A Chief Compliance Officer can get lost in terms, titles, risk management solutions, effective services, magic bullets, absolute requirements and ultimately confusion. Whether the strategy is called lines of defense or some...more
A company that does not back up its words with deeds is doomed to suffer compliance and cultural breakdowns. When a company commits to building a culture of trust and integrity, the company has to keep its word. This is not a...more
When it comes to corporate compliance programs, change does not occur quickly. CCOs are extremely pleased with their improved delivery of code of conduct training. Across the board, companies are refining their codes of...more
As the headlines continue to point to major misconduct and scandals involving senior corporate executives, compliance officers need to refocus their efforts and address a critical need....more
Compliance officers have to avoid professional myopia. The focus of compliance these days has been on anti-corruption, antitrust, and AML, depending on your company’s industry. They fit nicely together under an...more
12/8/2016
/ Bureau of Industry and Security (BIS) ,
Chief Compliance Officers ,
Compliance ,
Corrective Actions ,
Export Controls ,
Exports ,
Foreign Corrupt Practices Act (FCPA) ,
Recordkeeping Requirements ,
Risk Assessment ,
Training ,
U.S. Commerce Department
Chief compliance officers face imposing tasks on a daily basis. The tasks often look insurmountable and it is easy for CCOs to just turn away and find a more manageable set of tasks....more
Chief compliance officers have a difficult job. That is a real profound grasp of the obvious. CCOs face an unending onslaught of tasks, risks and juggling of concerns and activities. On many respects, a CCO’s job is never...more
My question appears to be fairly obvious, right? This is not a question or a quiz of every chief compliance officer. Rather, this is a question for everyone but the CCO and compliance and legal staff.
Think about it....more
It is important to remember that companies are required to implement an ethics and compliance program. Ethics should not ever be a segregated issue carved off from a compliance program. They walk hand-in-hand, and reinforce...more
We all tend to gloss over a critical requirement for an effective ethics and compliance program – tone-at-the-top. I hate to be dogmatic about the issue but, as Mel Brooks said in the Curb Your Enthusiasm (Season 4, Episode...more
Everyone likes to cite and talk about the list of horrible scandals. Whether it is Enron, WorldCom, Siemens, GM, VW, Wells Fargo, we pick through the details, cite failures and use it as a springboard to a discussion of...more
While reading the Embraer settlement documents, I read over the facts implicating a senior legal executive and his/her involvement in the Embraer bribery scheme. Truthfully, I had a slight gasp as I read about a fellow lawyer...more
11/2/2016
/ Attorney Misconduct ,
Bribery ,
C-Suite Executives ,
Chief Compliance Officers ,
Compliance ,
Corporate Culture ,
Embraer ,
Foreign Corrupt Practices Act (FCPA) ,
General Motors ,
Legal Ethics ,
Third-Party Relationships ,
VimpelCom ,
White Collar Crimes
When looking through the wreckage of a major corporate compliance disaster, it is relatively easy to spot the important events when business needs (or money) are consciously elevated over compliance concerns or even...more
We often hear a chorus of criticism relating to the compliance function. How do you define success?
Some of this is the result of a political backlash. Chief compliance officers are the darlings in the corporate...more
In the technology age in which we live, CCOs often come face to face with a new phenomenon – too much information or data. TMI is not something to laugh at nor ignore. CCOs often face situations where they need to understand...more
Chief compliance officers are optimistic and committed to “doing the right thing.” It is in their blood and may be at the core of their professional fabric.
My guess is that there are far fewer CCOs who like to push the...more
The term “due diligence” is an overused expression in the compliance world. It has become a term to mean heightened concern or investigation. No one can really define what it means except to say it has different meanings in...more
The legal profession is transforming itself, especially in the area of compliance. Lawyers are an invaluable part of a compliance program. They provide important perspective and understanding of risk, they help a company to...more
7/29/2016
/ Attorney-Client Privilege ,
Chief Compliance Officers ,
Compliance ,
Confidential Communications ,
Cooperative Compliance Regime ,
Corporate Counsel ,
Department of Justice (DOJ) ,
Discovery ,
Government Investigations ,
Securities and Exchange Commission (SEC) ,
Young Lawyers
The New York DFS finalized its new AML and Sanctions screening regulations.
Interestingly, the NYDFS backed off its original proposal to require a Chief Compliance Officer to certify to a compliance “finding” that the...more
7/21/2016
/ Anti-Money Laundering ,
Banking Sector ,
Banks ,
BSA/AML ,
Certification Requirements ,
Chief Compliance Officers ,
Compliance ,
Cooperative Compliance Regime ,
Covered Entities ,
Economic Sanctions ,
NYDFS ,
Office of Foreign Assets Control (OFAC)
I hate to pick on lawyers. I have been practicing law for nearly 35 years. I have worked with and met a lot of lawyers, some great, some good and some not so good.
Lawyers can sometimes be their own worst enemies. When...more
Returning to the serious subject of compliance, there are some who argue that compliance is a lot simpler than professionals and commentators tend to describe. I am an advocate for simplicity as a way to ensure adoption of...more
Compliance officers are, by definition, goal driven. They are high achievers and expect to succeed. So what. You may say – we all know that.
Compliance officers are not the most patient group of people. They want to see...more
A number of companies have adopted the requirement that a new Chief Compliance Office come from the ranks of former federal prosecutors. I am not sure exactly why companies have adopted this requirement. Perhaps company...more
I have never let my schooling interfere with my education – Mark Twain (unverified).
Everything has its limit–iron ore cannot be educated into gold. – Mark Twain (verified)
Board members believe they know what they...more
Chief compliance officers continue to enjoy these heady days – salaries are up and new opportunities are popping up in the corporate world. CCOs have to keep their eye on the ball. It is well and good to get a good salary, a...more