The presentation included a discussion of practical steps in-house lawyers can take to build, grow, and measure their corporate compliance program, and why such programs are important for companies, especially those preparing for a sale.
Technology can help combat procurement corruption through integrated purchasing portals, cloud computing, data analytics, artificial intelligence, and blockchain. Traditional methods are prone to human manipulation, while mainstream technology still allows some corruption. Advanced technology provides more transparency and accountability. Data analytics and AI applied to procurement data consolidated in the cloud can identify irregular patterns, achieve significant cost savings, and enhance forecasting. Blockchain technology makes document tampering virtually impossible and is well-suited for industries vulnerable to counterfeiting or where supply chain integrity is critical. Early adopters are already seeing benefits by focusing blockchain on high-risk business areas.
Conduct Risk – What Corporates Can Learn From The Financial SectorEversheds Sutherland
Over the last few years the financial services industry has wrestled with the impact of poor conduct. Fines and penalties have soared, franchises have been damaged and the legal and regulatory burden has forced a complete rewriting of business models. As a result there has been a sharpened focus from both a regulatory and governance perspective on “conduct risk” – the pro-active management of anything in which an institution might engage which could impact on customer outcomes, or market integrity. We look into what corporates in other sectors can learn from financial institutions in terms of compliance, culture, governance and ”conduct risk”.
This document summarizes a webinar presented by CBIZ & MHM on developments at the PCAOB and SEC. It discusses perspectives from leaders at the AICPA, SEC, FASB, IASB, and PCAOB on key themes in their areas. Technical accounting topics covered include revenue recognition, leases, credit losses, and tax reform. SEC reporting topics addressed are cybersecurity, internal controls, non-GAAP measures, and pay ratios. Recent SEC rulemaking efforts around disclosure effectiveness are also summarized.
What Risk Factors Not-For-Profit Organizations Need to Know in Today's COVID-...Citrin Cooperman
This webinar discusses risk factors non-profit organizations need to be aware of during the COVID-19 pandemic. It covers topics like fraud risks, enterprise risk management, and the fraud triangle. Panelists will discuss how non-profits can identify risks, establish risk management policies, and determine the appropriate response when suspecting fraud. Attendees can submit questions and learn about benefits of implementing enterprise risk management programs.
C-Suite Snacks Webinar Series: Best-In-Class Finance and Accounting: Should Y...Citrin Cooperman
This document summarizes a webinar on choosing between buying or building best-in-class finance and accounting functions. It discusses that finance excellence has four dimensions: strategy, process, talent, and technology. It also outlines assessing the current state, conducting cleanup, and stabilizing operations before transforming. The path includes assessing costs and controls, conducting cleanup to ensure accurate historical data, and options for stabilization including internal rebuilding, outsourcing, or a hybrid model. Finally, it compares considerations for fully building the function internally versus buying services externally or using a hybrid approach.
Legal Governance, Risk Management and ComplianceEffacts
The key for corporate legal departments in minimizing risks lies in identifying relevant risks, creating and aligning controls, and monitoring them to ensure compliance.
The document outlines 10 common reasons why businesses fail. They include poor financial management, inadequate business planning, lack of understanding of pricing structures and margins, poor cash flow management, lack of financial reserves, inappropriate use of credit, poor tax management, failure to submit tax returns on time, poor processes and procedures, and failure to seek professional advice. Addressing these issues through financial tracking software, comprehensive business planning, regular pricing and cost reviews, cash flow monitoring, maintaining financial reserves, obtaining appropriate credit, managing taxes, following procedures, and consulting advisers can help businesses avoid common pitfalls and improve their chances of long-term survival.
Identify, measure, and communicate legal and compliance risk in a whole new way. Lawyers, compliance officers, contract managers, and other legal professionals can discover how to measure and manage legal risk more effectively. "6 Steps to Legal Risk Management" provides practical guidance on developing a risk management framework and adapting it to legal and compliance risk. The approach is based on the internal risk management standard: ISO 31000.
Technology can help combat procurement corruption through integrated purchasing portals, cloud computing, data analytics, artificial intelligence, and blockchain. Traditional methods are prone to human manipulation, while mainstream technology still allows some corruption. Advanced technology provides more transparency and accountability. Data analytics and AI applied to procurement data consolidated in the cloud can identify irregular patterns, achieve significant cost savings, and enhance forecasting. Blockchain technology makes document tampering virtually impossible and is well-suited for industries vulnerable to counterfeiting or where supply chain integrity is critical. Early adopters are already seeing benefits by focusing blockchain on high-risk business areas.
Conduct Risk – What Corporates Can Learn From The Financial SectorEversheds Sutherland
Over the last few years the financial services industry has wrestled with the impact of poor conduct. Fines and penalties have soared, franchises have been damaged and the legal and regulatory burden has forced a complete rewriting of business models. As a result there has been a sharpened focus from both a regulatory and governance perspective on “conduct risk” – the pro-active management of anything in which an institution might engage which could impact on customer outcomes, or market integrity. We look into what corporates in other sectors can learn from financial institutions in terms of compliance, culture, governance and ”conduct risk”.
This document summarizes a webinar presented by CBIZ & MHM on developments at the PCAOB and SEC. It discusses perspectives from leaders at the AICPA, SEC, FASB, IASB, and PCAOB on key themes in their areas. Technical accounting topics covered include revenue recognition, leases, credit losses, and tax reform. SEC reporting topics addressed are cybersecurity, internal controls, non-GAAP measures, and pay ratios. Recent SEC rulemaking efforts around disclosure effectiveness are also summarized.
What Risk Factors Not-For-Profit Organizations Need to Know in Today's COVID-...Citrin Cooperman
This webinar discusses risk factors non-profit organizations need to be aware of during the COVID-19 pandemic. It covers topics like fraud risks, enterprise risk management, and the fraud triangle. Panelists will discuss how non-profits can identify risks, establish risk management policies, and determine the appropriate response when suspecting fraud. Attendees can submit questions and learn about benefits of implementing enterprise risk management programs.
C-Suite Snacks Webinar Series: Best-In-Class Finance and Accounting: Should Y...Citrin Cooperman
This document summarizes a webinar on choosing between buying or building best-in-class finance and accounting functions. It discusses that finance excellence has four dimensions: strategy, process, talent, and technology. It also outlines assessing the current state, conducting cleanup, and stabilizing operations before transforming. The path includes assessing costs and controls, conducting cleanup to ensure accurate historical data, and options for stabilization including internal rebuilding, outsourcing, or a hybrid model. Finally, it compares considerations for fully building the function internally versus buying services externally or using a hybrid approach.
Legal Governance, Risk Management and ComplianceEffacts
The key for corporate legal departments in minimizing risks lies in identifying relevant risks, creating and aligning controls, and monitoring them to ensure compliance.
The document outlines 10 common reasons why businesses fail. They include poor financial management, inadequate business planning, lack of understanding of pricing structures and margins, poor cash flow management, lack of financial reserves, inappropriate use of credit, poor tax management, failure to submit tax returns on time, poor processes and procedures, and failure to seek professional advice. Addressing these issues through financial tracking software, comprehensive business planning, regular pricing and cost reviews, cash flow monitoring, maintaining financial reserves, obtaining appropriate credit, managing taxes, following procedures, and consulting advisers can help businesses avoid common pitfalls and improve their chances of long-term survival.
Identify, measure, and communicate legal and compliance risk in a whole new way. Lawyers, compliance officers, contract managers, and other legal professionals can discover how to measure and manage legal risk more effectively. "6 Steps to Legal Risk Management" provides practical guidance on developing a risk management framework and adapting it to legal and compliance risk. The approach is based on the internal risk management standard: ISO 31000.
- Are companies ready? Minimising risks and strategies to meet the deadlines
- Educating business stakeholders: how will regulatory changes affect all business processes?
- Holistic approach to dealing with additional international transparency requirements
Louise Li, Director of Tax, EMEA and APAC, International
Taxation, Wells Fargo
The environment that enabled this situation to occur likely had weaknesses in some of the basic elements that help prevent corruption:
- Governance principles were likely weak - rules, monitoring and compliance may have been lax, allowing more discretion.
- Operational controls were probably not tight - goals may have been unclear, systems loose, process controls weak, information integrity and accountability lacking.
- Institutional basics may have been absent or weak - hierarchy and supervision unclear, management not based on written processes, staff possibly not well trained or working part-time/casually.
Societal foundations like democracy, free press, rule of law and property rights that help prevent corruption may have been nascent or absent in Revolutionary-era France.
This document provides an overview of cyber threats facing businesses in Gloucestershire. It discusses rising cybercrime rates nationally and locally, with the average financial loss to Gloucestershire from cybercrime being over £250,000 per month. Typical cyber attacks include phishing, ransomware, and DDoS attacks. The document urges businesses to purchase cyber insurance, stresses the importance of complying with new GDPR regulations, and provides resources for reporting cyber incidents and getting help. It concludes by recommending basic cybersecurity practices for businesses and individuals to better protect themselves online.
This document provides a program guide for the Dbriefs webcast series from July to September 2013. It outlines various webcast topics within the areas of financial executives, industries, markets, HR executives, technology executives, and tax executives. The webcasts will discuss emerging issues leaders need to address, including driving enterprise value, governance and risk, financial reporting, transactions and business events, and specific industry topics. The guide provides details on subscription information and accessing materials from past Dbriefs webcasts.
This document summarizes a presentation on data protection and preparing for the General Data Protection Regulation (GDPR) given to the National Council for Voluntary Organisations (NCVO). It discusses key areas charities need to focus on to comply with GDPR, including obtaining valid consent, updating privacy policies and communications, data protection officers, working with third party processors, and individuals' new rights. The presenters recommend charities conduct an audit and mapping exercise to focus on policies, consent practices, records management, agreements, and staff training on data protection.
**Presented by Robin Singh**
Common Pitfalls While Implementing an Anti-corruption Program
1. Management's today, in their hunger for success and appreciation of shareholders equity tend to forget the core essence behind the words in their vision and mission statements, corporate social responsibilities, duties towards employees, third parties etc.
2. Today companies around the world plagued with challenges associated with corruption. While strong leadership from the top is necessary. It has to be one joint effort.An Anti-corruption program success requires changes in behaviour from your senior and middle managers, employees, contractors, suppliers, and all related parties that play a part in forming a living entity.
3. This presentation describes several reasons why anti-corruption programs often fail and provides practical recommendations to strengthen and improve an anti-corruption practice that needs to be incorporated.
Voluntary tax compliance. Skatteverket and the Swedish culture. Cooperation b...EUROsociAL II
Voluntary tax compliance. Skatteverket and the Swedish culture. Cooperation between DIAN and Skatteverket / Anders Stridh & Lennart Wittberg - Swedish Tax Agency
This presentation discusses raising awareness and comprehension of compliance programs to prevent corruption. It covers defining key terms like bribery, fraud, and corruption. It also outlines key anti-corruption trends driving greater compliance, such as increasing scrutiny, law reform, and disclosure obligations. Specific examples of corruption at an organization are provided. The presentation emphasizes the importance of organizational culture and ethics in enhancing compliance. It also discusses benefits to organizations of having robust integrity systems like reputation, lower costs, and attracting top talent.
Asset Management Industry Success: Build, Transform and Protect Value into 2020Grant Thornton LLP
Though hedge fund volume has doubled in the past five years, fees are pressured down; responsive strategies to replace fee dependency include expansion — M&A, joint ventures and alliances.
By consistently monitoring and keeping track of the changing statutory norms and regulations, we at Offshore Accounting & Taxation Services (OATS) aim to reduce risk for the clients and bring high levels of efficiency in our process.
Trends shaping the future of legal risk management by dave cunningham and m...David Cunningham
The legal market is conservative when it comes to risk management, and firms often view proactive risk identification and policy setting as more perilous than helpful. However, recent events related to data breaches, regulatory compliance, and client issues are driving increased focus on risk management from general counsels, insurers, and clients. Key trends include greater partnership between general counsels and IT leaders on risk issues; heightened attention to data confidentiality and security; engagement of professional liability insurers in risk discussions; and growing client sophistication in evaluating law firms' risk handling capabilities. Over time, firms may transition more risk responsibilities to centralized teams and formalize previously implicit risk mitigation.
The document summarizes information from a charity regulation conference on February 5, 2018. It discusses new rules on disqualification of trustees and senior managers taking effect in August 2018, which will expand the list of criminal offenses that result in automatic disqualification from certain charity roles. The document provides guidance on identifying roles covered by the new rules, determining if current or prospective individuals may be affected, supporting waiver applications, and updating recruitment policies and practices.
Session 309 - Allocating Risk for Your Company - Playing the Feud (cjp 10.26)Carl Peterson
This document summarizes a presentation on allocating risk for companies. It discusses how the compliance landscape is evolving and requiring more comprehensive risk assessment. A survey of in-house counsel found that few have formal compliance programs in place with the recommended 10 hallmarks. The presentation provides frameworks for creating a basic risk assessment and discusses potential ethical issues to consider, such as confidentiality and conflicts of interest. It also features a game segment where attendees vote on the highest risks in different categories based on survey responses. The overall message is that companies need to systematically identify, prioritize and manage risks on an ongoing basis to create a legally defensible compliance program.
A LexisNexis survey of legal departments found a renewed sense of optimism among U.S.-based corporate legal departments. More than 70% of survey respondents, which were mostly comprised of corporate attorneys, said this year has been better as compared to the previous year. The survey also found that corporate legal departments are planning to bring more work in-house, that compliance and operational efficiency are the top challenges, and expect legal budgets and staffing to remain flat.
Your business faces risks on multiple fronts, so risk management should be a strategic priority. Identifying and addressing risks helps your business run smoothly, and keeps you focused on pursuing your business objectives. We discuss strategies to mitigate your IT threats, explore insurance options and assess your internal control needs.
Riskpro is an Indian risk management consulting firm with offices in major cities. It provides integrated risk management services to mid-large corporations and financial institutions. Services include governance, risk and compliance solutions. Riskpro differentiates itself by focusing exclusively on risk management and by having over 200 cumulative years of experience among its professionals. It offers a hybrid delivery model and can take on large, complex projects. Services include advisory on various types of risk like credit, market, operational, and regulatory compliance.
Security, Data Breach & The Bottome Line: A Forecast For Manufacturers & Dist...CBIZ, Inc.
This document summarizes a presentation on cybersecurity risks for manufacturing companies. It discusses how manufacturers face significant cyber threats, with over 1 million industrial control systems directly connected to the internet. Recent high-profile attacks like those on Target, a German steel mill, and Anthem resulted in hundreds of millions of dollars in costs. While companies may feel protected due to their size, manufacturers store valuable intellectual property and operational data that hackers seek. The presentation provides recommendations for prevention including network segmentation, access controls, training, and response planning.
How clients are reacting to uncertainty and how best to deal with itnetwealthInvest
Drawing on CoreData's just completed research Andrew Inwood shares insights into how Australian investors are reacting to the coronavirus uncertainty and how advisers can best support clients in this environment.
The allocation of executive compensation resources is being scrutinized by internal and external forces. Regulations, board governance issues, and the lower margins require new thought processes on the various pieces of the compensation puzzle and how they fit together.
This document provides a program guide for the Dbriefs webcast series from July to September 2013. It outlines various webcast topics within the areas of Financial Executives, Industries, Markets, HR Executives, Technology Executives, Tax Executives, and Our Presenters. Some of the highlighted webcasts include discussions on emerging markets opportunities and competition, IT infrastructure transformation challenges, risk management lessons, executive compensation trends, cybersecurity issues for boards, and information reporting and withholding tax liabilities. The guide encourages subscribers to look ahead at emerging business trends and gain insights from these convenient live webcasts.
- Are companies ready? Minimising risks and strategies to meet the deadlines
- Educating business stakeholders: how will regulatory changes affect all business processes?
- Holistic approach to dealing with additional international transparency requirements
Louise Li, Director of Tax, EMEA and APAC, International
Taxation, Wells Fargo
The environment that enabled this situation to occur likely had weaknesses in some of the basic elements that help prevent corruption:
- Governance principles were likely weak - rules, monitoring and compliance may have been lax, allowing more discretion.
- Operational controls were probably not tight - goals may have been unclear, systems loose, process controls weak, information integrity and accountability lacking.
- Institutional basics may have been absent or weak - hierarchy and supervision unclear, management not based on written processes, staff possibly not well trained or working part-time/casually.
Societal foundations like democracy, free press, rule of law and property rights that help prevent corruption may have been nascent or absent in Revolutionary-era France.
This document provides an overview of cyber threats facing businesses in Gloucestershire. It discusses rising cybercrime rates nationally and locally, with the average financial loss to Gloucestershire from cybercrime being over £250,000 per month. Typical cyber attacks include phishing, ransomware, and DDoS attacks. The document urges businesses to purchase cyber insurance, stresses the importance of complying with new GDPR regulations, and provides resources for reporting cyber incidents and getting help. It concludes by recommending basic cybersecurity practices for businesses and individuals to better protect themselves online.
This document provides a program guide for the Dbriefs webcast series from July to September 2013. It outlines various webcast topics within the areas of financial executives, industries, markets, HR executives, technology executives, and tax executives. The webcasts will discuss emerging issues leaders need to address, including driving enterprise value, governance and risk, financial reporting, transactions and business events, and specific industry topics. The guide provides details on subscription information and accessing materials from past Dbriefs webcasts.
This document summarizes a presentation on data protection and preparing for the General Data Protection Regulation (GDPR) given to the National Council for Voluntary Organisations (NCVO). It discusses key areas charities need to focus on to comply with GDPR, including obtaining valid consent, updating privacy policies and communications, data protection officers, working with third party processors, and individuals' new rights. The presenters recommend charities conduct an audit and mapping exercise to focus on policies, consent practices, records management, agreements, and staff training on data protection.
**Presented by Robin Singh**
Common Pitfalls While Implementing an Anti-corruption Program
1. Management's today, in their hunger for success and appreciation of shareholders equity tend to forget the core essence behind the words in their vision and mission statements, corporate social responsibilities, duties towards employees, third parties etc.
2. Today companies around the world plagued with challenges associated with corruption. While strong leadership from the top is necessary. It has to be one joint effort.An Anti-corruption program success requires changes in behaviour from your senior and middle managers, employees, contractors, suppliers, and all related parties that play a part in forming a living entity.
3. This presentation describes several reasons why anti-corruption programs often fail and provides practical recommendations to strengthen and improve an anti-corruption practice that needs to be incorporated.
Voluntary tax compliance. Skatteverket and the Swedish culture. Cooperation b...EUROsociAL II
Voluntary tax compliance. Skatteverket and the Swedish culture. Cooperation between DIAN and Skatteverket / Anders Stridh & Lennart Wittberg - Swedish Tax Agency
This presentation discusses raising awareness and comprehension of compliance programs to prevent corruption. It covers defining key terms like bribery, fraud, and corruption. It also outlines key anti-corruption trends driving greater compliance, such as increasing scrutiny, law reform, and disclosure obligations. Specific examples of corruption at an organization are provided. The presentation emphasizes the importance of organizational culture and ethics in enhancing compliance. It also discusses benefits to organizations of having robust integrity systems like reputation, lower costs, and attracting top talent.
Asset Management Industry Success: Build, Transform and Protect Value into 2020Grant Thornton LLP
Though hedge fund volume has doubled in the past five years, fees are pressured down; responsive strategies to replace fee dependency include expansion — M&A, joint ventures and alliances.
By consistently monitoring and keeping track of the changing statutory norms and regulations, we at Offshore Accounting & Taxation Services (OATS) aim to reduce risk for the clients and bring high levels of efficiency in our process.
Trends shaping the future of legal risk management by dave cunningham and m...David Cunningham
The legal market is conservative when it comes to risk management, and firms often view proactive risk identification and policy setting as more perilous than helpful. However, recent events related to data breaches, regulatory compliance, and client issues are driving increased focus on risk management from general counsels, insurers, and clients. Key trends include greater partnership between general counsels and IT leaders on risk issues; heightened attention to data confidentiality and security; engagement of professional liability insurers in risk discussions; and growing client sophistication in evaluating law firms' risk handling capabilities. Over time, firms may transition more risk responsibilities to centralized teams and formalize previously implicit risk mitigation.
The document summarizes information from a charity regulation conference on February 5, 2018. It discusses new rules on disqualification of trustees and senior managers taking effect in August 2018, which will expand the list of criminal offenses that result in automatic disqualification from certain charity roles. The document provides guidance on identifying roles covered by the new rules, determining if current or prospective individuals may be affected, supporting waiver applications, and updating recruitment policies and practices.
Session 309 - Allocating Risk for Your Company - Playing the Feud (cjp 10.26)Carl Peterson
This document summarizes a presentation on allocating risk for companies. It discusses how the compliance landscape is evolving and requiring more comprehensive risk assessment. A survey of in-house counsel found that few have formal compliance programs in place with the recommended 10 hallmarks. The presentation provides frameworks for creating a basic risk assessment and discusses potential ethical issues to consider, such as confidentiality and conflicts of interest. It also features a game segment where attendees vote on the highest risks in different categories based on survey responses. The overall message is that companies need to systematically identify, prioritize and manage risks on an ongoing basis to create a legally defensible compliance program.
A LexisNexis survey of legal departments found a renewed sense of optimism among U.S.-based corporate legal departments. More than 70% of survey respondents, which were mostly comprised of corporate attorneys, said this year has been better as compared to the previous year. The survey also found that corporate legal departments are planning to bring more work in-house, that compliance and operational efficiency are the top challenges, and expect legal budgets and staffing to remain flat.
Your business faces risks on multiple fronts, so risk management should be a strategic priority. Identifying and addressing risks helps your business run smoothly, and keeps you focused on pursuing your business objectives. We discuss strategies to mitigate your IT threats, explore insurance options and assess your internal control needs.
Riskpro is an Indian risk management consulting firm with offices in major cities. It provides integrated risk management services to mid-large corporations and financial institutions. Services include governance, risk and compliance solutions. Riskpro differentiates itself by focusing exclusively on risk management and by having over 200 cumulative years of experience among its professionals. It offers a hybrid delivery model and can take on large, complex projects. Services include advisory on various types of risk like credit, market, operational, and regulatory compliance.
Security, Data Breach & The Bottome Line: A Forecast For Manufacturers & Dist...CBIZ, Inc.
This document summarizes a presentation on cybersecurity risks for manufacturing companies. It discusses how manufacturers face significant cyber threats, with over 1 million industrial control systems directly connected to the internet. Recent high-profile attacks like those on Target, a German steel mill, and Anthem resulted in hundreds of millions of dollars in costs. While companies may feel protected due to their size, manufacturers store valuable intellectual property and operational data that hackers seek. The presentation provides recommendations for prevention including network segmentation, access controls, training, and response planning.
How clients are reacting to uncertainty and how best to deal with itnetwealthInvest
Drawing on CoreData's just completed research Andrew Inwood shares insights into how Australian investors are reacting to the coronavirus uncertainty and how advisers can best support clients in this environment.
The allocation of executive compensation resources is being scrutinized by internal and external forces. Regulations, board governance issues, and the lower margins require new thought processes on the various pieces of the compensation puzzle and how they fit together.
This document provides a program guide for the Dbriefs webcast series from July to September 2013. It outlines various webcast topics within the areas of Financial Executives, Industries, Markets, HR Executives, Technology Executives, Tax Executives, and Our Presenters. Some of the highlighted webcasts include discussions on emerging markets opportunities and competition, IT infrastructure transformation challenges, risk management lessons, executive compensation trends, cybersecurity issues for boards, and information reporting and withholding tax liabilities. The guide encourages subscribers to look ahead at emerging business trends and gain insights from these convenient live webcasts.
Deloitte Dbriefs Program Guide | April - June 2014Franco Ferrario
Object : Anticipating tomorrow's complex issues and new strategies is a challenge. Stay tuned in with DBRIEFS Llive webcasts that give you valuable insights on important developments affecting your business
Uploaded by Franco Ferrario Technologies Executives ; Deloitte Evangelist
Asian Financial Services Congress 2013 - The Challenge with RegulationsSam Gibbins 紀俊森
The document discusses the challenges of balancing business profits and regulatory compliance in the financial services industry. It notes that regulations aim to protect investors, ensure fair markets, reduce risk, and prevent financial crime. Regulations have increased in number and complexity due to factors like new technologies and globalization. Compliance is more difficult as products and criminal opportunities become more sophisticated. Firms must carefully manage risks and consider options like reducing, transferring, accepting, or avoiding risks. An effective compliance framework requires strong oversight, independence, training, and a culture of compliance from the top-down. There is no single solution, as what works for one firm may not work for another.
Conducting an Initial Coin Offering: Costs and ConsiderationsChristina Gagnier
The document discusses the costs and considerations of conducting an Initial Coin Offering (ICO). It notes that there are significant expenses associated with an ICO beyond just the direct offering costs, including ensuring corporate and financial readiness, establishing governance and internal controls, hiring advisors and specialists, and investing in technology infrastructure. Specifically, the document highlights that legal, accounting, and technology support are crucial areas that require advisors and compliance in order to minimize risks and costs when undertaking an ICO.
This document discusses managing conduct and behavioral risk in the financial services industry. It outlines that conduct risk refers to business strategies or models that could cause customer harm or negatively impact market integrity. Regulators are increasingly focused on conduct risk and how firms are run rather than just controls. Misconduct can negatively impact a firm's revenue, capital ratios, and strategic position through fines, redress costs, rating impacts, and loss of licenses. The document then discusses the main types of misconduct, risks for retail customers, and how regulators are now taking a behavioral approach to regulation focused on biases and tone within firms. It provides guidance on how firms can effectively manage conduct risk through governance, culture, product design, sales incentives, and by placing customers at
Steelbridge Compliance is a compliance services firm located in Dallas, Texas that provides specialized compliance solutions to investment advisors. It was founded by attorneys and CPAs with extensive experience at leading investment organizations. Steelbridge takes a practical approach to compliance, conducting risk-based assessments and reviews tailored to each client's specific needs and business model. It aims to add value while minimizing disruption and costs. The document provides an overview of Steelbridge's services and approach, and includes examples of compliance solutions and reviews it has provided to investment advisors of various sizes and complexity.
Role of The Board In IT Governance & Cyber Security-Steve HowseCGTI
This document discusses I.T. strategy, risk management, and governance. It begins with an introduction of Steve Howse, the president of Millington & Associates, and his background. The document then discusses what I.T. strategy and governance entail and why they are important. It introduces the "20 questions" framework as a tool to assess I.T. strategy, risk, and governance. The questions are categorized into strategic issues, internal control issues, and risk issues. The document dives deeper into examples of risks and what organizations can do to address risks such as dedicating board members to I.T. committees and ensuring business continuity plans are tested.
Control and audit of information System (hendri eka saputra)Hendri Eka Saputra
This document provides an overview of internal controls and information system auditing. It defines internal controls as processes designed to provide reasonable assurance of achieving objectives related to operations, financial reporting, and compliance. It discusses control objectives, components of internal controls including the control environment, risk assessment, control activities, information and communication, and monitoring. The document also covers the Foreign Corrupt Practices Act, types of financial reporting controls, segregation of duties, accounting systems, limitations of internal controls, and the role of internal controls in financial audits.
ISO 37001 is the international standard for anti-bribery management systems. Included in the ISO are elements which can be used to improved procurement governance and prevent corruption. Other instruments including AI and blockchain are also mentioned briefly.
Federal Incentives That Can Show You the MoneyCBIZ, Inc.
Federal Incentives That Can Show You the Money
As the country continues to fight its way out of the economic downturn, businesses and their owners are constantly looking for ways to increase cash flow. Several Federal tax incentives are available to help you meet this goal. Contrary to popular belief, you don’t need to be in a high-tech industry to benefit from the Research and Experimentation Credit. Nor do you need to place in service an entire “green” building to benefit from the Energy Efficient Commercial Buildings Deduction or other energy incentives. Even if your business currently isn’t producing taxable income, you may still be able to use these incentives to recover taxes paid in prior years or shelter future taxable income.
This presentation discusses key elements of:
• Research and Development Tax Credits
• Domestic Production Activities Deduction
• Energy Efficient Building Deduction
Michael Silvio is Managing Director with CBIZ MHM, LLC. He leads the San Diego and Orange
County offices’ Research & Development (R&D) and Energy Incentives Tax Credit Services Group.
Visit http://www.cbiz.com for more information or http://www.cbiz.com/page.asp?pid=9199.
An effective compliance program has several key components: conducting a legal risk assessment to identify areas of focus, ensuring the program meets regulatory guidelines, tailoring the program to a company's unique operations, establishing standards and procedures to minimize risks and demonstrate commitment to ethical conduct, and providing training, monitoring, reporting, and investigations to foster a pro-compliance culture. An effective program is process-oriented, integrated into daily operations, and subject to continuous improvement.
DGIQ 2018 Presentation: A Lawyer, a Salesperson and the Operations Guy Walk ...DATUM LLC
This presentation was delivered on June 12, 2018 at the DGIQ Conference. The purpose of data analytics is not generating data sets but providing proprietary insights into your company and your industry for a competitive advantage. The true value of the data depends on the context and can be different for each business unit. In today’s big data world, CDOs and CIOs are part of the customer-facing revenue generation equation – bringing new roles with new challenges that require a greater understanding of both legal constraints and business requirements. Effective implementation requires a multi-disciplinary approach that integrates the triad of IT, marketing and legal. A multi-disciplinary approach drives value to the organization’s different business objectives, and controls regulatory compliance risk and optimizes operations. This session will discuss the perspectives of business, legal and IT, and propose steps to building out the integrated approach.
A Lawyer, a Salesperson and the Operations Guy Walk into a Bar . . .jadams6
he purpose of data analytics is not generating data sets but providing proprietary insights into your company and your industry for a competitive advantage. The true value of the data depends on the context and can be different for each business unit. In today’s big data world, CDOs and CIOs are part of the customer-facing revenue generation equation – bringing new roles with new challenges that require a greater understanding of both legal constraints and business requirements. Effective implementation requires a multi-disciplinary approach that integrates the triad of IT, marketing and legal. A multi-disciplinary approach drives value to the organization’s different business objectives, and controls regulatory compliance risk and optimizes operations.
This document discusses lessons learned from analyzing legal collection experience data. Key points:
1) Analysis of accounts ending up in legal collections showed some business types and lower risk scores were overrepresented, indicating issues with collection and risk management processes.
2) Actions taken included tightening policies for high-risk sectors, accelerating collection processes, ensuring security, and providing data feedback to sales.
3) Reanalysis after changes showed reductions in legal accounts and risk scores, validating the approach. The legal collection process provides valuable data for improving broader processes.
Action Plan for DOL Fiduciary Rule April 2016Amie Akridge
RND Resources laid out an action plan for BD's and RIA's serving investors with retirement products. In April 2016 the Department of Labor released a sweeping change to fiduciary responsibility of advisers serving senior investors. These changes will have an impact on compliance, sales & marketing, products, and investors. Firms should start early to prepare in time for the change deadline of April 2017. Contact our DOL Rule Compliance support hotline for more information 818.657.0288
The Evolving Regulatory Landscape: Insights for Compliance OfficersMyComplianceOffice
This webinar was co-hosted with Todd Cipperman and took place on Nov 17th 2016. In it we assess the most impactful regulatory developments of 2016, review results of Cipperman Compliance's recent CCS survey of financial industry C-Suite opinion leaders, and Todd gives you his take on the fluid regulatory environment.
Watch recordings from the webinar here; https://mco.mycomplianceoffice.com/mco-webinar/the-evolving-regulatory-landscape-practical-insights-for-compliance-officers
Slideshareersion strategic report regulations guidance for companies and inv...Ardea International
Environmental, social governance issues have financial implications on how companies recognise, diagnose, manage and disclose their information. The legal and investor angle is discussed, together with how to diagnose the financial risk
This document provides an overview of methodologies and regulatory impact assessments (RIAs) used in the UK. It discusses:
1) Guidance documents like the Green Book and Magenta Book that provide frameworks for policy appraisal and evaluation.
2) The purpose of RIAs is to make policy more evidence-based, ensure stability in legislation and business, and increase transparency.
3) The RIA process involves identifying the problem, objectives, options, impacts, costs/benefits, and includes public consultation and monitoring.
Proportionate analysis is key.
Similar to The Real Deal Webinar Series: Practical Advice from a Former Chief Compliance Officer (20)
Companies operating with employees in the U.S. need to be aware of state and federal employment laws. Employees can be a business’s greatest asset, but it may seem that there is a potential employment pitfall at every turn. The consequences of mishandling issues can be costly and time-consuming.
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The Real Deal Webinar Series: Practical Advice from a Former Chief Compliance Officer
1. Practical Advice from a Former Chief Compliance Officer
How to Build, Grow, and Measure a Corporate Compliance Program
Steve Grimes
Winston & Strawn LLP
November 28, 2017
2. Why Have a [Good] Compliance Program?
1.It’s the right thing to do
2.Engaged employees and ethical companies are proven to
be more effective and efficient workers
• Publishing Code of Conduct correlated to higher financial
performance
• Implementing compliance training correlated to higher financial
performance
• Institute of Business Ethics Studies (2003 and 2006)
3. SOX requirements (public companies)
• Code of Ethics, Whistleblower Hotline, Internal Controls
4. It’s cheaper in the long run…
3. Compliance in the News…
• Volkswagen, Emissions Scandal ($30 billion)
• 2008 Financial Crisis, Fraud ($60 billion across 6 banks)
• ZTE, Trade Sanctions ($1.19 billion)
• Google, EU Antitrust ($2.7 billion)
• Western Union, Money Laundering ($586 million)
• Deutsche Bank, Money Laundering ($630 million)
• Swiss Life Insurance, Off-shore Tax Shelters (Sept. 2017)
4. “White Collar Crime” Is Different
• Usually, don’t wake up and decide to commit white collar crime
• Often done “for the benefit of company”
• Highly successful people under high stress/pressure
“Incrementalism” “Relativism”
5. Keith Packer, British Airways
• Executive VP
• Convicted of U.S. antitrust violations for conduct of his team,
that he allowed to go forward
• Lost his job, and served 8 months in U.S. prison
“It’s very easy to yawn your way through another meeting about the firm’s
policies on fraud prevention and the whistleblowing process. It’s a lot
harder to tell your family you’re leaving them to go to jail and that you will
always have a criminal record. Take a moment to think about it.”
6. When Employees Do Bad Things:
• It will be very expensive
• Investigation Costs (Walmart’s $865 million investigation)
• Business Disruption
• Litigation Costs (civil suits, securities, shareholders, qui tams)
• Reputational Damage
• DOJ will determine whether the company is charged
criminally, asking was crime “because of” or “in spite of”
the compliance program?
• Criminal Conviction
• Fines/Penalties
• Monitorship
7. Compliance: Deal Due Diligence
• Can be a sticking point (especially in cross-border deals)
• SEC is taking action against companies that do not perform
adequate compliance due diligence
• Lawyers have been accused of malpractice for not
conducting full due diligence
• Reps and warranty litigation
• Post-deal mitigation of identified risks
9. Trade Secret Theft Is Rapidly Increasing
• Known federal cases of trade secret theft doubled between
1995 and 2004 and will double again by this year.
1995
2017
2006
10. Now That We Know, What Do We Do?
1995
2017
2006
11. Guidance on “Effective” Compliance
• Federal Sentencing Guidelines (DOJ)
• United States Attorney’s Manual (DOJ)
• A Resource Guide to the U.S. Foreign Corrupt Practices Act
(“FCPA Guide”) (DOJ/SEC, 2012)
• Good Practice Guidance on Internal Controls, Ethics, and
Compliance (OECD, 2012)
• Anti-Corruption Ethics and Compliance Handbook for
Business (OECD, 2013)
• Evaluation of Corporate Compliance Programs (DOJ, 2017)
• HHS OIG Guidance (health care)
12. Guidance on “Effective” Compliance
• General Principles:
1. Exercise due diligence to prevent and detect criminal conduct;
2. Promote an organizational culture that encourages ethical conduct
and a commitment to compliance with the law;
3. Reasonably design, implement, and enforce so that the program is
generally effective in preventing and detecting criminal conduct.
14. Compliance State Versus Running a Business
Effective
compliance
Running a
lean/efficient
business
15. Compliance Awareness
• 53% of companies believe compliance budgets will increase in 2018*
• More and more companies are separating CCO role from GC**
• CCO compensation growth is outstripping other executive positions***
• CCOs are being held accountable for gross failures of programs
• Moneygram CCO ordered to pay $250,000 personal fine and barred for 3 years
• Banamex CCO ordered to pay $70,000 personal fine and given lifetime ban
*Thomson Reuters, Cost of Compliance 2017: Are Budgets Reaching Their Peak?
**SCCE, Why Chief Compliance Officers Are More Important Than Ever
***The chief compliance officer's paycheck is the fastest growing in the C-suite
16. No Easy Answers…
• Law Departments respond to regulatory compliance issues
in an ad hoc, one-off manner
• Not much thought given to approaching compliance holistically
• Compliance can get very expensive if it is not baked into
the business.
• Better quality and lower costs if incorporated into day-to-day business
• E.g., if Managers give compliance talks, much cheaper than admin
overhead of having a “compliance officer” do it
17. No Easy Answers…
• Few firms offer practical advice on program building
• Advice is typically abstract – “screen all high-risk third parties”
• Few offer holistic advice outside of one or two particular areas
(typically anti-corruption/antitrust)
18. No Easy Answers…
• Harder to make the “business case”
• Compliance is viewed as “soft” or “squishy” because harder to quantify
and measure risks/costs
• Starting point as “necessary evil” or “keep us out of jail”
• Not clear how much is “good enough”
• Solutions are cross-functional, meaning GC/CCO can’t do it
alone
19. A Cross-Functional Problem To Solve
Civil
Middle
Management
Executives Legal &
“Compliance”
Functional
Groups (IT,
HR, Supply
Chain)
20. There Remains a Disconnect…
67%
* 2016, CEB/Gartner Study
Legal Departments That Are Below Business Partner Expectations
21. What Execs Want:
Run Compliance “Like the Business”
• Identify Risks
• Identify Core Competencies to Address Risks
• Develop Key Performance Indices (KPIs) and Metrics
• Prioritization & Strategy
• Cost Justification/Budgeting
• Benchmark
• Framework for Continuous Improvement
22. Compliance Maturity Model Framework
• Basic framework which can be managed in-house
• Nothing esoteric or too “business-school”
• Lists the core elements of an effective compliance program
• Rates a company against these elements, tailored to
industry and size
• Provides step-by-step actions on how to move each element
forward, and prioritizes most pressing
• Nothing brilliant:
• a simple management tool
• with legal insights/benchmarking incorporated
24. Essential Elements of a Compliance Program
25
Program
Structure
Audit/Monitor
Risks
Learning &
Development
Create a Culture
of Compliance
Oversee
Complaints
Risk Assessment
Understood by
Global Leadership
Executive
Leadership Support
Resource Strategy/
Independence
Program Metrics
Policies, Processes,
and Codes
Track Regulatory
Updates
Audits
Build Risk-Specific
Mitigation Plans
Metrics/
Reporting of Risks
Training Strategy
Deliver Online/
In-Person Training
Training Content
Self-Help Materials
Communications
Measure Training/
Communications
Behavioral
Incentives
Culture from Top
Management
Culture from Middle
Management
Ensure Lack of
Conflicts of Interest
Measure/
Track Culture
Anonymous
Reporting
Open Door
Reporting
Investigations
Non-Retaliation
Investigation
Metrics/Reporting
26. Essential Elements of a Compliance Program
27
Program
Structure
Audit/Monitor
Risks
Learning &
Development
Create a Culture
of Compliance
Oversee
Complaints
Risk Assessment
Understood by
Global Leadership
Executive
Leadership Support
Resource Strategy/
Independence
Program Metrics
Policies, Processes,
and Codes
Track Regulatory
Updates
Audits
Build Risk-Specific
Mitigation Plans
Metrics/
Reporting of Risks
Training Strategy
Deliver Online/
In-Person Training
Training Content
Self-Help Materials
Communications
Measure Training/
Communications
Behavioral
Incentives
Culture from Top
Management
Culture from Middle
Management
Ensure Lack of
Conflicts of Interest
Measure/
Track Culture
Anonymous
Reporting
Open Door
Reporting
Investigations
Non-Retaliation
Investigation
Metrics/Reporting
28. Privacy EH&S
Employment IT Security
Anti-
Corruption
Product
Safety
Financial
Reporting
Antitrust
Trade
Compliance
Likelihood
High
High
Impact
Compliance “Heat Map” Assessment
29. Build Risk-Specific Mitigation Plans
30
Program
Structure
Audit/Monitor
Risks
Learning &
Development
Create a Culture
of Compliance
Oversee
Complaints
Risk Assessment
Understood by
Global Leadership
Executive
Leadership Support
Resource Strategy/
Independence
Program Metrics
Policies, Processes,
and Codes
Track Regulatory
Updates
Audits
Build Risk-Specific
Mitigation Plans
Metrics/
Reporting of Risks
Training Strategy
Deliver Online/
In-Person Training
Training Content
Self-Help Materials
Communications
Measure Training/
Communications
Behavioral
Incentives
Culture from Top
Management
Culture from Middle
Management
Ensure Lack of
Conflicts of Interest
Measure/
Track Culture
Anonymous
Reporting
Open Door
Reporting
Investigations
Non-Retaliation
Investigation
Metrics/Reporting
31. Benefits of the Maturity Model
• Measures where your program is today
• Prioritizes your risks
• Incrementally prioritizes risk mitigation
• Data for board/exec presentation (budgeting)
• Provides metrics/KPIs
• Identifies roadmap/strategy
• Internal management tool
• Continuous improvement over time
• If something bad ever happens, this is playbook for
explaining how you tailored your program
32. Winston’s Approach
• Engaged by client for a fixed fee
• Assessment conducted on core elements and selected risks
• Winston then gets client input, and creates:
• Tailored risk heat map
• Tailored maturity model
• Overview memo with top priority actions
• Board/management presentation (if requested)
• Company can then take ownership of maturity and actions,
or may hire Winston to assist moving selected actions
forward
33. Upcoming Real Deal Webinar
Mark Your Calendar!
December 14 – Delaware Law Developments/Recent Judicial Decisions
Affecting M&A Transactions and Corporate Governance—Part 2
35
34. 36
Partner, Chicago
+1 (312) 558-8317
sgrimes@winston.com
Steve brings a unique set of experiences to his clients, having honed his investigation skills
as a federal prosecutor, demonstrated his courtroom expertise in over ten federal jury trials,
and having developed a pragmatic problem-solving approach in his role as Chief
Compliance Officer and senior litigation counsel to a Fortune 500 company.
Steven Grimes
Speaker Contact Information