Episodios
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To leave a legacy of operational excellence in compliance is what Global Chief Compliance Officer, Strategic Leader, and Partner at StoneTurn Jonathon Kellerman hopes to achieve in this dynamic industry.
He has been at the forefront of the evolution of compliance programs in health care, life sciences, and pharmaceuticals with over 25 years of experience in compliance strategy, program development and execution; controls design; operational excellence; risk assessment and mitigation; complex investigations; and negotiating and managing government settlements.
Major takeaways discussed in the episode:
✔️ Glean lessons from Jonathon's unique journey starting a health care compliance practice that served as the first in the industry. His experience in a consulting practice helped health care providers with complex compliance challenges.
✔️ Traditional compliance has been limited by the rigid standards around an audit mentality. Jonathon shares that the focus on looking at transactions in silos instead of the holistic approach of looking at data over time is what's made compliance programs from being truly effective.
✔️ Compliance programs limiting themselves to the standard practice of risk management will risk being irrelevant in future companies.
✔️ The COVID-19 pandemic broke barriers and accelerated digital transformation. Every company does it to some extent in utilizing digital platforms and data that opens up new ways of rethinking our traditional engagements.
✔️ Advanced technologies use data and digital platforms that create a new type of risk. But it also means that more than ever, there's a lot of pressure put on companies to operate quickly and very efficiently.
✔️ The skills needed for the compliance professionals of the future is something never taught in law school. Jonathon emphasizes that an individual in the compliance space must speak business language, have trust and credibility, and be willing to think outside the box.
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Jonathon L. Kellerman is a Partner with StoneTurn, brings over 25 years of experience in compliance strategy, program development, and execution; controls design; operational excellence; risk assessment and mitigation; complex investigations; and negotiating and managing government settlements.
A former Global Chief Compliance Officer in the heavily regulated pharmaceuticals industry, Jonathon draws on his in-house career, as well as 20 years as a trusted adviser, to counsel executives and Board members on evolving compliance risk and to help clients design innovative, data-enabled, and business-friendly compliance solutions to proactively and reactively manage risk.
Jonathon has deep experience pioneering technology and data-driven compliance solution innovation, operational improvement, and business protection/enablement in the pharmaceutical, life sciences, and healthcare industries, including his prior role as Global Chief Compliance Officer of Allergan.
LinkedIn: https://www.linkedin.com/in/jonathonkellerman/
Email: [email protected]
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About Thomas Fox:
Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to arm seasoned compliance professionals and those new to the realm with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.
Order your copy OR copies of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program.
http://www.lexisnexis.com/fox25
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The compliance sphere is exciting as it is challenging to look into how the risk landscape is quickly changing. In this episode, Compliance Evangelist Tom Fox engages in a power-packed conversation with Jonathan Marks, a long-time professional in internal audit and thought leader in the compliance space.
Tune in and extract valuable insights as they go deep on the evolution of the internal audit profession since implementing the SOX Act of 2002, the arc of professionalism in compliance, the importance of an overall integrated structure of Enterprise Risk Management, and many more.
Major takeaways discussed in the episode:
✔️ Why the COSO 2013 Internal Controls Framework serves as a seminal moment for compliance professionals and helps keep up with the exponential speed of developments in the space.
✔️ The move to an overall integrated structure of Enterprise Risk Management is critical in proactively identifying, assessing, monitoring, and responding to risks and opportunities.
✔️ The 2020 Update to the Evaluation of Corporate Compliance Programs brought business intelligence to compliance and serves as a significant step towards enterprise resiliency. Organizations today have to be flexible and nimble and adapt to changes of new risks to survive and evolve.
✔️ The importance of prioritizing root cause analysis in investigation and approach. Jonathan has advocated for this in so long and the rigor around the process. "When I look at the root cause, it's really finding that one domino that fell and tipped off everything else. Often, some recommendations are made specifically related to internal controls that are treating the symptoms and not the underlying issues. And then we have this funky word called recidivism. And so that same problem keeps happening or coming back."
✔️ The three vital skills that have come into play that a compliance professional needs today are being "digitally athletic" to understand data analytics, be a great communicator and possess critical thinking to keep up with the evolving compliance functions.
✔️ The most successful auditors are the ones that can communicate, build trust and relationships with people.
✔️ Companies and compliance need to be thinking about into 2025 are becoming more risk resilient, with what Jonathan calls the Bermuda Triangle — where internal audit, compliance, and legal all work harmoniously.
✔️ From a board member's perspective going into the future, one has to start asking tough questions surrounding the company's audit process and creating an internal audit plan.
Jonathan T. Marks is the firm leader of the global fraud and forensic investigations and compliance practice at leading advisory, tax, and assurance firm Baker Tilly. He has more than 30 years of experience working closely with his clients, their board, senior management, and law firms on global and cross-border fraud and misconduct investigations, including bribery, corruption, and compliance matters.
Jonathan specializes in internal and regulatory investigations, governance matters; risk assessment, design, and implementation of compliance programs; global fraud risk management programs; and compliance coordination and monitoring services for the private, public, not-for-profit sectors. He assists his clients to mitigate potential issues by conducting root-cause analysis, developing remedial procedures, and designing or enhancing governance and compliance systems along with internal controls, policies and procedures, and customized training.
LinkedIn: Jonathan T. Marks
Website: www.bakertilly.com/contact/directory/jonathan-t-marks/
Blog: boardandfraud.com -
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Ten years ago, Compliance was all about policies and procedures that are mere guidelines that hugely unaddressed how to measure compliance effectiveness, identify the metrics, and look at the accounting data.
Internationally recognized anti-fraud and compliance thought leader Vincent Walden shares his insights on how far we've come since then. He talks about the practical strategies, tools, and techniques used in fraud detection and prevention applied to compliance and how data and data analytics have evolved, and his overall inspiring perspective in this conversation.
Major takeaways discussed in the episode:
✔️ Why Vincent's involvement in fraud prevention in the early years of his career taught him strategies about the use of data and data analytics in compliance. "When a company was investigated for FCPA, what was the first thing that they asked for? They wanted emails and payment transactions. And why weren't we looking at those proactively? And that's really what drove my interest in building proactive compliance programs because I saw so many FCPA investigations that finding those improper payments was what they were making and breaking the cases. And that's what drove a lot of my passion for building out these compliance program models."
✔️ As an early advocate of using data in compliance solutions, Vincent saw how vital the melding is of internal audit and compliance. "Internal audit understood the books and records and compliance understood the legal risks. The magic was when the two worked together. That's how it started. We've seen compliance become more mature, particularly over the last two to three years."
✔️ Beginning in 2017, the DOJ started talking about the use of data in compliance. This changed the reception in the marketplace, empowering CCOs to have sufficient access to operational transactional data sources that were spot-on and accelerated proactive discussions. Compliance professionals will become more data-driven as time goes on.
✔️ Data sharing consortium in the future. According to Vincent, the idea of companies sharing their risk algorithms without having to share their data to build better, data-driven compliance programs and sharing best practices is something fascinating and worthy looking forward to.
✔️ The creation of A&M's Digital Twin service is Vincent's dream compliance monitoring platform. "This allows us to pull in client-relevant payments data and risk scores in a cost-effective way. That means what used to take me 300+ hours of staff time to pull payment data out of a system, and all the mathematical gymnastics put in a database and build out reports now takes me less than 30 hours. That's a 10x reduction in time and a 10x reduction in fees."
Vincent Walden is a Managing Director with Alvarez & Marsal's Disputes and Investigations in New York. He specializes in forensic data analytics, continuous controls monitoring, information governance, and legal discovery services. His primary focus area is in providing leading technology perspectives on proactive compliance programs and reactive investigations.
LinkedIn: @vincewalden
Email: [email protected]
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About Thomas Fox:
Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to arm seasoned compliance professionals and those new to the realm with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.
Order your copy OR copies of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.
http://www.lexisnexis.com/fox25 -
Compliance Evangelist Tom Fox shares the screen with Philip Winterburn, Founder and Chief Strategy Officer of Convercent, in yet another engaging conversation here at The Compliance Handbook podcast. Listen in as Philip shares his journey in compliance, the revolution that Convercent software created in the ethics space, and what he's seen from his perspective over the past decade.
Key takeaways in the episode:
✔️ Glean lessons how Philip's love for mathematics led him in applying technology to solve business problems and co-founding Convercent nine years ago as a dream to bring something different into the ethics and compliance world.
✔️ Why melding the concepts of behavioral science, ethics into compliance requires having good metrics to identify areas of weakness, where and how to apply the change, track trends, understand human behavior and influence those people, and then use data again to measure the impact of those programs.
✔️ Consider how the speed of social media and the potential reputational damage can get tricky for companies to defend themselves. Philip reminds: you don't need a great PR firm to protect you, but be good through and through. You have to act with integrity in everything you do.
✔️ Understand how the evolution of the thinking of risk is a business opportunity. Philip explores his observations on the shift from legal to business and from law to behavior in the compliance profession.
✔️ Lean in how Convercent journeyed as a profession of going from the regulatory world to now offering more about business enablement and business outcomes with the tools and capabilities they offer.
✔️ Looking into the future, it can be both an opportunity and challenge for the compliance and ethics profession to use artificial intelligence to accelerate and expand reach within organizations and elevate more significant insights.
✔️ The merging of Convercent into OneTrust portends for Convercent, driving ethics to the center of business and moving forward to a truly enterprise-wide risk management solution.
✔️ Analyzing and synthesizing information into key insights and telling stories, and engaging our business peers will be a critical skill set necessary for ethics and compliance professionals in the future.
✔️ Failing to embrace environmental, social, and governance (ESG) risks will be detrimental to the ethics and compliance professionals if we don't jump into it.
Philip Winterburn is the Founder and Chief Strategy Officer of Convercent, the world's first Ethics Cloud Platform. As a leading global provider of ethics and compliance software, companies use Convercent to engage with employees, understand organizational risk, and create more robust, sustained business performance opportunities. Convercent has over 600 global customers, including Microsoft, Four Seasons Hotels and Resorts, Capgemini, and Under Armour. Their customers span all industries, regions, and sizes and represent a growing breed of business leaders who care deeply about driving ethics to the center of their organizations.
Email: [email protected]
LinkedIn: Philip Winterburn
Website: www.convercent.com -
In this special episode, Compliance Evangelist Thomas Fox sits in an engaging and value-packed discussion with Hui Chen, former compliance consultant to the U.S. Department of Justice's Fraud Section and now chief integrity officer for the Hawaii Attorney General's office.
KEY TAKEAWAYS:
✔️ Hui advocates the need for a very interdisciplinary approach to compliance. Practitioners should become open to learning about social sciences and quantitative and qualitative studies, scientific methods, understanding how research is done, evaluating research outcomes, and evaluating the application of research.
✔️ Realize that people don't govern their daily lives by reading the codes and the regulations but with processes and behaviors, and that's what should be focused on by using a behavioral-based approach. Give the organization reason, opportunities, or motivations to NOT engage in the behavior you don't want them to do.
✔️ What differentiates compliance officers is their knowledge and familiarity with the business. It is required to be versatile in understanding every function in the organization and working with them. Compliance professionals need to develop those skill sets to appreciate and understand and measure and be part of what the business does in all of those aspects.
✔️ How do we measure that outcome? By going back to define what you are doing this for, if you do it successfully, what success looks like, and try to find measurements for that, that is important because that goes to whether we have all been wasting our time not with the compliance programs.
Hui is an internationally renowned leader in ethics and compliance. She regularly consults with companies as well as regulatory and enforcement authorities around the world, advising them on the design, implementation, and assessment of ethics & compliance programs. Hui is also a thought leader who collaborates with leading academic researchers and publishes regularly in business and academic journals.
Chen did this interview entirely in her personal capacity and nothing she said should be attributed to her office.
Connect with Hui Chen
Website: www.HuiChenEthics.com
Twitter @HuiChenEthics
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About Thomas Fox:
Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to arm seasoned compliance professionals and those new to the realm with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.
The "Nuts and Bolts" for Creating a Comprehensive Compliance Plan
This chapter of this unique work lays out a succinct yet thorough one month approach to operationalizing a company's compliance regimen. Beginning with a section on what 2020 brought to the compliance landscape, each chapter methodically outlines best practices for everything from establishing policies, procedures, and internal controls, to assessing risk, training, handling investigations, and more. Each day ends with three key takeaways you can implement at little or no cost.
Understanding Compliance Responsibility Across the Organization
The Compliance Handbook also takes a close look at all professionals' roles with compliance responsibility, from Compliance Officers and Boards of Directors to Human Resources, to Internal Audit and Internal Controls and Communications and Training professionals.
Order your copy OR copies of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.
http://www.lexisnexis.com/fox25 -
Compliance Evangelist Tom Fox sits in for an insightful yet powerful conversation with James Gellert, Chairman and Chief Executive Officer (CEO) of Rapid Ratings International. In this episode, glean the lessons that companies should never forget from the 2008 Financial Crisis to the Coronavirus health crisis and the total evolution of the business of compliance. Key points discussed in this episode:✔️ Finance and financial health is an excellent example of a risk area that historically may have been isolated or siloed for the finance team or a finance person within the supply chain to look at. But in reality, all of these risks are connected.✔️ Why the Rapid Rating approach helps companies manage their third-party supply chains through assessing financial health. We've seen significant changes over the last five to 10 years in the importance of financial health and how it helps define risk management programs. ✔️ Understand what a 3rd party ecosystem is and why companies need to understand the breadth and scope of their 3rd parties are really powerful. The more businesses can collaborate and communicate with each other, supply chain, risk management, supplier collaboration; these are crucial elements to creating the most robust ecosystem and benefiting both sides of that equation. ✔️ The silver lining to the Covid crisis made supply chain risk management stronger from now on, and more companies were able to adopt techniques than we ever had before. ✔️ More companies will benefit from more robust ecosystem creation and strengthening the ecosystems they've got into the future by embracing the importance of the digitalization of data they already have. Companies will need to spend a lot of time, money, and resources cleaning their data on their third parties and then implementing systematic approaches to managing those risks. James H. Gellert is the Chairman and CEO of RapidRatings International. Previously, he was the Managing Partner of Howland Partners, LLC, and Howland Securities LLC, which provided consulting, business development, capital raising, and M&A advisory to companies in the financial information and technology markets. Before those positions, he served as CEO of a number of technology companies, including wireless software and research companies SkyScout and Unstrung.Website: www.rapidratings.comAbout Thomas Fox:Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to arm seasoned compliance professionals and those new to the realm with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.The "Nuts and Bolts" for Creating a Comprehensive Compliance Plan This chapter of this unique work lays out a succinct yet thorough one month approach to operationalizing a company's compliance regimen. Beginning with a section on what 2020 brought to the compliance landscape, each chapter methodically outlines best practices for everything from establishing policies, procedures, and internal controls, to assessing risk, training, handling investigations, and more. Each day ends with three key takeaways you can implement at little or no cost. Understanding Compliance Responsibility Across the Organization The Compliance Handbook also takes a close look at all professionals' roles with compliance responsibility, from Compliance Officers and Boards of Directors to Human Resources, to Internal Audit and Internal Controls and Communications and Training professionals.Order your copy OR copies of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off. http://www.lexisnexis.com/fox25
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In 2021 amid the pandemic, the risks haven't changed, and the enforcements are still mostly related to third parties. In this new episode, compliance consultant Vanessa Rossi explains the importance of third-party risk management for companies and how they should look at program enhancement.
Key points discussed in this episode:
✔️ Socializing across the entire employee base is essential to education and training. What is the law? Why are we doing this? Is it a risk for us? And why do we have to train on this more than once? It takes teaching, messaging, and repeating to ensure that everybody on the team is on board.
✔️ Know that an effective program is the one that you're constantly upgrading. Even in a mature company with a mature third-party risk program already in place, practitioners must continually engage in risk assessing, monitoring, and incorporating concepts going forward because there is always room for improvement.
✔️ There are a lot of tech solutions out there that you should always be considering. If your program is not evolving, it's not changing, with the company facing numerous risks every day.
✔️ Collaboration and compliance cross so many different departments. In addition to working with the business sponsor of the third party and with the legal team, there’s Internal Audit and more departments to collaborate with. Socializing and collaboration are soft skills that you need.
✔️Don't take your eye off the Third Party Management Bill. You've got to continue with your due diligence procedures. The beginning of the pandemic put a wet blanket on everything, but you need to continue with your third-party management elements. It is difficult, but you shouldn't stop doing it because, if anything, engaging with third parties got riskier in specific sectors and certain types of third parties.
About Thomas Fox:
Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to arm seasoned compliance professionals and those new to the realm with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.
The "Nuts and Bolts" for Creating a Comprehensive Compliance Plan
This chapter of this unique work lays out a succinct yet thorough one-month approach to operationalizing a company's compliance regimen. Beginning with a section on what 2020 brought to the compliance landscape, each chapter methodically outlines best practices for everything from establishing policies, procedures, and internal controls, to assessing risk, training, handling investigations, and more. Each day ends with three key takeaways you can implement at little or no cost.
Understanding Compliance Responsibility Across the Organization
The Compliance Handbook also takes a close look at all professionals' roles with compliance responsibility, from Compliance Officers and Boards of Directors to Human Resources, to Internal Audit and Internal Controls and Communications and Training professionals.
In-Depth Treatment of Hot Topics and Trends
The Handbook provides an in-depth look at the latest thinking and trends for the full range of critical compliance topics, including:
• Compliance and business ventures
• Third-party risk management
• The Board's Role in Compliance
• Continuous improvement
• Compliance innovation
• And much more
Order your copy OR copies of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.
http://www.lexisnexis.com/fox25 -
The Evolution of Controls with Eric Young
Effective controls are the lifeblood of what makes a compliance program work. In today's episode of The Compliance Podcast, Thomas Fox sits down with former Global Chief Compliance Officer Eric Young and talks about internal controls, how human conscience overrides technology and emphasizing the long-term benefits of running clean organizations in the compliance space.
Major takeaways discussed in the episode:
From financial institutions to public corporations — understand that compliance & ethics bridges enterprise risk management and a system of internal controls, including internal accounting controls. It also is the fabric that cuts across the E-S-G, which is not yet viewed enough this way.
Know that an effective system of internal controls is about people, processes, and technology. People are the most important of the three because, without people, functions won't be clearly defined and assigned. Technology accelerates the flawed processes, gaps, and weaknesses leading to loss of data integrity and controls.
The COVID-19 pandemic has created a shift and has become an important opportunity for compliance to be the drivers of ethics and to stand as owners of the code to shape the behavior of corporations, not just focusing on maximizing profits but responsibly safeguarding employees
Be constantly reminded that a robust set of controls can be the backbone for financial management, but compliance and ethics can help a company build more efficient business process systems.
Connect with Eric Young
A compliance practitioner for 40 years, Eric re-engineers & advises firms on how Compliance, Ethics, Conduct, and RegTech programs can enable safe, healthy, sustainable growth.
LinkedIn: linkedin.com/in/youngerict
About Thomas Fox:
Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to arm seasoned compliance professionals and those new to the realm with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.
The "Nuts and Bolts" for Creating a Comprehensive Compliance Plan
This chapter of this unique work lays out a succinct yet thorough one-month approach to operationalizing a company's compliance regimen. Beginning with a section on what 2020 brought to the compliance landscape, each chapter methodically outlines best practices for everything from establishing policies, procedures, and internal controls, to assessing risk, training, handling investigations, and more. Each day ends with three key takeaways you can implement at little or no cost.
Understanding Compliance Responsibility Across the Organization
The Compliance Handbook also takes a close look at all professionals' roles with compliance responsibility, from Compliance Officers and Boards of Directors to Human Resources, to Internal Audit and Internal Controls and Communications and Training professionals.
In-Depth Treatment of Hot Topics and Trends
The Handbook provides an in-depth look at the latest thinking and trends for the full range of critical compliance topics, including:
• Compliance and business ventures
• Third-party risk management
• The Board's Role in Compliance
• Continuous improvement
• Compliance innovation
• And much more
Order your copy OR copies of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.
http://www.lexisnexis.com/fox25 -
Culture is the Foundation with Eric Feldman and Vin DiCianni
As we witness the evolution of work environments in the new normal, what will not change is the importance of building culture. Every successful compliance program takes roots in an organization's values and principles that determine how employees behave and approach situations.
In today's episode of The Compliance Handbook Podcast, host Thomas Fox is joined by industry experts Vin DiCianni, founder and President of Affiliated Monitors, Inc. (AMI), and Eric Feldman, Senior Vice President of AMI.
✅ Major takeaways discussed in the episode:
✔️ Feldman reminds us that culture is a foundational internal control without which all other controls will fail. The question is not "why do people commit fraud?" but "why do people comply?"
✔️ Aspire for a culture that motivates rather than just people working for compliance. Incentivize people who make decisions based on ethics and create the kind of environment that makes people want to follow the rules.
✔️ To change an entire company's culture, you can't just do it at the top of the organization. Leadership needs to be brought in at different levels of the organization to make it a team approach and effectively apply ethical changes.
✔️ Independent integrity monitors need to be brought in as a third-party assessment to help companies maintain a great culture proactively.
✔️ Be constantly reminded that messaging should be consistently made from the top to the bottom of the organization to establish the culture.
✅ About Thomas Fox:
Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to arm seasoned compliance professionals and those new to the realm with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.
✅ The "Nuts and Bolts" for Creating a Comprehensive Compliance Plan
This chapter of this unique work lays out a succinct yet thorough one month approach to operationalizing a company's compliance regimen. Beginning with a section on what 2020 brought to the compliance landscape, each chapter methodically outlines best practices for everything from establishing policies, procedures, and internal controls, to assessing risk, training, handling investigations, and more. Each day ends with three key takeaways you can implement at little or no cost.
✅ Understanding Compliance Responsibility Across the Organization
The Compliance Handbook also takes a close look at all professionals' roles with compliance responsibility, from Compliance Officers and Boards of Directors to Human Resources, to Internal Audit and Internal Controls and Communications and Training professionals.
✅ In-Depth Treatment of Hot Topics and Trends
The Handbook provides an in-depth look at the latest thinking and trends for the full range of critical compliance topics, including:
• Compliance and business ventures
• Third-party risk management
• The Board's Role in Compliance
• Continuous improvement
• Compliance innovation
• And much more
Order your copy OR copies of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.
http://www.lexisnexis.com/fox25 -
Business Ventures with Brandon Daniels
In today's episode of The Compliance Podcast, Thomas Fox is joined by regulatory expert and technology practitioner Brandon Daniels, President of Exiger - Global Markets.
Tune in to the episode as Thomas and Brandon share an interesting discussion about trending compliance risks and business ventures.
Major takeaways discussed in the episode:
Be reminded that third parties are essentially part of a company's ecosystem as well. Brandon Daniels emphasizes that third parties must also use compliance practices applied to the company’s people, processes, and technology.
Take advantage of technological advancements, namely the ability to utilize open-source data to evaluate risk in due diligence and assessments.
Recognize that holistic risk assessment is necessary to search hotspots subject to multi-factor risks. Doing so will effectively mitigate them to stay ahead of both commercial disruption and regulatory enforcement.
Be constantly reminded to avoid the risks that wipe out the profit.
Companies need to be thinking ahead beyond their business relationships and creating strong mitigation practices in times of crisis to stay relevant and economically successful.
Amid a pandemic, there are areas of growth in the market that will demand more robust compliance and more vital ESG practices.
About Thomas Fox:
Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to arm seasoned compliance professionals and those new to the realm with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.
The "Nuts and Bolts" for Creating a Comprehensive Compliance Plan
This chapter of this unique work lays out a succinct yet thorough one-month approach to operationalizing a company's compliance regimen. Beginning with a section on what 2020 brought to the compliance landscape, each chapter methodically outlines best practices for everything from establishing policies, procedures, and internal controls, to assessing risk, training, handling investigations, and more. Each day ends with three key takeaways you can implement at little or no cost.
Understanding Compliance Responsibility Across the Organization
The Compliance Handbook also takes a close look at all professionals' roles with compliance responsibility, from Compliance Officers and Boards of Directors to Human Resources, to Internal Audit and Internal Controls and Communications and Training professionals.
In-Depth Treatment of Hot Topics and Trends
The Handbook provides an in-depth look at the latest thinking and trends for the full range of critical compliance topics, including:
• Compliance and business ventures
• Third-party risk management
• The Board's Role in Compliance
• Continuous improvement
• Compliance innovation
• And much more
Incorporating Current Government Pronouncements
The Second Edition incorporates the most current government pronouncements governing best practices compliance programs, including the 2019 Evaluation of Corporate Compliance Programs released by the Fraud Section of the Department of Justice, and its 2020 Update; the updated FCPA Resource Guide 2nd edition; the Framework for OFAC Compliance Commitments; and the 2019 DOJ Antitrust Division's Evaluation of Corporate Compliance Programs in Criminal Antitrust.
Order your copy OR copies of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.
http://www.lexisnexis.com/fox25 -
Third parties are still perceived as the most prominent high risk for companies. Other than bribery and corruption -- modern slavery/human trafficking, data privacy, information and cybersecurity, anti-money laundering, and other areas are requiring third-party integrated risk assessment and planning.
Compliance and data privacy law thought leader Kristy Grant-Hart, CEO of Spark Compliance Consulting, offers an innovative approach and inspiring perspective in this conversation.
Major takeaways discussed in the episode:
Bribery and Corruption: This remains the most significant problem since the general business population's perception that what a third party does on your behalf isn't your problem. Because some countries have laws like that, this built the sensibility that "if I didn't do it, then it doesn't matter."
Due Diligence Integration: Every company is different; however, it is crucial to apply a comprehensive and consistent approach to conducting due diligence in all categories in appointing and maintaining relationships with third parties.
Scoping: By defining the degree of risk to be reviewed and identifying the highest probable risk scenario, this will be based on the quantitative things that we know, like the CPI score, like the Trafficking in-person report. That's where you try to start so that you're looking at the right risk with the right tools.
Digital Assets: Many parts of the business are not working together to have that third-party onboarding. The problem is that they don't want to work together necessarily. Using various technology-enabled solutions for your clients will enable you to clearly and effectively see across the entire risk spectrum.
About Thomas Fox:
Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to arm seasoned compliance professionals and those new to the realm with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.
The "Nuts and Bolts" for Creating a Comprehensive Compliance Plan
This chapter of this unique work lays out a succinct yet thorough one-month approach to operationalizing a company's compliance regimen. Beginning with a section on what 2020 brought to the compliance landscape, each chapter methodically outlines best practices for everything from establishing policies, procedures, and internal controls, to assessing risk, training, handling investigations, and more. Each day ends with three key takeaways you can implement at little or no cost.
Understanding Compliance Responsibility Across the Organization
The Compliance Handbook also takes a close look at all professionals' roles with compliance responsibility, from Compliance Officers and Boards of Directors to Human Resources, to Internal Audit and Internal Controls and Communications and Training professionals.
In-Depth Treatment of Hot Topics and Trends
The Handbook provides an in-depth look at the latest thinking and trends for the full range of critical compliance topics, including:
• Compliance and business ventures
• Third-party risk management
• The Board's Role in Compliance
• Continuous improvement
• Compliance innovation
• And much more
Order your copy OR copies of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.
http://www.lexisnexis.com/fox25 -
The Human Resources and Compliance departments play a crucial role in building a healthy workplace culture to stay relevant and succeed.
Many organizations face significant structural deficiencies that fail to bridge the gap between Compliance and H.R. In terms of structure, most often, there is a failure in defining roles and responsibilities that tends to be confusing to the management, which looks inefficient or redundant.
Like a well-oiled machine, a company functions seamlessly if both H.R. and compliance functions are synched and compatible when power, resources, and procedures are strategically set without overlapping.
To further explore this underutilized program, I spoke with one of the unique people in the compliance space. An executive coach, strategic advisor, and keynote speaker described by Forbes as "one of the top coaches for legal and compliance executives."
Amii Barnard - Bahn will add transparency as an H.R. professional to the compliance function to help accelerate compliance and legal executives' success.
Major takeaways discussed in the episode:
● Compliance officers should be aware of the Human Resource functions, like recruitment, employee annual life cycle, performance reviews, and compensation. Being involved in the process ensures that the company is getting the right people and ensuring strong ethical standards. If unchecked, conflict of interests is embedded even in the employment application that goes unchecked.
● Set up a Helpline instead of a hotline which is friendlier and less scary. Doing so gives people the confidence to speak up comfortably, raise questions and report misconduct without fear. Encouraging transparency in the workplace creates a belief that the company takes action. More calls mean more confidence that organizational justice can be served.
● Positional authority isn't the way to go and will not be useful in the future workplace. The pandemic has shown how the dynamics have changed, and good leadership and influence skills will get things done. Compliance officers should be critical of this going forward.
● Modern workers stay long in a company that they're proud of and that they feel is doing good work. The compliance department should look at strategies and steps towards reaching out and connecting with their employees and participating if not taking a stand involving necessary and impactful causes.
DOWNLOAD the FREE Promotability Index® by Amii Barnard-Bahn. Text number is 44-222. The word is PROMOTEME.
About Thomas Fox:
Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to arm seasoned compliance professionals and those new to the realm with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.
The "Nuts and Bolts" for Creating a Comprehensive Compliance Plan
The chapter of this unique work lays out a succinct yet thorough one month approach to operationalizing a company's compliance regimen. Beginning with a section on what 2020 brought to the compliance landscape, each chapter methodically outlines best practices for everything from establishing policies, procedures, and internal controls, to assessing risk, training, handling investigations, and more. Each day ends with three key takeaways you can implement at little or no cost.
Order your copy OR copies of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.
http://www.lexisnexis.com/fox25
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Internal Controls
Internal controls are an organization's processes, regulations, and practices for maintaining corporate governance's accuracy in fostering transparency and avoiding fraud. Internal controls may help enhance operating performance by improving the accuracy and reliability of financial statements, in addition to compliance with laws and legislation and discouraging workers from embezzling assets or committing fraud.
In another uber-treat episode of The Compliance Handbook, I've invited Karen Woody to talk about internal controls' role in compliance.
Key takeaways discussed in the chapter:
Understand how internal controls are compared to smoke alarms that go off if there's some wrongdoing happening.
Dive deeper into the four keys of internal controls for compliance. Learn how to use each key in your goal to have an ethical company.
Get the point that Internal controls can change, evolve, and grow as the bad guys get more sophisticated. Find the solution on how your organization can implement a dynamic policy.
Wade through the COSO 2013 Internal Controls Framework and see if the same policies will work for your organization.
Have knowledge of how the SEC views internal controls and why we have non-bribery SEC internal control enforcement actions.
Make sense of some lessons in failures of internal controls.
About Thomas Fox:
Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to arm seasoned compliance professionals and those new to the realm with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.
The "Nuts and Bolts" for Creating a Comprehensive Compliance Plan
The first chapter of this unique work lays out a succinct yet thorough 31-day approach to operationalizing a company's compliance regimen. Beginning with a section on what 2020 brought to the compliance landscape, the chapter methodically outlines best practices for everything from establishing policies, procedures, and internal controls, to assessing risk, training, handling investigations, and more. Each day ends with three key takeaways you can implement at little or no cost.
Order your copy OR copies of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.
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Innovation in Compliance with Ben Locwin
Companies need to be more innovative when it gets down to compliance. Thus, compliance practitioners should ensure that ethics and compliance are central to the business operation in response to today's evolving and fast-paced regulatory environment. Consequently, compliance programs should be innovative, behavior-based, yet consistent with organizational systems and policies.
However, one loophole with many compliance officers is they have legal professional backgrounds—the majority proceeds from the general counsel's office and private practice. Frankly, innovation is not high on the charts for what most compliance officers are taught. Instead, they were familiarized with the Socratic method to read cases and learn how to argue points.
So, how can a Corporate Compliance Officer think about an innovation strategy for any risk management program?
Ben Locwin, a well-known innovator in a wide variety of fields, is here to throw in some light about Innovation in Compliance.
Key takeaways discussed in the episode:
Decipher that connecting innovation and compliance is the pursuit of understanding the truth in the false positives and the false negatives.
Come to know that there's a marked difference between innovation and invention. Innovating the compliance infrastructure is always much more straightforward than creating something from scratch.
See through the truth that we're drowning in data but thirsting for information. Updating your beliefs with better data will always lead to better risk management outcomes.
Change the way you're looking at information so that you can position your company at the front edge boundary of what's accurate and correct.
Be reminded that the paradigm is changing; companies don't stay static, people's behavior doesn't stay static. Thus, continuous monitoring leads to constant improvement.
About Thomas Fox:
Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to arm seasoned compliance professionals and those new to the realm with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.
The "Nuts and Bolts" for Creating a Comprehensive Compliance Plan
The first chapter of this unique work lays out a succinct yet thorough 31-day approach to operationalizing a company's compliance regimen. Beginning with a section on what 2020 brought to the compliance landscape, the chapter methodically outlines best practices for everything from establishing policies, procedures, and internal controls, to assessing risk, training, handling investigations, and more. Each day ends with three key takeaways you can implement at little or no cost.
Understanding Compliance Responsibility Across the Organization
The Compliance Handbook also takes a close look at all professionals' roles with compliance responsibility, from Compliance Officers and Boards of Directors to Human Resources, to Internal Audit and Internal Controls and Communications and Training professionals.
In-Depth Treatment of Hot Topics and Trends
The Handbook provides an in-depth look at the latest thinking and trends for the full range of critical compliance topics, including:
• Compliance and business ventures
• Third-party risk management
• The Board's Role in Compliance
• Continuous improvement
• Compliance innovation
• And much more
Order your copy OR copies of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.
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Written Standards & Great Women In Compliance with Mary Shirley & Lisa FineThe definition of a successful compliance program is not foreign for many compliance specialists. However, the challenge is to understand what it truly means for a compliance program to be effective. Most organizations claim that the central meaning of compliance is to define and enforce guidelines and standards that can minimize the possibility of a violation of compliance. Though, the truth remains that if misconduct exists, your attempt to highlight that your compliance policy conforms with regulatory requirements will increment your culpability score and contribute to a noticeable difference in fines and jail time.To help you paddle through your compliance programs, I recently met two influential women in compliance, Lisa Fines and Mary Shirley. These phenomenal women will add transparency to these ethics and compliance concerns. We will dive into written compliance and touch base on #GWIC (Great Women In Compliance) and how it has become a powerful platform that supports compliance practitioners. Key takeaways discussed in the episode:Know what is written compliance inside out. Understand that everybody needs to know what the rules are. But, it should not be lawyer-written, 20 pages long. Use the simplest terms possible, break things down to the absolute essential thinking. Call to mind that the code is our ethos, and the policies are the regulations to explain them. If possible, get your message across in the shortest possible time using the least words possible.Hark back to the truth that there is no one size fits all compliance program. Thus, make learning come to life and apply it to people's job roles. As much as possible, tell people what the expectations are and help facilitate their decision-making.Factor into that it's natural to maintain your relationships with former colleagues, but It's not okay and could be risky if you talk shop with them.Support Women Empowerment and appreciate their contributions, especially in compliance. Learn how #GWIC grew into a community of great women who share valuable resources and support compliance practitioners. About Thomas Fox:Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to arm seasoned compliance professionals and those new to the realm with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.Incorporating Current Government PronouncementsThe Second Edition incorporates the most current government pronouncements governing best practices compliance programs, including the 2019 Evaluation of Corporate Compliance Programs released by the Fraud Section of the Department of Justice, and its 2020 Update; the updated FCPA Resource Guide 2nd edition; the Framework for OFAC Compliance Commitments; and the 2019 DOJ Antitrust Division's Evaluation of Corporate Compliance Programs in Criminal Antitrust.eBooks, CDs, downloadable content, and software purchases are non-cancellable, non-refundable, and non-returnable. Click here for more information about LexisNexis eBooks. The eBook versions of this title may feature links to Lexis + for further legal research options. A valid subscription to Lexis + is required to access this content.Order your copy OR copies of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off. http://www.lexisnexis.com/fox25
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Effective Compliance Program Hallmark: Training and Communication with Ronnie and Ricardo
Organizations take measures to articulate their policies and guidelines realistically. Doing this ensures that they can promote their compliance and ethics programs to people with unique positions and obligations by meaningful preparation and exchanging knowledge relevant to them.
However, due to their limited understanding of the hallmarks of effective compliance, specifically training and communication, plus the amount of consideration and attention they provide to it, companies sometimes fall far short of the compliance goals.
While several companies and regulatory agencies assume that they treat the training and communication hallmark well, this is the area they sometimes curve out of their most vital point.
The reasons why most organizations struggle to fulfill the criteria of this hallmark can be:
Lack of daily scrutiny and continuing contact
For the employee, not ensuring preparation and policy coordination are appropriate.
Incorrect or insufficient assessment of preparation and policy efficacy
Not giving regard to the risk prioritization of training.
In today's Compliance Handbook chapter, we'll dive deeper into the fourth hallmark of effective compliance frameworks: training and communication. We're joined by two experts in the compliance field, Ronnie Feldman and Ricardo Pellafone.
Key takeaways discussed in the chapter:
While training is valuable most of the time, it's not a tool to an end in compliance. It's a tool you use to prevent misconduct, but it's not an end in itself. It fills a unique niche within the compliance officer's means, but it's compelling when used for the right purpose.
Discover how not to lose trust. Note that if compliance training is boring and preachy, people are annoyed at you for making them go through the experience. As a result, they don't think well of compliance, which means they are much less likely to speak up to ask questions and report concerns.
Analyze who among the players in your organization had to undergo compliance training. Find answers to questions like, "Will the compliance training benefit the regular employee, or it should be those that are in the higher ends—with the authority to either create or control risk?"
Training is good, but also consider that people need reminding more than they need instruction.
Simplicity and utility are the keys! Your compliance framework should not be extensive and complicated. When things are designed well and they are useful, people will use them.
Have you ever been caught in a situation where you're a manager, you have to approve an invoice from a third party. What are you looking for? That is something that pretty much no one is ever trained on what to do. This is the big difference between the traditional top-down model of training versus the training model used by Ricardo Pellafone. If you want to learn more about this training method, tune in to the chapter.
Comedy and entertainment principles can go along with compliance? Sure thing! We like trying new things and discover how well Ronnie blended these elements to create an effective compliance framework.
Order your copy OR copies of The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off. http://www.lexisnexis.com/fox25 -
The Board's overarching intention is to maintain a company's growth and success by overseeing its affairs while fulfilling its owners and critical parties' appropriate needs.
On a case-by-case basis, it is for the Board to judge which participants it treats as 'important' and which of its concerns is necessary to comply with, keeping in view the legislation, the relevant laws, and market considerations. A board of directors does a uniquely challenging range of obligations and obstacles in fulfilling this core objective and often faces a set of contradicting set of priorities.
These Pandora's boxes motivated Tom Fox to take a leap and do something to educate and provide valuable resources for board members and those in the same field.
In todays' episode of The Compliance Podcast, Tom is joined by the legendary Mike Volkov of the Volkov Law Group. Tune in to the episode as Tom and Mike share a meaningful discussion about the "The Role of Boards and Compliance."
Key Takeaways Discussed in the Episode:
Be reminded of the crucial roles of the Board as accentuated by Mike Volkov. According to Mike, at all times, the Board should;
Promote the goodwill of clients and related stakeholders.
Bear the accountability for overseeing the company and its operations through a management structure and entrepreneurial leadership.
Be mainly accountable for authorizing the organization's strategic goals and working to ensure that the human and financial capital required to achieve such objectives are made available.
Continually evaluates the risk assessment and internal control activities of the organization through the Audit Committee.
Recognize any weaknesses or shortcomings to accomplish its ultimate aim. Therefore, the Board is advised to reflect on specific duties that it must or intends to conduct itself and determine if the top leadership can execute further in the correct way.
Have you heard of the "High-minded Nondisclosure Route"? If not, tune in to the episode, as this might help when things get rough.
Recognize the importance of having a Board of Directors' Compliance Committee and why there should be a Compliance expert on the Board.
Hear more about what leads to a successful Board investigation and the compliance metrics a Board should look for.
Be informed of recent Board failures in compliance and learn from these failures to not walk on the same path.
Explore the promising outcomes of incorporating compliance into long-term Board strategy.
Does the Board have a role in hiring? How about in the succession planning for a CCO(Chief Commercial Officer)? YES! The Board plays a crucial role in these organizational decisions. Watch the full show or listen to the podcast if you're interested to know more about these roles.
About Thomas Fox:
Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook he continues to arm seasoned compliance professionals, and those new to the realm, with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.
Understanding Compliance Responsibility Across the Organization
The Compliance Handbook also takes a close look at the role of all professionals with compliance responsibility, from Compliance Officers and Boards of Directors, to Human Resources, to Internal Audit and Internal Controls and Communications and Training professionals.
Order your copy OR copies of the The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.
http://www.lexisnexis.com/fox25 -
How Do You Create an Effective Compliance Program with Stephen Martin
The compliance department is frequently viewed by companies as an afterthought. Many companies scramble to bring procedures in place only on time or after it’s too late. Worse still, the position is siloed by several companies, with the sales team seeing compliance officers mostly as too fast to respond "No!".
Ironically, though, businesses lacking a compliance culture frequently contend with more disciplinary measures and lawsuits than their complying rivals rather than concentrating on operating a profitable company. In other terms, vital resources are saved with a successful compliance policy, covering individuals, time, and capital.
Realistically, building a compliance foundation is the most significant security for an organization to reduce risk. Thus, growing to achieve sales and creating proof of compliance with applicable laws, compliance should be recognized as an internal insurance system. With that, organizations should strive to develop a successful compliance program.
But, how do you create an effective compliance program?
Most organizations start by implementing 'StoneTurn's Global Compliance Framework'. These standards have been widely recognized and applied internationally to lead enterprises in day-to-day activities, thus aligning with national rules, regional codes, and sector best practices.
In this chapter of The Compliance Handbook, we're joined by a renowned expert in the world of compliance, Stephen Martin. Join us as we understand the essence of creating a practical compliance framework for your organization.
Key takeaways mentioned in the chapter:
Realize that compliance is far beyond FCPA compliance. AML, Anti-trust, Fraud, FCA, trade sanctions. It is helping the business better return on investment and driving ethics in a much more visible way.
The number one challenge in compliance right now is the expectation that you can use data analytics to help with your oversight and monitoring of your compliance program. Learn how to get above this challenge and set compliance systems in place so you'll never encounter the same issue in the future.
Take something on board to focus much on the ethics and the culture side by implementing your effective compliance program.
Remind yourself that, Ethical Leadership is the best compliance measure that you could put in place. But again, companies struggle with that area about how do you do it? Culture change is not easy, and cultural impact is not easy.
The "31 Days to a More Effective Compliance Program" is the answer to all your compliance issues. Learn more about this framework straight from the expert himself, Stephen Martin.
Have a deep dive into the six elements of compliance;
Risk Assessment
Governance and Structure
Policies, Procedures, and Controls
Training and Education
Oversight and Reporting
Response and Enhancements
Watch the full episode on Youtube here: https://youtu.be/14rqfEA5hg8 or catch it on your favorite podcast app.
About Thomas Fox:
Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook he continues to arm seasoned compliance professionals, and those new to the realm, with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.
Understanding Compliance Responsibility Across the Organization
The Compliance Handbook also takes a close look at the role of all professionals with compliance responsibility, from Compliance Officers and Boards of Directors, to Human Resources, to Internal Audit and Internal Controls and Communications and Training professionals.
Order your copy OR copies of the The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.
http://www.lexisnexis.com/fox25
