tom Matt they delve into the crucial role middle managers play in fostering a culture of ethics and compliance within organizations. In this episode, the hosts discuss the challenges compliance officers face in working with middle managers and share some practical tips on building alliances, teaching soft skills, and developing personal relationships. They also examine the use of incentives and consequence management in promoting compliance and highlight the need for positive incentives for middle managers. Don't miss this insightful and thought-provoking discussion on how to enforce internal controls in a compliance program and find out more about the different ways to ensure compliance in gift travel and entertainment expenses. Tune in now to stay ahead in the world of compliance! Key Highlights · The Role of Middle Managers in Compliance · Training Middle Managers on Ethical Leadership · Investing in middle managers for ethical conduct · Compliance: Incentives and Consequence Management Notable Quotes: “Compliance officers need to think about because you live and die in the success of your corporate culture and the middle managers really are the custodians of that culture.” “Compliance officers should think about how do I help middle managers? How do I coach them on how to be good leaders?” “Nothing is as significant as that personal touch point.” “If the middle manager either turned a blind eye to the unethical practice or should have known about the unethical practice, but was just so aimless about it and didn't care should that middle manager suffer consequences along with the frontline employees who committed the offense? And the answer was generally yes.” Resources Matt LinkedIn Blog Post in Radical Compliance Tom Instagram Facebook YouTube Twitter LinkedIn

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The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we consider the very prescient topic of mental health and compliance officers. There is a mental health crisis in the U.S. workforce today, and that applies to compliance officers as well. Matt recently moderated a webinar, hosted by Ethico, on how mental health issues can affect corporate culture and compliance officers themselves. The panelists included Paul Liebman, head of compliance at Harvard University; and Sarah Ross, a former compliance officer at Novartis who now runs a consulting business on burnout, depression, and related issues; and Nick Gallo, co-CEO at Ethico. Some of the highlights included:

How the Covid-19 pandemic accelerated the issues of mental health for all workers.

We had some great suggestions from the panelists and webinar participants.

Understanding the difference between mental health and mental illness, is critical.

Consider how your company could weave mental health awareness into training, and especially manager training.

Define boundaries between work and personal life.

Why find yourself a friend in your field can be a critical mental health safety check. If you feel like you have someone to speak to about stress, you’re more likely to understand and confront that stress. True for compliance officers and other employees alike.

There is a strong connection between mental health and a speakup culture generally. If employees feel afraid to speak up about feeling stressed or overworked, would they be equally reluctant to speak up about misconduct.

Resources Matt Kelly in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we consider the recent collapse of the crypto currency trading platform FTX. We look at it from a variety of angles. Highlights include: · Where does FTX rate in terms of catastrophic business failures? · What were the internal control failures? · How much fraud was involved? · FTX is domiciled outside the US. What does that mean for the review process? · Will this lead to regulation over crypto? Resources Matt Levine in Bloomberg on FTX’s balance sheet Matt Kelly in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this special 300th Anniversary episode, we consider a recent academic paper which suggests that policies play a small role in persuading employees not to engage in bribery and corruption. Highlights include: · What did the paper conclude? · What is the role of procedures? · Tom details the one function of policies. · How does an operationalized compliance program work? · What is the intersection of policies and internal controls? Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we consider the recent SEC requirement for companies to publicly report clawback provisions and their effects in conjunction with the DOJ requirements for clawbacks. Highlights include: · What are clawbacks? · What does the SEC rule require? · Are clawbacks the mirror of executive incentives? · How does the DOJ position, as laid out in the Monaco Memo differ (if any) from the SEC requirements? · How far down the corporate chain must a clawback provision impact? Resources Matt in Radical Compliance Tom in the FCPA Compliance and Ethics Blog Learn more about your ad choices. Visit megaphone.fm/adchoices

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we consider the recent guilty plea by Lafarge, the French cement giant now owned by Holcim, for paying bribes and protection money to ISIS and doing business in Syria with ISIS. Highlights include: · What are the background facts? · What were the bribery and payment schemes? · What are the compliance lessons learned? · How will the victim status play out? · Who will guarantee the compliance of Lafarge with the Plea Agreement. Resources Tom in the FCPA Compliance and Ethics Blog Learn more about your ad choices. Visit megaphone.fm/adchoices

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we consider the recent statement by Paul Munter, the SEC’s acting chief accountant, where he urged auditors to do better at assessing fraud risk among their clients. Highlights include: · Why did the SEC raise these points in the first place? What are they trying to tell auditors that they’re doing wrong? · Are auditors really equipped to be more aggressive in fraud risk assessment and investigation? · What should compliance officers be thinking about vis a vis the SEC’s statement? · What is the role of compliance in in anti-fraud? · How will this impact compliance audits by external auditors and fraud examiners? Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Now the award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we look at burgeoning scandal from north of the border in Hockey Canada. Highlights include:

What happens when your sport is also your national religion?

How can you affect a change across an entire sports culture.

Who are your stakeholders and are you protecting them?

The Wide World of Sports misconduct.

When (and if and how) will management start to listen?

Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we look at the recently announced SEC Foreign Corrupt Practices Act enforcement action involving Oracle. Highlights include:

Recidivist behavior in same countries with similar schemes.

Policy, procedure and internal controls failures.

Why no monitor.

Compliance programs lessons learned.

What about the DOJ?

Resources Matt in Radical Compliance Tom in the FCPA Compliance and Ethics Blog

Background

The Schemes in Action

Parking in India

The Comeback and DOJ

What it all means

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we look at the recently announced Monaco Doctrine as encapsulated in the Monaco Memo. Highlights include:

Corporate accountability.

Timeliness in turning over evidence of wrongdoing.

Baby Carrots in evaluating corporate history of misconduct.

Additions to Evaluation of Corporate Compliance Programs.

Tweaks to the Yates Memo formulation.

Monitors and Monitorships.

Resources Matt in Radical Compliance Tom in the FCPA Compliance and Ethics Blog

Introduction

Self-Disclosure

Corporate Compliance Programs

Monitors

The heat is on

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we look at the recent speech Assistant Attorney General Kenneth A. Polite delivered at the University of Texas Law School. The speech focused on corporate and individual accountability in FCPA enforcement actions. Highlights and questions posed include: · What are clawbacks and how would they work in practice? · Does a lack of corporate clawbacks lead to aggravating factors? · How much credit will a company receive by instituting clawbacks? · CCO certifications are here to stay. · How does the Polite Speech relate to the Monaco Memo. Resources Matt in Radical Compliance Text of Polite Speech Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we look at the implementation of a national suicide prevention hotline, 988 and consider what it might teach compliance professionals. Highlights and questions posed include: · What is the new national Suicide Prevention hotline? · How does it inform your corporate hotline and speak up culture? · How do you teach the trait of listening? · Engaged employees are more effective employees. · How easy are the mechanics of your hotline to navigate. Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we mine the whistleblower allegations by Peiter Zatko, AKA “Mudge” made against Twitter for lessons for the cyber-security professional and wide compliance discipline. Highlights and questions posed include: · The allegations made by Mudge. · Why does an organization need a CISO (or CCO or CECO)? · How did Twitter get hacked, its employees duped and its controls by-passed? · What is pedestrian yet telling in this saga? · Why data mapping is mandatory if not critical? · Where were the external auditors? · Is there a Caremark claim here? Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. In this episode, we explore the recently publicly released whistleblower allegations by Peiter Zatko, AKA “Mudge,” made against his former employer Twitter. Highlights include:

The allegations made by Mudge.

What possible enforcement actions and legal ramifications could develop?

What does this mean for the Twitter/Elon Musk litigation?

Where was the Board, and who was the Board?

Is there more to come?

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we explore the recent disclosure by HanesBrands of a cyber security breach which cost the company over $100MM in sales in Q2 2022. Highlights include:

Why the public disclosure.

What might the SEC rules around disclosure be when adopted.

Why CISOs and IT (and a whole host of other corp functions) needs to talk to compliance.

What if this were a physical breach?

How and where to get started.

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we explore the recent CFPB circular which noted a company’s failure to implement adequate data protection measures can qualify as an unfair practice prohibited under the Consumer Financial Protection Act. Highlights include: · The CFPB is going to start bringing charges against more companies for sloppy data protection programs. · Three Key data protection security controls. · Why CISOs and IT needs to talk to compliance. · The role of auditing and monitoring. · How and where to get started. Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. In this episode, we explore the new requirements for CCO certification by considering what is meant by the term ‘reasonably designed’ compliance program. Highlights include: · What does ‘reasonably designed’ mean in practice and the eyes of the DOJ? · Should the DOJ articulate a standard? · Are CCOs certifying under greater risk? · What have other thought leaders opined? · Does this standard impact ‘effective’ compliance programs? Resources Matt in Radical Compliance

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Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. In this episode, we deep dive into recent failures detected in the state of Wisconsin regarding cyber security risks around election integrity. Highlights include:

The risks were uncovered.

What is a material risk?

Why Multi-Factor Authentication is important cyber security control.

What are the consequences of a single point of failure?

How and when should redefine a hazard?

What does CISA say about MFAs?

Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we take a deep dive into the recent settlement by Biotronik with the DOJ over allegations of the violation of the Anti-Kickback Statue Highlights include: · Background facts. · Training programs as cover for bribes. · What is lavish entertainment? · What were the internal control failures? · Controls for high-risk payments. · Lessons learned for the ABC compliance professional. Resources Tom in the FCPA Compliance and Ethics Blog Part 1-Background Part 2-the Bribery Schemes and Lessons Learned Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we take a deep dive into the recent story of an in-house attorney who was disbarred for fraudulent activities in creating fraudulent claims and fraudulent settlements. Highlights include: · Background facts. · Conflicts of Interests. · What were the internal control failures? · Were they material? · Lessons for the compliance professional. Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we take a deep dive into the recent New York, Department of Financial Services enforcement action against Carnival Cruise Lines for failures in its cybersecurity reporting obligations. Highlights include: · Why is Carnival Cruise Lines subject to the DFS? · What violations occurred? · Why were there false certifications? · What were the tactical cyber security violations? · Were they material? · Lessons for the compliance professional. Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we take a deep dive into some of the issues for compliance professionals in the wake of the Dobbs decision. Highlights include: · What should compliance professional do now? · What are your policies and procedures? · Forced-birth v. women’s right states. · Where does you company stand? · Preparing for compliance challenges ahead. · The next wave of civil rights issues destroyed. · Ethical practices v. obeying state laws · Social media outreach. Resources Matt in Radical Compliance Tom in the FCPA Compliance and Ethics Report Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we take a deep dive into some of the unintended consequences of CCO certifications as required by the Department of Justice. Highlights include: · What happened to reasonable and proportional? · What about control override? · What is the purpose of compliance training? · What is effective compliance training? · Is compliance training complimentary to compliance training effectiveness? Resources

Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. In this episode, we deep dive into some recent crazy stories involving CCOs, compliance professionals and the compliance function. Highlights include:

· New CCO at Facebook and the results. · Did Penn State CCO engage in retaliation, discrimination and harassment? · Is a contract non-renewal retaliation?

Resources

Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we take a deep dive into the recently released GAO report on failures in the US Army SHARP program, largely around policies and procedures, with a dash of culture thrown in. Highlights include: · Why has SHARP failed? · What is the role of policies and procedures in compliance? What about culture? · How can assess your own internal training and communications? · What are the 3 questions every compliance professional should ask? · What are the lessons for the civilian compliance world? · Where does the Army go from here? Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. In perhaps our most somber podcast ever, Matt and Tom take a deep dive into some of the failures which led to the tragedy in Uvalde, TX, and lessons for the compliance professional. Highlights include: · Why have controls? · How can a control over-ride impact safety? · How can you prepare for emergencies? · Thought-out lines of communication created before the emergency. · When leadership is tested. · What is the difference between ethical values and ethical priorities? Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom take a deep dive into the recent speech by Kenneth Polite, the Assistant Attorney General for the Criminal Division. Every compliance professional needs to read his remarks in depth as they give significant insight into what the DOJ expects in compliance programs and CCOs involved in enforcement actions. Highlights include: · It all starts with a risk assessment. · The importance of culture. · Continuous testing and continuous improvement. · The role of monitors. · CCO certification going forward. Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom take a deep dive into the recently released Commonewealth Edison report on the current state of its compliance program. Highlights include:

Why is ComEd publicly filing a compliance report?

How did Compliance Domains replace specific risks?

The use of Design Thinking concepts in the Risk Assessment process.

A direct line from Risk Assessments -> continuous monitoring-> continuous improvement-> reporting.

Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom take a deep dive into the recent response of JPMorgan to the whistleblower termination allegations of Shaqualla Williams. Highlights include:

What does whistleblower protection actually mean?

Can a company fire an employee for other conduct if they have filed a whistleblower report?

Will this become the template for getting rid of whistleblowers?

Do the substance of whistleblower reports matter?

Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom take a deep dive into some of the impacts on compliance from the Russian invasion of Ukraine. Highlights include: · How will the invasion impact your Supply Chain? · What are the attributes of a compliance program that can lead your corporate response? · What about cyber? · Will all this lead to a more holistic ERM response? Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom take a deep dive into the recently released Stericycle FCPA enforcement action. Highlights include: · What is a business strategy based upon corruption? · Over-expansion and under due diligence in M&A. · Document Document Document · The Monaco Doctrine at work. · Lessons learned going forward. Resources DPA SEC Order Matt in Radical Compliance Tom in FCPA Compliance and Ethics Blog

Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom are joined by Karen Woody and Jonathan Marks to consider the SEC’s recent proposed rules for disclosure of cyber breaches. Highlights include: · What was in the proposals? The 60-day comment period is running. · The 4-day disclosure requirement for material breaches. · The corporate governance issues around Board reporting. · What is the SEC trying to accomplish? · Should your company have a cyber-risk committee? If so, who should be on it. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom take on strange comings and goings of Elon Musk and his participation on the Twitter Board of Directors. Highlights include: · When and how did Musk become Twitter’s largest shareholder? · Why was he asked to come on to the Board? · SEC filing requirement issues? · What role did the various stakeholder groups, including employees have in Musk turning down the Twitter Board seat? · What are the compliance and governance issues to be learned? Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom take a look at the recent ECI report on the Differences Between Small, Medium And Large Enterprises E&C Programs. Highlights include: · Where did this ECI report derive its data? · Why are middle sized companies in such bad condition regarding compliance program? · Why are middle sized companies having the most issues? · When is the time for compliance SME at a company? · When should a company institute robust internal controls? Resources Matt in Radical Compliance ECI Report - Differences Between Small, Medium And Large Enterprises E&C Programs Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom take at the recent remarks by DOJ Assistant Attorney General Kenneth Polite on CCO certifications of compliance programs after the conclusion of a DPA. Highlights include: · Where did this issue come from? · Is its implementation looming? · What are the implications for individual CCO liability? · What about CEO liability for recidivism? · What are the corporate governance implications? Resources Text of Kenneth Polite speech Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom take a look at the proposed SEC climate change risk disclosure regulations released on Monday. Highlights include:

The history of this issue.

Is the SEC over-reaching?

Why climate change regulations only? What about a broader set on ESG?

The role of internal controls, audit and oversight.

What does all this mean for the compliance function?

Resources Matt Kelly in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom visit with our Ukrainian colleague Tim Khashinov-Batirov. Tim is well-known in the worldwide compliance community as Compliance Man. He is currently a refugee in The Netherlands at the time of this recording. In this episode, Tim talks about his escape from Ukraine, what life has been like as a displaced person in Europe, the current and burgeoning refugee crisis and some things that we in America can do right now to help those still in Ukraine and those who are refugees. Other topics we consider include: · How the bonds of brotherhood between Russia, Belarus and Ukraine may have been permanently destroyed? · What do ordinary Russians think about the invasion? · Armies like companies run on culture. Why and how has the corruption in the Russian Army hollowed out its culture from the inside? · The leadership of President Zelensky and his impact on the Ukrainian people. · The negative leadership of Russia President Putin. Resources for Donations for Ukraine and Ukrainians UNICEF Salvation Army Red Cross Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom take look at a recent speech by SEC Commissioner Alison Herron Lee where she considered the role of lawyers as gatekeepers under SOX 307. Some of the issues we consider · Who do lawyers represent? · What is the difference between lawyers and gatekeepers? · How can or should lawyers represent multiple interests on SOX issues? · How does this comport with state bar requirements? · How, if at all, does SOX 307 impact compliance professionals? · Was the speech a policy change announcement, trial balloon or something else. Resources

Matt in Radical Compliance SOX 307 Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom take a somewhat somber view on the Russia invasion of Ukraine. Some of the issues we consider:

Discussion of sanctions.

What do sanctions mean for US, UK and EU countries?

How companies should think about doing business in Russia going forward.

What about energy production and consumption?

US company employees in Ukraine and Russia.

The role of China in a potential resolution.

Resources Tom in the FCPA Compliance and Ethics Blog Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom turn to the recent FCPA enforcement action brought by the SEC involving the Korean company KT Corp. Some of the issues we consider

Background facts and a corrupt culture, literally from the top.

How does the SEC have jurisdiction over KT Corp?

Why you need a flow chart of the bribery schemes and a scorecard of the players.

Corruption leading to the Korean Blue House.

Bags of cash delivered and kept in office safes.

Was the resolution an interim step before a monitor is employed?

Resources Tom with a 3-part series in the FCPA Compliance and Ethics Blog Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom return to one of Matt’s favorite topics Elon Musk/Tesla. Some of the issues we consider: · What happens when a business is lead by a runaway CEO? · Implications of new SEC investigation. · State of California investigation into racial discrimination. · Where has the Board been all this time? · Will the attitude of the SEC regarding enforcement change?

Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom take up two recent academic papers which every compliance practitioner should study as they provide insight about how communications can impact both fraud prevention and compliance. Some of the issues we consider

Berger and Lee on state FCA claims cutting overall accounting fraud.

Jinjie Lin on SEC tweeting and reduction of SEC violations.

What do these communication strategies portend?

How can they be used by the compliance professional?

Why whistleblowing does more than simply prevent fraud, waste and abuse. If improves the bottom line.

Investment in communications strategies pays off?

Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom are pleased to host Mike Volkov, host of the Corruption Crime and Compliance podcast on the Compliance Podcast Network. Mike formerly worked in the DOJ, Antitrust Division. We consider the current evolution of antitrust enforcement by the DOJ and FTC and how it might impact the Microsoft acquisition of Activision Blizzard. Some of the issues we consider include: · Is the focus of antitrust enforcement changing from consumers to others? · What is a Section 2 Sherman Act claim? · What are structural v. behavioral remedies? · Have partial divestitures fallen out of favor? · How might all this play out in the Microsoft acquisition of Activision Blizzard? · What is the role of compliance going forward? Resources Matt in Radical Compliance Mike Volkov in Corruption Crime and Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom take up the Log4j imbroglio. Some of the issues we consider: · Why is this matter of such importance to compliance and audit? · Is your IT security out-sourced? If so how do you perform 3rd party due diligence on these companies? · What is the intersection of 3rd party, cyber and operational risk? · How can you implement at 3rd party risk management program in cyber? · Have you audited a 3rd party in the cyber realm? Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom take up compliance training and messages insights Matt had from the book, Get It Done, a newly released book by business professor Ayelet Fishbach. Some of the issues we consider · How has compliance training evolved? · The differences in values-based training and rules-based training. · How can you build aspirational goal setting into your compliance training and compliance messaging? · Incorporation of aspirational goal setting into your internal controls. · What is the bottom line on your compliance goal setting? Resources Matt in Radical Compliance Get It Done by Ayelet Fishbach Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom conclude a special two-part podcast series of several topics they will be following in 2022. Today in our concluding Part 2, we consider: · The time of reckoning is coming for SPACs funded in 2021 as their 18 month-deadline is fast approaching. Is the SEC looking at SPACs as an alternative form of IPO? What will the regulatory landscape look like going forward? · CCO pay. Will it go up after several years of remaining flat? How did the Great Resignation impact compliance, if at all? What skills sets might a CCO need into 2025 and beyond? · The SEC investigation into Facebook. Are a company’s public statements about having an ethical culture mere puffery or are they actionable for failing to live up to their public statements. Also, what does the Francis Haugen testimony mean for whistleblowers going forward. · The SEC investigation into Activision’s toxic workplace and culture of misogyny. Are these new areas the SEC will be looking at in addition to its traditional role of financial reporting watchdog. Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom begin a special two-part podcast series of several topics they will be following in 2022. Today in Part 1, we consider

The Biden Administration’s Strategy on Countering Corruption, specifically around FinCEN and AML enforcement and how it may impact FCPA enforcement.

The PCAOB was long dysfunctional before the Trump Administration eviscerated it. How will it change under the Biden Administration?

The SEC plans for the regulation of and reporting on ESG.

FCPA enforcement for recidivist corporations after DAG Lisa Monaco’s speech in October 2021.

Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. On Tuesday, Matt and Tom began a special two-part year-end review of six topics which they saw as significant in 2021 and believe will be so into 2022 as well. They looked at SPACs, the Robinhood/GameStop phenomena and the new hybrid working environment and what is means for the compliance professional. Today in Part 2 we consider the Biden Administration’s Strategy on Countering Corruption, in conjunction with DAG Lisa Monaco's speech on the refocus of the Department of Justice on FCPA enforcement and other white collar prosecutions, the continuing evolution of ransomware attacks and ESG in 2021 and beyond. Resources Matt in Radical Compliance Tom in the FCPA Compliance and Ethics Blog Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today, Matt and Tom begin a special two-part year-end review of six topics which they saw as significant in 2021 and believe will be so into 2022 as well. In this episode we discuss SPACs, the Robinhood/GameStop phenomena and the new hybrid working environment and what is means for the compliance professional. Join us on Thursday of this week as we post Part 2 and look at the Biden Administration’s Strategy on Countering Corruption, the continuing evolution of ransomware attacks and ESG in 2021 and beyond. Resources Matt in Radical Compliance Tom in the FCPA Compliance and Ethics Blog Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today, Matt and Tom take a deep dive into the JPMorgan settlement with the SEC and CFTC for faulty electronic record-keeping. Some of the issues we consider are: · Why does Matt ‘almost feel bad' for JPMorgan? · There was a paucity of facts. So why is the fine so high? · Is it a ‘Compliance Consultant’ or a Monitor? · The remediation agreed to by JPMorgan. · Lessons learned for the compliance professional and ephemeral communications. · Focus on consistent and even-handed discipline for JPMorgan employees going forward. Resources Matt in Radical Compliance Tom in the FCPA Compliance and Ethics Blog Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today, Matt and Tom take a deep dive into the recently released US Strategy on Countering Corruption. After beginning with a debate on whether the document is simply a nice to have or something more significant, some of the issues we consider are:

What is the significance domestically v. internationally?

What new data will be collected and analyzed?

What new agencies and departments in the US government will be involved?

What additional international NGOs will be involved?

Enhanced whistleblower protections?

New focus on government procurement and in the Department of Defense.

Resources Matt in Radical Compliance Tom in the FCPA Compliance and Ethics Blog Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today, Matt and Tom take a deep dive into the difference between a privacy breach and a ransomware attack. Some of the issues we consider are:

Why are privacy breaches different from ransomware attacks?

What is an authenticated v. unauthenticated cyber-attack?

Why would the SEC get involved?

What are the internal controls need to prevent and detect a ransomware attack? How will they be audited?

How can a material weakness in internal controls around ransomware lead to a financial restatement?

What will the SEC look at from an enforcement angle?

Resources Matt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today, Matt and Tom take a deep dive into several issues regarding Special Purpose Acquisition Companies (SPACs). Some of the issues we consider are:

What did the Klausner and Olhrogge Research Paper show about conflicts of interest?

What did Calcbench analysis show about not only the number of SPAC filings but how they are driving the dramatic increase in M&A activity.

What are the corporate governance issues involved in with SPACs?

What are the internal controls issues involved with SPACs?

What has (or will) the Delaware Supreme Court have to say.

What have been the pronouncements from the SEC?

Resources Matt in Radical Compliance, Paper Raises Red Flags on SPACs Governance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today, Matt and Tom take a the recently filed lawsuit by Shaquala Williams against JPMorgan for alleged retaliation for her internal whistleblowing. Williams was in a compliance function at the bank and claimed she was terminated for raising the issues that JPMorgan was not living up to its reporting requirements under a DPA.Some of the issues we consider are:

Facts of the claim?

Made in the context of an ongoing DPA.

The lack of lack of documented policies and procedures.

Siloed nature of compliance functions.

Inconsistency in risk assessments.

Why is a single source of truth so critical?

Resources Matt in Radical Compliance, That Lawsuit Against JP Morgan Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today, Matt and Tom take a look at the Department of Defense retreat on its cybersecurity initiative for contractors, from the original CMMC to the new standard of CMMC 2.0. Some of the issues we consider are: · What is CMMC and what morphed into CMMC 2.0? · Who led the charge to make these changes? · Do these changes help or hurt federal government overall cybersecurity? · Will self-assessments work? · New FCA claims coming? · What about compliance? Resources Matt in Radical Compliance, Pentagon Sounds Retreat on CMMC Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today, Matt and Tom continue their look at the recent speech by DAG Lisa Monaco to the ABA White Collar Institute on some very significant change to white collar, including FCPA enforcement. Today we consider potential changes to DPAs and NPAs and other settlement mechanisms. Some of the issues we consider are: · Are DPAs and NPAs simply the cost of doing business? · Is the Wells Fargo growth cap a valid model? · What about greater DOJ or Monitor oversight? · Longer terms for DPAs? · New enforcement tools coming? · New review of DPAs and NPAs. Resources Matt in Radical Compliance So What Happens Next with DPAs Tom in the FCPA Compliance and Ethics Blog Monaco Speech - Individual Accountability Monaco Speech - Monitors Text of DAG Monaco Speech Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today, Matt and Tom have a rare emergency podcast on DAG Lisa Monaco’s speech to the ABA White Collar Institute on some very significant change to white collar, including FCPA enforcement. Some of the issues we consider are:

Return to the Yates Memo.

Disavowal of the Benczkowski Memo.

Change in the FCPA Corporate Enforcement Policy?

Whither recidivists?

New enforcement tools coming?

New review of DPAs and NPAs?

Resources Matt in Radical Compliance, Justice Dept. Unveils Big Compliance Shifts Text of DAG Monaco Speec Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deeper dive into the recent Credit Suisse enforcement action. Some of the issues we consider are:

Is a broader view of risk needed?

If so, who would perform that review?

Too many silos?

Public companies v. investment banks?

What is under escalated risk?

What is conduct risk?

Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the issue of compliance and artificial intelligence. Some of the issues we consider are:

What are the AI risks for compliance?

What guidance does the COSO Framework provide?

What are some of the top areas of AI failure?

Are we governing AI in the right manner?

What about the audit of AI tools?

Compliance, governance, ethics and AI.

Resources Matt in Radical Compliance Thoughts on AI From the Audit Perspective Grappling With Artificial Intelligence Tom in the FCPA Compliance and Ethics Blog Compliance Communications: Using an AI Marketing Strategy – Part 1 Compliance Communications: Using an AI Marketing Strategy – Part 2 Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into a recent speech by SEC Director of Enforcement Gurbir Grewal and the likely increase in a more expansive use of SEC enforcement. Some of the issues we consider are:

What is the purpose of SEC penalties; to penalize or to deter others?

How did SEC Commissioner Crenshaw presage this talk?

What about a potential change in DOJ penalties? Its approach and focus?

Are monitorships back on the table?

What about the CFPB? Will Directors and Officers be held accountable or just the low level minions?

Resources Matt in Radical Compliance More on SEC Penalties Policy Shift Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into collapse (and perhaps rebirth) of Ozy Media and have our first round of culture failure bingo. Some of the issues we consider are:

What is an Ozy and why does its collapse matter to compliance?

Who is Ozzie Osbourne and what does he have to do with Ozy?

What is culture failure bingo and why is it on Compliance into the Weeds?

Who were the bingo winning companies this week?

Why all this matter to compliance?

Resources Matt in Radical Compliance Tom in the FCPA Compliance and Ethics Blog Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the second FCPA enforcement action of 2021, involving the UK entity, WPP. Some of the issues we consider are:

Why does a $15bn, 100K employee worldwide, multination not have a compliance function? What does that say about its culture?

What is the role of compliance in M&A?

When does a financial incentive become perverse?

Where is the DOJ? Where is the SFO?

How did WPP avoid a monitor?

Resources Matt in Radical Compliance WPP Pays $19M on FCPA: An Analysis Tom in the FCPA Compliance and Ethics Blog Part 1-Background Part 2-Structural Compliance Deficiencies Part 3-Bribery Schemes Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive a recent survey around employee attitudes towards employer vaccination policies and enforcement of those policies. Some of the issues we consider are: · What are employee attitudes toward employer vaccination policies? · Why is there a split between White Collar response v. Blue Collar responses? · What will be government enforcement? · Will there be increased whistleblower reporting? · What could be the social media impact on corporate reputations? Resources Matt in Radical Compliance Poll: 46% Would Report Lax Vax Policies Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into why an internal reporting system is not enough. Indeed having a speak up culture is not enough. Your company must have a listen up culture. Some of the issues we consider are: · What is a speak up culture? · What is a listen up culture? · What are some of the benefits of a true listen up culture? · How do you training middle managers to be speak up portals? · Why is having a conversation so powerful? Resources Matt in Radical Compliance Corporate Culture: Speak Up v. Listen Up Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive the recent SEC enforcement action involving Kraft Foods. While the subject matter of the enforcement action was fraudulent expense recognition, it turns out the real culprit was a corrupt culture. Some of the issues we consider are:

· What were the underlying facts? · What does tone at the top really mean? · How does management cost cutting mantra lead to corruption? · Why is incentive based comp so deterius? · What did SEC Commissioner Crenshaw say about this enforcement action? Resources Matt in Radical Compliance Food For Thought From Kraft Foods Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive the recent move by Delta Airlines to require employees who refuse to be vaccinated to pay a special health care insurance surcharge of $200 to cover the increased health care costs associated with unvaccinated employees who contract Covid-19. Some of the issues we consider are: · What were the underlying facts? · How did Delta Airline’s actions follow a risk management protocol? · How did Delta’s actions demonstrate a commitment to compliance? · How about the data? · How about Document Document Document? Resources Matt in Radical Compliance Delta’s Smart Approach on Delta

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the recent announcement by Walmart that former DOJ Deputy Attorney General, Criminal Matthew Miner had joined the company as CCO. Resources Matt in Radical Compliance Walmart Names ex-DOJ Boss CCO

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the SEC enforcement involving Pearson. Some of the issues we consider are:

How can a failure to disclose lead to a SEC violation?

What were the disclosure controls and procedures failures?

How is patch management a critical part of cybersecurity?

What were the misleading statements made by Pearson?

What are the lessons learned?

What is the role of compliance?

Resources Matt in Radical Compliance SEC Schools Pearson on Cyber Disclosure Failures Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into Venn Diagrams to consider the questions of who sets corporate values. Some of the issues we consider are:

What happens when management dictates a corp value?

What happens when that value is disputed by employees?

What happens when the regulators come knocking?

How does social media play into all this?

How can you assess your risk?

What is the role of compliance?

Resources Matt in Radical Compliance Mapping the Pressures on Corporate Values, Priorities Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the actions of Activision CCO Frances Townsend who when faced with a claim by the state of California of sexual harassment by the company in the workplace, went off the deep end. Some of the issues we consider are:

· What happens when a CCO attacks internal whistleblowers? · How is the role of the CCO different from that of the GC?? · What happens when a company starts attacking its own employees? · What happens when a CCO closes their door to employees? · The over/under on Townsend’s continued employment. Resources Matt in Radical Compliance More Activison CCO Drama Activision CCO Steps Into a Mess

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the Deferred Prosecution Agreement entered into by First Energy company for its bribery of certain state officials in the state of Ohio, including the former Speaker of the House in Ohio. Some of the issues we consider are:

What were the underlying facts?

What were the bribery schemes involved?

How did the tax code facilitate the bribery?

What are the compliance program implications?

How does this fit into ESG?

Resources Matt in Radical Compliance First Energy and Domestic Corruption Woes Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the recent SEC enforcement action regarding the SPAC Stable Road Acquisition Corp. and its acquisition of the space technology company Momentus. Some of the issues we consider are:

What were the underlying facts?

Were red flags missed, consciously avoided or outright ignored?

Where was compliance due diligence?

Bill Ackerman, Pershing Square Tontine Holdings and the proposed Universal Music acquisition?

Diamond Acquisition Corp and its acquisition of Lordstown Motors.

Resources Matt in Radical Compliance The Second Act of SPAC Enforcement Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the two recent FINRA enforcement actions involving the trading platform Robinhood. Some of the issues we consider are:

What were the underlying facts?

Were red flags missed, consciously avoided or outright ignored?

Where was compliance?

Why must the human element always be present in compliance?

Why business continuity is really a compliance issues.

What about the IPO?

Resources Matt in Radical Compliance Lessons from Robinhood Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the first FCPA enforcement action involving a company in 2021, the Amec Foster Wheeler global anti-corruption enforcement action. Some of the issues we consider are:

What were the underlying facts?

Were red flags missed, consciously avoided or outright ignored?

Where was compliance?

How corrupt was the culture of Foster Wheeler?

What does this mean for compliance going forward?

Resources Matt in Radical Compliance Foster Wheeler’s FCPA Lessons Tom in the FCPA Compliance and Ethics Blog Not a Siren’s Song Silk Shirts and Corruption Ba-da-Bing; Ba-Da-Bing Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into a lesson learned long ago by the Nixon Administration, adapted for 21st century cybersecurity. It’s not just the breach, it is not disclosing the breach to authorities and investors for which companies get in hot water. Some of the issues we consider are:

What are your reporting obligations after a breach?

Why is the SEC interested in how you inform investors?

Why does the legal department want to hide any breaches?

What are the costs for failure to disclose?

What does this mean for compliance going forward?

Resources Matt in Radical Compliance Example of Cybersecurity Disclosure Failures Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the recent report from LexisNexis Risk Solutions about the costs of financial crimes compliance and its implications for ABC compliance professionals. Some of the issues we consider are:

What costs have gone up?

Why have the costs for financial crimes compliance increased?

What areas are the costs centered?

Did the costs increase due to the pandemic?

What does this mean for other compliance disciplines going forward?

Resources Matt in Radical Compliance Financial Crimes Compliance Cost Keeps Going Up LexisNexis Report - True Cost of Financial Crime Compliance Global Report Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the SEC Chairman Gary Gensler’s firing of the entire PCAOB Board, including Board Chair William Duhnke. Some of the issues we consider are:

What does this mean for internal audit?

What does this mean for compliance?

What was the legal basis for these terminations?

How did Duhnke create such a toxic culture at the PCAOB?

What does this mean for ESG, cybersecurity and data analytics going forward?

Resources Matt in Radical Compliance The PCAOB House-Cleaning and You Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the role(s) of compliance for ESG. Some of the issues we consider are:

How compliance is most suited to lead a corporate ESG effort.

Why compliance must do so or be relegated to a technical function?

How does government, the courts and investors drive ESG?

What is the role in asymmetrical regulations in driving ESG?

Why was last week such a wakeup call for corporations around ESG?

Resources Matt in Radical Compliance Resources to Assess ESG Materiality Tom in the FCPA Compliance and Ethics Blog The Role of Compliance in ESG Leading the ESG Effort-Steps for Compliance Compliance, Data Analytics and ESG Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the fiasco around the formation of the Super League in European Football (soccer), focusing on the role of John Henry, American owner of the Liverpool Football Club and the lessons for the (American) compliance professional. Some of the issues we consider are:

How do you make a cultural change?

Why it is mandatory to engage stakeholder in any discussions around cultural change?

What makes stakeholder want to follow a corp leader?

Why empathy is a mandatory leadership trait for any successful CEO.

Why understanding corporate subcultures outside the US is mandatory for the CCO.

Resources Read WSJ article Liverpool and the Red Sox Won on His Watch. For Fans, That’s Not Enough by Joshua Robinson Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the Biden Administration’s recently released Executive Order on cybersecurity for both the federal government but also contractors who do work for the US government and their subcontractors. Some of the issues we consider are:

How will there be more and better sharing of threat information?

How will we achieve stronger cybersecurity within the government?

Why will contractors will need to have stronger oversight of their SW supply chain?

What will be the role of compliance?

What will be the role of internal audit?

Resources Matt’s blog post on Radical Compliance: Parsing Biden’s Cybersecurity Order Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the intersection of Elon Musk, cryptocurrencies and the SEC. Some of the issues we consider are:

What do make of Musk’s SLN performance?

What does the SEC have to say about all this?

What is the MicroStrategy, strategy?

What does the market think about all this?

Where is compliance?

Resources Matt’s blog post on Radical Compliance: Bitcoin We Have a Problem Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into SAP trade sanction enforcement action. Some of the issues we consider are:

What were the underlying facts?

How did SAP allow products to get to Iran for so long?

How did SAP achieve a NPA even with aggrieved factors?

How was the financial penalty calculated?

What were the remedial steps SAP engaged in?

Why does this enforcement action point towards the need for a more holistic approach to risk?

Resources Matt’s blog post on Radical Compliance: SAP Nailed on Sanctions Violations Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into a different area; their joint love of history. Matt is reading Nuclear Folly, a new chronicle of the Cuban Missile Crisis by Ukrainian history professor Serhii Plokhy. We use this as a starting point to explore how both the Soviets and Americans used different types of internal debate and information to eventually steer clear of nuclear war. Some of the issues we consider are:

What was the Soviet model for information gathering, analysis and debate, both before and during the Missile Crisis?

How was the American model of Ex-Comm so different?

How do these models inform a speak up culture?

How and more importantly why are leadership, corporate culture, speaking up, ethical values all connected.?

What does this mean for compliance officers?

Resources Matt’s blog post on Radical Compliance: Culture and the Cuban Missile Crisis Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into different types of risk including cybersecurity and anti-corruption to lead a broader discuss about the nature of risk, risk management and the future of compliance. Some of the issues we consider are:

What is risk?

What are the roles of the CISO and CCO for risk management?

Who owns risk?

What does a BOD want to see around risk management?

What does this mean for compliance officers?

Resources Matt’s blog post on Radical Compliance: The Cracks in Third Party Risk Management Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the type of cybersecurity risk where ERP software is compromised due to a bug or other vulnerability. Some of the issues we consider are: · What are two types of cybersecurity risk? · How does this second type of risk impact ERP systems? · What are the compliance implications? Internal Audit? Crop Governance? · What steps can a CISO take? · What does this mean for compliance officers? Resources Matt’s blog post on Radical Compliance: More on Cybersecurity, Compliance Risk

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the recent spate of SPACs which have formed and are gobbling up companies through acquisition. What does it mean from the internal control, risk management and compliance perspective? Some of the issues we consider are:

What are SPACs?

Do SPACs render controls ineffective?

What are the requirements under SOX 404b for SPACs?

Do SPACs create an inherent conflict of interest between management and shareholders?

What does this mean for compliance officers?

Resources Matt’s blog post on Radical Compliance: SPACs Draw Internal Control, Governance Concerns Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the recent grounding of the Ever Given in the Suez Canal, which has now been floated free. What does it mean from the risk management and compliance perspective? Some of the issues we consider are:

What were the controls in place to stop this failure?

What changed which rendered these controls ineffective and even obsolete?

What is your risk program around supply chain disruption?

Was this a Black Swan event?

What does this mean for compliance officers?

Resources Matt’s blog post on Radical Compliance: Less Ever Given on Risk and Control The bank effect and the big boat blocking the Suez, Brendan Greely in the FT Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the 2021 PwC Global CEO Survey, including its findings about digital transformation of business processes and risk management. Some of the issues we consider are:

What are the top risks CEOs are worried about in 2021?

How has that list changed since 2020?

What is the digital transformation of business process and risk management?

How will compliance response to these new risks?

What does this mean for compliance officers?

Resources Matt’s blog post on Radical Compliance: Thoughts from CEOs Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into a recent speech by SEC Commissioner Caroline Crenshaw on a new philosophy in SEC financial penalty enforcement. Some of the issues we consider are:

Who is SEC Commissioner Caroline Crenshaw?

What was the 2006 policy regarding enforcement priorities?

What changes did Commissioner Crenshaw propose?

What about the timing of the remarks?

Is this a response to the Supreme Court decision in Lui?

What does this mean for compliance officers?

Resources Matt’s blog post on Radical Compliance: SEC Enforcement Speech, Umm Wow 2006 SEC Enforcement Policy Statement Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into findings, conclusions and recommendations in the ECI 2021 GBES. Some of the issues we consider are:

What were the key findings of the GBES?

What pressure are employees under?

What were the findings on observed misconduct and the reported misconduct?

Troubling findings on retaliation.

What has been the impact of Covid-19 on compliance and ethics?

What were the conclusions and recommendations?

Resources Matt’s blog post on Radical Compliance: Report: Ethics Pressures Mounting on Employees ECI 2021 Global Business Ethics Survey Next week, Tom will have a 5-part podcast series on the FCPA Compliance Report, featuring ECI President Pat Harned discussing the 2021 GBES. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the recent announcement by the SEC that it would start paying more attention to companies’ climate change disclosures. Some of the issues we consider are:

What did acting Chairman Allison Herren Lee announce?

A review of the 2010 Climate Guidance

What changes might be in the offing?

What will the SEC process be going forward?

What frameworks might the SEC use as a guide?

What does this mean for the compliance function?

What are the compliance lessons?

Resources Matt’s blog post on Radical Compliance: SEC Fires Warning Shot on Climate Disclosure Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into one of the most delicious legal decisions recently seen: the attempt by Citibank to recoup $500MM of the $900MM it erroneously wired out on behalf of Revlon. Some of the issues we consider are: · How did this Fubar occur? · What was the role of complexity? · Why did the employees make this mistake? · What about training? · Where were internal controls? · What is the ‘value for discharge’ defense? · Does this all just come down to finders keepers? · What are the compliance lessons? Resources Tom’s blog posts on the FCPA Compliance and Ethics Blog: Too Complex to Succeed: Citibank Incorrect Wires Out $900MM: Part 1 - The Facts Too Complex to Succeed: Citibank Incorrect Wires Out $900MM: Part 2 – Lessons Learned The Citibank decision Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Last week we considered the SEC regulations requiring companies to detail human capital issues in their annual reports and what it meant for compliance. This led to a week-long dialogue between Matt and myself about the current state of employee trust and its role in corporate culture and a best practices compliance and ethics program. Some of the issues we consider are:

Trust is down.

The now former UK KPMG Chairman who told employees to ‘quit whining’ about the Coronavirus health crisis issue.

Employees are under more pressure to deliver results. What does this do to trust?

Employee to employee trust issues in WFH.

Trust issues around RTW, both employee to employee and management response to employee health and safety issues at the workplace.

Benjamin Moore getting rid of legal department and then restricting employee access to legal assistance.

Greater fear toward retaliation stopping whistleblowers from coming forward.

Resources Matt’s blog post in Radical Compliance: Corporate Culture and Human Capital Disclosures Tom’s blog posts on the FCPA Compliance and Ethics Blog: A Macro Approach for Human Capital Compliance Hal Holbrook, Mark Twain and Employee Trust How to Destroy Employee Trust Leadership Lessons from Abraham Lincoln Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today we consider the SEC regulations requiring companies to detail human capital issues in their annual reports. What have some of the initial disclosures revealed? What does it mean for compliance? Some of the issues we consider are:

Why is this issue so important?

What are the SEC reporting rules?

How did companies report their human capital issues?

What does all this mean for corporate culture?

Resources Matt’s blog post in Radical Compliance: Corporate Culture and Human Capital Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today we consider the GameStop matter through the lens of the compliance profession. Some of the issues we consider are: · What is the background? · What are the compliance implications of this matter? · Is this a black swan event or just ‘business as usual? · Short sellers in the bulls-eye? · The role of the regulators? · Who are Robinhood’s stakeholders? · What is the more relevant precedent; Long Term Capital or the Panic of 1907? · What is the role (or responsibility) of social media? Resources Check out Tom’s 5-part blog post series on GameStop and Compliance: GameStop and Compliance-Introduction GameStop and Compliance-The Shorts GameStop and Compliance-The Squeeze and Social Media GameStop and Compliance-The Regulatory Response GameStop and Compliance-Lessons for the Compliance Professional

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today we consider what will be the implications of our working environments post-pandemic. Will we be permanently working from home, returning to the office, a mix of both or something else? Some of the issues we consider are:

What are the compliance implications of a distributed workforce?

How to maintain culture?

Is WFH communications too much like social media?

What about cyber-bullying from co-workers?

Resources Matt’s blog post in Radical Compliance: Thoughts on Return to Work Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today we consider the Capital One resolution of the FinCEN enforcement action. We look at the compliance program; red flags missed, and how the bank was faulted as its compliance program was found to be not effective. Resources: See Matt's blog post Capital One Whacked on AML Failures See Tom's blog post the Capital One FinCEN Enforcement Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today we consider the Deutsche Bank Foreign Corrupt Practices Act resolution. We look at the compliance program; red flags missed, overlooked or avoided and internal control failures. Some of the issues we consider are:

The Bank’s compliance program was a paper program only.

Where was compliance?

What Red Flags were missed?

Internal Audit did its job but was ignored.

Actual Knowledge of corruption?

What about the DFS?

Resources Tom is running a 5-part blog post series on the FCPA Compliance and Ethics Blog: Part 1-Introduction Part 2- The Bribery Schemes Part 3- Overlooked Red Flags and Internal Control Failures Part 4-Recivist Penalty Part 5-Final Thoughts Matt’s blog post in Radical Compliance: Deutsche Bank Control Failures Cost $130 million Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today we consider five issues that compliance practitioners need to watch in 2021. We also talk about the second five which did not make the Top 5 but you still need to watch. Some of the issues we consider are:

What will be the implications of the Covid-19 vaccine and RTW?

The Anti-Money Laundering Law of 2020.

The first Biden Administration announcement.

Climate Change Disclosures.

The SolarWind Cybersecurity Disaster.

A special bonus from Matt.

Resources For more information see Matt’s blog post in Radical Compliance: Five Compliance Events to Watch in 2021 Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today we consider the question of who in an organization should oversee a hotline. Once that decision is made, who should manage the hotline. Some of the issues we consider are:

Why the Audit Committee on the Board should oversee the hotline.

It should be written into the Audit Committee’s Charter.

The hotline manager must have the independence to investigate any issues raised and they must have the competence to do so.

Why the Compliance Function should oversee management of the hotline.

Resources For more information see Matt’s blog post in Radical Compliance: Who Should Run the Hotline? Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today we consider how badly Stanford University Health Systems botched it decision on whom in the organization would receive its allotted Covid-19 vaccinations. Stanford used a faulty algorithm which mandated that only seven of the Health Systems 1300 medical residents would receive the vaccine. As you might guess these front-line health workers were up in arms over Stanford’s incompetence on this issue. Some of the issues we consider are:

The plan had been for the algorithm to assign vaccination slots for the first 5,000 employees, who would begin receiving the Covid vaccine on Dec. 18.

What were the parameters of the algorithm?

Why was there so little ethics in the process?

Why was there so little equity in the result?

What are the implications for the compliance professional of the use of the algorithm to make such a critical decision?

What does the EEOC decision allowing companies to mandate vaccines for employees mean for compliance?

Resources For more information see Matt’s blog post in Radical Compliance: Lessons on Algorithms, Ethics and Equity Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today we take on a much more somber topic and set of facts in this, our 201st episode. We have our first guest, Diane St. Ives, a retired US Army officer now practicing law in Houston. Diane is also a Director of the State Bar of Texas. Matt, Tom and Diane consider the recent US Special Commission Report on leadership and culture failures in the areas of sexual harassment and assault which have occurred at Ft. Hood. These issues were brought to a head with the sexual assault and brutal murder of Specialist Vanessa Guillén, who disappeared on April 22. She was murdered by a fellow soldier, who killed himself in June when he escaped Army investigators taking him into custody. Some of the issues we consider are:

What were and are the continuing failures of leadership at Ft. Hood in these areas?

Why is the SHARP program simply window dressing?

What will it take to make a change?

Our Guest Diane St. Ives relates her personal experience of being sexually harassed over 40 years ago while a Private at Ft. Hood. She talks about the retaliation she received for reporting the crime and how it all still affects her today.

What can be some of the solutions for this situation and how can compliance principles help turn around a continuing culture of misogyny in the Army.

Resources For more information see Matt’s blog post in Radical Compliance: Leadership Failures at Ft. Hood Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this, our 200th episode Matt and Tom go into the weeds to look at the new anti-money launder whistleblower law (AMLA) which is part for the updated Bank Secrecy Act legislation, included in the National Defense Authorization Act authorization of 2012 (get all that). It significantly expands whistleblower protections for those who come forward with AML or other similar allegations. Some of the issues we consider are: · Why has this been created for the Department of the Treasury? · Who will administer the whistleblower program? · What lessons has Congress learned about protecting whistleblowers? · Can a CCO be a whistleblower under this new law? How about a GC? Resources For more information see Mengqi Sun’s article in the WSJ Risk & Compliance: Defense Bill Proposes Anti-Money-Laundering Whistleblower Program For an excellent breakdown of the legislation, see the Zuckerman Law Firm’s Whistleblower Protection Law and SEC Whistleblower Awards Blog: Anti-Money Laundering Act Establishes Whistleblower Reward Program and Protects Whistleblowers from Retaliation

Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt and Tom go into the weeds to look at the actions of Denver Mayor, Michael Hancock. Just before Thanksgiving he told folks to stay at home to avoid Covid-19 transmission and then promptly traveled to Mississippi for the Thanksgiving holidays. Some of the issues we consider are:

Is there always an inherent conflict in a human leader?

How do leaders rationalize misconduct?

What are the dangers when they do so?

Do as I say, not as I do. Are we all simply our parents?

What is the role of compliance?

How do Hancock’s actions fit into the Fraud Pentagon?

Resources For more information see Matt’s blog post: More Misadventures in Leadership For more information on the Fraud Triangle see Jonathan Marks’ blog post: Fraud Pentagon Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt and Tom go into the weeds to look at recent remarks by SEC Chairman Jay Clayton and Bill Hinman, director of the Division of Corporation Finance, on issues around insider trading compliance programs. Some of the issues we consider are:

Why would two high ranking SEC officials publicly address insider trading and compliance in the same week?

What are the rules around 10(b)5-1?

What about Albert Bourla, the CEO of Pfizer, who sold $5.6 million worth of Pfizer shares on Nov. 9, the day the company announced stellar results of its Covid vaccine trials.

Who owns insider trading compliance in a corporation?

Values based ethics v. rules based ethics.

Tom Moyer, former CCO and now head of Global Security at Apple indicted for alleged offering bribes to obtain concealed carry permits in Santa Clara County CA.

Resources For more information see Matt’s blog posts: SEC Warning on Insider Trading Sales Apple Exec Indicted on Bribery Charge Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt and Tom go into the weeds to look at the SEC Chairmanship of Jay Clayton who announced he was stepping down at the end of the year. Some of the issues we consider are: · Tom call it a mixed bag and Matt had mixed views? · His first 12 to 18 had a series of crisis including a cyber breach at the SEC itself, the PCAOB scandal with KPMG and Crypto-currency issues. · Matt felt Clayton did a good job of listening. · He worked to open non-capital markets for investment. · In the SEC enforcement action, he basically said Elon Musk was too important to Tesla to punish. · His abortive move to head the SDNY was reputational disaster.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt and Tom go into the weeds to look at compliance issues relevant to the next administration. Some of the issues we consider are:

What are some of the key appointments to follow?

Where will FCPA enforcement go?

Will use of monitors increase?

How might the tone of SEC initiative and enforcement change under the Biden Administration?

There has been increased scrutiny by the OCC and Fed on financial institutions compliance program. Will it continue?

The Trump Administration attacks on Diversity and Inclusion training will end.

Resources See Matt’s blog posts on Radical Compliance- The Biden Administration and Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt and Tom go into the weeds to look at the turbulence brought to the compliance profession and compliance job market. Some of the issues we consider are:

How Working From Home has brought a material change to the practice of compliance.

How to follow the money in the age of Coronavirus?

Has the pandemic made compliance more relevant?

Why is there such turbulence in the compliance job market?

How has the pandemic transformed one traditional risk into something that manifests quite differently.?

How is the compliance profession evolving?

Resources See Matt’s blog posts on Radical Compliance- Compliance and Career Turbulence Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt and Tom go into the weeds to look at the recent FCPA enforcement action involving the US banking and finance entity Goldman Sachs. Some of the issues we consider are:

One of the most bold, audacious bribery schemes ever.

Complete total and utter failure of compliance? Or something worse?

Blatant assistance in money-laundering.

How watches the watchers?

Has Goldman really done anything different?

Largest FCPA fine ever.

Resources See Matt’s blog posts on Radical Compliance- Goldman Sachs, FCPA and Internal Controls See Tom’s exploration on the FCPA Compliance and Ethics Blog Part 1-Introduction Part 2-Control Failures Part 3-Fines and Penalties Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt and Tom go into the weeds to look at the recent FCPA enforcement action involving the Brazilian megalith, J&F Investments. Some of the issues we consider are:

It was one of the most bold, audacious bribery schemes ever.

Follow on from Brazil’s largest anti-corruption enforcement action, JBS.

What happens when an acquirer of a US listed company is the corrupt entity?

Is a target required to perform due diligence on the source of the money used in a M&A deal?

Did Pilgrim’s Pride have any responsibility?

Are there any US individuals involved?

Is Pilgrim’s Pride a victim, entitled to compensation?

Resources See Matt’s blog posts on Radical Compliance-JBS, Internal Controls and the FPCA See Tom’s exploration the FCPA Compliance and Ethics Blog Part 1-Introduction Part 2-The Bribery Schemes Part 3-The SEC Order Part 4-The Plea Agreement Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt and Tom go into the weeds to look at the recent fine of $400 million against Citibank for its poor risk management processes. Some of the issues we consider are: · Four areas of concern(1) Poor ERM; (2) Poor compliance; (3) Poor internal controls; and (4) Data governance. · How the OCC Order is an audit road map. · What does that mean for compliance on the Board? · Did the OCC push out Michael Corbat? · Focus on the ERM Blueprint. Resources See Matt’s blog posts on Radical Compliance-Citigroup’s Governance Issues, Part 1 and Citigroup, Part 2-Better ERM Program

Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt and Tom go into the weeds to look at the recent fine of $920 million against JPMorgan for spoofing. Some of the issues we consider are:

What is spoofing?

How did the CFTC use data analytics to build their case?

What does that mean for compliance professionals?

How did the JPMorgan remediation of its compliance function reduce ?

Once again, the DOJ demonstrates that robust remediation will pay great dividends in the form of a significant penalty reduction.

Resources See Matt’s blog posts on Radical Compliance-JPMorgan’s Compliance Benefit See also, David Michaels piece in the Wall Street Journal, JPMorgan’s Probe Revived by Regulators Data Mining Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt and Tom go into the weeds to look at some of the compliance issues that collaboration tools raise in the WFH era. Some of the issues we consider are:

How do you assess the risks of collaboration tools?

Does it matter only to regulated industries or all commercial operations?

What can compliance do to manage the risk?

When is training a better risk management tool than internal controls?

Do you know your archiving status?

Resources See Matt’s blog posts on Radical Compliance-Compliance Risks and Collaboration Tools Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt and Tom go into the weeds to look at the recent initiative of the Department of Education to go after Princeton University for diversity training which Trump says is “Anti-American propaganda” and the release of the FinCen papers. Some of the issues we consider are:

What is the Trump Administration up to?

Will white nationalism be the order of the day if Trump wins?

Why does impact compliance professionals?

What are the FinCen papers?

Why was their release so devastating to the Administration?

Resources See Matt’s blog posts on Radical Compliance Boom: The FinCen Files are Here Trump Administration Targets Princeton for Diversity Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt and Tom go into the weeds to look the recently announced Herbalife FCPA enforcement action. Some of the issues we consider are:

Why were the facts so egregious?

How high up in the organization did the corruption scheme go?

Why was the Board’s performance so abysmal?

Was the head of Internal Audit in on the bribery scheme?

What was the role of short-sellers in bringing this massive fraud to light?

Resources See Matt’s blog posts on Radical Compliance Herbalife Pays $123M on FCPA Charges See Tom’s 3-part blog post series on the FCPA Compliance and Ethics Blog The Herbalife FCPA Enforcement Action, Part 1 The Herbalife FCPA Enforcement Action, Part 2 The Herbalife FCPA Enforcement Action, Part 3 Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt and Tom go into the weeds to look at two recent pronouncements by FinCen on customer and PEP due diligence. We ask the question: Is the Guidance so vague as to actually hurt the efforts of a compliance practitioner. Resources See Matt’s blog posts on Radical Compliance Regulators Talk PEPs and Due Diligence FinCen Gives Guidance, Says Little Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt and Tom go into the weeds to look at the first Cybersecurity breach case brought by the state of New York’s Department of Financial Services. Some of the highlights include:

What is the DFS?

What is Reg 500, Cyber Rules?

What were the First American comedy of errors?

CISO disavowed ownership of the issue, stating, among other reasons, that such controls were not the responsibility of respondent’s information security department.

No training for new employee charged with remediation.

First American said it did nothing wrong.

Resources See Matt’s blog post, Parsing DFS’ First Cybersecurity Case on Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt comes in smoking hot over the Trump Administration’s attempted evisceration of the US Postal Service. He cools down to present multiple lessons for the compliance professional. Some of the highlights include:

What is the controversy?

What happens when the CEO has a conflict of interest with his own organization?

What happens when business objectives conflict with business priorities?

How the amplification of social media can create undue pressures.

Resources See Matt’s blog post, Governance Lessons from the Postal Service on Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt Kelly and Tom Fox consider the $20+ billion spend by Wells Fargo for its various regulatory fines and penalties, investigative and remediation costs since the initial announcement of its fraudulent accounts scandal back in 2016. Some of the highlights include:

How can you spend over $1bn on compliance remediation in one quarter?

Just how bad was the Wells Fargo culture?

Can the bank ever get it right?

How much is a functioning corporate culture worth?

Resources See Matt’s blog post, Wells Fargo’s Staggering Compliance Costs on Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt Kelly and Tom Fox take a look at an Op-Ed piece penned by Alexander Vindman in the Washington Post where detailed his experiences as a whistleblower in the Trump White House. Some of the highlights include:

What is the psychology for a whistleblower?

What is the role of senior management in a speak up culture?

What is the role of a CCO after a whistleblower speaks up?

What are the ethical values of a whistleblower?

Resources See Matt’s blog post, A Must Read on Whistleblower Retaliation on Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt Kelly and Tom Fox take a look the economics of compliance conferences. Who will be the winners and losers with conferences going virtual through the rest of 2020 and beyond? Some of the highlights include:

Compliance conference economic basics.

How does this change in the age of virtual events?

What about compliance conferences that do not need to make money?

What are the differences in live and virtual conferences and do those differences make a difference in the experience?

Resources See Matt’s blog post, SCCE Conference Going Virtual on Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt Kelly and Tom Fox take a look the recent domestic bribery and corruption enforcement action involving ComEd, a subsidiary of energy giant Exelon Corp. and the largest utility in the state of Illinois, agreeing to pay $200 million to settle federal corruption charges that also involve one of the state’s most powerful politicians. Some of the highlights include:

Compliance practitioners need to remember domestic bribery and corruption as well as international.

The bribes were offering lucrative lobbying contracts and no-show jobs to associates of Illinois House Speaker Michael Madigan.

How did compliance save the day for ComEd?

What about the Board of ComEd and Exelon?

Is there a real commitment from the top?

Resources See Matt’s blog post, ComEd Pays $200 Million on Domestic Bribery on Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt Kelly and Tom Fox take a look the recent enforcement action by New York banking regulators against Deutsche Bank, which resulted in a $150 million penalty for its business dealings with Jeffrey Epstein. The matter is full of corporate miss-steps, compliance failures, corporate governance disasters and presents a cautionary tale for every compliance professional. Resources See Matt’s blog post, Deutsche Bank’s Many Epstein Failures on Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt Kelly and Tom Fox take a look the recently released FCPA Resource Guide, 2nd edition; released jointly last week by the Department of Justice and Securities and Exchange Commission. Resources From Tom, check out his five part blog post series on the new FCPA Resource Guide on the FCPA Compliance and Ethics Blog. For a copy of the FCPA Resource Guide, 2nd edition, click here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt Kelly and Tom Fox take a look the recently announced Novartis FCPA enforcement action. We discuss the background facts, bribery schemes, fines and penalties, data analytics approach and conclude with lessons learned. Resources From Matt, Novartis Settles FCPA Case for $345 Million From Tom Part 1-Introduction Part 2-the Bribery Schemes Part 3-Internal Controls Part 4-Fines, Penalties and Recidivism Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt Kelly and Tom Fox take a look this week’s United States Supreme Court decision in Liu v. Securities and Exchange Commission, which upheld the SEC remedy of profit disgorgement. We consider the background facts of the case and how the Court reached its decision. We also consider what the decision might mean for FCPA enforcement and compliance professionals going forward. For a copy of the decision in Liu v. SEC, click here.

Learn more about your ad choices. Visit megaphone.fm/adchoices

In this special emergency weekend episode (our first) Matt Kelly and Tom Fox take a deep dive into the attempt by AG William Barr to fire the US Attorney for the Southern District of New York, late on the evening of June 19. We consider its legality, what it means for both the SDNY, SEC and white-collar law enforcement going forward. Resources See Matt Kelly blog post on Radical Compliance, Turmoil for SEC, SDNY Leadership Barr tries to fire US Attorney for SDNY. (NYT) Jay Clayton nominated as new Attorney for SDNY. (CoinDesk) Berman says will not step down. (WaPo) Barr does not have authority to fire Berman under Court order appointing him. (Law and Crime) Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt Kelly and Tom Fox take another deep dive into the Wynn Monitor report. Today we consider the issues around third parties; including vendors in the Supply Chain and the rigor of the approval process and role of the corporate compliance function and CCO. We also discuss how customers and especially high rollers are treated.

Resources

See Matt Kelly blog post, Wynn Part 2: Third-Party Oversight Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt Kelly and Tom Fox take a look at two examples of ham-fisted leadership; one by Facebook CEO Mark Zuckerberg and the second by NFL Commissioner Roger Goodell. Both also had to respond to employee near revolts over their poor leadership. For Zuckerberg it was his refusal to stop President Trump’s incendiary and race-bait tweeting. For Goodell, it was lack of acknowledge of the racist murder of George Floyd. Resources See Matt Kelly blog post, Two Tales of Ham-Fisted Leadership Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This past weekend saw some of the largest protests and violence this country has seen in 50+ years in the wake of the killing of George Floyd. In a very somber episode, in this podcast Matt Kelly and Tom Fox try to make some sense of leadership responses to the protests over the Floyd killing and explore if there is a compliance-based approach to remedying the institutional racism which led to his killing. Resources A good general summary of anti-racism resources: https://docs.google.com/document/d/1BRlF2_zhNe86SGgHa6-VlBO-QgirITwCTugSfKie5Fs/preview?pru=AAABcnb5mB8*DxXs7K_umbRHlS1kzEln3g A website that gives you specific bail funds for your city: The Bail Project, a nonprofit that aims to mitigate incarceration rates through bail reform. https://bailproject.org Other places to donate: Black Visions Collective, a black, trans, and queer-led social justice organization and legal fund based in Minneapolis-St. Paul. https://www.blackvisionsmn.org/about The Minnesota Freedom Fund, which pays criminal and immigration bail and bond for people who cannot afford it. https://minnesotafreedomfund.org/bailbondfaq The Brooklyn Bail Fund, which helps pay bail for those who cannot afford it. https://brooklynbailfund.org/donation-form The NAACP Legal Defense Fund, which supports racial justice through advocacy, litigation, and education. https://www.naacpldf.org/about-us/ Communities United Against Police Brutality, which operates a crisis hotline where people can report abuse; offers legal, medical, and psychological resource referrals; and engages in political action against police brutality. https://www.cuapb.org/what_we_do Northstar Health Collective, a St. Paul–based organization that provides health services and support at protests. https://northstarhealth.wordpress.com/about-us/ The ACLU, which provides legal services and support for a broad range of people with civil rights complaints. https://www.aclu.org/issues/racial-justice Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this podcast Matt Kelly and Tom Fox take a deep dive into how business leaders can demonstrate values during times of difficulty, specifically when the CEO of Airbnb was required to layoff nearly 25% of the company’s workforce. Some of the highlights include:

How can tone at the top be so critical during the coronavirus health crisis and economic dislocation?

Airbnb’s CEO Brian Chesky’s communication to employees.

How does clarity and certainty in Brian Chesky’s letter help make the layoffs more palatable?

Why are personal meetings so critical?

Why is dignity to a RIF’d employee so critical?

What can the compliance professional learn from this experience?

How (and why) was the Weight Watchers massive layoff so different?

See Matt Kelly blog post Demonstrating Values During Difficulties on Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this podcast Matt Kelly and Tom Fox take a deep dive into the attestation required by the Commonwealth of Massachusetts for businesses eligible to reopen in response to Covid-19. Some of the highlights include:

What is the attestation requirement?

What policies and procedures are a company mandated to have to reopen?

What training must a company give its employees?

What is the four-phase plan that Massachusetts will implement to effect reopening?

What has been the decision-making process of the Massachusetts Governor Charlie Baker?

When will sports reopen in Boston?

See Matt Kelly blog post Massachusetts Covid-19 Attestation on Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this podcast Matt Kelly and Tom Fox take a deep dive into the compliance job market, during the middle of Covid-19 health crisis and into the rest of 2020 and beyond. Some of the highlights include:

The Radical Compliance Job Report is growing not lessening.

Why is the market for CCO types frozen and wrecked?

Will a thaw come in the second half of the year?

WWill the Big Brother interview appear?

Does Covid-19 hasten the move to more tech solutions in the AML compliance world and beyond?

What is happening with salaries?

What industries are bullish on compliance hiring?

Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this podcast Matt Kelly and Tom Fox take a deep dive into the recent mandate from the CDC that CEOs, CCOs and CFOs certify and attest that each employee who disembarks from a cruise ship has met the CDC requirements to do so, under potential criminal penalty. Three cruise lines, Royal Caribbean, Carnival Cruises, and Norwegian Cruise Line have over 100,000 employees cooped up on ships in US ports. The CDC wants to make certain that when they come on land, it is safe for everyone. Some of the highlights include:

What are the CDC requirements?

Why does the CDC want CEO, CCO and CFO attestation?

Should these corporate leaders agree to do so?

What is about the employees on the ships?

Given that at least 100 cruise ships that set sail after March 4, the first day that a passenger died of Covid-19 while on a cruise stopping in the United States, is this warranted?

What does it mean for potential liability going forward?

Resources Matt Kelly blog post, Cruise Lines Face Covid-19 Compliance Squeeze Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this podcast Matt Kelly and Tom Fox take a deep dive into the recently released CDC Inspection Report for the Smithfield Foods’ South Dakota meat packing facility. Last week, the CDC published a report that recommended more than 100 remediation steps Smithfield should implement so it can reopen the plant as soon as possible. We explore them from the compliance perspective. Some of the highlights include:

What are the CDC services which led to the Report?

Smithfield Foods was not designed to prevent the spread of infectious diseases. What must it do now?

What are some of the key elements needed for a successful reopening?

What is the role of the CCO in reopening?

How can physical layout be a control?

What are the potential legal liabilities to Smithfield Foods?

Resources Matt Kelly blog post, Smithfield Foods and Covid-19 Controls Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this podcast Matt Kelly and Tom Fox take a deep dive into the recently released SEC enforcement action against ENI involving FCPA violations, which was released just before 5 PM on Friday April 17. Some of the highlights include:

What were the background facts?

What is the standard a parent has over a subsidiary for FCPA violations?

What were the internal controls violations?

What were the books and records violations?

What are the lessons learned for the compliance professional?

Did the fact that ENI was a recidivist make any difference?

Resources Matt Kelly blog post, ENI Settles FCPA Case for $24.5 Million Tom Fox blog post, Recidivist ENI Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this podcast Matt Kelly and Tom Fox take a deep dive into the hotline benchmark report from Navex Global which was previewed on a recent webinar Matt attended. Some of the data was quite interesting and perhaps even troubling. Some of the highlights include:

Case closure times are longer this year. Why are they lengthening?

The five top categories of cases reported.

Reports via online reporting v. telephone call nearly doubled.

Reports of violations of business integrity violations are on the uptick.

The #MeToo movement is over two years old, what do the numbers reveal?

Resources Matt Kelly blog post, Report: Hotline Cases Taking More Time Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. While we have both written and spoken about companies who are responding positively during the COVID-19 crisis, today we take up companies who are not doing so and are thereby engaging in covidiocy. Some of the highlights include:

What is the tale of the Boston Sports Club?

What were its governance failures? Its policy failures?

What is the FINRA Guidance on Pandemic Risks?

Why is liquidity so critical now?

Corporate governance failures by the parent.

Resources Matt Kelly blog posts , When Covidiocy Strikes Corporate Governance and New FINRA on Pandemic Risks Tom Fox blog post, Navigating the Coronavirus Crisis for Compliance Professionals -Company Responses Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this podcast Matt Kelly and Tom Fox take a deep dive into the recent whistleblower award issued to an anonymous whistleblower, who happened to be a compliance professional. Some of the highlights include:

What are the requirements for a compliance professional to be eligible for a Dodd-Frank Whistleblower award?

How many CCOs or internal audit types have been awarded Dodd-Frank Whistleblower awards?

The SEC was previously investigating the company, how (or why) was there an award in this case?

With nearly $400MM paid out in whistleblower awards, the program is clearly working.

Is Jay Clayton’s attempt to eviscerate the Whistleblower Awards?

Resources Matt Kelly blog post, Whistleblower Award to Compliance Professional SEC Press Release Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. As with many of you, we are overwhelmed with COVID-19 information. Matt and I want to bring some clarity, if not sanity to the conversation. In this podcast we continue our exploration of the parameters and impacts of COVID-19, by taking a look at one compliance tale in the time of coronavirus…according to Frank. Some of the highlights include:

What is being Frank in the time of COVID-19?

Have your underlying assumptions on risk changed?

Why must you look at risk not simply with another set of eyes but also with a different eye?

With COVID-19, the risk is not only different but also unknown.

Why are isolation and quarantine key?

Why is focus on your risk management process so critical now?

Are you revamping your engines at 40,000 ft at 480 mph?

Stay tuned to after the outro for a special bonus piece on the phrase According to Hoyle…

Resources Matt Kelly blog post, One Compliance Tale in the Time of COVID Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. As with many of you, we are overwhelmed with COVID-19 information. Matt and I want to bring some clarity, if not sanity to the conversation. To that end, in this episode we take a deep dive into the need to integrate public health measures into our private enterprise operations, now and for the foreseeable future. Some of the highlights include:

What is some of the positive news coming out of China?

How did China’s lockdown help slow the virus?

Why do we need to use the time to integrate public health measures into private sector operations?

What are some of these public health measures?

Why are isolation and quarantine key?

If we get it under control, how do we prevent another outbreak?

What are some practical starting points for businesses to think through at this time?

What should businesses be thinking about 30, 60, 90 days out?

Resources Matt Kelly blog post, The Downslope Risks of COVID-19 Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode we take a deep dive into recent OCC Guidance on managing 3rd party risk. Some of the highlights include:

What was the Office of the Comptroller of the Currency, guidance published the on March 5?

Why is 3rd party risk still a chronic issue?

What is the role of due diligence?

What are sustainable business models for 3rd party risk management?

What are 4th party risks?

What is Kelly’s Law of 3rd Party Risk Management?

A short discussion of FINRA’s new bulletin on pandemic risk?

Resources Matt Kelly blog post, Some Good Guidance on 3rd Party Risk Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode we take a deep dive into Cardinal Health FCPA enforcement action brought by the SEC. Some of the highlights include:

What is the background to the matter?

How did a Chinese acquisition cause so much FCPA grief?

What were the types of business relationships involved?

How did the corporate office respond?

What red flags were spotted or missed?

Why didn’t the corporate office take stronger action?

What was the SEC’s response in the fine and penalty phase?

Resources Matt Kelly blog post, Cardinal Health Pays $8.8 Million on FCPA Issues Tom Fox blog post, Cardinal Health FCPA Enforcement Action: High Risk Business Relationships Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode we take a deep dive into Donald Trump ordering (via Twitter) the AG to reduce the length of sentence requested for Roger Stone and his pardons of 13 convicted white-collar criminals. Some of the highlights include:

What is the background to the Barr Sentencing Memo?

Can white collar defense lawyers use the DOJ reasoning to decouple of the sentencing guidelines?

What does all this mean for corporate culture?

When will Trump start attacking companies for doing business ethically?

What are the implications for the compliance discipline and CCO?

What tensions does all this create for the corporate compliance and corporate legal functions?

What happens when arbitrary behavior emanates from the top of an organization?

Resources Matt Kelly blog post, Lessons from Justice Department Meltdown Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode we take a deep dive into recent Hogan Lovell’s report High Seas: Steering the Course II Navigating bribery and corruption risk in 2020. We conclude with a special tribute to Bernie Ebbers and his role in creating the modern compliance professional. Some of the highlights include:

What do the survey results say about the direction of compliance function spending?

Can companies manage risks in emerging markets when compliance spending is decelerating?

Technology can improve compliance efficiency but it can also improve compliance evasion.

Will CCOs be able to interpret data from ComTech tools?

What are the implications for the compliance discipline and CCO?

Resources Hogan Lovell’s report High Seas: Steering the Course II Navigating bribery and corruption risk in 2020, click here. Matt Kelly blog post, Compliance Resources Getting Tighter Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode we take a deep dive into the Office of Comptroller and Currency’s proposed Cease and Desist Order against former high-ranking Wells Fargo risk assurance executives. Some of the highlights include:

Are risk assurance executives now under more scrutiny by regulators?

Were the facts of Wells Fargo’s fraudulent accounts scandal so bad to raise a new level of liability?

Should we expect new regulatory guidance?

If the first line of defense performs it function, but the second and third do now; what are the implications?

What are the implications for the compliance discipline and CCO?

Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt indulges me as we take a deep dive into 2020 Edelman Trust Barometer and its implications for the CCO and corporate compliance function. Some of the highlights include:

Why is trust down so much in developed countries while going up in under-developed countries?

Why is the trust gap widening between the well-educated and others?

While respondents tend to trust their employers, why is business in general seen as untrustworthy?

What does the growing gap in executive pay portend for employee trust?

What are the implications for the compliance discipline and CCO?

Resources Download the Edelman Trust Barometer here. Read Matt’s blog post, Edelman Trust Report Gets Grim Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt indulges me as we take a deep dive into the Houston Astros sign stealing scandal. We mine the episode for compliance and ethics lessons. It turns out there are quite a few. Some of the highlights include: Ø What was the role amnesty to the players played in both the speed of the MLB Report and its thoroughness? Ø Does the MLB sanctions against Luhnow and Hinch send a clear (enough) signal? Ø It was a technology innovation which led to the scandal. How does that inform a compliance professional? Ø Houston’s culture was broken. How can it be fixed? Ø Did the Mets and Red Sox both actually consider keeping Alex Cora and Carlos Beltran? If so why? Resources Tom’s five blog posts (to date) in the FCPA Compliance and Ethics Blog. Part 1-The Scandal Part 2-Luhnow and Hinch Part 3-Compliance Lessons Part 4-Ethics and The Truth of the Game Part 5-the Whistleblower and Amnesty

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Welcome to the first Into the Weeds podcast of the new decade and the new year. In this Part 2 of a two-part podcast series, Matt Kelly and I take a look at ten issues that we think will be significant for the compliance professional in the upcoming year. Some of the highlights include:

The Institutional Shareholder Services lawsuit against the SEC. What will this and other court cases against the Trump Administration’s attempt to gut shareholder protects by the SEC?

Effective sanctions compliance programs. Will there be congruity or discrepancies in the interpretation of what constitutes a best practices compliance program by the DOJ and OFAC.

Compliance convergence. We are moving to do away with anti-corruption compliance, trade sanction and export control compliance, AML compliance to a role which is simply compliance.

Data, data and more data. Regulators now expect data analytics, continuous monitoring and continuous improvement in your compliance program.

The ethical edge. How more effective compliance creates more efficient business process equating to greater profitability.

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Welcome to the first Into the Weeds podcast of the new decade and the new year. In this Part 1 of a two-part podcast series, Matt Kelly and I take a look at ten issues that we think will be significant for the compliance professional in the upcoming year. Some of the highlights include:

A legislative fix to the Supreme Court’s Digital Realty Trust decision? Can Congress do anything, including overturning this anti-compliance ruling.

The Fed will take a look at technological service providers? How this will impact compliance.

Climate change disclosures. We use this topic to consider the impact on corporate governance, Boards and mandated disclosures.

Disgorgement at the Supreme Court. Will the SCt allow fraudsters to keep their ill-gotten gains?

Critical audit matters. Will companies move make controls more data based and less subjective?

Check in next week, where Matt and Tom continue the discussion. Resources Matt’s blog post 7 Compliance Items to Watch in 2020 in Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weed over the ethical failings and missteps made by the now former Boeing CEO Dennis Muilenburg which led to his firing. Some of the highlights include: Ø What are the three steps in cooperating with the government after a failure? Ø Why did Boeing fail to reveal negative information it uncovered in its internal investigation? Ø What is the role of a CEO around ethics? Ø What is the role of the Board of Directors? Ø What is the only control for a CEO around ethics? Ø What are the lessons learned for a corporate compliance program? Ø What does all this mean for compliance professionals going forward? Resources Matt’s blog post More Misadventures in Ethics From Boeing in Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds about the new DOJ, National Security Division’s Export Controls and Sanctions Enforcement Policy for Business Organizations. Some of the highlights include:

Why is there no declination available?

What aggravating factors are different between this policy and the FCPA policy?

What is an effective compliance program under this Policy and the OFAC Compliance Framework?

Who do you self-disclose to first if you uncover a trade sanctions violation?

Is this policy coordinated with other cooperation agreements?

What are the lessons learned for a corporate compliance program?

What does all this mean for compliance professionals going forward?

Resources Matt’s blog post Cooperation for Sanctions Violations in Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds about the Ericsson FCPA enforcement action from the internal controls perspective.

Some of the highlights include:

Ø What does this enforcement action tell up about internal controls? Ø How were the business units able to evade internal controls for so long? Ø Was there control override? Ø What is the role of ERP systems such as Oracle and SAP in compliance? Ø If a company refuses to use standard ERP systems, is that a control failure under the FCPA? Ø What are the lessons learned for a corporate compliance program? Ø What does all this mean for compliance professionals going forward?

Resources

Tom’s blog posts, both the FCPA Compliance and Ethics Blog. Part 1-Overview Part 2-The Bribery Schemes

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds about operational resiliency. Some of the highlights include:

What is operational resiliency?

Why is technology so critical in this area?

What is the intersection of operational resiliency and compliance?

Should compliance and risk management be merged?

From the headlines (1)-What did the Fed say?

From the headlines (2) moving past financial services-Virtual Care Provider.

What does all this mean for compliance professionals going forward?

Resources Matt’s blog posts, both on Radical Compliance. Compliance Role in Operational Resiliency, Operational Resiliency Part II Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds about the recent DOJ announcement of the Procurement Collusion Strike Force (PCSF). Some of the highlights include. Some of the highlights include: Ø Why was the PCSF created? Ø What will it focus on? Ø Why does the funding (or lack thereof) matter? Ø What do the twin DOJ announcements of the PCFS portend? Ø Why are analytics more critical for compliance going forward? Ø What are procurement red flags? Ø What does all this mean for compliance professionals going forward? Resources Matt’s blog post, Brace for Procurement Compliance, on Radical Compliance. DOJ Press Release on PCSF PCSF website Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds on a recent academic paper by Stubben and Welch entitled, Are Secondhand Whistleblowing Reports More Credible. The authors reviewed data from the Navex Global data base of 2 million whistleblower reports from more than 1,000 companies from 2004 through 2017. Their findings have significant implications for CCO, GCs and Boards of Directors. Some of the highlights include:

Why is this the first international podcast of Compliance Into the Weeds?

What are the key differences between a first-hand whistleblower report and a secondhand report?

Why are over 47% more second-hand reports substantiated than first-hand reports?

Why do first-hand reports tend to be about actions against a person and secondhand reports be about things which happened to the organization?

What are the implications for triage/investigations of first and secondhand reports?

Is confirmation bias at work here?

For additional reading see the following: Matt’s blog post, Study-Second Hand Reports More Reliable, on Radical Compliance. Stubben and Welch, Are Secondhand Internal Whistleblowing Reports Credible? Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds on issues raised around SOX compliance by internal audit functions in corporations and the use of tech solutions to improve things by a recent report of the SOX Professional Group. Some of the highlights include:

Why is SOX compliance still ‘a big hassle’?

A recent report by the SOX Professional Group found that internal audit is taking over more SOX reporting.

Why has internal audit been asked to take over more of this role?

Why would the SEC want to reduce award levels at the high end? What is the constituency for this position?

The SOX Professional Group report noted that SOX compliance costs are increasing; why did an earlier Protiviti report show costs were ‘drifting downward’?

Where are companies on the use of new tech solutions to facilitate SOX Compliance?

Why are 73% of all companies still using Excel spreadsheet to report on SOX compliance?

What role, if any, does internal audit have in cyber security?

Why is cybersecurity not seen as a high risk from SOX reporting perspective?

For additional reading see the following: Matt’s blog post, Report: SOX Compliance Still a Pain, on Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds to explore the SEC’s proposed changes to its whistleblower program. Some of the highlights include:

The reforms were originally announced 18 moths ago. Why is the SEC just now getting to public discussion?

What if anything will be the cap on high end awards?

Conversely, will the expansion of low-end awards beget better whistleblower tips?

Why would the SEC want to reduce award levels at the high end? What is the constituency for this position?

Why (or why not) should a whistleblower tip be in writing?

Why was the SEC Open Meeting to discuss these reforms postponed until November?

Will the meeting be postponed again? Who benefits from a postponement?

For additional reading see the following: Matt’s blog post, SEC Tees Up Whistleblower Reform, on Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds to explore the recent changes at the PCAOB made by SEC Chairman Jay Clayton.

Some of the highlights include: Ø Why were the changes announced in a manner to hide them? Ø Why were they such unusual personnel moves? Ø Why would the SEC put someone on the PCAOB with no discernible qualifications for the role? Ø Is the goal of Jay Clayton to do away with SOX 404 protection for investors? Ø Does going public under SOX mandate investor protection? Ø What else will Clayton pull to ram through his changes at the PCAOB and SEC? Ø Why is WeWork such a power example right now? For additional reading see the following: Matt’s blog post, PCAOB Shakeup-What it Means for You, on Radical Compliance.

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds to explore the recent SEC enforcement action against Mylan and its mischaracterization of the drug EpiPen as a generic drug. This mischaracterization cost the federal government millions of dollars and led the SEC to fine Mylan $30MM. Some of the highlights include: Ø How can one event have multiple risk scenarios?Ø How risks can ripple across an organization?Ø Who oversees risk for a company in a holistic manner?Ø How can internal controls help to break down silos?Ø Where was compliance?Ø Why do internal controls need to cut across silos to provide (at least) internal transparency? For additional reading see the following: Matt’s blog post, Mylan’s Lessons on Silos & Risks, on Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today we have a special live and in person podcast recording from Converge19. In this episode, Matt Kelly and I go into the weeds to explore the recent SEC enforcement action against Quad/Graphics and its Peruvian subsidiary. Matt comes in smoking on the egregious conduct of the company and the lack of criminal sanctions against the company. Some of the highlights include: How did the company garner credit for prompt disclosure when it knew about the conduct for 3 years?Why have there been no criminal indictments against individuals?How many sham vendors, invoices and payments does a company need to take notice?Where was compliance?Why is it the sham-ness of it all?For additional reading see the following: Matt’s blog post, Graphics Firm Draws $10 FCPA Settlement, on Radical Compliance. Tom’s blog post, Quad/Graphics-the Sham-ness of it all, on the FCPA Compliance Report. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds to explore the recent SEC enforcement action against PwC and its partner Brandon Sprankle for violating audit firm independence rules, including PwC implementing a GRC software system for one of its audit clients. Some of the highlights include:What was the conduct which led to the $8.9MM fine against PwC?Why do audit firm independence rules exist?Why ethical norms did PwC partner Brandon Sprankle violate?Should an audit partner who engages in material misrepresentations be trusted to perform an audit?What internal controls at PwC were violated by Sprankle’s actions?What does a CCO need to pay attention to audit firm independence rules?For additional reading see the following: Matt’s blog post, SEC Dings PwC on GRC Deal, on Radical Compliance. For more information on Converge19, click here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds to explore what additional educational degrees or certifications a mid-career compliance professional should consider obtaining to further their career. Some of the highlights include: Ø How did Matt become interested in this question?Ø What types of additional university degrees will assist the compliance professional?Ø Why a law degree will not help the mid-career compliance professional?Ø Does legal training apply to compliance any longer?Ø Why you should assess your skill set and then move to fill any gaps to become a more well-rounded compliance professional.Ø Why other university disciplines such as behavioral phycology, Human Resources and Risk Management are more valuable than law degrees for the compliance professional. For additional reading see the following: Matt’s blog post, Study Law to Advance Compliance Career?,on Radical Compliance.For more information on Converge19, click here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds to explore the President’s recent imbroglio regarding Hurricane Dorian, Alabama and sharpies. Some of the highlights include:Why was this episode so creepy?What is a Level 5 business leader and why are those traits so valued in business?What would happen if a business leader intentionally misrepresented his company’s products?If you threaten to fire all who disagree with the Leader’s comments, what will it do for the future of the organization?What was the failure of compensating controls?What should a Board of Directors do if a CEO engages in material misrepresentations?For additional reading see Matt’s blog post, Sharp(ie) Insights in Speak Up Culture, on Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds to explore the recently released FCPA enforcement action by the SEC involving Juniper Networks. Some of the highlights include: Ø Who is responsible for the continued violations after initial discovery, the subsidiaries or the parent?Ø What happens when a grandparent ‘speaks sternly’ to a grandchild?Ø Why does a decentralized compliance structure allow for internal abuse? Ø Do your policies and procedures actually support your compliance efforts? Ø As CCO do you have visibility into where customer discounts are going?Ø Should lawyers ever review expense reports from foreign business units? For additional reading see the following: Tom’s blog post, Juniper Network FCPA Enforcement Action, on the FCPA Compliance & Ethics Blog. Matt’s blog post, Juniper Networks Hit on FCPA Charge, on Radical Compliance. Jonathan Marks considers these points as well as the Board of Directors role in his blog post, Slush Funds and the Juniper Networks FCPA Settlement, on his always great Board and Fraud blog. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds to discuss our views on the Business Roundtable’s recently released Statement on the Purpose of a Corporation. Some of the highlights include: Ø Tom believes it is an important first step to consider the various stakeholders in a business enterprise.Ø Matt has a bit more cynical view of the document. Ø Matt is concerned that the Statement does not have the force of law and indeed may be antithetical to corporate law. Ø Matt is suspicious of the timing of the Statement. Ø Tom believes it provides a playbook for both corporations and lawmakers in the debate going forward. For additional reading see Tom’s blog post Statement on the Purpose of a Corporation and What it Means for the Compliance Professionalon the FCPA Compliance Report. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds to explore size of the compliance workforce in secondary markets in the US and how that will impact compliance program enhancements going forward. Some of the highlights include:Do FASB accounting standard changes mandate new skill/talents?Why are the new FASB lease accounting standards being delayed?Is the role of compliance is to build better systems to govern ourselves around risk management?Is the BLS definition of compliance professional still relevant or is it stuck in 1998?Why is there such a divergence in secondary markets in the hiring of compliance professionals?How would all this play out for compliance professionals in a recession?For additional reading see Matt’s blog post Scoping the Size of Compliance Workforce on Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds to explore the actions by Delta CEO in not going to a meeting at the White House because of previously scheduled vacation plans. Is this modeling of corporate values useful to improve employee morale? Some of the highlights include:Why did Delta CEO Ed Bastain ditch a White House meeting?Does a CEO cancelling a meeting to go on previously scheduled vacation model your corporate values?If a CEO will not attend a meeting what does that say about a company?Does the CEO’s help or hurt employee morale?How was Delta accountable in its ferrying of stranded 5thgraders to DC?How has Lowe’s damaged employee trust?For additional reading see Matt’s blog post Great Example of CEO Setting the Tone on Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this most somber episode, Matt Kelly and I go into the weeds to explore what are some of the compliance responses to the twin tragedies of El Paso and Dayton. Some of the highlights include: Ø How the lack of safety at the workplace impacts employee trust.Ø How should a company monitor hate and racist speech by employees online? Ø What is your company policy around firearms at the workplace? What if your state allows it? Ø What actions should Walmart take for the safety of its employees and customers?Ø What red flags on employee hate speech are actionable? Ø What employee hate speech puts a company on actual knowledge of an impending or even possible attack?Ø What is a company’s liability in such a situation? Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I go into the weeds to explore recent Facebook settlement with the SEC and the FTC. We also explore what the new DOJ antitrust investigation may portend going forward. Some of the highlights include: This is now the second SEC settlement under this fact pattern.The SEC settlement was three times the amount of the Yahoo settlement.Did the FTC settle too low (or too high)?Is Facebook prevented from doing anything going forward?What is the impact if any on the stock price? Does the market even care?Is the DOJ antitrust investigation simply a politically motivated attack?Has the administration thought through the implications of its antitrust investigations?For further reading on Conn’s see Matt’s blog posts: Facebook, Power and Antitrust Issues Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I go into the weeds to explore recent SEC enforcement actions which Matt characterized as an “internal control Palooza”. We explore what went askance, how to learn from it and how to prevent it going forward. Some of the highlights include: Ø The SEC recently had an “Internal Controls Palooza” of enforcement actions. Ø Microsoft demonstrated poor controls over third parties.Ø Why do does units need a ‘second set of eyes’ for non-standard discounts?Ø What is earnings management and why is it so risky? Ø Why do you need robust internal controls when engaging in earnings management? Ø Why must internal controls have an auditable trail? For further reading on Conn’s see Matt’s blog posts:Conn’s Lessons on Management EstimatesandMore on Embedding, Automating ControlsFor further reading on Microsoft see Matt’s blog post:FCPA Issues Nick Microsoft $25 MillionFinally see Tom’s blog postsPart 1-Microsoft FCPA Enforcement Actionand Part 2-the Bribery Schemes Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I go into the weeds to explore Matt’s observations on compliance training. While traveling cross-country with the family for a well-earned vacation he paid close attention to the safety training video. We used that as a starting point for a deep dive into compliance training and communications. Some of the highlights include: What are some fresh takes on compliance training?How do you implement both effective and tailored training?Is your training procedural? Ethical? Systemic?Do you want your employees to follow procedures or standards of behavior?Employees need to feel like there is someone listening.What is the role of ongoing communications in training?For further reading see Matt’s blog post-How Good Training Finds its Wings

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into employees of the U.S. Customs and Border Protection who operated a closed Facebook group, replete with racist, sexist posts about migrants and Democratic politicians. For corporate compliance and governance professionals who think about the challenges of building a strong corporate culture, the mess at CBP offers a cautionary tale about the corrosive nature of subcultures. Some of the highlights include: Ø Why are subcultures so corrosive?Ø What is Metcalfe’s Law and how does it apply here?Ø What is corporate culture v. subcultures?Ø How does an organization fight the growth of subcultures?Ø What is the role of the CCO?Ø Is all this simply protected speech? For additional reading see Matt’s blog post What CBP Tells Us About Subcultures Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I go into the weeds to explore Matt’s recent interview of Theranos whistleblower Tyler Schultz. We use this as a starting point to discuss what a company can do when everyone knows that fraud is going on but no one says anything about it. Some of the highlights include: Tyler Schultz tells his story.What was the conversation inside Theranos?Was it an open secret the company was engaged in fraud?Why do employees take baby steps to whistleblowing?Employees need to feel like there is someone listening.Are there any alternative areas of power in a company, such as the Board of Directors?For further reading see Matt’s blog post-What Drives Open Secrets

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take things in a different direction as we welcome Francine McKenna, reporter at MarketWatch. And blogger extraordinaire at Re: The Auditors. After one full week of writing, thinking and talking about the SEC enforcement action against KPMG, we provide our initial reflections. For additional reading, check out the following resources: You should start with McKenna’s great piece on the scandal in MarketWatch, “The KPMG cheating scandal was much more widespread than originally thought” Matt’s blog post-Questions on the KPMG Ethics Fiasco

Tom’s blog post-Day of Reckoning for KPMG-Failures in Ethics

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into SEC enforcement action announced against KPMG this week. Some of the highlights include: Which part of the scandal is worse-bribery/corruption or falsifying standards?Can KPMG be trusted going forward?What led to the Board investigation of the educational scandal?Is this the end of KPMG? The Big Four?How could the firm create a culture so antithetical to integrity?Where does KPMG go from here?Who is qualified to be the Monitor?Will there be an additional SEC enforcement action?For additional reading see Tom’s blog post Day of Reckoning for KPMG-Failures in Ethics

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into Robotic Process Automation. Some of the highlights include:What is robotic process automation (RPA)?How does it differ from AI?How could a compliance professional use RPA?Why is does it pose unique risks to a corporate compliance function?For additional reading see Matt’s blog post Thoughts on RPA, Compliance and You

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Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I go into the weeds to explore how the complexity of modern-day corporations can lead to catastrophic failures such as the two crashes of the Boeing 737 Max. Some of the highlights include: Ø Our podcast today was based upon two blog posts we both wrote this week based upon the NYT article The Late Change, and Fatal Flaws in Boeing’s Plane. Ø Why and how can complexity lead to catastrophic failre?Ø The modern corporation is very siloed. How does this contribute to risk?Ø Why every compliance professional should read the NYT article.Ø How should you think about systemic risk in your organization’s ecosystem?Ø How does the COSO 2013 Internal Controls Framework consider the issue of communication across an organization? In addition to the great NYT piece check out the following resources: Matt’s blog post-Another Lesson from Boeing-SilosTom’s blog post-Boeing and More Compliance Lessons Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I go into the weeds to explore what exactly is sub-regulatory guidance and why the debate around it by the current administration is seemingly against not only the government’s interest but also business’ interest. Be sure and listen all the way through as Matt goes on a rant at the end of the podcast. Some of the highlights include: Ø What were the remarks of Claire Murray that got Matt so riled up?Ø Is the Evaluation of Corporate Compliance Programs, 2019 Guidance just paper?Ø What would happen to a company which does not use the 2019 Guidance as a roadmap?Ø Why business’ support sub-regulatory guidance?Ø Why documentation is critical for multiple parts of a compliance program?Ø What do Murray’s remarks mean for the compliance practitioner? For the full text of the remarks of Principal Deputy Associate Attorney General Claire Murray at the Compliance Week 2019 Annual Conference, click here. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is a special Friday edition of Compliance into the Weeds, the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I channel our inner Bluto and Flounder to consider a recent imbroglio around food in a cafeteria led to some powerful compliance lessons. Some of the highlights include: What are the ethical values of your organization?Why a company must give employees on the ground the flexibility to over-ride rules when ethics demands it?If you fire someone publicly, you need to list the true reasons?How does a company empower its employees?Why documentation is critical for multiple parts of a compliance program?Why an efficient and accurate investigations must be done before termination?How an ethical misstep can significantly harm any sized organization.For more reading check out Matt’s two blog post on this topic “When Ethics and Policy Collide” and “More Lessons from the Lunch Lady” Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into the House Financial Services bill, HR 2515, which amends the Dodd-Frank Act to clarify that whistleblowers who report misconduct to their employers and not to the SEC also have protections against retaliation under the law. This bill fixes the US Supreme Court decision in Digital Realty Trust which mandated that whistleblowers had to go to the SEC to obtain Dodd-Frank anti-retaliation protection. Some of the highlights include: Some of the highlights include: Ø What was the ruling in Digital Realty Trust?Ø Why did it negatively impact whistleblowers, companies and the SEC?Ø What has made whistleblowers and internal reporting so significant?Ø How does the proposed fix benefit whistleblowers, companies and the SEC?Ø Why should businesses get behind this proposed fix?Ø What are the chances it actually is signed into law? For more reading check out Matt’s blog post “Progress on Whistleblower Fix” Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive intothe role of the Chief Risk Officer in overall Enterprise Risk Management. Some of the highlights include: Some of the highlights include: Ø Why is effective ERM is more than simply operationalization of ethics and compliance?Ø Why the Board and senior management must take a holistic approach to ERM? Ø Why is it even more important for Boards and senior management to have better risk governance?Ø How do you define the role of Chief Risk Officer?Ø What is the role of internal audit in today’s analytical world of risk management?Ø Could or even should the role of the Chief Audit Officer evolve into the role of a Chief Risk Officer? For more reading check out Matt’s blog post “The Chief Risk Officer Role”. Also listen to the Radical Compliance podcast here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into continued ethical, reputational and business imbroglio which Boeing finds itself in around the 737 MAX airliner, as the company finds itself on the ethical tarmac. Some of the highlights include:Where does compliance come into a sales strategy?Who is responsible for entailing safety - the buyer or seller?What does it mean from the compliance perspective is a safety upgrade is optional?How does regulatory capture affect overseas sales?What is the legal analysis around safety and options for safety upgrade on products?Who should regulate the supply side-the government or the market?For more reading check out Matt’s blog post “More on Boeing and Business Ethics” Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into recently announced policy by the Trump White House that all regulatory rules and guidance must be submitted to the White House for review before it goes through Congressional review. Some of the highlights include: Some of the highlights include: Ø This is a significant power grab by the White House.Ø What is OIRA and can the White House force all new regs and guidance go through it before Congress considers them? Ø Will regulatory guidance be treated as regulations? What about SEC No-Action Letters? DOJ declinations?. Ø Will regulatory reduction continue under this new policy?Ø This is an example of how political instability negatively impacts businesses.Ø What does this mean for the Democratic nominee to the SEC? For more reading check out Matt’s blog post “Trump Grabs at Rulemaking" Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into recently released NAVEX Global 2019 Ethics & Compliance Hotline Benchmark Report. We consider the details from the report and ask the following question “are you using all the right intake channels to capture a true sense of misconduct and corporate culture at your organization?” Some of the highlights include: Some of the highlights include: Ø What are the intake channels available to your organization?Ø If you are only tracking complaints through a formal system, you may well be missing a wider variety and rich source of information. Ø Moving your intake past simply what the law requires will give you a much better accounting of your organization’s culture.Ø How can you improve your intake?Ø Has closure time for reported increase or decrease?Ø What has been the continued impact of #MeToo? For more reading check out Matt’s blog post “Hotline Metrics-are you missing any?”To read the full NAVEX Global 2019 Ethics & Compliance Hotline Benchmark Report, click here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into resignation of now former Wells Fargo CEO Tim Sloan. We use his departure as a starting point to discuss some of the issues which continue to bedevil the organization some three years after the original fraudulent accounts scandal broke. Some of the highlights include: Ø Another tough Congressional hearing, another Wells Fargo CEO resigns. Ø Why can’t Wells Fargo turn around its culture?Ø Should an outsider (IE., non-long term Wells Fargo employee be brought in to right the ship?Ø What is the difference in high-performing and high-pressure organizations?Ø Why does Wells Fargo continue to resist whistleblower retaliation claims?Ø Does Wells Fargo treat its customers as it treats its employees?Ø What draconian sanctions are the OCC and Fed considering?Ø What can Wells Fargo do to actually change its culture? If you are in Houston on Friday, please plan to attend the South Texas College of Law 2019 Symposium on Compliance in international Corporate Legal Practices – Legal Development and the Talent Needs of the Future. Information and registration details available here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into the circumstances around the FAA approval process regarding the Boeing 737 MAX in the context of the crash in Ethiopia. Some of the highlights include: Ø What was the process by which the plane was approved by the FAA?Ø How did the Boeing CEO persuade President Trump to prevent the FAA from grounding the Boeing fleet during the investigation process?Ø Why did the Ethiopian government send the plane’s black box to France, rather than the US, for analysis?Ø How did the US lose the world’s leadership in aviation safety?Ø Where was Boeing’s compliance function during all of this?Ø What are the lessons for the compliance practitioner? For additional reading, see articles discussed in this podcast: 1. In the Seattle Times, Flawed analysis, failed oversight: How Boeing, FAA certified the suspect 737 MAX flight control system, by Dominick Gates2. In the Wall Street Journal, Prosecutors, Transportation Department Scrutinize Development of Boeing’s 737 MAXby Andrew Tangel, Andy Pasztor and Robert Wall3. In Slate.com, Where Did Boeing Go Wrong? by Jeff Wise. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into the recent Bankrate DOJ enforcement action in which the company garnered a NPA and for which it paid a total penalty of $28.5 million. We feature a discussion of internal control overrides. Some of the highlights include: Ø What are the background facts of the matter?Ø Why should you never name a slush fund “Ed’s Cushion?Ø What is the difference between management over-ride of internal controls and abuse of management control override?Ø Why is robust accounting required when there is a single source of data?Ø What is the straight line from internal controls and accounting to the Board and the audit committee?Ø Where was the Audit Committee? For additional reading see Matt’s blog post Bankrate pays $28.5 million in fraud caseon Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into horrific corporate conduct engaged in by Hacienda Healthcare in Arizona over the past few months. Our discussion provides insights into failures at the Board oversight level, corporate governance, CEO, senior management and CCO position. Some of the highlights include: Ø What are the background facts of the matter?Ø How could the facility allow the rape of an incapacitated patient who is in a permanent vegetative state?Ø Why did the professional investigator brought into to investigate the crime resign so noisily?Ø Why was there such a complete total and utter failure by the Board on oversight?Ø What, if any, are the potential criminal charges which might be filed?Ø Where was compliance? For additional reading see Matt’s blog post Governance Nightmare in Arizonaon Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into recent imbroglio involving surrounding New England Patriots owner Robert Kraft who has been charged with solicitation of prostitution, what it means for both Kraft and the NFL and the compliance response. Some of the highlights include: Ø What are the background facts of the matter?Ø What has been the response of the NFL? Will it investigate or leave it to the public authorities?Ø What are other criminal charges involving NFL owners and what was the NFL response?Ø What are the key employee/CEO risks for an organization?Ø How much private conduct is really public in this age of social media?Ø Why is compliance the only response? For additional reading see Tom’s blog post Robert Kraft, the NFL and Complianceon the FCPA Compliance and Ethics Blog. Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into recent imbroglio involving (at least as of now) current Governor of Virginia, Ralph Northam and the pictures involving Northam in blackface and KKK robes. Some of the highlights include: Ø What is ethical leadership?Ø Why is Northam following the Trump playbook?Ø How and why employees take their cues around ethics from their leaders?Ø Why are employees looking to work for companies with a culture of accountability?Ø Why should the CCO have an ethical role in an organization? For additional reading see Matt’s blog post Northam and Ethical Accountabilityin Radical Compliance. Share Your Compliance Expertise and Help Those in Need!We need your expertise on ethics & compliance programs! If you’re involved in managing employee policies & procedures, a hotline/incident management program, training initiatives or third party risk management, please share your thoughts on your program effectiveness, success measurements, and key activities and goals for this year by taking part in NAVEX Global’s 2019 Future of Compliance Report survey.Click here to complete the survey.For every complete, $10 (USD) will be donated on your behalf to the charity of your choosing from the following charities: UNICEF, Operation Smile, St. Jude Children’s Hospital, Humane Society, Wounded Warrior Project,Médecins Sans Frontières, or Rainbow Trust Children’s Charity. Also, as a thank you for your participation in this annual study, you’ll get access to this valuable benchmark data to create a more effective compliance program.You can also copy and paste the URL below into your internet browser: https://na1se.voxco.com/SE/?st=4P4BV59nKuYZVVwz2mHGZPBTRrG4NjahAP%2FlgrTzTYE%3D&urlimport=1&questlist=source&source=4 COMMITMENT TO ANONYMITY All responses are confidential and will be reported only in aggregate form. Individual data will NEVER be shared with any other party (privacy policy). Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into recent blown call in the Saints-Rams NFC. We consider the (non) response from the NFL under the rubric of internal controls. Some of the highlights include: Ø What is risk and how should it be considered?Ø Who are the stakeholders for professional football? Who are the stakeholders for your organization?Ø Does your risk increase the closer you get to the final goal? (IE., playing for the Super Bowl)Ø If a control failure can lead to a material adverse event, shouldn’t you have a compensating control?Ø Should an organization like the NFL even care about getting it right? For additional reading see Matt’s blog post Of Blown Calls and Internal Controlin Radical Compliance. Share Your Compliance Expertise and Help Those in Need!We need your expertise on ethics & compliance programs! If you’re involved in managing employee policies & procedures, a hotline/incident management program, training initiatives or third party risk management, please share your thoughts on your program effectiveness, success measurements, and key activities and goals for this year by taking part in NAVEX Global’s 2019 Future of Compliance Report survey.Click here to complete the survey.For every complete, $10 (USD) will be donated on your behalf to the charity of your choosing from the following charities: UNICEF, Operation Smile, St. Jude Children’s Hospital, Humane Society, Wounded Warrior Project,Médecins Sans Frontières, or Rainbow Trust Children’s Charity. Also, as a thank you for your participation in this annual study, you’ll get access to this valuable benchmark data to create a more effective compliance program. You can also copy and paste the URL below into your internet browser: https://na1se.voxco.com/SE/?st=4P4BV59nKuYZVVwz2mHGZPBTRrG4NjahAP%2FlgrTzTYE%3D&urlimport=1&questlist=source&source=4 COMMITMENT TO ANONYMITY All responses are confidential and will be reported only in aggregate form. Individual data will NEVER be shared with any other party (privacy policy). Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into some of the difficulties around distributors in anti-corruption compliance. Some of the highlights include: Ø The recent Polycom FCPA enforcement action highlighted several FCPA enforcement actions from 2018 involving distributors.Ø How do discounts, coupons, rebates, and sales devices circulate among your company, distributors, and end customers? Distributors present these and other issues separate from sales agents and employees.Ø What do the Sanofi and Stryker enforcement actions tell us around compliance?Ø Why does Document Document Document continue to be a mantra for anti-corruption compliance? For additional reading see Matt’s blog posts Distributors, FCPA, and Internal Controls — Lessons for Anti-Bribery & Corruption Programsin Navex Global’s Ethics and Compliance Matters For more on the Polycom FCPA enforcement action, see Tom’s blog post, “Follow the Money Through Distributors” Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into management review controls. Some of the highlights include: Ø Will the PCAOB up its game in this area?Ø When will the SEC provide updated guidance on the issue? Ø Will it be up to COSO to formulate an appropriate new standard? Ø How does all of this apply to the compliance professional? For additional reading see Matt’s blog posts Deloitte Inspection Report ReleasedandTalking Compliance Analytics at AB-InBevin Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into a recent blog post by Matt on his top nine story lines for 2019. We slice and dice them and try to consider how they will impact the compliance profession going forward. Some of the highlights include: Ø A US data privacy law and GDPR enforcement.Ø What do restive employees have to do with Adam Smith? Ø Private equity sees money to be made in the GRC vendor space. What will it mean for compliance? Ø Forgiveness seems to be the byword for the DOJ in 2018 FCPA enforcement. Will it encourage more self-disclosure? For additional reading see Matt’s blog post “Nine Compliance Issues for 2019” in Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into the recent announced Polycom Inc. FCPA enforcement action. We both blogged on it and we bring two difference perspectives to this matter. I take a deep dive into the nuts and bolts lessons learned for the compliance practitioner. Matt takes a step back and considers the larger picture of corporate culture, corrupt CEOs and how these can lead to the destruction of the company. Some of the highlights include: Ø There were two forces at work which amplified the negative actions and effects.Ø How the CEO’s corrupt nature permeated the entire organization. Ø Oversight means more than simply asking questions and accepting the proffered answers. Ø Data analytics are critical for a best practices compliance program going forward. For additional reading see Matt’s blog post “Many Lessons in Polycom FCPA Case” in Radical Compliance. See also Tom’s blog “Following the Money Through Distributors” in the FCPA Compliance and Ethics Blog. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into the recent report in the New York Timesabout the settlement of CBS with the actor Eliza Dushku over allegations of retaliation for reporting sexual harassment by CBS series star in the TV drama Bull, Michael Weatherly. The entire episode exposed the culture at CBS and the failure in the structure of the company’s compliance program. After reporting unwanted and/or inappropriate behavior, Dushku’s character was literally written out of the series. She went to mediation over the retaliation for her internal reporting. In a formal mediation process, CBS’s attempted to assassinate her character but the evidence presented backfired on CBS as it proved the harassment. Worse yet the character assassination attempts were made by a CBS lawyer who is also the company’s Chief Compliance Officer. Some of the highlights include: Ø There were two forces at work which amplified the negative actions and effects.Ø The interest of CBS legal was to attack the accuser and settle the lawsuit. Ø The interest of a CCO should have been was to prevent, detect and remediate the issue so that it would create a speak up culture. Ø When you subordinate an ethical culture to a legal position, it works to destroy employee trust and morale. For additional reading see Matt’s blog post “CBS Compliance, Culture Under Fire” in Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into two recent announcements by SEC Chairman Jay Clayton and PCAOB Chairman Will Duhnke that their agencies will turn a more critical eye towards Chinese companies and their lack of transparency in the audit process and in financial reporting. We introduce two characters, Conspiracy Tom and Conspiracy Matt to evaluate whether these announcements, made the same week as the arrest of the Chinese CFO of Huawei in Canada, are a part of the larger trade war the Trump Administration is waging against China (Conspiracy Tom) or just coincidence (Matt). For additional reading see Matt’s blog post “US Regulators Warn on China” in Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I take a deep dive Michael Cohen’s guilty plea and DAG Rod Rosenstein’s ‘substantially responsible” amending of the Yates Memo. Since Cohen said in the plea agreement that he only lied to Congress to support what he believed Trump wanted; not at Trump’s direction. It gives us the opportunity to explore a gray area about accountability for senior execs complicit in misconduct or to use Rosenstein's language have 'substantial involvement' but not substantially responsible for it. It provides several new lessons learned for the compliance professional (and some old ones as well). Some of the highlights from this podcast are: What does ‘substantially involved in or responsible for the misconduct’ actually mean?What does ‘substantially involved in or responsible for the misconduct’ actually mean?If the voting public, and employees; don’t see justice served, for legal distinctions they may neither appreciate nor care about, that’s going to blunt their interest in talk about ethical conduct; will it will corrode the trust they have in organizations?What if the senior executives are complicit in the misconduct by fostering a poor control environment; and yet they personally were not substantially involved in the misconduct?Will this drive up the importance of strong governance? For example, where were the auditors, inspecting the control environment? Or would this lead to shareholder lawsuits against the board?How would the Justice Department apply the Rosenstein policy to those circumstances?What were the key lessons learned for the compliance practitioner? Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I take a deep dive into the recently announced reorganization of the Michigan State University compliance function, rolling it into the newly created Office of Audit, Risk, and Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I take a deep dive into the recent Vantage Drilling FCPA enforcement action. It is a highly unusual enforcement action with some very different facts from the standard FCPA case. It provides some new lessons learned for the compliance professional (and some old ones as well). Some of the highlights from this podcast are: What were the unusual facts of this matter?What is the role of a Board member who is also a supplier to a company?What were the key lessons learned for the compliance practitioner? For more see Matt’s blog post SEC Dings Vantage $5M on FCPA Issues and see Tom’s blog post, The Vantage Drilling FCPA Enforcement Action. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I take a deep dive into the Benczkowski Memo and what it means for not only the monitor selection process but for compliance officers who may be in front of the Justice Department in a FCPA investigation. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I take a deep dive into the continuing saga of Elon Musk, the SEC settlement, corporate governance at Tesla and his ongoing twitter feed. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I take a very deep dive into the increased prevalence of non-GAAP financial reporting. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I take a very deep dive into the process surrounding the allegations made against Supreme Court nominee Brett Kavanaugh by Christina Ford. We consider these allegations from the compliance perspective Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I take a very deep dive into the recent SEC whistleblower award of $54MM to two separate individuals. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I take a very deep dive the implications from President Trump’s tweet on Friday, August 17th about quarterly financial reporting by public companies. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I take a deep dive into the imbroglio Salesforce found itself in when it came out the company did work for ICE. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode Matt Kelly and I unpack the proposed changes to the SEC Whistleblower program. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I take a deep dive back into the impact of the Trump Administration’s attack on friend and foe alike with tariffs, trade wars, embargoes and sanctions. This is also our first live podcast from Matt’s stomping grounds in Cambridge, MA. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a deep dive back into the issue of the ZTE monitorship announced recently as a part of the settlement with the Department of Commerce on the death penalty sanctions levied on the company in April. Learn more about your ad choices. Visit megaphone.fm/adchoices

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I take a deep dive back into the issue of the decline in Initial Public Offerings (IPOs). Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a deep dive into the issue of two factor authentication of cloud-based solutions and the intersection with compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a deep dive into the travails of Roseanne, her television network ABC and compliance over her vile and racist tweet comparing Obama advisor Valerie Jarrad to an ape. We consider the corporate response in light of corporate ethics, values and priorities. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a continued deep dive the underlying assumptions around the reasons for lack of IPOs by small and mid-cap sized firms. We focus on a speech by SEC Commissioner Robert Jackson recently gave exploring possible reasons why middle market companies aren’t going public. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I go meta as we go into the weeds about Weed, in the context of the recent announcement by the administration that it would not prosecute persons or producers in states where marijuana sales are legal. Learn more about your ad choices. Visit megaphone.fm/adchoices

Privilege and Arrogance at the EPA Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we consider the plight of soon-to-be former Facebook Chief Information Security Officer Alex Stamos who was seemingly retaliated against for his actions to try and bring the data hacking of Facebook to the attention of senior management. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a deep dive into the recent SEC enforcement action against Elizabeth Holmes, the disgraced founder of Theranos, for her massive fraud around the former unicorn. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I continue our exploration of the fallout from the recent Supreme Court decision in Digital Realty Trust v. Somers in light of the filing by BioRad in its appeal of the whistleblower award to its former General Counsel, Sanford Wadler. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I explore the recent revelations of systemic sexual harassment and abuse present in the front office of the Dallas Mavericks. The allegations were not lodged against owner Mark Cuban but against his former team CEO, Terdema Ussery, who was CEO of the Mavericks from 1997 to 2015. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a deep dive into the implications flowing from the Supreme Court’s decision last week in the Digital Realty Trust v. Somers decision. Matt initiated a ‘tweetstorm’ in articulating his thoughts on the effects of the decision, including its effect on corporations, Chief Compliance Officers, corporate compliance functions and the Securities and Exchange Commission. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode Matt Kelly and I go meta as we podcast about another podcast that Matt posted this week on his site, Radical Compliance, where he interviewed Paul Sobel, the incoming Chairman of COSO. We discuss how Sobel sees his new role at COSO, some of the initiatives that he has in mind for the organization and how companies can use the various COSO frameworks, including the Internal Controls and ERM frameworks to better manage risk some the strategic perspective. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I go into the weeds on the fascinating subject relating to the intersection of compliance and technology: AI and hotlines. We explore how this phone app can assist the compliance practitioner by using technology to overcome the inherent tension in an anonymous reporting system where the reporter may desire anonymity while the CCO wants and needs as much information as possible. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a deep dive into the events which led to the resignation of Steve Wynn as the CEO and Chairman of Wynn Casinos for sexual harassment and misconduct. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode Matt Kelly and myself take a deep dive into the weeds of the recent remarks by Neomi Rao, head of the Office for Information and Regulatory Affairs (OIRA), the Administration’s top regulatory review office outlining ambitious plans for more deregulation in 2018 — including efforts to sweep independent federal agencies into her purview and to crack down on the “sub-regulatory” guidance that corporate compliance professionals consume all the time. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode Matt Kelly and I take a deep dive into the absolutely stunning indictment of five former partners or employees of KPMG and one former employee at the Public Company Oversight Accounting Board (PCAOB). L Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode Matt Kelly and I take a deep dive into a fascinating paper from Harvard Business School. Boris Groysberg and George Serafeim, worked with a global recruitment firm to study more than 2,000 executive-level job placements from 2004 to 2011, examining a wide range of job placements and pay data since 2004. They found that the stigma of listing a discredited company on your resume, even if you had nothing to do with the misconduct there, leads recruiters at your next employer to pay you less. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode Matt Kelly and I take deep dive into the issue of non-GAAP metrics and its implications. We were inspired an article in this quarter's MIT Sloan Management Review entitled, "The Pitfalls of Non-GAAP Metrics". It is fascinating review of this topic, which "Lurking within the financial statements and communications of public companies is a troubling trend. Alternative metrics, once used sparingly, have become increasingly ubiquitous and more detached from reality." Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a look at some of the more intriguing issues in compliance and ethics, FCPA and greater GRC issues in the new year of 2018. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this podcast, we consider the joint role of a GC-CCO and the potential corporate governance issues involved when the roles are held by one person. Does this create an irreconcilable conflict? What are the different functions of the General Counsel and the Chief Compliance Officer. Learn more about your ad choices. Visit megaphone.fm/adchoices

What will be the fate of the Justice Department's Evaluation of Corporate Compliance Programs going forward under the Sessions Department of Justice. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a deep dive into the scandal around Harvey Weinstein. We consider it from the compliance perspective, both programatic and for the CCO. We consider the different types of harassment which comes may face claims of from the fallout. We also consider the Board response by The Weinstein Company board and for the claims involving Bill O'Reilly. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a deep dive into an article by Todd Haugh, in the most recent issue of the MIT Sloan Management Review entitled, “The Trouble With Corporate Compliance Programs” that even best practices compliance program fail to take into account behavioral best practices and one important but too often overlooked key to strengthening both individual and overall corporate behavior is eliminating rationalizations. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Telia FCPA enforcement action is the Number 1 all-time for fines and penalties. What can you learn from it? Learn more about your ad choices. Visit megaphone.fm/adchoices

Matt reports live from TEC 2017, the Workiva user summit Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a deep dive into the good, bad and ugly of Hurricane Harvey for the compliance professional. We discuss what lessons may be drawn from the storm and its aftermath for the greater compliance, ERM and business communities and the need to take a much greater holistic approach to the consideration of your risk management strategy. Learn more about your ad choices. Visit megaphone.fm/adchoices

What is the intersection of the PCAOB, auditing and compliance? Matt Kelly and I explore in this week's episode. Learn more about your ad choices. Visit megaphone.fm/adchoices

What is the upside to any US business engaging with the Trump Administration after its tepid response to the events in Charlottesville? Learn more about your ad choices. Visit megaphone.fm/adchoices

The Mattis Memo on ethics is so significant that every CCO and compliance practitioner should read it and the Memo's substance into your compliance program. Learn more about your ad choices. Visit megaphone.fm/adchoices

We consider the enforcement action around the issue of internal controls, their effectiveness (or lack thereof) and management over-ride of internal controls. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a deep dive into the Dodd-Frank and Sarbanes-Oxley reform initiatives in the House of Representatives and as articulated by incoming SEC Chairman Jay Clayton. Will the new administration gut SOX and Dodd-Frank compliance requirements? For more see Matt Kelly's blog post SEC Chair Clayton Talks Compliance Costs. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I discuss the recent Second Circuit Court of Appeals decision in HSBC v. Moore. In this case a federal district court had ordered the release of redacted monitor’s report in the HSBC money-laundering Deferred Prosecution Agreement (DPA), based upon the request of an interested citizen. Both the Department of Justice (DOJ) and HSBC appealed the order and the Court of Appeals supported their position in overturning the trial court’s decision. The case is about a hook, line and sinker overturning of any trial court jurisdiction as one can have. The district court tried to claim it did not have the same role as a “potted plant” but the Court of Appeals left no doubt that is the only role it sees for any district court where a DPA is filed. We discuss the implications for the compliance practitioner, FCPA enforcement and any potential changes going forward. For additional reading, see my blog post on this case by clicking here.

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In this episode, Matt Kelly and I take a deep dive into the 4th of July weekend use of the New Jersey beaches by Governor Chris Christie. Governor Christie had closed the beaches in a budget dispute but was still able, as Governor, to give himself and his family full access to the now wide open beaches on the recently passes holiday weekend. We consider Governor Christie’s example of undeserved privilege in the context of ethical leadership and tone at the top. Matt draws upon his Catholic school education to remind us that undeserved privilege is private law, as “privilege” comes from the Latin privus, private law; and lex, law. It’s a private law that benefits only one person, who doesn’t deserve it. Read more about the issue and Matt’s thoughts on his blog post Tone at the Top Gone Wrong: The Christie Example.

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In this episode, Matt Kelly and I take a deep dive, literally into the weeds of the convergence of the compliance profession and the nascent cannabis industry. While several states have made pot for medical use legal and one state, Colorado has made it legal for personal consumption, it is still illegal under federal law. We consider such questions as: Lawyers and accountants are required to report large cash transactions to the federal government—but large cash transactions are common in the cannabis industry, since commercial operators don’t have easy access to the banking system. So if you report one of these transactions, are you turning over evidence of illegal activities of your client to authorities? Or do you not report, and risk sanctions against yourself?If the Justice Department does act against a commercial weed business, will prosecutors really seek to impanel a federal grand jury, with jurors drawn from a state where they voted to legalize? Could prosecutors ask a candidate juror whether he or she smokes weed? Could that juror invoke the Fifth Amendment?Should lawyers be allowed to own equity in a legally operating marijuana business? What about judges? Do the two groups need different standards? Professional conduct rules for lawyers require competency in rendering legal advice. What does competency even look like in this branch of business conduct, when the laws are so new and in conflict with federal law?Will the nascence of the cannabis industry allow for innovations such as incorporation of blockchain to create fully auditable trails for all aspects of the business?Will any state which taxes cannabis sales be required to remit this money under a theory of profit disgorgement from funds generated by illegal activity.For more from Matt Kelly: See his blog post Compliance, Careers and Cannabis Industry;

Hear Matt Kelly’s interview with Amy McDougal (yes Matt has his own podcast as well-the Radical Compliance podcast) by clicking here. Learn more about your ad choices. Visit megaphone.fm/adchoices

On June 16, 2017, the Department of Justice (DOJ) issued a Declination to Linde North American Inc. and Linde Gas North America LLC (collectively “Linde”). This is the first Declination issued by the DOJ in the era of the Trump Administration. For that reason alone, it was instructive and should be studied by the compliance profession. However, the case presented several interesting factors which merit consideration so we are discussing in depth to present lessons to be learned for the Chief Compliance Officer (CCO) or compliance practitioner. Lessons Learned This was yet another Foreign Corrupt Practices Act (FCPA) action where a company performed insufficient due diligence in the acquisition phase. The timing of the Linde purchase of Spectra Gases and Spectra Gases’ purchase of the income producing assets is too close in time to be a coincidence. It would certainly appear that Linde purchased Spectra Gases to facilitate its acquisition of the boron column and other assets. If your company is going to make such a multi-step acquisition, you must perform due diligence on all the actors and the assets involved. The Byzantine corporate structure created for the ownership of the boron column, its operation and management contract are clear red flags that any CCO should sniff out immediately. While I am sure the internal corporate excuse for this clear ruse was the ubiquitous ‘tax considerations’; every such transaction should be reviewed by compliance as well. Anytime there is more than one entity to accomplish one task, there is the possibility of fraud present. Further, it is not clear how Linde could not have been aware of the ownership interests of a company which it ultimately controlled. It would seem that the company did not even make any inquiry. Even in 2006, the Republic of Georgia’s reputation for bribery and corruption was quite high. The 2006 Transparency International-Corrupt Perceptions Index (TI-CPI) listed Georgia at 99 out of 176 countries listed so that alone warranted red flag scrutiny. If you are purchasing an entity in a country with such well known affinity for corruption, extra care is warranted. Perhaps back in 2006, Linde did not view the FCPA as something which it would deal with in such a situation. Yet even with all the apparent miss-steps and non-steps of compliance, the company was able to secure a declination from the DOJ. While there may be some additional penalties or sanctions by the Securities and Exchange Commission (SEC) for the failures of internal controls, the result obtained by Linde was certainly a superior result. The company would seem to have met the four pillars under the FCPA Pilot Program through (a) self-disclosure, (b) extraordinary cooperation, (3) full remediation, and (d) profit disgorgement. Interestingly, the profit disgorgement in this case would appear to have been beyond the five year of limitations for profit disgorgement under the recent Supreme Court decision in Kokesh. If there is a FCPA enforcement action brought by the SEC perhaps additional facts will be recited in any resolution documents. Nevertheless, kudos are due to Linde and its counsel for obtaining this declination. Every CCO should study it for both the superior result received and underlying facts to see if you face anything similar in the Republic of Georgia or elsewhere. For a full copy of the Linde Declination, click here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a deep dive into the corporate governance fiasco which is Uber. We consider the revelations in the failures of corporate governance, culture and internal controls at the organization. The company provides a fascinating study of what happens when a tech start up raised in the fraternity culture is successful and how changes are required for it to act like a multi-billion organization. Both Matt and I have written on Uber. Our podcast comes out the same day the Holder Report to the Uber Board was released so we weave in the recommendations from Covington & Burling as well. For more on Uber see the following: Matt Kelly’s piece Car Crash Governance at Uber

Tom Fox’s pieces on Uber Will Culture Change at Uber Before its Too Late

CEOs and Win at All Costs-Where Does it Lead

Uber and Corporate Culture

For a copy of the Holder Report on corporate governance, cultural and internal controls failures at Uber and recommendations, click here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode Matt Kelly and I take a deep dive into the revisions to the COSO ERM Framework, which were based on comments by practitioners. We consider the role of culture and risk, the integration of the COSO ERM Framework into functional business units moving to operationalize ERM in organizations and we consider how the ERM Framework differs yet is complimentary to the COSO Internal Controls Framework. For additional information, see Matt's Blogs posts on the COSO ERM Framework: More Details on COSO ERM Framework

Update to COSO ERM Framework Update

ERM Framework: Govt. Calls for Unity

More Clues on Draft ERM Framework

Draft ERM Framework is Here: How to Get Started

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In this episode Matt Kelly and I take a deep dive into the question of whether a company has a duty to disclose ransomware attacks. We consider it from the regulatory, legal, ethical, law enforcement, business, PR and some other angles. What may seem to be a straight-forward answer to a regulatory obligations turns out to be anything but. For additional research, see Matt Kelly's blogpost, "Ransomware: To Disclose or Not". Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode Matt Kelly and I take a deep dive into the cutting edge topic of artificial intelligence in many areas, including compliance. We discuss the uses of Artificial Intelligence in compliance. We consider how AI has progressed and what it means now for the compliance practitioner and what it will mean in the future. For Matt's blog post on the topic go to Don't Outsmart Yourself: AI and Compliance

For Tom's blog post on the topic go to AI for Risk Management: A New Business Advantage

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In this episode, Matt Kelly and I take a deep dive into the weeds of the soon-to-be-released the House Financial Services Committee, the Financial Choice 2.0 Act. We consider some of the ideas in the legislation which Matt thinks are bad including: 1. Repeal of the Chevron deference repealed. 2. Attempts to clip the SEC rule making authority. 3. Exempting more companies which desire to go public from SOX 404(b) requirements and reporting. 4. (Matt's most particular bad idea) The exemption of more filers exempted from XBRL reporting. We also discuss some of the potential benefits from the legislation and where it may all go in the Senate. For more see Matt's blog post House GOP Regulatory Reform Axe, on his site Radical Compliance. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a very deep dive into two recent speeches by Department of Justice (DOJ) Acting Principal Assistant Attorney General Trevor McFadden in which he addressed multiple topics and issues around the Foreign Corrupt Practices Act (FCPA). The first set of remarks were made in Washington DC at the Anti-Corruption, Export Controls & Sanctions (ACES) 10th Compliance Summit (the “DC speech”). The second set of remarks were made at the American Conference Institute (ACI) 19th Conference on the FCPA in New York City (the “NYC speech”). We consider the evolving rationale for FCPA enforcement which has changed in the 40 years since it was enacted, the mandatory corporate response to FCPA compliance requirements, and how McFadden sees Justice Department enforcement of the FCPA going forward in the Trump administration. For Matt Kelly blog post on McFadden's remarks, click here. For Tom Fox's segments of a three part series, click here for Part I, Part II and Part III. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode Matt Kelly and I take a deep dive into the recently released, Public Company Accounting Oversight Board (PCAOB) semi-annual white paper. The white paper providing general information about certain characteristics of emerging growth companies (EGCs). Matt and I discuss some of the PCAOB's key findings: There were 1,951 companies that identified themselves as EGCs in at least one SEC filing since 2012 and have filed audited financial statements with the SEC in the 18 months preceding the measurement date (“EGC filers”). The PCAOB staff observe that the number of EGC filers has grown since the enactment of the Jumpstart Our Business Startups (JOBS) Act, but has stabilized recently.There were 742 EGC filers (or 38 percent) that have common equity securities listed on a U.S. national securities exchange (“exchange-listed”). The five most common industries for EGC filers as of November 16, 2016, are pharmaceutical preparations, blank check companies, real estate investment trusts, prepackaged software, and surgical/medical instruments and apparatus.Many EGC filers that were not exchange-listed had limited operations. Approximately 50 percent of the non-listed EGC filers reported zero revenue in their most recent filing with audited financial statements and 23 percent of non-listed EGCs that filed periodic reports disclosed that they were shell companies.Approximately 51 percent of EGC filers, including 74 percent of those that were not exchange-listed, received an explanatory paragraph in their most recent auditor’s report expressing substantial doubt about the company’s ability to continue as a going concern.Among the 1,951 EGC filers, 1,262 provided a management report on internal control over financial reporting in their most recent annual filing. Of those 1,262 companies, approximately 47 percent reported material weaknesses.Approximately 96 percent of EGC filers were audited by accounting firms that also audited issuers that are not EGC filers, including 39 percent of EGC filers that were audited by firms that provided audit reports for more than 100 issuers and were required to be inspected on an annual basis by the PCAOB. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode Matt Kelly and I take a deep dive into the recent kerfuffle involving United Airlines and its policy which prevented to teenaged girls from boarding a flight wearing leggings. Was United within its rights to exclude the passengers for inappropriate dress? Is the policy valid? Did the gate agent receive appropriate training to make their decision? In the world of today, social media accelerates the ability to judge, without improving the ability to judge. For ethics & compliance officers, that means every compliance risk is now magnified into a reputation risk. Finally, we consider Matt's closing sentence, "Training, values, culture, judgment. Funny how those four things keep cropping up, isn’t it?" and what it means for compliance. For more insight, read Matt's blog post, "United's Policy Management Lessons" Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, we take a look at a recent speech given by NY Fed Chairman William Dudley in London where he addressed improving corporate culture. Dudley provided three recommended steps. First, a bank must decide on its purpose and core values—or, as Dudley put it, “What are you for?” Second, after this identification of purposes and values, you can measure how well the workforce is striving to achieve that purpose. Third a bank can set its incentives so employees work harder to achieve those goals. As usual, Matt and I take a deep dive into the issue of enhancing corporate culture. For more on the speech, see Matt's blog post on Radical Compliance entitled, "Great Speech About Improving Corporate Culture". Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and I take a deep dive into a dramatic 48 hours in the life of the FCPA last week, which portends the trend of continued FCPA enforcement. It included the announcement by Kevin Blanco, acting assistant attorney general for the Criminal Division, who speaking at the American Bar Association’s annual white collar crime conference of the extension of the FCPA Pilot Program; the retort by Secretary of State Rex Tillerson to President Trump on the power of the FCPA for US companies doing business overseas, the Justice Department brief and oral argument in the Hoskins appeal where the DOJ continued to press for an expansive view of FCPA jurisdiction as originally preferred by the Obama DOJ; and finally we discuss the summary of all US attorneys by the Trump administration and Matt's proffers an interesting theory on why Preet Bharara was fired. For more reading, see Matt's piece on Radicalcomplinance.com entitled, "FCPA: Pilot Program Extended, and Much More". Learn more about your ad choices. Visit megaphone.fm/adchoices

The Justice Department Fraud Section recently revamped its website and it is quite an upgrade. I do not know when the Fraud Section did this update but as with the Evaluation of Corporate Compliance Programs document, it certainly was a soft launch. It appears the new site compiles several disparate sources of Fraud Section and Justice Department information into one website. Also, there looks to my eye to be some information posted on the Fraud Section website for the first time. In short, it is an excellent and most welcomed resource. A quick review of the site has a slide show of recent Justice Department resolutions scrolling across the screen. Go down to the bottom of the screen and you will see two very interesting documents, a 2015 and 2016 Fraud Section Year in Review. The FCPA Unit section includes such information as prior enforcement actions, Opinion Releases, other anti-corruption treaties and resources. There is also a list of Fraud Section leadership. However, the Fraud Section is made up of more than simply the FCPA unit and there are tabs for the following Health Care Fraud and Securities and Financial Fraud. Most interesting to me was the tab for the Strategy, Policy and Training Unit, which I have to admit, did not know was a part of the Fraud Section. The opening page for this Unit provides a description of its work. It is as wide ranging as international coordination and interaction with foreign prosecutors and investigators. This new website revamp is a most welcomed resource for the compliance community. While it may be viewed as simply a compilation of other sites and locations within the greater Justice Department website by some; I believe the vast majority of compliance practitioners will find it a most welcomed compilation and resource. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode Matt Kelly and myself take a deep dive into SOX 404(b), what it requires and how companies comply with the reporting requirements set out in this statute. We consider the recent announcements from Congressman Jeb Hensarling to amend this section to exempt companies under the $500MM who wish to go public from its reporting requirements. We consider the corporate and audit response currently in place for 404(b) and how this response is now well embedded in not only corporate controls but also in reporting. We discuss the importance of internal controls over the time frame since the enactment of SOX and how any change may not be well received by institutional investors and private equity funders. For a more detailed discussion, see Matt’s blog post entitled, “Tale of Sound & Fury: The 404(b) Debate”. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt Kelly and myself take a deep dive into the Department of Justice (DOJ) recent release, entitled “Evaluation of Corporate Compliance Programs” (Evaluation), which went up on the Fraud Section website on February 8. The document is an 11-part list of questions which encapsulates the DOJ’s most current thinking on what constitutes a best practices compliance program. Within the list are some 46 different questions that a Chief Compliance Officer (CCO) or compliance practitioner can use to benchmark a compliance program. In short, it is an incredibly valuable and most significantly useful resource for every compliance practitioner. The Evaluation, most generally, follows the DOJ and Securities and Exchange Commission’s (SEC) seminal Ten Hallmarks of an Effective Compliance Program, released in the 2012 FCPA Guidance. If there is one over-riding theme in the Evaluation, it is the DOJ’s emphasis on doing compliance as the questions posed are designed to test how far down your compliance program is incorporated into the fabric of your organization. The Evaluation is not simply a restatement of the Ten Hallmarks, as it clearly incorporates the DOJ’s evolution in what constitutes a best practices compliance program, and it certainly builds upon the information put forward in the DOJ’s FCPA Pilot Program regarding effective compliance programs, most particularly found in Prong 3 Remediation. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Matt and I take a look at the sorry story of Chris Correa, the St. Louis Cardinal executive convicted of hacking into the Houston Astros computer system, which expanded last month when Federal Judge Lynn Hughes unsealed details about the extent of the illegal conduct. For all his efforts, Correa was severely punished by Judge Hughes at this sentencing. Hughes accepted the US government’s recommendation in sentencing Correa to 46 months of incarceration and fining him some $300,000. Correa was also banned from Major League Baseball (MLB) for life by Commissioner Rob Manfred. Matt and I have both blogged on this matter. Matt takes a look at some of the lessons to be garnered by the compliance professional in his post, Two Compliance Lessons from the Baseball World. I delved into the facts to mine some interesting tidbits and consider how to compensate a business when you have stolen their IP, in blog post Of Greek Gods and Data Breaches. Rather amazingly the Greek gods make an appearance proving once again that the fall of man is always related to hubris. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode Matt Kelly and I take a deep dive into a couple of recent SEC enforcement actions. The first involved L-3 Technologies and accounting irregularities. The second involves BlackRock and the continued issues around pre-taliation. We connect these enforcement actions to broader issues involving the COSO 2013 Framework, the DOJ mandated expertise in compliance, a speak-up culture and remedial actions. For additional information, check out Matt's blog posts on these topics: Lessons Galore in New SEC Internal Controls Case; and SEC Dings BlackRock for Pre-Taliation Clauses. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode Matt Kelly and myself take a deep dive into the compliance weeds by looking at a paper written by then SEC General Counsel James Doty (later head of the PCAOB) in 2007 where he proposes a regulatory scheme for FCPA compliance. Matt and I discuss the pros and cons and how the SEC Chairman designate Jay Clayton may view the issues. We then take a brief look at the arrest of VW executive Oliver Schmidt and both conclude that it presents ZERO problems for any Chief Compliance Officer or compliance practitioner going forward. For additional reading, see Matt Kelly blog post on Doty article, "Ye Olde Plan for FCPA Compliance";Matt Kelly blog post on Oliver arrest, "Enough About CCO Liability"Tom Fox blog post on Oliver arrest "Honey I Think We Should Vacation at Home this Year"' and Jim Doty article "Toward a Reg. FCPA: A Modest Proposal for Change in Administering the Foreign Corrupt Practices Act" Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode Matt Kelly and I take a deep dive into 6 compliance issues you should keep an eye on in 2017. They include the Wal-Mart FCPA resolution, the future of the FCPA Pilot Program, the SEC Whistleblower program, the Next PCAOB Chairman, the future of new overtime rules and finally the Barclay's trial for mortgage fraud in the context of the 2008 financial crisis. We also take a look at the GOP attempt to denude the Office of Congressional Ethics and their immediate reversal in the face of intense criticism. For additional reading check out Matt's two blogs on these subjects: Ethics, Politics, and Optics in New Washington and Six Compliance Events to Watch in 2017. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode Matt Kelly and I take deep dive into the United Airlines SEC enforcement action for violation of internal controls around its reinstitution of a route from Newark to South Carolina at the insistence of the then Chairman of the New York and New Jersey Port Authority David Sampson in exchange for a concession to expand its physical facilities at the Newark airport. We review the background facts, as set out in the SEC Cease and Desist Order and the Justice Department Non-prosecution. We take a look at the internal controls violation of the former UA CEO for violating the company's Code of Conduct, the finding of a lack of internal controls around its route reinstitution protocol and finally discuss the problem of senior management override of internal controls. For more information on this enforcement action, check out Matt's blog post on this matter, entitled, "This Weird United Airlines Case Just Happened" and my blog post entitled, "The Chairman's Flight and the US Corrupt Practices Act". Learn more about your ad choices. Visit megaphone.fm/adchoices