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FCPA Compliance Report

Author: Thomas Fox

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The FCPA Compliance Report is the longest running podcast in the in compliance and business ethics. Join its award-winning host, Tom Fox, the Voice of Compliance as he visits with top compliance practitioners, key figures from business, the government and law firms in the top podcast dedicated to all things compliance.

1571 Episodes
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MARCH 8, 2019 BY TOM FOX In today’s edition of Daily Compliance News: ·      Gulnara Karimova charged with conspiracy to commit money laundering in the whooping amount of $866MM. (FCPA Blog)·      How to win friends and influence enemies? (Financial Times) ·      Facebook says it not prioritizes privacy. Do you believe it? (New York Times)·      What happens when billionaires fight? (Wall Street Journal) Learn more about your ad choices. Visit megaphone.fm/adchoices
In the episode, I consider two different issues around communication skills. The first is communicating across cultural boundaries.  The second is the technique of asking questions to boost leadership. One of the things most critical issues to a compliance function is breaking through a company’s internal cultural boundaries. Learn more about your ad choices. Visit megaphone.fm/adchoices
Innovative use of videos can improve employee engagement and further operationalize your compliance program. Learn more about your ad choices. Visit megaphone.fm/adchoices
I next want to take a deep dive and exploration of the levels of due diligence. Due diligence is generally recognized in three levels: Level I, Level II and Level III. Each level is appropriate for a different level of corruption risk. The key is for you to develop a mechanism to determine the appropriate level of due diligence and then implement that going forward. Learn more about your ad choices. Visit megaphone.fm/adchoices
We previously considered the Prong in the Evaluation of Corporate Compliance Programs which was not present in the Ten Hallmarks of an Effective Compliance Program; that being root cause analysis. This addition was also carried forward as a requirement in the Department of Justice’s new FCPA Corporate Enforcement Policy. I want to consider how you should utilize the results of a root cause analysis in remediating a compliance program.  Learn more about your ad choices. Visit megaphone.fm/adchoices
One new and different item was laid out in the Evaluation of Corporate Compliance Program, supplementing the Ten Hallmarks of an Effective Compliance Program from the 2012 FCPA Guidance. This was the performance of a root cause analysis for any compliance violation which may led to a self-disclosure or enforcement action. Learn more about your ad choices. Visit megaphone.fm/adchoices
Your company has just made its largest acquisition ever and your Chief Executive Officer (CEO) says that he wants you to have a compliance post-acquisition integration plan on his desk in one week. Where do you begin? Learn more about your ad choices. Visit megaphone.fm/adchoices
A company that does not perform adequate FCPA due diligence prior to a merger or acquisition may face both legal and business risks. While most compliance practitioners have been long aware of the requirement in the post-acquisition context, the 2012 FCPA Guidance focused many compliance practitioners for the need to engage in robust pre-acquisition due diligence. Learn more about your ad choices. Visit megaphone.fm/adchoices
One of the new areas articulated in the Evaluation of Corporate Compliance Programs was around payments and payroll. For the both the compliance professional and the corporate payroll function, there is a significant role for a corporate payroll function in the operationalization of a corporate compliance program. Learn more about your ad choices. Visit megaphone.fm/adchoices
The role of the compliance professional and the compliance function in a corporation has steadily grown in stature and prestige over the years. In the 2012 FCPA Guidance (Guidance), under Hallmark Three of the 10 Hallmarks of an Effective Compliance Program (Hallmarks), the focus was articulated by the title Oversight, Autonomy, and Resources. This Hallmark was significantly expanded in both the DOJ's Evaluation of Corporate Compliance Programs and the new FCPA Corporate Enforcement Policy. Learn more about your ad choices. Visit megaphone.fm/adchoices
The role of the Chief Compliance Officer (CCO) has steadily grown in stature and prestige over the years. In the 2012 FCPA Guidance, under Hallmark Three of the 10 Hallmarks of an Effective Compliance Program, the focus was articulated by the title of the Hallmark, Oversight, Autonomy, and Resources. This Hallmark was significantly expanded in both the Evaluation of Corporate Compliance Program (Evaluation) and the new FCPA Corporate Enforcement Policy (Policy). Learn more about your ad choices. Visit megaphone.fm/adchoices
Compliance Programs (Evaluation) is the need to use the information you obtain, whether through risk assessment, root cause analysis, investigation, hotline report or any other manner to remediate the situation which allowed it to arise. Learn more about your ad choices. Visit megaphone.fm/adchoices
How do you assess internal compliance controls under a best practices compliance program? In this episode I consider how to do so in the most effective manner. Learn more about your ad choices. Visit megaphone.fm/adchoices
Under Hallmark Nine of Ten Hallmarks of an Effective Compliance Program as articulated in the 2012 FCPA Guidance, it stated, “Finally, a good compliance program should constantly evolve.” This insight was carried forward in the Department of Justice’s 2017 Evaluation of Corporate Compliance Programs which listed three types of continuous improvement: (1) internal audit, (2) control testing, and (3) evolving updates; each was category further refined with multiple attendant questions. Learn more about your ad choices. Visit megaphone.fm/adchoices
There is nothing like an internal whistleblower report about a FCPA violation, the finding of such an issue or (even worse) a subpoena from the DOJ to trigger the Board of Directors and senior management attention to the compliance function and the company’s compliance program. Such an event can trigger much gnashing of teeth and expressions of outrage followed immediately by proclamations “We are an ethical company.” However, it may well be the time for a very serious reality check. Learn more about your ad choices. Visit megaphone.fm/adchoices
Focusing on investigations under Prong 7 in the Evaluation it stated, Properly Scoped Investigation by Qualified Personnel – How has the company ensured that the investigations have been properly scoped, and were independent, objective, appropriately conducted, and properly documented?  This means you need an investigation protocol in place so that the entire compliance function is on the same page and knows what to do. Learn more about your ad choices. Visit megaphone.fm/adchoices
The call, email or tip comes into your office; an employee reports suspicious activity somewhere across the globe. That activity might well turn into a FCPA issue for your company. As the CCO, it will be up to you to begin the process which will determine, in many instances, how the company will respond going forward. Learn more about your ad choices. Visit megaphone.fm/adchoices
The building blocks of any compliance program lay the foundations for a best practices compliance program. For instance, in the lifecycle management of third parties, most compliance practitioners understand the need for a business justification, questionnaire, due diligence, evaluation and compliance terms and conditions in contracts. However, as many companies mature in their compliance programs, the issue of third party management becomes more important Learn more about your ad choices. Visit megaphone.fm/adchoices
As every compliance practitioner is well aware, third parties still present the highest risk under the Foreign Corrupt Practices Act (FCPA). The Department of Justice Evaluation of Corporate Compliance Programs devotes an entire prong to third party management. Learn more about your ad choices. Visit megaphone.fm/adchoices
After you complete your risk assessment, you must then translate it into a risk profile, as Rick Messick has noted, to estimate where bribery is likely occur, so prevention efforts will be properly targeted. Learn more about your ad choices. Visit megaphone.fm/adchoices
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