The New York Department of Financial Services (“DFS”) has proposed rule changes to increase cyber compliance requirements. DFS has been the leading regulatory force in the cybersecurity industry. ...more
Chief compliance officers are visionaries. They define a vision with multiple objectives and then they execute on that vision. At all times, CCOs have to maintain that vision and adjust as circumstances change. By...more
Frankly, this is a topic that requires more than a single blog-post. Books and podcasts can be organized around this topic with helpful ideas and guidance. In this respect, I will try to synthesize some important ideas that...more
Chief compliance officers have a lot of issues to balance on their plate. Experienced CCOs know that it is not possible to complete every objective, balance every changing risk, and continuously improve their respective...more
OK, I admit it. I have been — and continue to be– hyper-focused on the proper role and responsibilities for Chief Compliance Officers. Not that I see any cause for alarm, but it is easy to lose focus in the sea of so-called...more
CCOs, by definition, are careful and deliberate. It comes with the profession. As risk managers, CCOs are skilled in identifying, assessing and acting in a risk environment....more
6/30/2022
/ Anti-Corruption ,
Certification Requirements ,
Chief Compliance Officers ,
Compliance ,
Compliance Management Systems ,
Corporate Governance ,
Department of Justice (DOJ) ,
Regulatory Reform ,
Regulatory Requirements ,
Risk Management ,
White Collar Crimes
The Covid-19 pandemic and Russia’s aggression in Ukraine have disrupted supply chains and heightened the need for supply chain due diligence to ensure business continuity and sustainability. Coupled with these events are...more
6/21/2022
/ Corporate Liability ,
Corporate Social Responsibility ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
Forced Labor ,
Human Rights ,
Human Trafficking ,
Modern Slavery Act ,
Popular ,
Regulatory Agenda ,
Risk Management ,
Supply Chain ,
Transparency in Supply Chains Act ,
Uyghur Forced Labor Prevention Act (UFLPA)
It is an initially daunting task — identify all of your third-party partners with whom your company conducts business. For large global companies, this is no easy issue. Some companies do not have readily available a list...more
While I have devoted the first two postings to outlining all the downside risks of third-party management and threats to overall organization resiliency and operations, it is important to consider the positive upside of...more
Compliance professionals are always looking for ways to collaborate and support internal business partners. Through the years, compliance professionals have devoted significant energy to building partnerships with the...more
5/17/2022
/ Compliance ,
Coronavirus/COVID-19 ,
Corruption ,
Foreign Corrupt Practices Act (FCPA) ,
Infectious Diseases ,
Military Conflict ,
Risk Management ,
Russia ,
Supply Chain ,
Third-Party Risk ,
Ukraine ,
White Collar Crimes
When you get on the mailing lists for legal and compliance products, seminars, conferences and general palabra, I usually become transfixed. Millions of marketing and promotion dollars are being spent in an attempt to...more
LRN conducts an annual Ethics and Compliance Program Effectiveness Report (“LRN Report”) that is a must-read for business leaders, managers, investors, compliance professionals and other stakeholders. LRN’s annual report has...more
Facing the myriad third-party sanctions risks can be daunting. Many global organizations rely on a network of third-party intermediaries that pose a variety of risks. To mitigate those risks, companies have to implement...more
If there is one issue that is repeated over and over (and over), it is third-party risks. Over the last ten years, we have witnessed an explosion in anti-corruption enforcement around the world. And with this enforcement...more
The success of an ethics and compliance program depends on the support of internal partnership functions – human resources, security, IT, legal, finance, procurement, ESG and others. Given this reality, ethics and compliance...more
Third-party risk management is a favorite topic for compliance professionals. And for good reason. Third parties create significant risks. To state the obvious, companies have less control over third parties than...more
Chief compliance officers are creative professionals. This is one of many areas of expertise. But when it comes to corporate politics, many CCOs know how to package and promote their mission....more
An internal investigation is like reading a good novel. You begin the journey with a general expectation of what the novel or the “investigation” is about. As every reader knows, the exhilaration is the result of following...more
We all know and hear about third-party risks – over and over again. Despite this recurring theme, organizations continue to pay the price for failing to address third-party issues. It does not take a rocket scientist to...more
6/30/2021
/ Brazil ,
Bribery ,
Compliance ,
Corruption ,
Due Diligence ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Oil & Gas ,
Petrobras ,
Public Contracts ,
Risk Management ,
Settlement ,
Third-Party Risk ,
White Collar Crimes
FCPA settlement actions often underscore specific compliance risks for legal and compliance professionals. If there ever was a case where third-party risks were bungled, and even intentionally embraced, the Foster Wheeler...more
6/29/2021
/ Brazil ,
Bribery ,
Corruption ,
Due Diligence ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Oil & Gas ,
Petrobras ,
Public Contracts ,
Risk Management ,
Settlement ,
Third-Party Risk ,
White Collar Crimes
Sometimes it takes a public event to remind corporate risk managers about the importance of effective risk management. While corporate risk management functions have become yet another “hot” topic or new-fangled response to...more
Compliance understanding of business processes is a critical part of understanding internal controls and a company’s risk profile. Compliance officers are adept in identifying and assessing risks. In doing so, a compliance...more
You can draft and design the best ethics and compliance program – and then fail. You can show every compliance professional an “effective” set of ethics and compliance controls, pristine, drafted elegantly, addressing each...more
Ethics and compliance has to stand strong when new trends suddenly spring up. Organizations are always ready to embrace the new-fangled shiny object – in this case ESG....more
A good lawyer knows the law; a clever one takes the judge to lunch. — Mark Twain -
Lawyers get a bad rap – not just as the subject of lawyer jokes. (This is not an invitation to recite lawyer jokes)....more