Innovation In Compliance With Tom Fox

Welcome to a special five-part podcast series, The Six Elements of an Effective Compliance Program. This podcast series is sponsored by StoneTurn. To celebrate Corporate Compliance and Ethics Week, we will consider each of the six elements required for an effective compliance program. They include: Risk Assessment, Governance and Structure, Policies Procedures and Controls, Training and Education, Oversight and Reporting, and Response and Enhancements. Over this five-part podcast series, I will be joined by Stephen Martin and Valerie Charles, Partners at StoneTurn and Toby Ralston and Jamen Tyler, Managing Directors at StoneTurn. In this second episode, I visit with Stephen Martin on compliance program governance and structure. Highlights include: ·      A CCO must have access and expertise. Who should a CCO have access to and what should be a CCO’s level of expertise? ·      A compliance function must be adequately resourced programs – what does this mean in practice? How much budget should your compliance p

Welcome to a special five-part podcast series, The Six Elements of an Effective Compliance Program. This podcast series is sponsored by StoneTurn. To celebrate Corporate Compliance and Ethics Week, we will consider each of the six elements required for an effective compliance program. They include: Risk Assessment, Governance and Structure, Policies Procedures and Controls, Training and Education, Oversight and Reporting, and Response and Enhancements. Over this five-part podcast series, I will be joined by Stephen Martin and Valerie Charles, Partners and StoneTurn and Toby Ralston and Jamen Tyler, Managing Directors at StoneTurn.  In this first episode, I visit with Stephen Martin on Risk Assessments. Highlights include: Properly seen, an effective compliance program is an ongoing ecosystem. Why is an effective compliance program dynamic, requiring an ongoing, multi-disciplinary approach? Businesses have traditionally had an historical bias toward financial and operational risk. Why have about legal and re

EJ Marin is the Director of Solutions Engineering at Nakisa. His role is to see customer challenges from different angles, identify patterns, and engineer solutions for the HR function for HR professionals. He chats with Tom Fox about the changing face of HR in this week’s show. Organizational Design and Transformation Tom asks EJ to define organizational design. EJ shares the traditional definition of organizational design, and contrasts this with his take on what it means. “Right now,” he remarks, “organizational design is more about agility [and] resilience, due to COVID and everything that’s happening… Now it’s all about adapting to the next normal: not to the new normal, but to the next things that are coming… It’s all about analyzing the organization and making sure that at the end of the day you’re adapting to the situation as fast as possible.”  Skills and capabilities that were optional before COVID, EJ points out, are essential to a company’s survival today. “Transformation needs to become a routi

Tom Fox welcomes Luke Wilson to the Innovation In Compliance show. Luke is the Vice President of Intelligence at 4iQ. He has extensive experience in cyber threat analysis and counter-terrorism, having worked with the federal government for many years.  Luke and Tom chat about trending cybersecurity issues in this week’s show. The Adversary Intelligence Company Tom asks Luke why 4iQ calls itself The Adversary Intelligence Company. Luke responds that their mission at 4iQ is to help their clients defend themselves against bad actors. “We're here to help you defend yourself from adversaries,” he says. “...We want to help you gather intelligence on those individuals so you can understand their TTPs [tactics, techniques, and procedures], what they're after, and how to prevent that from happening in the future as well.” He points out that good cybersecurity involves understanding your third-party service providers, including who is supplying data and infrastructure to them. COVID’s Impact on Cybersecurity “The imp

Josh Turpen is the Chief Product Officer of Jama Software. He says that early in his career he came to understand the importance of good requirements and testing, and the ability to tie it all together. Their Jama Connect solution, he argues, is “the premier requirements management test and risk tool… as it brings together requirements, test and risk in a way that our customers can have good traceability and good verification.” He and Tom Fox chat about the importance of being an enabler, as well as product development lifecycle management in this week’s show. A Larger View on Risk Josh says that Jama’s experience in diverse industries gives them a broader view of risk. With this wide expertise they are able to help their clients see how product requirements and tests tie back to risk, and how requirements, risk and tests change with product alterations. Tom comments that changing external risk - such as the present pandemic - calls for new risk assessments. Josh agrees. “Overall,” Josh says, “re-evaluating

John Castner says he had a ‘Sliding Doors’ moment, which led him to leave his teaching career to move into the software industry. John is the President and CEO of IsoMetrix, a risk and compliance management software company. Via their software, John says, “We focus on three things: change for good, partnerships that empower, and the possibility of a better world.” John joins Tom Fox on this week’s show to share how his company is disrupting the risk and compliance industry. Moving Towards True Risk Management Tom asks John to explain the difference between simply compliance and true risk management. John responds that risk management at its heart is really about understanding people and how we make decisions. People make decisions based on risk, not compliance, he argues. As such, companies should create a culture where people think about their decisions and the risks associated with the choices they make. “What I think risk management does versus compliance,” John comments, “is it forces another level of th

Andy Hinton joined #NotMe as an advisor. He says that the move is “just a continuation of the mission that I had at Google and GE, which is to leverage the employee population to help organizations do better when it comes to risk detection, risk monitoring, and ultimately, risk management.” Ariel Weindling is the founder of #NotMe. His motivation was to try to solve the problem of misconduct, which he felt was being tackled very inefficiently. He says that he wanted his daughter to have a tool she could use to be safe in the workplace, so she would not be a victim or a witness of misconduct. Both men join Tom Fox on this week’s show for an interesting look at the #NotMe tool and how it helps organizations keep employees safe. An Employee First Approach Andy says that #NotMe has the right approach by putting employees first. He comments that it is “a tectonic shift” as other services are focused on the organization’s needs rather than serving and supporting employees. The goal of #NotMe is to change workplace

Tom Fox chats with Simon Greany, co-founder and Chief Learning Officer of Elucidat, in this week’s show. They discuss how technology can support communication and personalized learning, and how companies can scale online training beyond Zoom.  Technology Can Support Communication and Training Technology can support communication and training through engaging, immersive online learning experiences, Simon says. He and his partners built Elucidat to make online learning scalable. Thus far, they’ve supported 17 million learners. Tom asks how the pandemic has impacted e-learning. Simon describes three ways COVID-19 has changed the industry: There’s a shift away from face-to-face training; Organizations respond to change more quickly; More data is being delivered. He describes how Elucidat is supporting organizations to make the shift from in-person to online training. Personalizing Training “We all consume training differently,” says Tom. He asks how Elucidat approaches the differences in how people learn. S

Welcome to the fifth and final episode of a special five-part podcast series, sponsored by Exiger, on topics From Third-Party Risk Management to Supply Chain Risk Management: Exiger on the Evolution in Supplier Compliance in COVID. Exiger was founded to fight financial crime, fraud and terrorist financing by introducing technology-enabled solutions to the market’s biggest supply chain, risk, investigation, litigation, and compliance challenges. A global authority on risk and compliance, Exiger serves the world’s largest banks, Fortune 1000 companies and government agencies and regulators. Over the past five episodes, we have put a spotlight on Financial Institutions with Tara Loftus and Samar Pratt; focus on corporations with Aaron Narva and George ‘Ren’ McEachern; consider the Federal Government and Supply Chains with Carrie Wibben and Vishnu Anatatmula; review the pillars of good compliance with Brandon Daniels and Carrie Wibben; and end with a review of third-party risk management solutions with Erika Pete

Welcome to a special five-part podcast series, sponsored by Exiger, on topics From Third-Party Risk Management to Supply Chain Risk Management: Exiger on the Evolution in Supplier Compliance in COVID. Exiger was founded to fight financial crime, fraud and terrorist financing by introducing technology-enabled solutions to the market’s biggest supply chain, risk, investigation, litigation, and compliance challenges. A global authority on risk and compliance, Exiger serves the world’s largest banks, Fortune 1000 companies and government agencies and regulators. Over the course of the series, we will put a spotlight on Financial Institutions with Tara Loftus and Samar Pratt; focus on corporations with Aaron Narva and George ‘Ren’ McEachern; consider the Federal Government and Supply Chains with Carrie Wibben and Vishnu Anantatmula; review the pillars of good compliance with Brandon Daniels and Carrie Wibben; and end with a review of third-party risk management solutions with Erika Peters and Skyler Chi. In Part 4

Welcome to a special five-part podcast series, sponsored by Exiger, on topics From Third-Party Risk Management to Supply Chain Risk Management: Exiger on the Evolution in Supplier Compliance in COVID. Exiger was founded to fight financial crime, fraud and terrorist financing by introducing technology-enabled solutions to the market’s biggest supply chain, risk, investigation, litigation, and compliance challenges. A global authority on risk and compliance, Exiger serves the world's largest banks, Fortune 1000 companies and government agencies and regulators. During this series, we will put a spotlight on Financial Institutions with Tara Loftus and Samar Pratt; focus on corporations with Aaron Narva and George ‘Ren’ McEachern; consider the Federal Government and Supply Chains with Carrie Wibben and Vishnu Anantatmula; review the pillars of good compliance with Brandon Daniels and Carrie Wibben; and end with a review of third-party risk management solutions with Erika Peters and Skyler Chi. In Part 3, we put a

Welcome to a special five-part podcast series, sponsored by Exiger, on topics From Third-Party Risk Management to Supply Chain Risk Management: Exiger on the Evolution in Supplier Compliance in COVID. Exiger was founded to fight financial crime, fraud and terrorist financing by introducing technology-enabled solutions to the market’s biggest supply chain, risk, investigation, litigation, and compliance challenges. A global authority on risk and compliance, Exiger serves the world’s largest banks, Fortune 1000 companies and government agencies and regulators. Over this series, we will put a spotlight on Financial Institutions with Tara Loftus and Samar Pratt; focus on corporations with Aaron Narva and George ‘Ren’ McEachern; consider Federal Government and Supply Chains with Carrie Wibben and Vishnu Anantatmula; review the pillars of good compliance with Brandon Daniels and Carrie Wibben; and end with a review of third-party risk management solutions with Erika Peters and Skyler Chi. In this Part 2, we put a s

David McLaughlin, founder and CEO of QuantaVerse, joins Tom Fox on this week’s show to discuss his company’s new risk management tool, Country Code Derivation. He explains that this capability was actually a part of their platform for some time, but they saw the need to offer it as a separate tool. “We found that there is a really specific and unique need for understanding the country code of transacting parties,” he says. Identifying Risky Transactions Tom and David discuss how Country Code Derivation assists organizations, including financial institutions, identify potentially risky transactions. David explains that this tool is a “multimodal, layered approach of sifting through different capabilities to accurately identify where somebody's jurisdiction is.” Determining jurisdiction of a transaction is a core part of understanding risk, David points out. The advantages of using technology versus a manual process are obvious: technology is more accurate and efficient, can validate malformed data, and saves

Welcome to a special five-part podcast series on the topic of Third-Party Risk Management to Supply Chain Risk Management: Exiger on the Evolution in Supplier Compliance in COVID, sponsored by Exiger. Exiger was founded to fight financial crime, fraud and terrorist financing by introducing technology-enabled solutions to the market’s biggest supply chain, risk, investigation, litigation, and compliance challenges. A global authority on risk and compliance, Exiger serves the world’s Largest Banks, Fortune 1000 companies and government agencies & regulators. Over the next five episodes, we will put a spotlight on Financial Institutions with Tara Loftus and Samar Pratt; focus on corporations with Aaron Narva and George Ren McEachern; consider Federal Government and Supply Chains with Carrie Wibben and Vishnu Anatatmula; review the pillars of good compliance with Brandon Daniels and Carrie Wibben; and end with a review of third-party risk management solutions with Erika Peters and Skyler Chi. In this Part 1, we p

This week’s special guest is Yonason Goldson, expert in ethical leadership, TEDx speaker, and consultant. He joins Tom Fox to discuss why ethics matters, as well as five important lessons the COVID-19 pandemic is teaching us. Trust - the Key to Business Success Yonason shares a story that illustrates how one moment of disrespect can destroy trust between an employer and an employee. He explains, “When you create a culture of trust, that generates loyalty, it generates passion, it generates productivity... The employees are engaged and want to give their all... And so they're looking for opportunities to prove themselves by doing the best they can. And you have a company culture that thrives, it's vibrant, it’s exciting. People want to come to work, and success is a foregone conclusion.” How Alcoa’s market value increased by 900% because of Paul O'Neill’s ethical leadership is a testament to the value of building a culture of trust, he says. He then talks about the huge cost of worker disengagement and points

Welcome to this special podcast series, In Conversation with K2 Intelligence FIN Jeremy Kroll on GRC Risks, Strategies, and the Future, sponsored by K2 Intelligence FIN. This week I have visited with K2 Intelligence FIN, Chief Executive Officer (CEO) Jeremy Kroll on GRC Risks, Strategies, and the Future. Over this week, we have reviewed the current Governance, Risk, and Compliance (GRC) landscape, looked at GRC at work, considered GRC and the investment community, reviewed GRC and K2 Intelligence FIN and today, in Part 5, we conclude with a look at GRC then and now. I found most interestingly that Jeremy Kroll believes one of the key mainstays of GRC is something that many compliance professionals are only now coming to realize, which is that proactive compliance is more effective and more cost effective than reactive compliance. With the addition of technology, it is possible to do things not only more quickly and more efficiently but in a much more cost-effective manner. Jeremy Kroll noted, “What we’re seei

Welcome to this special podcast series, In Conversation with K2 Intelligence FIN: Jeremy Kroll on GRC Risks, Strategies, and the Future, sponsored by K2 Intelligence FIN. This week am visiting with K2 Intelligence FIN, Chief Executive Officer (CEO) Jeremy Kroll on GRC Risks, Strategies, and the Future. Over the week, we have reviewed the current Governance, Risk, and Compliance (GRC) landscape, looked at GRC at work, considered GRC and the investment community. In Part 4, we consider GRC and K2 Intelligence FIN and will conclude tomorrow with a look at GRC then and now.  Jeremy Kroll counseled that you must “start with an investigative mindset and understanding what the core risks are. Where is that inflection point? Sometimes you might find out a little bit late, but so long as you are quick to react and pivot, you can change the calculus. That means you have to be ready with enough resources internally. You need to make sure that you have a couple of key crisis response or organizations on speed dial becaus

Welcome to this special podcast series, In Conversation with K2 Intelligence FIN: Jeremy Kroll on GRC Risks, Strategies, and the Future, sponsored by K2 Intelligence FIN. This week I visit with K2 Intelligence FIN, Chief Executive Officer (CEO) Jeremy Kroll on GRC Risks, Strategies, and the Future. Over this week, we are reviewing the current Governance, Risk, and Compliance (GRC) landscape, GRC at work, GRC and the investment community, GRC and K2 Intelligence FIN and will conclude with a look at GRC then and now. In Part 3, we consider GRC and the investment community. It turns out that the investment community should be one of the biggest users of GRC platforms and technologies, particularly when we examine recent events around risk exposure in anti-money laundering (AML) and other illicit activity. Private equity is built to grow businesses and GRC is a key component as a solutions system. One regulatory area that Jeremy Kroll pointed to was AML, “AML was something you might hear about because of narco-tr

Welcome to this special podcast series, In Conversation with K2 Intelligence FIN: Jeremy Kroll on GRC Risks, Strategies, and the Future, sponsored by K2 Intelligence FIN. This week I visit with K2 Intelligence FIN, Chief Executive Officer (CEO) Jeremy Kroll on GRC Risks, Strategies, and the Future. Over the week, we will review the current Governance, Risk, and Compliance (GRC) landscape, look at GRC at work, consider GRC and the investment community, review GRC and K2 Intelligence FIN and conclude with a look at GRC then and now. In Part 2, we consider some examples of GRC at work. From the Foreign Corrupt Practices Act (FCPA) world, there is Siemens, which sustained a $1.6bn fine from both US regulators and German regulators for its institutional corruption. The case still remains a landmark settlement and clear failure of a GRC framework. While the company had the rules, policies, and procedures written down, their GRC controls ultimately failed because of a lack of adequate leadership and a culture that e

Lisa Beth Lentini Walker says that there was something missing in the compliance and ethics space. Very often, compliance officers find it an isolating profession. She and her partner founded MentorCore as an avenue to improve the well-being of compliance professionals, and to provide the guidance and support they wished they had at the start of their careers. Lisa Beth chats with Tom Fox about the services MentorCore provides. Four Pillars “We can come together and make sure that the profession is more sustainable, welcoming, accessible, and inclusive, and because of this MentorCore was born,” Lisa Beth says. She explains that MentorCore is founded on the four pillars of mentoring, learning, community and development.  Reducing the Network Gap LinkedIn reported that the three strongest factors that influence your network are your geography, the schools you attended, and the companies you worked for. One of MentorCore’s chief objectives is to reduce the network gap. Tom asks Lisa Beth what is a network gap.