NAVEX Global recently released an important compliance report – 2019 Definitive Corporate Compliance Benchmarking Report. NAVEX’s report contains a number of interesting findings and brings together several current...more
7/10/2019
/ Benchmarks ,
Bribery ,
Compliance ,
Conflicts of Interest ,
Corporate Culture ,
Corporate Governance ,
Corporate Management ,
Corruption ,
Data Privacy ,
Ethics ,
Internal Controls ,
Risk Management ,
Sexual Harassment ,
White Collar Crimes
This is a tough posting – frankly, there are so many lessons learned from the Walmart case that they could fill a book, or an e-book at least. I will focus on some of the big issues....more
6/26/2019
/ Bribery ,
Business Development ,
Compliance ,
Corporate Misconduct ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Subsidiaries ,
Internal Controls ,
Retailers ,
Securities and Exchange Commission (SEC) ,
Third-Party Risk ,
Wal-Mart
The Walmart case, from a big picture standpoint, represents a serious warning to all global companies committed to rapid international growth. In the absence of a significant and sustained commitment to compliance, rapid...more
6/25/2019
/ Anti-Corruption ,
Bribery ,
Compliance ,
Corporate Misconduct ,
Corruption ,
Criminal Sanctions ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Subsidiaries ,
Intermediaries ,
Internal Controls ,
Securities and Exchange Commission (SEC) ,
Third-Party Relationships ,
Wal-Mart
Our long national nightmare is over – President Gerald Ford, August 9, 1974 -
So, $900 million and roughly 8 years later, DOJ and the SEC announced the end of the Walmart FCPA enforcement action. (DOJ and SEC). The...more
6/24/2019
/ Bribery ,
Compliance ,
Corporate Misconduct ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Subsidiaries ,
Internal Controls ,
Securities and Exchange Commission (SEC) ,
Wal-Mart
Sometimes what folks label a “new idea” is not so much of a new idea as the application of an old solution to a new discipline. I do not mean to be cryptic, but I am going to explain my point by referring to an area where I...more
6/21/2019
/ Analytics ,
Compliance ,
Corporate Culture ,
Corporate Monitoring ,
Corruption ,
Criminal Investigations ,
Criminal Prosecution ,
Data Management ,
FBI ,
Innovative Technology ,
Internal Controls ,
Law Enforcement ,
White Collar Crimes
This may be another in my series of profound grasps of the obvious – the compliance profession, research, technology and innovation are rapidly improving. We all hear about innovative compliance approaches, new use of data...more
As the old adage provides – better late than never. (Same applies for my somewhat tardy posting on this case).
Telefônica Brasil settled FCPA violations with the SEC for a pretty penny — $4.125 million in civil penalties...more
6/11/2019
/ Civil Monetary Penalty ,
Compliance ,
Enforcement Actions ,
Failure to Comply ,
Foreign Corrupt Practices Act (FCPA) ,
Hospitality Industry ,
Internal Controls ,
Meals-Gifts-and Entertainment Rules ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Telecommunications ,
World Cup
When providing compliance program guidance, the Justice Department and OFAC, like every compliance practitioner, will pay homage to the relatively obvious point that there is no one-size-fits-all compliance solution. ...more
The term “internal controls” is a loaded one – it morphs in various ways depending on the context. Sometimes it is a shorthand for financial accounting controls; other times it encompasses a company’s compliance controls...more
OFAC’s new framework guidance for sanctions compliance programs stretched into new territory with its risk assessment requirement. This new approach reflects OFAC’s recent aggressive enforcement programs....more
If you follow my blog, you know I am not one to embrace hyperbole. So, forgive me for stretching a little here, but the OFAC Framework for Sanctions Compliance Programs is a game changer. Let me explain why I am saying...more
In the compliance idea marketplace, there has been an increased focus on the importance of maintaining an organization’s speak up culture and the importance of a reliable and efficient internal investigation program....more
People are good at convincing themselves that everything is okay, despite troubling indications. Sometimes it is easier to ignore warning signs than to face the harsh reality....more
OFAC’s Framework for Sanctions Controls Program is a heightening of the importance of ethics and compliance program and reflects significant expectations for implementing effective compliance strategies. ...more
On the heels of the Justice Department’s announcement of its new compliance guidance, on May 2, 2019, the Treasury Department’s Office of Foreign Asset Control (“OFAC”) issued its promised guidance for sanctions compliance...more
The Justice Department’s new Corporate Compliance Guidance is keyed to the concept of a “well-designed compliance program.” Under this concept, we first examined risk assessments and policies and procedures. ...more
5/3/2019
/ Compliance ,
Corporate Culture ,
Corruption ,
Department of Justice (DOJ) ,
Employee Training ,
Internal Communications ,
Internal Controls ,
Internal Investigations ,
New Guidance ,
Risk Management ,
Third-Party ,
White Collar Crimes
Global anti-corruption risks are increasing at the same time that global cooperation among prosecutors and law enforcement agencies are facilitating the detection and penalization of companies and individual bad actors that...more
NAVEX Global’s Hotline benchmark report (here) is an excellent annual report which helps companies to understand how well their hotline and incident management system is operating. The survey is based on over 1 million...more
The Treasury Department’s Office of Foreign Asset Control (OFAC) has promised to issue guidance on effective sanctions compliance programs. This is a long-anticipated update to prior information OFAC has released on the same...more
4/18/2019
/ Audits ,
Compliance ,
Criminal Conspiracy ,
Deferred Prosecution Agreements ,
Enforcement Actions ,
Internal Controls ,
Iran Sanctions ,
Office of Foreign Assets Control (OFAC) ,
Risk Assessment ,
Settlement Agreements ,
Standard Chartered Bank
It is always easy to second-guess or look back with 20-20 hindsight on a compliance breakdown and point out all the problems that were ignored or created by corporate actors. There are common factual scenarios that recur in...more
4/9/2019
/ Compliance ,
Corporate Culture ,
Corporate Governance ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Ethics ,
Integrity Policies ,
Internal Audit Functions ,
Internal Controls ,
Regulatory Standards ,
White Collar Crimes
The MTS FCPA enforcement action stands as one of several significant prosecutions in FCPA history. The breadth and depth of MTS’ corruption scheme stands as another example of systemic bribery cultures. The details of the...more
3/14/2019
/ Bribery ,
Compliance ,
Corporate Culture ,
Corruption ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Internal Controls ,
Money Laundering ,
Securities and Exchange Commission (SEC) ,
Telecommunications ,
Uzbekistan ,
VimpelCom ,
White Collar Crimes
What a difference a year makes — The Treasury Department’s Office of Foreign Asset Control (“OFAC”) announced two sanctions settlements in the beginning of 2019, a stark difference from 2018 when OFAC announced its first...more
2/15/2019
/ Cosmetics ,
Economic Sanctions ,
Enforcement Actions ,
Failure to Comply ,
Goods or Services ,
Imports ,
Internal Controls ,
Iran Sanctions ,
North Korea ,
Obstruction of Justice ,
Office of Foreign Assets Control (OFAC) ,
Settlement Agreements ,
Supply Chain
Global companies are expending more time and resources to understanding their relationships with foreign officials. This is a key focus of every anti-corruption compliance program....more
As compliance programs (and the profession) continue to mature, there is growing interest in the need for measurement, monitoring and auditing of compliance programs. ...more
Employee hotlines are – sorry about this – a “hot” topic these days in compliance.
NAVEX Global’s recent study confirmed the importance of an effective hotline system. Companies that implement robust and widely-used...more