Innovation In Compliance With Tom Fox

In this five-part podcast series, sponsored by K2 Intelligence FIN, we have considered defining and building effective compliance programs. I have been joined in this series by Michelle Goodsir, a Managing Director at K2 Intelligence, and Gail Fuller, Financial Integrity Network (FIN) Vice President. Michelle has 25 years of financial crime compliance experience which includes fraud risk management, anti-bribery and corruption, corporate security and investigations, sanctions, and Anti-Money Laundering (AML) program experience working within the financial services industry and the US government. Gail focuses on developing, refining, and implementing FIN’s quantitative and qualitative risk rating tools. She leads engagements focused on helping FIN’s jurisdictional and private sector clients understand their exposure to financial crime risk and develop and implement strategies to mitigate their risks. Over this series we have considered key challenges in compliance, why compliance needs a seat at the table, how

In this five-part podcast series, sponsored by K2 Intelligence FIN, we consider defining and building effective compliance programs. I am joined in this series by Michelle Goodsir, a Managing Director at K2 Intelligence, and Gail Fuller, Financial Integrity Network (FIN) Vice President. Michelle has 25 years of financial crime compliance experience which includes fraud risk management, anti-bribery and corruption, corporate security and investigations, sanctions, and Anti-Money Laundering (AML) program experience working within the financial services industry and the US government. Gail focuses on developing, refining, and implementing FIN’s quantitative and qualitative risk rating tools. She leads engagements focused on helping FIN’s jurisdictional and private sector clients understand their exposure to financial crime risk and develop and implement strategies to mitigate their risks.  Over this series we are considering key challenges in compliance, why compliance needs a seat at the table, how to do compli

In this five-part podcast series, sponsored by K2 Intelligence FIN, we consider defining and building effective compliance programs. I am joined in this series by Michelle Goodsir, a Managing Director at K2 Intelligence, and Gail Fuller, Financial Integrity Network (FIN) Vice President. Michelle has 25 years of financial crime compliance experience which includes fraud risk management, anti-bribery and corruption, corporate security and investigations, sanctions, and Anti-Money Laundering (AML) program experience working within the financial services industry and the US government. Gail focuses on developing, refining, and implementing FIN’s quantitative and qualitative risk rating tools. She leads engagements focused on helping FIN’s jurisdictional and private sector clients understand their exposure to financial crime risk and develop and implement strategies to mitigate their risks.  Over this series we are considering key challenges in compliance, why compliance needs a seat at the table, how to do compli

In this five-part podcast series, sponsored by K2 Intelligence FIN, we consider defining and building effective compliance programs. I am joined in this series by Michelle Goodsir, a Managing Director at K2 Intelligence, and Gail Fuller, Financial Integrity Network (FIN) Vice President. Michelle has 25 years of financial crime compliance experience which includes fraud risk management, anti-bribery and corruption, corporate security and investigations, sanctions, and Anti-Money Laundering (AML) program experience working within the financial services industry and the US government. Gail focuses on developing, refining, and implementing FIN’s quantitative and qualitative risk rating tools. She leads engagements focused on helping FIN’s jurisdictional and private sector clients understand their exposure to financial crime risk and develop and implement strategies to mitigate their risks.  Over this series we will consider key challenges in compliance, why compliance needs a seat at the table, how to do complian

Tom Fox welcomes VP of Third-Party Risk at Prevalent, Brenda Ferraro, to this week's Innovation In Compliance show. They discuss Prevalent's 2020 Third-Party Risk Management study, its key findings, and implications for compliance professionals.  A Holistic Approach Brenda describes Prevalent's mission as "...delivering a unified third-party risk management platform that's going to enable businesses to better reveal and interpret and alleviate risk by simplification and speeding risk mitigation awareness …" Prevalent does this through "economic approaches with standardization, how to use networks, how to leverage completed content gathering and making sure that we're doing the big bang for the buck," Brenda says. She emphasizes the importance of a holistic and economic approach. Key Findings and Recommendations Tom and Brenda discuss why Prevalent commissioned The 2020 Third-Party Risk Management study and its key findings and recommendations. Brenda says that the objective of the study was to provide "a st

In this five-part podcast series, sponsored by K2 Intelligence FIN, we consider defining and building effective compliance programs. I am joined in this series by Michelle Goodsir, a Managing Director at K2 Intelligence, and Gail Fuller, Financial Integrity Network (FIN) Vice President. Michelle has 25 years of financial crime compliance experience which includes fraud risk management, anti-bribery and corruption, corporate security and investigations, sanctions, and Anti-Money Laundering (AML) program experience working within the financial services industry and the US government. Gail focuses on developing, refining, and implementing FIN’s quantitative and qualitative risk rating tools. She leads engagements focused on helping FIN’s jurisdictional and private sector clients understand their exposure to financial crime risk and develop and implement strategies to mitigate their risks.  Over this series we will consider key challenges in compliance, why compliance needs a seat at the table, how to do complian

Leigh Vickery of Level 2 Legal, joins Tom Fox on this week’s show to discuss her company’s innovative managed services for the legal and compliance industry. She shares how they help clients get to the next level using a strategic combination of data and behavioral economics. Helping People Solve Problems Leigh shares her eclectic career background and how she came to the legal industry without any legal training. “I love helping people solve problems and… seeing the big picture and the patterns and processes across the business or industry,” she says. Level 2 Legal shares her vision: they see themselves as problem solvers whom their clients can count on. “How that manifests itself now is in e-discovery, compliance investigations, solving legal problems, or helping our clients understand how those legal issues affect their business outcomes.” Long Term Relationship-Builders Success depends on staying nimble, Leigh tells Tom. “We're very much long term relationship-builders as a company,” she points out. As

Mari Ryan is the CEO of Advancing Wellness and author of The Thriving Hive: How People-Centric Workplaces Ignite Engagement and Fuel Results. She joins Tom Fox on this week's show to discuss the role of employee wellbeing in a thriving business culture.  Assessing Wellness Many of the concepts and strategies concerning ethical values and corporate culture that Mari espouses, says Tom, are the same that a compliance officer would use. He asks Mari how her company helps clients assess their employees' wellbeing. She describes her two-part process: the first part is the qualitative and quantitative assessment, and the second part is creating a strategic plan to operationalize a culture of wellbeing in the workplace. Wellbeing Is Crucial to Business Success "Wellbeing can serve as a foundational element to the culture of the workplace and to creating business success… You need to have engaged employees to create a sustainable business," says Mari. Wellbeing is physical, emotional and financial; it involves feel

John Myers is the founder and CEO of Chorus Consulting. He has been an e-discovery and digital forensic professional for almost 30 years, assisting clients with data identification,   preservation and analysis. He chats with Tom Fox about his company’s innovative approach to data forensics and information governance. Innovation Begins Here Tom is intrigued with Chorus Consulting’s tagline, “Innovation Begins Here.” He asks John to explain the significance of the tagline. John responds that it “represents our approach to our client projects and the way we approach our investigations... We're really continuously working to find better ways to exceed our clients’ expectations, thus we're innovating.”  Data Security and Information Governance Most companies don’t truly know to what depth or breadth their data is secure, John posits. Chorus Consulting helps its clients understand the “what, why, and who” of their data, as well as their internal security measures. John says they help clients discover and correct

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