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Convercent Webinar Ethisphere Strategy Report


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View this slides from this exclusive webinar to learn how Convercent and Ethisphere takes a deeper dive into critical compliance challenges, insights and benchmarks, including key metrics that compliance officers share with others across the organization and what the key drivers are for best-in-class compliance programs.

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Convercent Webinar Ethisphere Strategy Report

  2. 2. © 2015. All Rights Reserved | 2 SPEAKERS Patrick Quinlan CEO Convercent Erica Salmon Byrne Executive Vice President, Compliance & Governance Services Ethisphere Agenda Key Data & Benchmarks to leverage Emerging Best Practices to adopt Predictions for 2016 to keep a close eye on
  3. 3. © 2015. All Rights Reserved | 3 INFLUENCE & STRATEGY
  4. 4. © 2015. All Rights Reserved | 4 Budgets and visibilitytrendingupwards
  5. 5. © 2015. All Rights Reserved | 5 TREND ALERT “ Whether the compliance officer reports to the general counsel or the CEO is not going to govern an analysis of whether the compliance function is working. What’s more important than where compliance is housed is the independence of the function, that the compliance officer has a ‘voice at the table’and can be heard by the board.” —Andrew Weissmann Chief, Fraud Section – Criminal Division U.S. Department of Justice 16% of surveyed CCOs report to the CEO, compared to 36% of the World’s Most Ethical Companies.
  6. 6. © 2015. All Rights Reserved | 6 Compliancemore informed, but not influential
  7. 7. © 2015. All Rights Reserved | 7 Risk assessments, not strategy,driving compliancepriorities
  8. 8. © 2015. All Rights Reserved | 8 TREND ALERT “Buyers splashedout $3.8 trillionon mergers and acquisitions in 2015, the highest amount ever.” 34% of employees at companies in M&A situations experienced retaliation—twice the rate as more stable workplaces. 27% increase in observed misconduct during M&A transitions
  9. 9. © 2015. All Rights Reserved | 9 DATA & METRICS
  10. 10. © 2015. All Rights Reserved | 10 Lack of data availability, access and centralization
  11. 11. © 2015. All Rights Reserved | 11 TREND ALERT “ Strong compliance must be data-driven. A good compliance officer should be able to rattle off a list [of the types of data they would monitor] off the top of their heads and their list will tell me the level of their sophistication as a compliance professional. Similarly, when I look at compliance programs, the kind of data that they do and do not monitor tells me a lot abouthow sophisticated their program is.” —Hui Chen Compliance Expert, Fraud Section Criminal Division U.S. Department of Justice
  12. 12. © 2015. All Rights Reserved | 12 Compliancedrawing on other department data
  13. 13. © 2015. All Rights Reserved | 13 TREND ALERT “ Every piece of your program needs to actually be tied to the operations of your company. When you don’t tie those systems together, it’s very easy to ignore the other system that’s not necessary to make the transaction happen.” —Hui Chen Compliance Expert, Fraud Section Criminal Division U.S. Department of Justice
  14. 14. © 2015. All Rights Reserved | 14 ROI most desired—and elusive—metric
  15. 15. © 2015. All Rights Reserved | 15 TREND ALERT “ Companies have searched for reasonable metrics to assess how likely their employees are to follow their rules...But years into this quest, many compliance experts are no closer to agreeing what exactly a culture of compliance is or how to measure it.”
  16. 16. © 2015. All Rights Reserved | 16 PROGRAM REPORTING
  17. 17. © 2015. All Rights Reserved | 17 State of the programreports deliveredat least annually
  18. 18. © 2015. All Rights Reserved | 18 Report frequency, content, format and audiencevary
  19. 19. © 2015. All Rights Reserved | 19 TREND ALERT “ A firm’s culture is a key driver behind the behavior of those in it. In many cases, where things have gone wrong in a firm, a cultural issue is at the heart of the problem.” —UK Financial ConductAuthority Compliance Culture—A Timeline of Regulators’Comments WSJ
  20. 20. © 2015. All Rights Reserved | 20 TREND ALERT “ The fact is that many of our internal processes, controls, and actions around compliance have been inadequate, and some decisions have just been plain wrong. As a result, [CEO Conrad] Parker has resigned. In order for us to move forward as a company, we cannot seek to hide or downplaythe problem. We must admit it and remediate it as soon as possible. —David Sacks CEO, Zenefits BusinessInsider
  21. 21. © 2015. All Rights Reserved | 21 InconsistentReportingPractices
  22. 22. © 2015. All Rights Reserved | 22 Q&A