エピソード

  • Risk-Based Compliance Lessons from a Young Entrepreneur's Ice Cream Stand

    Risk-Based Compliance Lessons from a Young Entrepreneur's Ice Cream Stand
    2024/11/06
    The award winning, 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. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this special election day episode of 'Compliance into the Weeds', Tom Fox and Matt Kelly dive into a lighter yet insightful compliance story involving a young boy named Danny Doherty. At 12 years old, Danny set up a homemade ice cream stand in Massachusetts to raise money for a hockey team for children with developmental disabilities. However, the local health department shut his stand down due to risks associated with homemade dairy products, highlighting the importance of a risk-based approach in compliance activities. Tom and Matt discuss key compliance lessons from this incident, such as the necessity of addressing real risks, the potential for compliance failures despite good intentions, and the importance of effective communication by regulators. Key Highlights · The Story of Danny Doherty · Compliance Lessons from Danny's Story · Risk-Based Approach in Compliance · The Importance of Communication in Compliance Resources Radical Compliance Tom Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices
    続きを読む 一部表示
    21 分
  • Leadership Lessons from The Washington Post’s Non-Endorsement

    Leadership Lessons from The Washington Post’s Non-Endorsement
    2024/10/30
    The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode, Tom Fox and Matt Kelly take a deep dive into the recent events at the Washington Post, where the newspaper decided not to endorse a presidential candidate for the first time in years. This decision, directed by owner Jeff Bezos, has led to significant backlash, including 200,000 lost subscribers and concerns about the paper’s principles. Matt and Tom discuss the implications of this move on leadership, company values, and stakeholder trust, providing insights into the governance structure of newspapers and the potential fallout of abandoning established principles. We also turn to company values and if you are going to violate them, there should be sufficient justification. Finally, what a second Trump Administration might mean for corporate compliance. Key Highlights: Washington Post’s Controversial Decision Newspaper Governance Explained Washington Post’s Mission and Principles Leadership Failures and Consequences Potential Future Implications Resources: Matt in Radical Compliance Tom Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices
    続きを読む 一部表示
    27 分
  • Unveiling RTX's Costly Compliance Failures and Corporate Misconduct

    Unveiling RTX's Costly Compliance Failures and Corporate Misconduct
    2024/10/23
    The award-winning 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. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode, Tom Fox and Matt Kelly take a deep dive into the RTX Foreign Corrupt Practices Act enforcement action. Their discussion unveils complex bribery schemes involving millions paid to Qatari agents and the family of the Emir to secure defense contracts. Despite strict regulatory oversight, Raytheon’s (now RTX) compliance missteps spanned from 2012 into the 2020s, resulting in massive fines. Matt and Tom scrutinize these failures, detailing the SEC and DOJ’s mandates for dual monitorships due to violations of the False Claims Act and FCPA and the Board’s critical role in addressing these issues. Additionally, a comparative look at other significant FCPA cases, including Moog’s penalties for bribery in India, highlights persistent corporate misconduct and the ongoing challenges in achieving effective corporate compliance. Key Highlights: Overview of Raytheon’s Violations Qatari Agent and Further Corruption Raytheon’s Compliance Failures Management and Compliance Failures Board Oversight and Responsibilities Reflections on Compliance and Enforcement Resources 1. Blogs Matt in Radical Compliance 2. Tom Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices
    続きを読む 一部表示
    25 分
  • Adventures in Squeezing Out Compliance - TD Bank's Flat Cost Paradigm

    Adventures in Squeezing Out Compliance - TD Bank's Flat Cost Paradigm
    2024/10/16
    The award winning, 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. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode Tom Fox and Matt Kelly take a deep dive into the TD Bank BSA and AML enforcement action which led to $3bn in fines and penalties. In this episode, Tom and Matt discuss TD Bank's conscious strategy of not raising the budget, known as the Flat Cost Paradigm or Zero Expense Growth Paradigm and how this completely strangled the Bank’s compliance and AML functions. This tactic aimed to increase profits by keeping expenditures flat year after year. The impact of this strategy is particularly evident in the global AML team's expenditures on the U.S. anti-money laundering program, which decreased by 2021 compared to 2018. Despite significantly growing U.S. assets and net income, the bank refrained from increasing its budget for essential programs, a fact highlighted in the Justice Department indictment. The Bank’s strategy is a clear warning when a business puts profits over compliance. Key Highlights · Introduction to the Flat Cost Paradigm · Details of the Budget Strategy · Impact on Anti-Money Laundering Efforts · Financial Growth Amidst Budget Constraints Resources 1. Blogs Matt in Radical Compliance Tom in the FCPA Compliance and Ethics Blog 2. Tom Instagram Facebook YouTube Twitter LinkedIn 3. Enforcement Related Material A. OCC OCC Press Release Consent Order Civil Money Penalty B. DOJ TD Bank US Holding Company Information TD Bank N.A. Information TD Bank US Holding Company Plea Agreement and Attachments TD Bank N.A. Plea Agreement and Attachments Merrick Garland Remarks Nicole Argentieri Remarks Learn more about your ad choices. Visit megaphone.fm/adchoices
    続きを読む 一部表示
    25 分
  • Exploring Compliance Data Access and Testing Challenges

    Exploring Compliance Data Access and Testing Challenges
    2024/10/09
    The award winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode, Tom Fox and Matt Kelly take a deep dive into the study, 2024 Benchmarking Study: Testing & Monitoring and Data & Systems, jointly conducted by Radical Compliance and Rethink Compliance. The study raises critical concerns about the access and effectiveness of data testing in compliance programs. While many compliance officers engage in some level of testing, there is a significant gap in comprehensive testing and access to necessary data across enterprises. Only a small percentage tracks key performance indicators (KPIs) at granular levels, such as individual or department, which are essential for understanding program effectiveness. The discussion also highlights the importance of access to data from different departments, like HR and Finance, to improve compliance monitoring and alignment with DOJ guidelines. The episode concludes with a call for continued research, emphasizing the interconnectedness of data access, comprehensive testing, and compliance success. Key Highlights: Overview of the Compliance Study Key Findings and Statistics Challenges in Compliance Testing Importance of Multiple KPIs Access to Data Issues Resources: Matt in Radical Compliance 2024 Benchmarking Study: Testing & Monitoring and Data & Systems Rethink Compliance Tom Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices
    続きを読む 一部表示
    25 分
  • The 2024 ECCP on Data Access

    The 2024 ECCP on Data Access
    2024/10/02
    The award winning, 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. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode Tom Fox and Matt Kelly take a deep dive into the 2024 update to the Department of Justice's guidelines for corporate compliance programs, focusing on data and data access. Tom and Matt explore the significance of these updates and whether they stem from companies showing advancements in data analytics or the DOJ recognizing gaps in data access for compliance officers. The discussion highlights the challenges compliance officers face, especially with diverse ERP systems and data silos, and provides insights into how compliance officers can leverage these guidelines to advocate for better data access within their organizations. The episode also breaks down specific questions from the DOJ’s guidelines, offering practical advice on addressing obstacles to data, resources for data access, and data maintenance. Key Highlights · The Importance of Data Access in Compliance · Challenges in Data Access for Compliance Officers · DOJ's Six Key Questions on Data Access · Addressing Data Access Impediments · Tools and Resources for Data Analytics · Communicating with the Board on Data Analytics Resources Matt in Radical Compliance Tom in the FCPA Compliance and Ethics Blog Tom Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices
    続きを読む 一部表示
    26 分
  • Argentieri Speech and Updated ECCP – The First Analysis

    Argentieri Speech and Updated ECCP – The First Analysis
    2024/09/25
    The award winning, 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. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode Tom Fox and Matt Kelly take a deep dive into the speech by Principal Deputy Assistant Attorney General Nicole M. Argentieri at the Society of Corporate Compliance and Ethics 23rd Annual Compliance & Ethics Institute. Argentieri, revealed substantial updates to the department's Evaluation guidelines for effective compliance programs, focusing on whistleblower protections and the effectiveness of reporting mechanisms. Matt, reporting live from Dallas, discussed the implications of these updates, especially regarding the DOJ’s increased scrutiny on companies speak-up cultures and the protection of whistleblowers. Tom and Matt explored the practical steps compliance officers need to take to meet these new DOJ expectations, including ensuring anonymous reporting mechanisms are well-publicized and effectively utilized, fostering a culture that encourages reporting without fear of retaliation, and aligning company policies with the latest external whistleblower protection laws. They also touched on the potential challenges of balancing AI risks with these new guidelines and the broader impact on compliance programs. Key Highlights · Key focus on enhancing whistleblower protections. · Compliance officers must ensure that reporting mechanisms are well-publicized. · Importance of aligning internal policies with external whistleblower protection laws to ensure comprehensive employee training. · The balancing the challenges of AI risks with the need to adhere to new DOJ guidelines. · The practical steps for compliance professionals to align their programs with DOJ’s evolving expectations. Resources Matt in Radical Compliance Tom in the FCPA Compliance and Ethics Blog Tom Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices
    続きを読む 一部表示
    27 分
  • Everything Old is New Again - The John Deere FCPA Enforcement Action

    Everything Old is New Again - The John Deere FCPA Enforcement Action
    2024/09/18
    The award winning, 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. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode Tom Fox and Matt Kelly take a deep dive into the recent Securities and Exchange Commission FCPA enforcement action involving John Deere. The case centers on a $10 million civil penalty imposed by the SEC for bribery activities in the Thailand office of a newly acquired subsidiary, Wirtgen Group. This transgression spanned from 2017 to 2020, and despite having a code of business conduct, Wirtgen employees flouted rules by falsifying expenses, entertaining government officials at massage parlors, and engaging in a luxury sightseeing tour under the guise of a factory visit. A critical issue was John Deere's delayed integration of Wirtgen into its compliance program, leading to internal control lapses and obvious red flags in expense reports. Although Deere has since taken significant remedial actions, including firing culpable employees and enhancing its compliance and internal audit programs, the situation underscores persistent compliance challenges even for large, sophisticated firms. This episode serves as a reminder of the essential compliance lessons from past decades that firms must steadfastly adhere to. Key Highlights · Details of the Bribery Scheme · Internal Control Violations · Pre and Post-Acquisition Due Diligence Issues · Remedial Steps and Improvements · Root Cause Analysis and Lessons Learned Resources Matt in Radical Compliance Tom Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices
    続きを読む 一部表示
    22 分