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. 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. ResourcesMatt LinkedInBlog Post in Radical ComplianceTom InstagramFacebookYouTubeTwitterLinkedIn 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 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 ResourcesMatt LinkedInBlog Post in Radical ComplianceTom InstagramFacebookYouTubeTwitterLinkedIn 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 ResourcesMatt LinkedInBlog Post in Radical ComplianceTom InstagramFacebookYouTubeTwitterLinkedIn 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 KellyLinkedInBlog Post in Radical ComplianceTom FoxInstagramFacebookYouTubeTwitterLinkedIn 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 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 FranceResourcesMatt LinkedInTom InstagramFacebookYouTubeTwitterLinkedInTimLinkedIn 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 ResourcesMatt LinkedInBlog Post in Radical ComplianceTom InstagramFacebookYouTubeTwitterLinkedIn 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 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 ResourcesMatt LinkedInBlog Post in Radical ComplianceTom InstagramFacebookYouTubeTwitterLinkedIn 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! 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 RuleNotable 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.”ResourcesMatt LinkedInBlog Post in Radical ComplianceTom InstagramFacebookYouTubeTwitterLinkedIn 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, going into the weeds to explore a subject more fully and looking for some hard-hitting insights on sanctions compliance. Look no further than Compliance into the Weeds!Join Tom and Matt as they delve into middle managers' crucial role in fostering a culture of ethics and compliance within organizations. In this episode, the hosts discuss compliance officers' challenges 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. Take advantage of this insightful and thought-provoking discussion on enforcing internal controls in a compliance program and learn 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 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 it 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.” ResourcesMatt LinkedInBlog Post in Radical ComplianceTom InstagramFacebookYouTubeTwitterLinkedIn 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, going into the weeds to explore a subject more fully and looking for some hard-hitting insights on sanctions compliance. Look no further than Compliance into the Weeds!Join Tom Fox and Matt Kelly on “Compliance into the Weeds” as they delve into the recent SEC crackdown on messaging apps and improper employee use. The hosts explore the challenges of regulating messaging app use and provide solutions emphasizing the importance of corporate culture and risk management strategies. Hear from experts like the DOJ representative who spoke at Compliance Week 2023 and a defense contractor who offers tech solutions to monitor messaging apps on employees’ phones. With GDPR and FINRA regulations to consider, the podcast presents a comprehensive plan for compliance officers that focuses on effective controls, processes, and consequences for policy infractions. Don’t miss out on this informative podcast highlighting the importance of cultivating relationships with internal audit teams, IT teams, and other control departments to ensure proper compliance measures. Key Highlights:  Risk management of employee messaging app usage Tech solution for monitoring employees’ messaging Corporate Culture Approach to Compliance in Financial Firms Compliance Challenges in Monitoring Employee Communications Building Relationships for Effective Compliance Management  Notable Quotes:“Assess your risks, put a risk management strategy in place, execute that strategy, train your employees, monitor the effectiveness, and remediate as appropriate.”“And the tech company CEO said it is in his mind, People the policies, procedures, people and processes a more culture compliance strategy could work, but you would need to convince employees.”“If they are also violating the policy, that’s bad. And that shows you have a corporate culture problem.”“If it’s corporate culture, how is this any different than any difficult issue we’ve seen in compliance over the past 15 years?”ResourcesMatt LinkedInBlog Post in Radical ComplianceTom InstagramFacebookYouTubeTwitterLinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices