Innovation in Compliance with Ben Locwin

Companies need to be more innovative when it gets down to compliance. Thus, compliance practitioners should ensure that ethics and compliance are central to the business operation in response to today's evolving and fast-paced regulatory environment. Consequently, compliance programs should be innovative, behavior-based, yet consistent with organizational systems and policies. 

However, one loophole with many compliance officers is they have legal professional backgrounds—the majority proceeds from the general counsel's office and private practice. Frankly, innovation is not high on the charts for what most compliance officers are taught. Instead, they were familiarized with the Socratic method to read cases and learn how to argue points. 

So, how can a Corporate Compliance Officer think about an innovation strategy for any risk management program?

Ben Locwin, a well-known innovator in a wide variety of fields, is here to throw in some light about Innovation in Compliance. 

Key takeaways discussed in the episode:

• Decipher that connecting innovation and compliance is the pursuit of understanding the truth in the false positives and the false negatives.

• Come to know that there's a marked difference between innovation and invention. Innovating the compliance infrastructure is always much more straightforward than creating something from scratch.

• See through the truth that we're drowning in data but thirsting for information. Updating your beliefs with better data will always lead to better risk management outcomes. 

• Change the way you're looking at information so that you can position your company at the front edge boundary of what's accurate and correct.

• Be reminded that the paradigm is changing; companies don't stay static, people's behavior doesn't stay static. Thus, continuous monitoring leads to constant improvement.

About Thomas Fox:

Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to arm seasoned compliance professionals and those new to the realm with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.

The "Nuts and Bolts" for Creating a Comprehensive Compliance Plan

The first chapter of this unique work lays out a succinct yet thorough 31-day approach to operationalizing a company's compliance regimen. Beginning with a section on what 2020 brought to the compliance landscape, the chapter methodically outlines best practices for everything from establishing policies, procedures, and internal controls, to assessing risk, training, handling investigations, and more. Each day ends with three key takeaways you can implement at little or no cost.

Understanding Compliance Responsibility Across the Organization

The Compliance Handbook also takes a close look at all professionals' roles with compliance responsibility, from Compliance Officers and Boards of Directors to Human Resources, to Internal Audit and Internal Controls and Communications and Training professionals.

In-Depth Treatment of Hot Topics and Trends

The Handbook provides an in-depth look at the latest thinking and trends for the full range of critical compliance topics, including:

• Compliance and business ventures

• Third-party risk management

• The Board's Role in Compliance

• Continuous improvement

• Compliance innovation

• And much more

Order your copy OR copies of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.

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