Innovation In Compliance With Tom Fox

Tom Fox chats with John Shegerian, an entrepreneur who is passionate about serving up second chances. They talk about what motivates him, and how his company ERI helps organizations protect their data while protecting the environment. Serving Second Chances After the Rodney King riots in Los Angeles, John co-founded Homeboy Tortillas with Father Greg Boyle as an outreach program to employ gang-impacted youths. He recalls father Greg's tagline, “Nothing stops a bullet faster than a job.” Their way of doing business became a phenomenon in post-riot Los Angeles, and eventually, thousands of young people were employed in many different industries, which changed their lives positively. John says, “I only wanted to do businesses that made the world a better place, that made an impact... it always had to have a bottom-line way beyond just profit... All the companies that I'm involved with, I always looked for people that are part of what has been historically marginalized parts of society… Our core mission is recyc

This week’s guest on the Innovation In Compliance podcast is Ben Wolf, founder and CEO of Wolf’s Edge Consulting. He chats with Tom Fox about how his company helps entrepreneurs systematize their business operations to achieve their goals. From Lawyer To Consultant Ben describes his career path from corporate attorney to founding his own company as a “twisting and turning journey.” He relates how he was introduced to the Entrepreneurial Operating System (EOS) framework, and the success the company enjoyed as a result of implementing it. After three years, he realized that he wanted to help other organizations grow in the same way. “So I went out on my own,” he says. Today, his consulting company helps other entrepreneurs implement EOS.  The EOS Process Tom asks Ben to describe the EOS process and how he helps entrepreneurs use EOS to grow their business. Ben responds that a business must be able to carry out its goals in order to be successful. “It’s just critical for any business to be able to have a good

In this week’s Innovation In Compliance show, Tom Fox, together with guests Sean Freidlin, Yan Tougas, and Patrick Henz, have a roundtable discussion about their experience with taking Seattle University’s free course, AI Ethics For Business. They chat about what they felt were the highlights of the course, as well as the opportunities for improvement.  Patrick Henz Patrick likes how trainers from different disciplines work together as a team to present the course. He suggests that this interdisciplinary approach could be used by companies for compliance training, since compliance is becoming more of an integrated function, mainly due to budgetary constraints. Patrick emphasizes the importance of continuous learning: the world is changing so quickly that we cannot rely solely on our university training to keep abreast.  The topic of robotic process automation was missing from the course, Patrick thinks. He believes that psychology and ethics, topics discussed in the first module, are relevant for all compli

Tom Fox chats with Senior Vice President of Linedata Technology Services, Jed Gardner in this week’s show. They talk about how Linedata’s solution protects companies within the financial sector from cybersecurity risk and how this leads to increased productivity and profitability. Mitigating Cybersecurity Risk Jed says that LineData addresses three main challenges within the financial sector. They provide 1) cloud computing solutions to investment firms; 2) cybersecurity that is SEC- and FINRA- compliant; and 3) 24/7 managed support services that are both remote and on premises from their security operations center. Tom asks Jed to explain how Linedata helps investment firm senior executives address cybersecurity risk. Jed replies that his company is “...providing a level of confidence to senior executives within investment firms that they are protected on a day-to-day, week-to-week, month-to-month basis… The way we’ve been addressing that is by providing levels of service and reporting that do meet the SEC

Welcome to a  sponsored podcast series where I am exploring how to navigate risk from the Committee on Foreign Investment in the United States (CFIUS), sponsored by K2 Intelligence Financial Integrity Network (K2 Intelligence FIN). Over this five-part series I will visit with David Holley and Him Das the co-leads of CFIUS Advisory Practice at K2 Intelligence FIN. We will consider navigating the CFIUS process through using business intelligence to identify CFIUS threats and vulnerabilities, using a proactive approach to navigate the CFIUS process, compliance frameworks for risks under CFIUS and cyber risks and access controls under CFIUS. Today, in this concluding Episode 5, I visit with Him Das on effective monitoring and compliance officer solutions for CFIUS.  Highlights include: What is a monitorship and how does this work? What will this looks like when it comes to CFIUS? What can companies prepare for in advance of being put under the eye of a monitor? Learn more about your ad choices. Visit megapho

Welcome to a  sponsored podcast series where I am exploring how to navigate risk from the Committee on Foreign Investment in the United States (CFIUS), sponsored by K2 Intelligence Financial Integrity Network (K2 Intelligence FIN). Over this five-part series I will visit with David Holley and Him Das the co-leads of CFIUS Advisory Practice at K2 Intelligence FIN. We will consider navigating the CFIUS process through using business intelligence to identify CFIUS threats and vulnerabilities, using a proactive approach to navigate the CFIUS process, compliance frameworks for risks under CFIUS and effective monitoring for CFIUS. Today, in Episode 4, I visit with David Holley on the CFIUS and cyber risk and access control.  Highlights include: Is it just cyber security companies, or how does CFIUS weigh this risk? What steps can investors take to mitigate this in the initial processes? What does an ongoing compliance framework look like to help catalyze continued success? Learn more about your ad choices. Vis

Welcome to a sponsored podcast series where I am exploring how to navigate risk from the Committee on Foreign Investment in the United States (CFIUS), sponsored by K2 Intelligence Financial Integrity Network (K2 Intelligence FIN). Over this five-part series I will visit with David Holley and Him Das the co-leads of CFIUS Advisory Practice at K2 Intelligence FIN. We will consider navigating the CFIUS process through using business intelligence to identify CFIUS threats and vulnerabilities, using a proactive approach to navigate the CFIUS process, CFIUS and cyber risk and access control, and effective monitoring for CFIUS. Today, in Episode 3, I visit with Him Das on the CFIUS process regarding compliance frameworks for sanctions, export control, financial crimes risk and anticorruption risks. Highlights include: When it comes to sanctions and export control, what is CFIUS examining? What sectors are particularly vulnerable to new export control rules and why? How can entities leverage due diligence to mitig

Tom Fox chats with Senior Managing Director of State Street Global Advisors, Rakhi Kumar, about some of her company’s initiatives to make Environmental, Social and Governance (ESG) more approachable for business leaders. Building For The Future Rakhi says that risk keeps evolving and that ESG is a new type of risk. ESG issues tend to be seen as intangibles and nonfinancial. However, they create long term value for the company if managed correctly. She says that State Street’s mission is to invest responsibly to enable economic prosperity and social progress. This means they manage for the long term, which is why social issues inform their strategy. “From a fiduciary perspective what we keep focus on is financial materiality and research informing our decisions ... to ensure we're focused on value creation,” Rakhi notes. “ESG is an opportunity to build for the future and create long term value.” Improving ESG Reporting Tom comments that State Street’s research found that less than 25% of companies they evalu

Welcome to a  sponsored podcast series where I am exploring how to navigate risk from the Committee on Foreign Investment in the United States (CFIUS), sponsored by K2 Intelligence Financial Integrity Network (K2 Intelligence FIN). Over this five-part series I will visit with David Holley and Him Das the co-leads of CFIUS Advisory Practice at K2 Intelligence FIN. We will consider navigating the CFIUS process through using business intelligence to identify CFIUS threats and vulnerabilities, CFIUS and compliance frameworks, CFIUS and cyber risk and access control, and effective monitoring for CFIUS. Today, in Episode 2, I visit with Him Das on navigating the CFIUS process through proactive management and compliance solutions.  Highlights include: What is CFIUS looking for? How do you even begin a filing? What compliance frameworks do you need to get through the process? Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to a  sponsored podcast series where I am exploring how to navigate risk from the Committee on Foreign Investment in the United States (CFIUS), sponsored by K2 Intelligence Financial Integrity Network (K2 Intelligence FIN). Over this five-part series I will visit with David Holley and Him Das the co-leads of CFIUS Advisory Practice at K2 Intelligence FIN. We will consider navigating the CFIUS process through proactive management, CFIUS and compliance frameworks, CFIUS and cyber risk and access control, and effective monitoring for CFIUS. Today, in Episode 1, I visit with David Holley on using business intelligence to identify threats and vulnerabilities under the CFIUS process.  Highlights include: A broad overview of CFIUS What role does business intelligence play? What threats and vulnerabilities should be identified and mitigated? Learn more about your ad choices. Visit megaphone.fm/adchoices

Jordan Domash, General Manager at Relativity, is this week’s guest on the Innovation In Compliance show. He chats with Tom Fox about his company’s Relativity Trace solution, and how to use it in your compliance program.  A Proactive Approach Jordan describes Relativity Trace as “...a communication, surveillance, and monitoring tool built on top of the Relativity platform for compliance purposes.” Tom asks him how it can be used in a proactive approach to compliance. He responds that when potential issues need to be investigated, Relativity Trace can sift through millions of files using machine learning, search, and human review to detect risk proactively. He points out that their out of the box policies can detect issues such as bribery, corruption, and price-fixing. In addition, companies can configure their own rules based on the compliance risks that are relevant to their business. When there is a potential compliance violation, the system will proactively generate alerts.  Relativity One Tom asks Jordan t

Daniel Ramsey, CEO and Co-Founder of MyOutDesk, a virtual assistant company that helps small to medium-sized businesses get leverage, is this week’s guest. He joins Tom Fox to discuss the untapped resources of virtual assistance. Starting the Business Tom asks Dan to recount why he founded MyOutDesk. Dan responds that he started a successful real estate practice, but soon realized that he needed more leverage in order to grow his business. However it was hard to find detail-oriented people who could fill in his roles, so he hired a few virtual assistants to do the paperwork and was amazed at their capabilities. From there, Dan says, he asked them if they had connections to other virtual assistants and he started MyOutDesk, which now has about 1200 employees in the Philippines.  Blending and Cost Effectiveness Dan believes in a blended work chart, where a portion of a company's employees are US based and everyone else is across the globe, and that companies are going to move toward this. It’s not a question

Ben Locwin chats with Tom Fox about COVID-19 and the risk management issues associated with the disease in this week’s Innovation In Compliance show.  What is Coronavirus? Ben says that coronaviruses have been around for a long time. During flu season, about 10% of patients with upper respiratory symptoms test positive for a type of coronavirus. The epicenter of the outbreak of this particular strain of the coronavirus is Wuhan, China, and there seems to be some correlation with the open air markets there. Though it’s suspected that the virus may have crossed from animals to humans, the nexus of the disease is unknown. He goes on to explain how the virus got its name and how it affects human cells. Symptoms and Spread Tom asks about the symptoms of the coronavirus (officially called COVID-19) and how it spreads. Symptoms, Ben says, include respiratory symptoms similar to a chest cold, such as coughing, having trouble breathing, and fever in more severe cases. In a relatively few cases, patients experience o

This week’s guest on the Innovation In Compliance show is Sean Freidlin, Director of Product Marketing at SAI Global. He and Tom Fox chat about the article he recently posted on LinkedIn, Rise and Shine: The Morning Show’s Wakeup Call to Corporate America. Overlapping Themes Sean says that the central themes in movies often overlap with the common themes in ethics and compliance programs. In particular, he noticed that Apple’s flagship program, The Morning Show, tackles almost every issue that compliance teams build training about or write about in their code of conduct. Issues such as sexual harassment, diversity and inclusion, whistleblowing and retaliation are issues that many companies deal with. Sean comments that he applauds the risk Apple took to make the show, which shows their commitment to speak up about abuse of power when they see it. Compliance and Ethics Issues Tom asks Sean what is the general story arc of The Morning Show. Sean summarizes the plot, which includes a sexual harassment scandal,

This week’s guest on Innovation In Compliance is Gini Dietrich, CEO and founder of Spin Sucks. Gini is a writer, blogger, speaker and all-around expert in the PR space. She recently wrote a blog post entitled, How to Spot Red Flags in New Business Relationships, which is the focus of her discussion with Tom Fox in this week’s show. Trust Your Instincts Tom asks Gini what inspired the blog post. She responds that she actually wrote the blog post as a reminder to herself to always look for red flags and always listen to her gut. She says that when you’re contemplating a prospective business relationship, there are a few questions you should always ask yourself. Do you see red flags? Can you get past them because there are other advantages? Should you discontinue the conversation and save yourself time, angst, money and resources in the long run? In the PR space, the most common red flag is unrealistic expectations, Gini explains. Why? Why? Why? Gini points out the importance of writing down red flags. For one

Ray Pathak is the COO of Nymity, which was recently acquired by TrustArc. He chats with Tom Fox about the acquisition and how his company is reimagining privacy. A Powerful Combination Nymity and TrustArc have been in the compliance space for a combined 40 years. Nymity has research expertise, and TrustArc is versed in automation and technology. The companies coming together with their complementary skills, have created something powerful and special in the marketplace.  Reimagining Privacy Tom asks Ray to expand on its catchphrase, ‘Reimagining Privacy’. It’s about providing data intelligence within the compliance solution, Ray responds, so that companies can do more with less. “We want to empower organizations to understand their data better and by understanding it, be able to do more with their data.” He calls this ‘unleashing the data’.  The wait-and-see approach used by so many companies is a failure waiting to happen, Ray argues. It may solve the problem of today, but it’s not viable long-term because y

This week’s guest on Innovation In Compliance is Garin Bergman, founder of the Palmtree compliance app. He chats with Tom Fox and Ronnie Feldman about the app, and how it puts compliance into the hands of employees. Making Compliance Simpler and Timely Ronnie believes that the next boundary in compliance is simplicity, not complexity. Garin’s innovative solution is a simple way to get compliance to people through technology, he says. Garin explains that Palmtree is a mobile application for smartphones and tablets that allows compliance departments to put their materials into their employees’ hands wherever they are. The app can recognize employees’ location and send them communications that might be relevant to their project or that might minimize compliance risk. In addition, having the app available on their devices - an environment they’re already used to and like to use - in an engaging and easy to read format, further supports the compliance program. Key Features Palmtree has the ability to track and a

Gio Gallo, and his brother and co-CEO Nick Gallo, joined ComplianceLine because they saw a need for better vendor partners in the compliance industry. Their mission is to help more people every day. Today they care for the leaders who care for six million people around the world. Gio joins Tom Fox on this week’s show to talk about why the human element in compliance is mandatory and why it’s going to stay that way far into the future. Taking Care of People ComplianceLine helps compliance leaders by giving them actionable information so they can take care of their people. Gio lists the services his company offers, such as issue intake and case management, and hotline.  Data Cannot Replace Humans Tom comments about the increasing importance of collecting and monitoring data, given regulatory mandates. He asks Gio why he believes that data cannot be allowed to replace the human element. Gio responds that automation is great, for machines. However, you can’t define every scenario or what should be done in every

Trysha Daskam has been with Silver Regulatory Services since its inception 18 months ago. She is the in-house expert on Environmental Social Governance (ESG) at Silver and was brought in by founder Fizza Khan (guest on episode 108 of this podcast) to grow the ESG arm of the business. She chats with Tom Fox about how Silver Regulatory Associates helps their clients improve their ESG compliance. Creating an ESG Program Trysha defines ESG as a lens through which you comprehensively evaluate the investments that you make. It is often deemed a risk tool because it evaluates a set of environmental, social and governance risk factors that were not typically captured in traditional diligence. Tom asks Trysha to describe the steps a company should take to create an internal ESG program. She responds that companies should start by determining if they already have any ESG-related document that could form the basis of a policy. If not, then there are a few core steps to take: Create your guidance document that enumerat

Peter Grossman comes from a publishing and entertainment background, having worked at US Weekly and Rolling Stone. Given this background, he and his partner initially targeted the entertainment industry when they co-founded their production company, Labyrinth Training. However, they were offered the opportunity to work with AB InBev to create compliance training that their employees would actually pay attention to. Since that time, Labyrinth has focused on creating training for the compliance industry. Peter joins Tom Fox on this week’s show to talk about the innovative ideas, strategies and techniques in training and communications that his company brings to the compliance space.  Fixing What’s Wrong With Compliance Training People love learning, Peter says, but they generally do not like school. The problem with compliance training is that it’s usually built by test takers, with little to no emphasis on engaging learners. Oftentimes you have a situation where compliance training is done in December when em