Compliance into the Weeds

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 and Matt take a deep dive into recent study on bias in workplace hiring and use the study to consider if compliance needs to be more centralized. The topic of discriminatory patterns in hiring is an interesting, yet contentious issue. It encompasses biases in recruitment based on factors such as names, gender, and race, which unfortunately, are still prevalent in various companies. Tom believes that these discriminatory practices hamper equal opportunities and hence, need to be addressed earnestly. Drawing from his likely experience in promoting fair employment practices, he emphasizes the need for diversity and inclusion initiatives. On the other hand, Matt attributes such discriminatory hiring patterns to inherent biases and prejudices of employers. He argues that discriminatory practices result in a lack of diversity in the workplace as qualified individuals are overlooked based on their race, gender, or age. Following from his perspective on the matter, Kelly champions the execution of policies that foster equality and fairness in the hiring process.  Key Highlights ·      Bias in Hiring Practices Based on Names ·      Bias Reduction Through Centralized Recruitment Operations ·      Enhancing Control Environment through Internal Audits ·      Ethical Alignment for Compliance Management Success Resources Matt on Radical Compliance   Tom   Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 and Matt take a deep dive into the variables a compliance professional should consider when performing a risk assessment. We also say a few words about our experiences in the total solar eclipse of April 8. Risk assessments in compliance encompass the careful evaluation of both external and internal risks, necessitating a carefully planned process for overseeing various risk assessments within a company. This task, while intricate and often challenging, is a crucial aspect of compliance. Fox emphasizes the necessity to precisely define the scope of risk assessments, which could involve assessing external threats, internal controls, or both. He proposes that companies could benefit from the guidance of internal audits, external consultants, or professional service firms.  Similarly, Matt acknowledges its complex and challenging nature. Kelly underscores the importance of a disciplined, coherent approach to managing risk assessments across different parts of an organization, suggesting the possibility of involving assistance from third-party firms or internal audit teams. Both Fox and Kelly's perspectives underscore the importance of strategic planning, effective management, and possible external input in conducting risk assessments in compliance programs.  Key Highlights ·      Comprehensive Approach to Conducting Risk Assessments ·      Collaborative Risk Assessment for Compliance Optimization ·      Enhancing Compliance through Internal Control Testing ·      Strategic Integration of Compliance in Enterprise Risk ·      Celestial Event Viewing: The Influence of Clouds Resources Matt on Radical Compliance  Tom   Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 and Matt take a deep dive into the recent SEC enforcement actions involving the Swiss trading company Trafigura. The topic at hand is the Trafigura FCPA enforcement action, a pivotal case that shines a light on the methods of the Justice Department in dealing with corporate misconduct. This case involves a Swiss company, Trafigura, that was culpable of bribery allegations in Brazil and faced scrutiny for its failure to disclose such schemes. Matt zeroes in on the absence of a compliance monitor in Trafigura’s case, highlighting the company’s extensive misconduct and questioning whether enhanced compliance reporting could adequately replace such a monitor. He advocates for reforming corporate culture through monitoring and expresses confusion over the DOJ’s inconsistent enforcement strategy. Fox notes Trafigura’s failure to self-disclose and cooperate and its history of recidivist behavior. He too questions the effectiveness of enhanced compliance reporting as a substitute for a compliance monitor and expresses concern over the Justice Department’s prioritization of fines over reform. Key Highlights: FCPA Enforcement Action: Importance of Compliance Enhancing Fraud Detection Through Forensic Collaboration Evolution in DOJ Compliance Enforcement Strategies Enforcement Discrepancies in Recidivist Oversight What does it all mean for the compliance professional? Resources: Matt on Radical Compliance Tom on the FCPA Compliance and Ethics Blog  Tom   Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 and Matt take a deep dive into the recent SEC enforcement actions involving AI washing and what it all may mean for the compliance professional. The evolving landscape of Artificial Intelligence (AI) has brought on a new paradigm of risk management in AI disclosures. This has caught the attention of regulatory bodies like the SEC, thereby necessitating a heightened focus on transparency and the implementation of comprehensive risk strategies. Tom advocates for the integration of AI risk reporting into the overall risk management strategy, emphasizing the need for governance and the right risk control measures. His views are shaped by his understanding of the potential repercussions of misleading AI disclosures and the significance of transparency in warding off enforcement actions from regulatory bodies. Matt echoes a similar sentiment, underscoring the importance of recognizing and managing AI risks. His perspective is influenced by the unique challenges that AI poses, calling for strategically tailored governance and risk management practices to navigate the complexities of AI technology. Key Highlights: AI Misrepresentation Enforcement by SEC Transparency in AI Risk Reporting for Compliance Integrating AI Risk into Overall Risk Management Collaborative Roles for Effective AI Governance A theory of unified risk management What does all this mean for compliance and the compliance professional? Resources Matt on Radical Compliance Tom   Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 and Matt take a deep dive into the recent SEC climate reporting rules and how this could lead to a unified risk management process. The topic of the recently proposed SEC climate change reporting rule, which requires companies to disclose their greenhouse gas emissions and climate-related risks, raises intriguing discussions across various sectors. This rule emphasizes the importance of transparency, necessitating companies to adapt their risk disclosure frameworks to encompass a range of risks, including cybersecurity, climate change, anticorruption, and financial reporting. Tom sees this rule as a much-anticipated development with significant implications for companies. He advocates for a comprehensive risk management strategy that aligns with the SEC’s push for holistic risk disclosures, taking into consideration the continuous relevance of climate change regulations at multiple levels. On the other hand, Matt acknowledges the significant challenges and changes that the rule has encountered, particularly litigation from both oil and gas interests and environmental groups. Despite the legal and political uncertainties, he underscores the importance of prioritizing climate change disclosures, given the existence of similar rules in California and Europe.   Key Highlights: Climate risk disclosure mandates for companies Enhancing transparency in risk management A theory of unified risk management What does all this mean for compliance and the compliance professional? Resources: Matt on Radical Compliance  Tom  Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 and Matt take a deep dive into a recent speech by Deputy Attorney General Lisa Monaco on the DOJ’s creation of a whistleblower program and compliance oversight of AI. The Department of Justice Whistleblower Awards Program is a recent development that has prompted considerable discussion due to its possible implications and the potential range of awards. The program, which is designed to protect whistleblowers, raises a number of complex issues, particularly for compliance officers. According to Tom, the program is aligned with those from other regulatory bodies, like the SEC, and is not necessarily groundbreaking. He points out potential limitations in the range of awards and questions the efficiency of the review process. Matt views the program as a significant, yet familiar, development for compliance officers. He highlights that the program seems to follow an existing trend, rather than pioneering a new approach and points out the need for further clarification on the eligibility criteria and the procedure for issuing awards. Both Fox and Kelly, from their extensive experience in the field, emphasize the program’s potential benefits for whistleblowers seeking protection but concur that there are still many details to be clarified. Key Highlights: Navigating DOJ Whistleblower Program: Award Dynamics Navigating Compliance in DOJ’s Whistleblower Program Enhancing Criminal Penalties for AI-based Crimes Enforcement Challenges in AI Technology Governance Resources Matt on Radical Compliance Tom   Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 and Matt take a deep dive into the recently released Gunvor FCPA Enforcement Action. The Gunvor FCPA case, a high-profile instance of bribery involving Ecuadorian government officials, serves as a stark reminder of the perils of corruption in international business and the critical need for stringent compliance measures. Tom emphasizes the importance of adherence to anti-corruption laws and regulations. He stresses the necessity for robust compliance programs and internal controls to prevent such violations, and the potential fallout of non-compliance, including reputational damage, financial penalties, and legal repercussions. Matt Kelly sees the Gunvor FCPA case as a significant example of the consequences companies face when engaging in corrupt practices. He would underscore the importance of strong compliance programs, ethical business practices, transparency, and accountability to prevent similar instances of bribery and corruption in the future. Check out the key lessons learned from this matter. Key Highlights: Bribery Scheme in Gunvor's Ecuador Dealings Ethical Practices and Regulatory Compliance Strengthening Gunvor's Bribery Scheme: FCPA Enforcement Consequences Proactive Transparency in Mitigating Legal Penalties Resources: Matt on Radical Compliance Tom   Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 and Matt look at the recent ACFE publication of its 2024 Anti-Fraud Technology Benchmarking Report and what it means for compliance professionals. The ACFE 2024 Antifraud Technology Benchmarking report unveils an intriguing shift towards the use of AI in antifraud analytics, with a significant 83% of respondents planning to adopt generative AI in the coming years. However, the report also highlights a gap in current practices, with only a quarter of organizations utilizing analytics for corruption and bribery detection. Tom views this report as a crucial tool for understanding the evolving landscape of fraud detection. He emphasizes the importance of staying ahead of technological advancements and the potential risks of not having sophisticated tools for managing fraud investigations. Similarly, Matt underscores the report’s insights into the challenges faced by antifraud professionals. He stresses the importance of aligning analytical capabilities with manpower resources and the critical role of experienced professionals in managing complex issues like bribery and corruption. Both perspectives highlight the need for a strategic blend of technology and human expertise in the ever-evolving world of compliance and audit. Key Highlights: Generative AI Integration in Antifraud Analytics Generative AI Impact on Fraud Examination Trends AI’s Role in Fraud Detection and Compliance Detecting Financial Fraud Through Advanced Analytics Resources: Matt on Radical Compliance Tom   Instagram Facebook YouTube Twitter Learn more about your ad choices. Visit megaphone.fm/adchoices

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 and Matt look at the Trump Organization Monitor and Independent Director of Compliance required in the trial court Order.  The topic of internal controls within the Trump Organization has recently come under scrutiny, with the need for improved financial practices and systems of accounting control becoming increasingly apparent. Tom views internal controls as the backbone of financial reporting and compliance. He points out the inconsistencies and errors in the Trump Organization's financial disclosures, emphasizing the need for accurate certifications and attestations about the organization's financial health. Similarly, Matt underscores the importance of consistent and accurate financial disclosures. He raises concerns about the lack of basic financial controls within the Trump Organization and sees the need for a significant overhaul of internal controls to ensure transparency, accuracy, and compliance with financial reporting standards. Both Fox and Kelly's perspectives are shaped by their extensive experience in the field of compliance and their understanding of the critical role internal controls play in maintaining financial integrity.  Key Highlights ·      Compliance Monitor's Oversight in Fraud Detection ·      Navigating Financial Compliance in the Trump Organization ·      Implementing Effective Accounting Control Systems at Trump ·      Enhancing Financial Integrity in the Trump Organization Resources Matt on Radical Compliance Tom   Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 and Matt go down a rabbit hole regarding the SEC waiving penalties for messaging app violations. The Securities and Exchange Commission (SEC) has been making headlines for its crackdown on broker dealers who violate record-keeping rules by using off-channel messaging apps like WhatsApp or Snapchat. This has led to hefty fines, yet the SEC has been granting waivers to these same firms, allowing them to continue operating in the securities world. This paradoxical approach has raised eyebrows, including those of Tom Fox and Matt Kelly. Fox finds the SEC's actions both curious and concerning. He believes that if a waiver program exists, it should be publicly announced and the reasons for granting waivers should be transparent to ensure appropriate scrutiny. Kelly, on the other hand, expresses surprise and disappointment at the lack of transparency from the SEC, suggesting that the waiver program and its reasons should be made clear to the public. Find out more in this fascinating edition of Compliance into the Weeds. Key Highlights: SEC Sanctions for Off-Channel Messaging Violations SEC Enforcement and Waivers for Internal Violations Cracking down on Off Channel Communications The Need for Public Announcements in SEC Enforcement Resources Matt on Radical Compliance  Tom   Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 and Matt take a deep dive into the seeming inconsistency in approaches to monitorships (or lack thereof) in two recent DOJ enforcement actions involving eBay and SAP.  The Department of Justice's (DOJ) seemingly inconsistent approach to corporate enforcement and compliance monitoring has been a topic of much debate and confusion. Or has it? This inconsistency is particularly evident in the assignment of compliance monitors and CCO certification, as seen in the contrasting cases of eBay and SAP. Does the DOJ have a contradictory approach? What are the criteria for assigning monitors? Are local U.S. Attorneys may be following their own agendas, leading to this inconsistency. Is there a lack of logic and effectiveness in the DOJ's policies. To delve deeper into this issue, join Tom Fox and Matt Kelly in this episode of the Compliance into the Weeds. Key Highlights ·      Effectiveness and Consistency of Compliance Monitors ·      Incentivizing self-disclosure and remediation in corporate enforcement ·      Inconsistent assignment of monitors based on misconduct ·      Inconsistent enforcement practices by U.S. Attorneys Resources Matt on Radical Compliance Tom   Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 and Matt take a deep dive into a payments and internal controls miasma involving actors Tom Holland and Tom Hollander. The recent incident involving British actor Tom Hollander, who accidentally received a payment intended for Tom Holland due to a mix-up at their shared talent agency, has brought to light the critical importance of robust accounting controls for payments. Tom emphasizes the need for a second set of eyes to oversee payments and ensure they are going to the correct recipients. He suggests that smaller organizations can implement human review controls, while larger ones may need to rely on technology such as robotic process automation. Matt is highlighting the potential legal and regulatory consequences of sending payments to the wrong recipients. He stresses the need for organizations to demonstrate to regulators that errors are rare and accidental and that they have effective assurance processes in place. Join Tom Fox and Matt Kelly as they delve deeper into this topic in the latest episode of Compliance into the Weeds. Key Highlights: Payment Mix-up Highlights Importance of Internal Controls Error Prevention and Correction in Payments Mitigating Compliance Risks with Internal Controls Resources: Matt on Radical Compliance Tom  Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 and Matt take a deep dive into the recent SEC enforcement action for pre-taliation against JPMorgan and what it means for whistleblower programs going forward. The Securities and Exchange Commission (SEC) has been ramping up fines for companies found guilty of retaliation, as evidenced by the recent JP Morgan securities case, which resulted in an $18 million sanction. This development underscores the importance of compliance and the need for companies to protect individuals’ rights to report misconduct. Tom views this as a significant shift, expanding the range of individuals who may be affected by retaliation claims. He predicts a broader legal discussion and increased protection for those who bring claims related to misconduct. Matt emphasizes the need for companies to be proactive in preventing retaliation. He points out that enforcement has been increasing since 2016 and that companies should already be aware that they cannot restrict employees from reporting wrongdoing to the SEC. Join Tom Fox and Matt Kelly as they delve deeper into this topic on the Compliance into the Weeds podcast. Key Highlights: The underlying facts Expanding Retaliation Risk in Corporate Settings Retaliation Clauses and Whistleblower Protection CBRE’s Swift Remediation Efforts and SEC Settlement Resources: Matt on Radical Compliance  Tom   Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 and Matt take a deep dive into the recent Foreign Corrupt Practices Act (FCPA) enforcement action involving the ERP software giant SAP.  The recent $220 million fine imposed on German software giant, SAP, for violations of the FCPA underscores the critical role of internal audits in maintaining corporate compliance. Despite having a comprehensive FCPA compliance program, SAP's lack of control over its subsidiaries led to bribery activities, a situation that Tom and Matt believe could have been prevented with a robust internal audit function. Fox emphasized the need for strong internal audits to identify and address issues within different parts of an organization. Similarly, Kelly, underscored the importance of internal audits in identifying and rectifying control lapses. To delve deeper into this topic and understand the implications of the SAP case, join Tom Fox and Matt Kelly on this episode of the Compliance into the Weeds.  Key Highlights ·      The bribery schemes and geographic scope ·      What is culture? ·      Third parties and corruption risks ·      The fine and penalty ·      The comeback ·      Lessons learned for the compliance professional Resources Matt on Radical Compliance Tom   Tom on the FCPA Compliance and Ethics Blog Instagram Facebook YouTube Twitter LinkedIn For more information on Ethico and a free White Paper on top compliance issues in 2024, click here. Learn more about your ad choices. Visit megaphone.fm/adchoices

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 sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into the recent FTC enforcement action involving Rite-Aid and its inappropriate use of AI-generated facial recognition. The adoption of AI technologies, as demonstrated by the Rite Aid case, underscores the critical need for robust compliance oversight. This case, involving the use of AI-driven facial recognition technology, resulted in compliance risks and a high rate of false positives, highlighting the potential pitfalls of AI technologies when not properly managed. Tom emphasized the importance of a comprehensive process to assess, manage, and monitor the risks associated with new technologies. He believes that collaboration among different stakeholders is key to understanding and mitigating potential risks. Matt stressed the need for careful consideration of how new technologies will impact business processes and the importance of correct governance from both a technical and human perspective. Join Tom Fox and Matt Kelly in this episode of the Compliance into the Weeds podcast as they delve deeper into the importance of robust governance in adopting AI technologies. Key Highlights: The Impact of AI Facial Recognition Technology Concerns of AI Facial Recognition and Racial Profiling Issues with AI Facial Recognition Training Collaborative Risk Management for AI Implementation Resources: Matt Kelly on LinkedIn Matt on Radical Compliance  Tom   Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into issues Matt has on his radar for compliance professionals in 2024. Matt Kelly is well known for zigging when everyone else is zagging. At the start of each year, he publishes a column that looks at key issues for compliance professionals in the year ahead. This podcast takes a deep dive into these issues. The rapidly evolving landscape of AI, cybersecurity, and governance is increasingly shaped by regulatory and compliance trends. In this context, industry experts Tom Fox and Matt Kelly offer insightful perspectives. We consider governmental oversight of AI, with more specific AI regulations in 2024, while also highlighting the potential of AI integration into compliance products and platforms. We also look at issues with the SEC, PCAOB, and DOJ.  Join Tom Fox and Matt Kelly as they delve deeper into these topics in this episode of the award-winning Compliance into the Weeds. Key Highlights: FEPA and its enforcement NOCLAR and the PCAOB SEC v. Solar Winds and its CISO AI-Regulation and Business Use SEC right to disgorgement  Resources: Matt Kelly on LinkedIn Matt on Radical Compliance Tom   Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into the Foreign Extortion Prevention Act (FEPA), a groundbreaking law that aims to combat corruption by criminalizing foreign government officials who solicit or accept bribes from US entities. This law complements the Foreign Corrupt Practices Act (FCPA), which penalizes companies for offering bribes, and introduces new challenges and implications for anti-corruption measures. Tom views FEPA as a long-overdue measure that fills a gap in anti-corruption efforts. He agrees with Matt emphasizes that FEPA addresses a long-standing concern of anti-corruption advocates. Both Fox and Kelly anticipate further guidance from the Department of Justice on how this new law will interact with existing measures under the FCPA. Join Tom Fox and Matt Kelly as they delve deeper into this topic in the latest episode of the Compliance into the Weeds podcast.  Key Highlights: Combating Foreign Corruption: FIFA's Powerful Impact Implications of FIFA Cooperation on FCPA Prosecution Extradition Challenges in FIFA Corruption Cases The Impact of the Name and Shame List Resources: Matt Kelly on LinkedIn Tom Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into data analytics and highlight the Bank Of America CFPB enforcement action for failures in a data analytics program. The recent congressional testimonies of university presidents from Harvard, MIT, and the University of Pennsylvania have ignited a heated debate over their handling of anti-Semitism and discrimination on campuses. Tom criticizes the presidents for their lack of moral clarity and empathy in their responses to questions about anti-Semitism on campus. He emphasizes the crucial role of chief compliance officers in guiding ethical leadership and decision-making in such sensitive situations. Matt echoes Fox's sentiments, stressing the importance of empathy, moral clarity, and ethical values in addressing and preventing campus discrimination. He criticizes the presidents for their inability to effectively express these qualities in their responses to questions about discrimination policies. Join Tom Fox and Matt Kelly as they delve deeper into this issue on this episode of Compliance into the Weeds. Key Highlights Fallout from Private College Testimony on Anti-Semitism Navigating Multiple Stakeholders in Universities The Power of Wealthy Donors and Alumni The Role of Empathy in Ethical Leadership Resources: Matt Kelly on LinkedIn Tom  Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into data analytics and highlight the Bank Of America CFPB enforcement action for failures in a data analytics program. Data analytics is a powerful tool in the realm of compliance and risk management, providing invaluable insights that can help organizations identify potential risks and assess the effectiveness of their compliance programs. Tom emphasizes the importance of continuous monitoring using data analytics, citing a case where Bank of America was fined $12 million due to poor use of data analytics. He advocates for the use of analytics algorithms as ongoing monitoring tools and encourages business units to take an active role in managing their risks. Matt underscores the significance of data analytics in identifying and managing compliance risks. He echoes Fox's sentiments on the need for continuous monitoring and the involvement of business units in risk management. They also note that both the DOJ and SEC are ramping up their focus on data analytics for corporate compliance, setting higher expectations, especially for larger corporations. This shift is not only transforming the landscape of corporate compliance but also reshaping the way companies approach self-disclosure of misconduct. Join Fox and Kelly on this episode of the Compliance into the Weeds podcast as they delve deeper into the implications of the DOJ and SEC's increasing focus on data analytics for corporate compliance. Key Highlights The Importance of Continuous Data Analytics Bank of America's Compliance Risk Management Effective Monitoring and Surveillance in Financial Services DOJ's Expectations for Corporate Data Analytics Uncovering Fraud Through Data Analytics Resources: Matt’s blog posts in Radical Compliance A $12M Lesson on Data Analytics Some Vague Hints on Analytics, FCPA   Tom Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

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 sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into the Binance enforcement action brought by the DOJ, OFAC, FinCEN, and the CFTC. In a landmark case that has sent shockwaves through the cryptocurrency industry, Binance, the world's largest cryptocurrency trading platform, has been slapped with a staggering $4.3 billion fine for intentionally violating anti-money laundering laws and other financial regulations. Tom views this as a significant turning point, marking the end of the libertarian experiment around cryptocurrency and alternative financial systems. He believes that the hefty penalties imposed on Binance, along with other smaller enforcement actions in the crypto world, are a clear message from regulators that the crypto sector must comply with US laws and regulations. Matt echoes Fox's sentiments, emphasizing that the enforcement actions against Binance and other cryptocurrency ventures signify the end of the libertarian experiment around cryptocurrency. He underscores the deliberate and intentional nature of Binance's violations, stating that they knowingly deceived and evaded compliance regulations. Join Tom Fox and Matt Kelly on this episode of the Compliance into the Weeds podcast as they delve deeper into this case and its implications for the cryptocurrency industry.  Key Highlights Binance's $4.3 Billion AML Violation Deceptive Evasion of Regulations in Cryptocurrency Extensive Monitorship to Address Compliance Deficiencies Binance's Non-Compliance Leads to Legal Consequences Personal Liability of the CCO End of Crypto?  Resources: Matt’s blog post in Radical Compliance Tom   Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices