Compliance into the Weeds

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. 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 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