Innovation In Compliance With Tom Fox

Tom Fox welcomes John Petrovski, the Senior Director of Commercial Lending at BMO, to this week's episode. Tom and John discuss BMO's new business initiative BMO Empower, and its efforts to help low moderate income and minority communities. Promoting Economic Diversity BMO Empower’s mission is to promote inclusive economic recovery through six main initiatives. All their initiatives are geared towards financing black and Latinx owned businesses, as well as low income and women-owned businesses. BMO Empower provides financing for their business growth, as well as financial education. John explains how the money is distributed throughout the six initiatives that make up BMO Empower. Supplier Diversity John stresses the importance of supplier diversity. He feels that BMO ought to have more minorities among their supplier list especially since the company has been around for more than two centuries. A way he's sought to rectify this is through targeting and expressly buying from minority and women-owned busines

Tom Fox welcomes brothers Nick and Gio Gallo, co-CEOS of ComplianceLine, along with Ronnie Feldman, CEO and founder of Learnings & Entertainments to this week’s show. They discuss innovative solutions to some of the challenges that compliance leaders face. Addressing Compliance Challenges Compliance leaders often face challenges in getting management to address compliance issues. Tom asks his guests how they would counsel a client experiencing these challenges. Nick expresses that this new age demands modern approaches: you can’t use the same approaches as 10 and 15 years ago. He suggests leading with value and reaching across departments to get the desired attention from management.   The Game of Influence Gio comments that employees aren’t all reading the DOJ guidelines, nor are they all pondering how to change their organization’s compliance policies. Ronnie adds that the innovation needed to bridge this gap is influence - leaders need to understand how it impacts change within an organization. He recomm

Tom Fox welcomes Brett Manwaring to this week’s Innovation In Compliance podcast. Brett is a Managing Director, Financial Crimes Risk Management at K2 Integrity. Prior to joining K2 Integrity 8 years ago, he served at KPMG and JP Morgan Chase. Brett and Tom talk about the importance of documentation, from both a regulatory and business perspective. Innovation Can Happen Organically It’s a common perception that banks are resistant to innovation, Tom comments. In response, Brett remarks that banks, like most people, are resistant to change and innovation is closely tied to change. However, if banks realized what they have and what they can control, innovation could happen organically. A key component is understanding your data, he points out. K2 Integrity can help businesses organize their data into a central repository, which any department can access and leverage. Poised for Innovation but Unaware “When it comes to innovation,” Tom asks, “do you see smaller or perhaps midsized companies more poised to enga

Tori Reichman is VP Commercial at Vault Platform, a leading B2B enterprise software company. Vault Platform enables employees to report incidents and also “provides a single source of truth to the company so that the company can receive, manage and resolve incidents and also identify and manage risk around the company’s ethical and cultural health.” Her company’s offering and how it enables both employer and employee, is the topic of Tori’s discussion with Tom Fox in this week’s episode of Innovation In Compliance.  Building Trust “One of the reasons I came to join [Vault Platform] is because there's something in it both for the employees and the employer,” Tori remarks. “It's really about building trust and creating trust between those two components.” Vault Platform can be used by organizations in a variety of industries to report on a variety of incidents. Tom asks how it can help companies with continuous monitoring and improvement of their compliance programs. Tori explains that Vault Platform allows co

Tom Fox welcomes Simon Moss to this week’s show. Simon - who describes his background as “eclectic”, having worked in and led many companies over his career, including IBM -  is now the CEO of Ayasdi, one of the most innovative companies in the artificial intelligence space. Simon and Tom discuss the important work Ayasdi is doing for its clients. The Data Problem Tom asks why AI can’t seem to keep up with the volume of data that needs to be reviewed for AML, ABC and trade sanctions. Simon disagrees that it’s an issue of volume. The problem is diversity and distribution. He says, “The problem with data now is that it is so diverse, so distributed, and we’re still trying to deploy products of extraordinary innovation - including AI products -  in the same ways as we did in the 1970s.” He laments that we try to homogenize data into a construct, which uses 80% of our data management resources. “We have institutionalized redundancy in data management, and it is getting worse because of the proliferation of data

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 fifth episode, I visit with Valerie Charles on the twin topics of Oversight and Reporting: The Board’s Role in Compliance and Having a Speak Up Culture and Response and Enhancements: Continually Improving Your Compliance Program. Highlights include:  Oversight and Reporting-the Board’s Role in Compliance and Having a Speak Up Culture What is the relationship between whistleb

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 fourth episode, I visit with Jamen Tyler on effectively getting your compliance messaging out. Highlights include: ·      In the Work From Home era how can you determine the effectiveness of your compliance training and communications? ·      In the 2020 Update, the DOJ for the first time discussed short training and communications, focusing on one issue messaging. What are s

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 third episode, I visit with Toby Ralston on why policies, procedures and internal controls are the backbone of your compliance program. Highlights include:  Why is the Code of Conduct foundational? Is one of the key functions of compliance policies to provide a deeper level of guidance? What audience should a Code of Conduct, policies and procedures be written towards? Sho

Tom Fox welcomes Andrea Bonime-Blanc to this week’s show. Andrea is the author of Gloom to Boom: How Leaders Transform Risk into Resilience and Value, and a foremost name in compliance. She recently joined the Board of Advisors of Crisp. Andrea and Tom talk about her new role, and the increasing importance of ESG. Risk Intelligence as a Service Andrea explains that Crisp provides risk intelligence as a service: their “series of algorithms search the open Internet and the dark web and a variety of other sources for potential risks affecting their clients,” she says. “It’s basically a way of giving an early warning system to the client on risks that may affect the brand.” She adds that having a transversal approach towards emerging risk is vital. Compliance Should Be On Every Board Tom comments that Andrea has written extensively about the need to have compliance professionals in the boardroom. She responds that it’s even more critical today: “Risks are an everyday occurrence, and we have a convergence of big

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