Innovation In Compliance With Tom Fox

Welcome to the podcast series: In Conversation with K2 Intelligence FIN: Navigating an Increasingly Complex Sanctions Landscape. This series is sponsored by K2 Intelligence FIN. This week I will visit with  Adam Frey, Managing Director at Intelligence FIN and Eric Lorber, Vice President at Intelligence FIN.  Over the week, we will review the current sanctions landscape, discuss how to build a sanctions compliance program, walk listeners through what happens when you discover a sanctions breach or potential breach, consider new sanctions exposure and conclude with a look in that veiled land of the future by considering issues on the horizon. In this Episode 3, I am joined by Eric Lorber On what to do if you have a sanctions violation or think you may have violated a sanctions program.  Frey concluded by stating, “these are the types of sort proactive steps that I think OFAC and the regulatory authorities would really like to see. It is signaling is we are taking this seriously. It's very much a sort of a signa

Welcome to the podcast series: In Conversation with K2 Intelligence FIN: Navigating an Increasingly Complex Sanctions Landscape. This series is sponsored by K2 Intelligence FIN. This week I will visit with  Adam Frey, Managing Director at Intelligence FIN and Eric Lorber, Vice President at Intelligence FIN.  Over the week, we will review the current sanctions landscape, discuss how to build a sanctions compliance program, walk listeners through what happens when you discover a sanctions breach or potential breach, consider new sanctions exposure and conclude with a look in that veiled land of the future by considering issues on the horizon. In this Episode 2, I am joined by Adam Frey to learn about how to build an effective sanctions compliance program.  We conclude with a few thoughts on the constant pressure for cost-cutting in the compliance function, which has been made more acute during the time of Covid-19. Frey noted that it “ is a consistent pressure. But I think it's important to emphasize organizati

Director of Advisory Services at SAI Global, James Green, is this week’s guest on the Innovation In Compliance podcast. James’ role involves helping clients manage atypical risk concerns or situations, including business continuity, vendor risk, pandemic, workplace violence, and active shooters. He chats with Tom Fox about his company’s 360° view of risk management and how to survive risks that you never saw coming. Compliance vs Operational Risk Management James gives his perspective on the difference between compliance and operational risk management. Compliance, he says, is ensuring that you’re adhering to your own standards, policies and regulatory requirements. Operational risk management, on the other hand, is mitigating any risk to the company, no matter where it originates. Hurricane Harvey is a classic example of checking all the compliance and risk management boxes, but failing to mitigate the actual risk. Tom comments that compliance and risk management are much closer than just complementary: a c

Welcome to this special podcast series; In Conversation with K2 Intelligence FIN: Navigating an Increasingly Complex Sanctions Landscape. This series is sponsored by K2 Intelligence FIN. This week I will visit with Adam Frey, Managing Director at Intelligence FIN and Eric Lorber, Vice President at Intelligence FIN. Over the week, we will review the current sanctions landscape, discuss how to build a sanctions compliance program, walk listeners through what happens when you discover a sanctions breach or potential breach, consider new sanctions exposure and conclude with a look in that veiled land of the future by considering issues on the horizon. In this Episode 1, I am joined by Eric Lorber to review the current sanctions landscape. The bottom line is that sanctions are here to stay and every business needs to understand their impact to your company.  Please join us tomorrow where we discuss building a sanctions compliance program with Adam Frey.  Resources For more information on K2 Intelligence FIN's Sanc

Melissa Koch is the CEO of InFront Compliance, an online assessment and reporting tool for highly regulated industries. She is a business, technology and data lawyer by trade, with over 20 years experience. As such, she has been at the forefront of the changing landscape of compliance. She chats with Tom Fox about how her company helps its clients navigate the intersection of law, technology and compliance. The Intersection of Law, Technology and Compliance “It’s always at the intersection that I think the most interesting things happen,” Melissa tells Tom. When you view compliance as an ecosystem - the intersection of law, technology and compliance as a unified field - you are able to see how they all work together to create an environment of collaboration and communication. Collaborative vendor risk management in particular, she explains, views compliance as an ecosystem with many stakeholders. It’s a way to facilitate lines of transparency between these stakeholders to enable reliability and consistency a

Dan Wager heads Financial Crime Compliance Strategies at LexisNexis Risk Solutions. His global team focuses on identifying market opportunities, merger acquisition opportunities, regulatory developments, and product development in the areas of anti-bribery, anti-corruption, money laundering, sanctions screening, and sanctions enforcement. He joins Tom Fox on this week's show to chat about the key findings of LexisNexis' report, The True Cost of Financial Crimes, and its implications for compliance professionals. Understanding Financial Crime "One of the things I'm trying to do," Tom tells Dan, "is bring people like yourself on the podcast to really help the anti-corruption compliance specialist who's in the commercial corporation understand financial crimes." Dan comments that LexisNexis has been doing this report for five years but at the regional level. This report, by contrast, is a global roll-up overview, where they are bringing the regional studies together into a global view, to see the true cost as w

Tom Fox chats with President and founder of Simple SEO Group, Brendan Egan, in this week's show. Brendan is a podcast host as well as a contributing author to Entrepreneur Magazine. His recent article entitled Marketing Dos and Don'ts During A Crisis is the focus of discussion on this week's episode of Innovation In Compliance.  Marketing During A Crisis "Your marketing is really what's going to drive your business and drive your revenue and determine whether or not you're successful," Brendan tells Tom. In day to day business, and especially during a crisis, you need to look at marketing based on your short-, medium- and long-term objectives. Brendan points out that you shouldn't make any knee-jerk decisions that would impact your long-term growth or integrity. Instead, make short-term alterations to your marketing during a crisis that demonstrates how you're supporting and looking out for your customers. Your medium and long-term plans will most likely be unaffected, Brendan says. Why Lawyers Need To List

Tom Fox met Mary Ann Faremouth at the National Speakers Association’s (NSA) Winter Conference. He was immediately enthralled with her passion for recruiting. Mary Ann is the founder and CEO of Faremouth & Company, a national recruiting and consulting firm. She also networks with a consortium of recruiters, sharing jobs and helping candidates. Mary Ann describes herself as a “holistic recruiter”: she looks at the whole person when placing candidates, as she believes this more human approach works best for these times. She chats with Tom about her book, Revolutionary Recruiting, and shares practical advice for job seekers as well as employers. The Faremouth Method Tom asks Mary Ann to describe the Faremouth Method. She explains that it is the 5-step process she uses to place candidates. These 5 steps are: Know yourself: do an inventory of your skills and talents. Ask better questions. Step out of your comfort zone. Take the time to do it right. Be a hunter. She says, “The Faremouth Method helps me really

This week's guest on the Innovation In Compliance podcast is Amy Hilbert of Casepoint. She joined Casepoint to help build out their services for federal, state and local, and international government agencies, and to help ensure that the company had the right people, processes and contracting methods in place. She chats with Tom Fox about Casepoint's services, and what they can do for compliance professionals. Products and Services Amy describes Casepoint as a legal technology platform, whose first component is e-discovery. Their clients use them "to help work through large volumes of data so they can narrow down to key pieces they need, either for a FOIA request, for an investigation, for certifications… or to actually go to litigation," Amy says.  Moving Government To The Cloud Tom asks Amy to describe the unique requirements government agencies must face as they move to the cloud. Amy responds that every organization, including the government, has to look at their risk posture before moving to the cloud. S

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