Compliance Strategy and Performance
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Transcript of Compliance Strategy and Performance
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Live WebinarFebruary 10, 2016
A SPECIAL WEBCAST FROM ETHISPHERE AND
COMPLIANCE STRATEGYAND PERFORMANCE
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SPEAKERS
Patrick QuinlanCEOConvercent
Erica Salmon ByrneExecutive Vice President, Compliance & Governance Services Ethisphere
AgendaKey Data & Benchmarksto leverage
Emerging Best Practicesto adopt
Predictions for 2016 to keep a close eye on
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INFLUENCE & STRATEGY
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Budgets and visibility trending upwards
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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 DivisionU.S. Department of Justice16%
of surveyed CCOs report to the CEO, compared to 36% of the World’s Most Ethical Companies.
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Compliance more informed, but not influential
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Risk assessments, not strategy, driving compliance priorities
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TREND ALERT
“Buyers splashed out $3.8 trillion on 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
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DATA & METRICS
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Lack of data availability, access and centralization
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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 about how sophisticated their program is.”
—Hui ChenCompliance Expert, Fraud Section
Criminal DivisionU.S. Department of Justice
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Compliance drawing on other department data
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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 ChenCompliance Expert, Fraud Section
Criminal DivisionU.S. Department of Justice
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ROI most desired—and elusive—metric
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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.”
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PROGRAM REPORTING
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State of the program reports delivered at least annually
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Report frequency, content, format and audience vary
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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 Conduct AuthorityCompliance Culture—A Timeline of Regulators’ Comments
WSJ
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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 downplay the problem. We
must admit it and remediate it as soon as possible.
—David SacksCEO, Zenefits
BusinessInsider
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Inconsistent Reporting Practices
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Q&A