Compliance into the Weeds

By Tom FoxBusiness News Business News Management

Compliance into the Weeds episodes

December 18, 2019New DOJ Cooperation Guidance on Trade Sanctions and Export Controls
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds about the new DOJ, National Security Division’s Export Controls and Sanctions Enforcement Policy for Business Organizations.
Some of the highlights include:
Why is there no declination available?
What aggravating factors are different between this policy and the FCPA policy?
What is an effective compliance program under this Policy and the OFAC Compliance Framework?
Who do you self-disclose to first if you uncover a trade sanctions violation?
Is this policy coordinated with other cooperation agreements?
What are the lessons learned for a corporate compliance program?
What does all this mean for compliance professionals going forward?
Resources
Matt’s blog post Cooperation for Sanctions Violations in Radical Compliance.

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24 min
December 11, 2019 Ericsson from the Internal Controls Perspective
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds about the Ericsson FCPA enforcement action from the internal controls perspective.

Some of the highlights include:

Ø  What does this enforcement action tell up about internal controls?
Ø  How were the business units able to evade internal controls for so long?
Ø  Was there control override?
Ø  What is the role of ERP systems such as Oracle and SAP in compliance?
Ø  If a company refuses to use standard ERP systems, is that a control failure under the FCPA?
Ø  What are the lessons learned for a corporate compliance program?
Ø  What does all this mean for compliance professionals going forward?

Resources

Tom’s blog posts, both the FCPA Compliance and Ethics Blog.
Part 1-Overview
Part 2-The Bribery Schemes

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21 min
December 04, 2019Episode 149- Operational Resiliency
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds about operational resiliency.
Some of the highlights include:
What is operational resiliency?
Why is technology so critical in this area?
What is the intersection of operational resiliency and compliance?
Should compliance and risk management be merged?
From the headlines (1)-What did the Fed say?
From the headlines (2) moving past financial services-Virtual Care Provider.
What does all this mean for compliance professionals going forward?

Resources
Matt’s blog posts, both on Radical Compliance.
Compliance Role in Operational Resiliency,
Operational Resiliency Part II

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27 min
November 13, 2019 Procurement Collusion Strike Force
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds about the recent DOJ announcement of the Procurement Collusion Strike Force (PCSF).  Some of the highlights include.
Some of the highlights include:
Ø  Why was the PCSF created?
Ø  What will it focus on?
Ø  Why does the funding (or lack thereof) matter?
Ø  What do the twin DOJ announcements of the PCFS portend?
Ø  Why are analytics more critical for compliance going forward?
Ø  What are procurement red flags?
Ø  What does all this mean for compliance professionals going forward?
Resources
Matt’s blog post, Brace for Procurement Compliance, on Radical Compliance.
DOJ Press Release on PCSF
PCSF website

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23 min
November 06, 2019Episode 147-Secondhand Whistleblower Reporting
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds on a recent academic paper by Stubben and Welch entitled, Are Secondhand Whistleblowing Reports More Credible. The authors reviewed data from the Navex Global data base of 2 million whistleblower reports from more than 1,000 companies from 2004 through 2017. Their findings have significant implications for CCO, GCs and Boards of Directors.
Some of the highlights include:
Why is this the first international podcast of Compliance Into the Weeds?
What are the key differences between a first-hand whistleblower report and a secondhand report?
Why are over 47% more second-hand reports substantiated than first-hand reports?
Why do first-hand reports tend to be about actions against a person and secondhand reports be about things which happened to the organization?
What are the implications for triage/investigations of first and secondhand reports?
Is confirmation bias at work here?
For additional reading see the following:
Matt’s blog post, Study-Second Hand Reports More Reliable, on Radical Compliance.
Stubben and Welch, Are Secondhand Internal Whistleblowing Reports Credible?

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20 min
October 30, 2019SOX Compliance-Slow Poking Along
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds on issues raised around SOX compliance by internal audit functions in corporations and the use of tech solutions to improve things by a recent report of the SOX Professional Group.
Some of the highlights include:
Why is SOX compliance still ‘a big hassle’?
A recent report by the SOX Professional Group found that internal audit is taking over more SOX reporting.
Why has internal audit been asked to take over more of this role?
Why would the SEC want to reduce award levels at the high end? What is the constituency for this position?
The SOX Professional Group report noted that SOX compliance costs are increasing; why did an earlier Protiviti report show costs were ‘drifting downward’?
Where are companies on the use of new tech solutions to facilitate SOX Compliance?
Why are 73% of all companies still using Excel spreadsheet to report on SOX compliance?
What role, if any, does internal audit have in cyber security?
Why is cybersecurity not seen as a high risk from SOX reporting perspective?
For additional reading see the following:
Matt’s blog post, Report: SOX Compliance Still a Pain, on Radical Compliance.

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26 min
October 23, 2019Proposed SEC Whistleblower Reform
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds to explore the SEC’s proposed changes to its whistleblower program.
Some of the highlights include:
The reforms were originally announced 18 moths ago. Why is the SEC just now getting to public discussion?
What if anything will be the cap on high end awards?
Conversely, will the expansion of low-end awards beget better whistleblower tips?
Why would the SEC want to reduce award levels at the high end? What is the constituency for this position?
Why (or why not) should a whistleblower tip be in writing?
Why was the SEC Open Meeting to discuss these reforms postponed until November?
Will the meeting be postponed again? Who benefits from a postponement?
For additional reading see the following:
Matt’s blog post, SEC Tees Up Whistleblower Reform, on Radical Compliance.

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20 min
October 16, 2019 Changes at the PCAOB
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds to explore the recent changes at the PCAOB made by SEC Chairman Jay Clayton.
Some of the highlights include:
Ø  Why were the changes announced in a manner to hide them?
Ø  Why were they such unusual personnel moves?
Ø  Why would the SEC put someone on the PCAOB with no discernible qualifications for the role?
Ø  Is the goal of Jay Clayton to do away with SOX 404 protection for investors?
Ø  Does going public under SOX mandate investor protection?
Ø  What else will Clayton pull to ram through his changes at the PCAOB and SEC?
Ø  Why is WeWork such a power example right now?
For additional reading see the following:
Matt’s blog post, PCAOB Shakeup-What it Means for You, on Radical Compliance.

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23 min
October 11, 2019 Mylan and Silos
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds to explore the recent SEC enforcement action against Mylan and its mischaracterization of the drug EpiPen as a generic drug. This mischaracterization cost the federal government millions of dollars and led the SEC to fine Mylan $30MM. Some of the highlights include: Ø How can one event have multiple risk scenarios?Ø How risks can ripple across an organization?Ø Who oversees risk for a company in a holistic manner?Ø How can internal controls help to break down silos?Ø Where was compliance?Ø Why do internal controls need to cut across silos to provide (at least) internal transparency? For additional reading see the following: Matt’s blog post, Mylan’s Lessons on Silos & Risks, on Radical Compliance.

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18 min
October 02, 2019 Quad/Graphics FCPA Enforcement Action
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Today we have a special live and in person podcast recording from Converge19. In this episode, Matt Kelly and I go into the weeds to explore the recent SEC enforcement action against Quad/Graphics and its Peruvian subsidiary. Matt comes in smoking on the egregious conduct of the company and the lack of criminal sanctions against the company.
Some of the highlights include:
How did the company garner credit for prompt disclosure when it knew about the conduct for 3 years?Why have there been no criminal indictments against individuals?How many sham vendors, invoices and payments does a company need to take notice?Where was compliance?Why is it the sham-ness of it all?For additional reading see the following:
Matt’s blog post, Graphics Firm Draws $10 FCPA Settlement, on Radical Compliance.
Tom’s blog post, Quad/Graphics-the Sham-ness of it all, on the FCPA Compliance Report.

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20 min

About Compliance into the Weeds

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What happens when two compliance aficionados get together to talk all things compliance, risk management and ERM? You get Tom Fox, the Voice of Compliance and Matt Kelly, the Coolest Guy in…