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Emerging International Indicators for Compliance Function Expectations

Global trends on risk management help foreshadow what may come to be expected of compliance functions in an increasing number of jurisdictions, particularly in respect of positioning, resources, and authority. Gabe Shawn Varges, Head of Governance at FINMA, the Swiss combined regulator for banking, insurance...

The Board of Directors and FCPA Compliance

What is the role of a company's Board when it comes to Foreign Corrupt Practices Act (FCPA) compliance? The Board should not engage in management but should engage in oversight of a Chief Executive Officer (CEO) and senior management, which they do by asking hard questions, risk assessment and...

Risk Management – More than Just Risk Assessment

In an article in the December edition of the ACC Docket, entitled " Disciplined and Practical Risk Management ", Jim Jackson, General Counsel of Medair, discussed risk management in the non-profit arena, focusing on his experiences on this issue during his tenure at Medair. Medair is an...

The Risky Business of Being A Bank Chief Risk Officer

My column at American Banker this past Friday, "The Riskiest Careers in Financial Services, Finally Rewarded," included a couple of obvious examples of high risk, high reward for this hot new job title. The largest four US banks have examples of big winners. MF Global and UBS provide recent...

How Do You Change to a Culture of Compliance? Go See The Twilight Zone Movie

As a compliance practitioner, how often have your heard something along the lines of "But we've always done it that way" or [my favorite] "That's the way those people do business"? As a recovering trial lawyer, I spent the first 18 years of my career largely defending companies...

Scam Artists from Texas and Compliance Risk Management

Billie Sol Estes died yesterday and when it comes to scam artists from the great state of Texas, before there was Allen Stanford and his magical Certificates of Deposits located in his private bank in Antigua, there was Billie Sol Estes. Before Sir Allen came along, Billie Sol had a 50 year run as...

A Short Paper You Must Read About Board-Level Corporate Risk Management – NACD Advisory Council on Risk Oversight

If you are interested in the process of board oversight over corporate risk management, here is a short paper that you must read from the National Association of Corporate Directors. First, let me sincerely compliment the NACD for discussing this topic and making portions of the discussions available...

Board Member Ouster For Catastrophic Incident?

Wouldn’t it be nice if you could be a board or board committee member without worry or concern? Well . . . you can’t unless you are oblivious to issues and risks, but of course you can and should endeavor to be proactive and ahead of the game; spot, obtain needed information about and deal...

Thinking Through Risk Rankings of Third Parties

One question often posed to me is how to think through some of the relationships a company has with its various third parties in order to reasonably risk rank them. Initially I would break this down into sales and supply chain to begin any such analysis. Anecdotally, it is said that over 95% of all Foreign...

Risk Assessments-the Cornerstone of Your Compliance Program, Part I

Yesterday, I blogged about the Desktop Risk Assessment . I received so many comments and views about the post, I was inspired to put together a longer post on the topic of risk assessments more generally. Of course I got carried away so today, I will begin a three-part series on risk assessments. In...

Risk Assessments-the Cornerstone of Your Compliance Program, Part II

Ed. Note-Today, I continue my three-part posts on risk assessments. Today I take a look at some different ideas on how you might go about assessing your risks. One of the questions that I hear most often is how does one actually perform a risk assessment? Mike Volkov has suggested a couple of different...

Risk Assessments-the Cornerstone of Your Compliance Program, Part III

Today, I conclude a three-part series on risk assessments in your Foreign Corrupt Practices Act (FCPA) or UK Bribery Act anti-corruption compliance program. I previously reviewed some of the risks that you need to assess and how you might go about assessing them. Today I want to consider some thoughts...