Compliance into the Weeds

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 Danske Bank AML enforcement action, the bank recently pled guilty to money-laundering violations through its Estonia subsidiaries.Some of the highlights included:·      The background facts. ·      What did the home bank know and when?·      Did a tech failure set this all in motion?·      The Bank’s attempts to hide the violations from US authorities.·      Why is the US and not Denmark bringing an enforcement action against a Danish bank?·      What about CCO certification?·      The role of the Danish monitor. ResourcesTom in the FCPA Compliance and Ethics BlogMatt 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 continue the ongoing saga of Wells Fargo and its fraudulent accounts scandal. Recently an administrative law judge has affirmed that three former audit and risk management executives at Wells Fargo should face millions in penalties for their sloppy oversight during the bank’s fake-account scandal in the 2010s. The defendants were Claudia Russ Anderson, former group risk officer for Wells Fargo’s community banking division; David Julian, former chief auditor; and Paul McLinko, former executive audit director.Some of the highlights include:·      The background facts. ·      Will the fallout from the Wells Fargo fake accounts scandal ever end? (Hint-When our Sun goes supernova.)·      What is failure to provide a credible challenge?·      Why are these execs trying to defend their inaction?·      Why a clear line of authority is needed in compliance.·      A root cause analysis is a basic Hallmark of an effective compliance program. Why was it separately called out?·      What are the lessons learned for compliance? ResourcesMatt 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 that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject. In this episode, we consider the ABB Foreign Corrupt Practices Act resolution. We deep dive into the case and ask three key questions: (1) How did ABB obtain such a superior resolution? (2) As a three-time FCPA violator, how did the company avoid a monitor? (3) Why was there no requirement for Chief Compliance Officer (CCO) certification?Some of the highlights included: The background facts. The corrupt supplier’s ABB used to facilitate their bribery and corruption. The convoluted self-disclosure in this matter. (Should they have used Twitter with the notation #committedbribery?) What constituted extraordinary cooperation during the pendency of the investigation? What are the implications of real-time sharing during an investigation? What were the steps which demonstrated the exception remediation? A root cause analysis is a basic Hallmark of an effective compliance program. Why was it separately called out? Did the DOJ change its policy from mandatory CCO certification to discretionary?  ResourcesTom has a five-part series in the FCPA Compliance and Ethics BlogMatt 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 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.  ResourcesMatt 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? ResourcesMatt Levine in Bloomberg on FTX’s balance sheetMatt 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? ResourcesMatt 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? ResourcesMatt in Radical ComplianceTom 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. ResourcesTom 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? ResourcesMatt 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?  ResourcesMatt in Radical Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices