Innovation in Compliance with Tom Fox

Welcome to a special five-part K2 Integrity sponsored podcast, series Business and Financial Fraud: Yesterday, Today, and Tomorrow. In this series I am joined by Joanne Taylor, a Managing Director at K2 Integrity. She has 20 years of legal, investigations and financial crime compliance experience, working within the financial and legal services industries. I am also joined by Ray Dookhie, a Managing Director in K2 Integrity’s Investigations and Risk Advisory practice, with more than 25 years of experience in compliance, integrity risk monitoring and management, and investigations. Over this series, we will consider the top fraud trends you might expect to see in 2021, what the regulatory landscape may well look like in 2021, best practices in fraud prevention, how to detect fraud and responding to fraud once it is uncovered. In Part 4, Joanne Taylor joins me to review best practices in fraud detection.Join us tomorrow for our concluding Part 5 where we look at responding to fraud after it is uncovered.For more information on K2 Integrity, check out their website here.

Welcome to a special five-part K2 Integrity sponsored podcast, series Business and Financial Fraud: Yesterday, Today, and Tomorrow. In this series I am joined by Joanne Taylor, a Managing Director at K2 Integrity. She has 20 years of legal, investigations and financial crime compliance experience, working within the financial and legal services industries. I am also joined by Ray Dookhie, a Managing Director in K2 Integrity’s Investigations and Risk Advisory practice, with more than 25 years of experience in compliance, integrity risk monitoring and management, and investigations. Over this series, we will consider the top fraud trends you might expect to see in 2021, what the regulatory landscape may well look like in 2021, best practices in fraud prevention, how to detect fraud and responding to fraud once it is uncovered. In Part 3, Ray Dookhie reviews best practices in fraud prevention.Join us tomorrow in Part 4 where we look at strategies for detecting fraud.For more information on K2 Integrity, check out their website here.

Welcome to a special five-part K2 Integrity sponsored podcast, series Business and Financial Fraud: Yesterday, Today, and Tomorrow. In this series I am joined by Joanne Taylor, a Managing Director at K2 Integrity. She has 20 years of legal, investigations and financial crime compliance experience, working within the financial and legal services industries. I am also joined by Ray Dookhie, a Managing Director in K2 Integrity’s Investigations and Risk Advisory practice, with more than 25 years of experience in compliance, integrity risk monitoring and management, and investigations. Over this series, we will consider the top fraud trends you might expect to see in 2021, what the regulatory landscape may well look like in 2021, best practices in fraud prevention, how to detect fraud and responding to fraud once it is uncovered. In Part 2, Ray Dookhie joins me to consider what the fraud regulatory landscape may look like in 2021.Join us tomorrow in Part 3 where we look at best practices in fraud prevention.For more information on K2 Integrity, check out their website here.

Julie Myers Wood, CEO of Guidepost Solutions, returns to the Innovation In Compliance podcast this week to talk about how companies can get back to the workplace safely. She tells Tom Fox that this far into the pandemic her conversations with clients have changed to address longer-term issues. Customers are asking questions about security protocols and how to keep people safe, as well as keep business open.Increased Efficiency Julie says that Guidepost Solutions delivers technology solutions customized to each customer’s needs and existing security platforms. For example, more and more businesses are looking for touchless technology so that they can protect their customers and keep their doors open. Tom comments that this improves business efficiency on a whole and credits the pandemic for forcing us to improve our processes overall. Work From Home Tom and Julie discuss the security challenges working from home presents. Julie remarks that companies have to think about creating campaigns to target those issues so that their employees can avoid problems. Tom asks her how her company handles doing investigations such as risk assessments - which are usually done on-site - remotely. It’s very challenging, she responds and describes the workarounds they have had to create to get the job done. Diversity and Inclusion Initiatives“We went to work as a company on diversity and inclusion initiatives, and I think that's really brought together people at various levels of our company in a new way - in a great way,” says Julie. “We want to make sure that people from all backgrounds feel included, want to come to Guidepost, want to stay at Guidepost, and that we're able to recruit folks from all different backgrounds, all ways of life.” Tom asks Julie to speak to the leaders that say that a diverse talent pool doesn’t exist in their industry. She responds, “They didn’t exist because you weren’t looking.”Protecting Vacant FacilitiesTom mentions Guidepost’s advocacy for a cybersecurity vulnerability assessment for vacant facilities. He asks Julie why it’s important. She replies that they believe it’s just regular security maintenance to ensure that there are no new problems in the physical, as well as cyberspace. “There may be all sorts of new problems in their neighborhood that didn't exist before,” she reminds listeners. So if you’re thinking about reopening, it makes sense to do both a physical and cyber risk assessment.ResourcesGuidepostSolutions.com JWood@guidepostsolutions.com

Welcome to a special five-part K2 Integrity sponsored podcast, series Business and Financial Fraud: Yesterday, Today, and Tomorrow. In this series I am joined by Joanne Taylor, a Managing Director at K2 Integrity. She has 20 years of legal, investigations and financial crime compliance experience, working within the financial and legal services industries. I am also joined by Ray Dookhie, a Managing Director in K2 Integrity’s Investigations and Risk Advisory practice, with more than 25 years of experience in compliance, integrity risk monitoring and management, and investigations. Over this series, we will consider the top fraud trends you might expect to see in 2021, what the regulatory landscape may well look like in 2021, best practices in fraud prevention, how to detect fraud and responding to fraud once it is uncovered. In Part 1, Joanne Taylor joins me to discuss the top fraud trends in 2021.Join us tomorrow in Part 2 where we look at the regulatory landscape for fraud and misconduct in 2021.For more information on K2 Integrity, check out their website here. 

Tom Fox’s guest on this week’s show is Dan Wager, VP of Global Financial Crime and Compliance at LexisNexis Risk Solutions. Dan is an executive with expertise in financial crime compliance and investigations. He and Tom discuss human trafficking, fraud and identifying the patterns of suspicious behaviors within an organization. Tom emphasizes, “All compliance professionals need to understand not only the risks around this area but also what the solutions are… The pandemic has caused an increase in this area because it's closed down other business opportunities for the bad guys.” It’s All About MoneyHuman trafficking, sex trafficking, money laundering and the like are not crimes of passion, Dan points out. “Their focus is to make money and that desire does not stop during an economic crisis and a global pandemic… It all comes back to moving money.” The way in which these crimes are committed is changing, and compliance professionals need to be aware. Tom comments that commercial corporations are being targeted more now because “they’re not set up to fight this scourge.” Dan explains why this is so and gives an example of how banks have been inadvertently used in PPP fraud recently. “These things move together - disadvantaged businesses looking for funds and illicit financiers looking for outlets, people on the narcotics or human smuggling realms looking for ways to make money and retain money in a difficult environment - they all fit together.”Reputational RisksTom comments that your company’s reputation will be severely tarnished if you are found to be even remotely involved in human trafficking and human slavery. Dan says that most companies understand this but are struggling to detect it. You don’t want to be a company that purchased PPE from non-vetted suppliers because you’ll go down along with them, he warns. The reputational damage is just one part of the equation. “What do you think happens to those kinds of workers when you have counterfeit and hard-to-get PPE, in this kind of environment where they can't even travel across the border or seek other employment? It is exploitation and health dangers on an epic scale,” Dan remarks.Working From Home & Red FlagsTom and Dan discuss the increased risk because of the move to work-from-home. Tom also asks about the risk that returning to work may bring. The speed with which remote work had to be implemented opened up new avenues for fraud, Dan says. Work computers are now sitting alongside personal network computers, and bad actors are using various ways to infiltrate both. Few companies are equipped to deal with these changed circumstances, which leaves them vulnerable. The way we conduct business has changed permanently, Dan remarks. This is good in many respects, but it opens up opportunities for fraud. He shares some red flags compliance professionals and financial institutions should look out for. If there is a dramatic change in how a company usually does business, that’s a major red flag, Tom and Dan agree.ResourcesDan Wager | LinkedInLexisNexis Risk Solutions

Tom Fox’s guest on this week’s show is Dr. James Kelley, co-founder and CEO of qChange. qChange is a technology company that uses artificial intelligence to improve leaders’ skills and make meetings more impactful. James spent the last 12 years in academia before co-founding qChange. He chats with Tom about his academic research, his book, and how he is helping leaders become more impactful in meetings.Customize the MessageJames’ academic research was a five country study about consumers’ attitudes towards global brands. He studied various customer attributes and how it impacted their attitudes towards a brand. What he found was that global companies needed to tailor their narrative to reach customers outside of their local audience. This study has implications for internal communications around compliance as well, he points out. “I’ve always argued that if you could diversify your population inside the organization and tailor that messaging, the likelihood of compliance will increase drastically because you’re speaking the language of the individual.”Crucible MomentsTom and James discuss James’ book, The Crucible’s Gift. James details why he wrote the book, and shares some insights from his interviews with 150 “authentic leaders”. The greatest learning he took away from those interviews was that they all had a “crucible moment”. “What I found is that a majority of those I interviewed that I perceived as being really authentic took some sort of adversity moment and created an opportunity.” He tells Tom that their crucible moments led them to ultimately become more authentic. Tom shares his own crucible moment. “Learning to see the door and then have the courage to walk through, [that] was the biggest lesson for me,” Tom comments.Making Meetings Better Through Technology“[qChange] was born out of this notion that technology - the use of AI - could be a collaborator in a leader's journey, not a competitor,” James says. “So our whole entire company is predicated on the idea of prompting, measuring, growing, and predicting leaders’ and teams’ success in Microsoft Teams. We're very meeting focused: we believe that where leaders show up most is in a meeting.” He describes how their AI software prompts leaders to practice specific soft skills within meetings. The comprehensive feedback loop compares the leader’s self-score with how his team members rate them, culminating in a personal leadership score. Making it experiential and real-time helps leaders retain those lessons in a tangible way. James tells Tom that their solution is end-to-end. Tom asks him what he sees as the future of meetings, to which he responds that work is going to be hybrid. He shares how qChange is preparing for the future, and that they’re well-positioned to meet it with success.ResourcesqChange.comqChange on LinkedIn | FacebookJames Kelley on LinkedInThe Crucible’s Gift book

Lisa Levy, CEO of Lcubed Consulting and author of Future Proofing Cubed, started her career in IT. “I grew up as a project manager implementing systems'', she says, “and watching those system implementations fail because people didn't understand what the new technology was doing or why it was important to them or how it was supposed to actually make their jobs easier.” That early experience led her to focus on “process and building teams that would understand how work is done and then how to use the technology.” She eventually founded Lcubed Consulting to champion better ways of doing work in order to become more agile. Tom Fox welcomes her to this week’s show as they discuss cross-functional collaboration, future proofing, and building agility within the corporate culture through adaptive transformation.It Starts With People“I realized that it's really about getting the right people doing the right work in a repeatable process and then using technology to enable it,” Lisa comments. Business success depends on people first, then process, then technology, she adds. She says that she established Lcubed Consulting to offer middle-sized companies expertise in four key areas: project management, process performance management, internal controls, and organizational changes. Working with her expert consultants helps her clients’ employees build their capacity in these crucial areas. Cross Functional CollaborationUnderstanding what’s going on around you as an employee is important, Lisa iterates. She advocates for cross-functional collaboration, so that each employee and team knows where they fit in the big picture. “If everyone understands where they fit in the flow of the business, we can then tie that into the work value that customers and clients receive,” she remarks. This makes certain that resources aren’t being wasted.Future Proofing and Being AgileTom comments that the pandemic has made “the unknown unknowns almost business-as-usual.” He asks Lisa how companies can future proof their operations for whatever comes along. Lisa responds that you must build agility within your business as the first step of "future proofing." This is the core of their adaptive transformation framework. “Future proofing is about building a basis in corporate culture that embraces change,” she remarks. “A visionary leader is always looking to the next thing that they want to do...Operations is supposed to happen flawlessly and move with the needs of that visionary leader. And so if we start with a culture … and everybody understands that we really want to change on a recurring basis - that this is natural, it's how we grow, it's how we scale - and we have that foundation, and we know how to do our jobs, and we know how to use our technology, a business leader can do just about anything, and the business will follow.”Getting the Message OutLisa wrote her book, Future Proofing Cubed, in 2019 before the pandemic. She tells Tom that COVID-19 has made the message that businesses need to be agile, very clear to leaders. She shares insight on how to create an adaptive culture throughout an organization. The tone from the top is important, but employees need to hear the same message from their direct supervisors. "In order to be successful we need to be able to get our people to move in the directions that we need them to…. with the least amount of resistance," Lisa remarks. ResourcesLisa Levy | LinkedInLCubedConsulting.comFutureProofingCubed.com

Tricia Benn is the Chief Community Officer at C-Suite, a digital platform that focuses on providing growth development and networking opportunities for business executives. She is also the General Manager of The Hero Club, an invitation-only membership organization for CEOs, founders, and inventors. Tom Fox welcomes her to this week’s show as they discuss creating collaboration among leaders to build business growth.C-Suite NetworkC-Suite Network helps business leaders in growth development by creating an ecosystem of content creation and distribution, Tricia explains. It is a community of leaders motivating and inspiring each other on multiple levels. It is a values-based organization, with an emphasis on how leaders, investors, and businesses put people first. Before the pandemic, it was done via face-to-face seminars but has since then gone virtual. Tom comments that with this pivot, an explosion of content that hadn’t been available to leaders and businesses before has now become available. The Principle of Success“The principle of success is what you define it as,” Tricia says. She emphasizes that as a business leader you have to be clear about how you define success. Tom asks her to explain the other services that her companies offer. Tricia says that C-Suite and The Hero Club provide whatever tools are necessary for the support of a leader’s content creation. With the pandemic, a lot of businesses have gone virtual, and C-Suite and The Hero Club accommodate for that. The main focus is about facilitating the access and intelligence needed for content providers, as well as the platform, to allow for business leaders to activate virtually. Implementing diversity is also important, Tricia stresses. Servicing everyone, and appreciating everyone's differences is essential to hero leadership.The Lifeblood of SuccessInnovation is the lifeblood of a business' success. It means putting one foot in front of the other every day. Without innovation, there can be no growth, and you end up losing ground. It is important to keep adapting. As things change around us, so must our methods, approaches, and our business models to better serve the environment in which we live. Tricia emphasizes that with innovation, it is important to never let the people you serve feel the pain of what you are learning. You must only let them feel the gains of that learning.ResourcesC-Suite NetworkTricia Benn | Twitter, LinkedIn

Welcome to this special podcast series, Integrity Matters: Assessing the Corporate Compliance Climate in 2021, sponsored by K2 Integrity. This week I visit with Bob Brenner, Co-Managing Partner and Chief Legal Officer; Snežana Gebauer, Executive Managing Director and head of U.S. Investigations and Risk Advisory, Americas. Over the week, we will consider various regulatory and enforcement issues with the incoming Biden Administration. Topics include assessing the regulatory landscape resulting from the pandemic, what companies can expect from new administration priorities, anti-bribery/anti-corruption issues and enforcement in 2021. In this concluding Part 5, I am joined by Snežana Gebauer to consider a few key themes and how a company can prepare for what is coming down the road into 2021 and beyond.For more information go to the K2 Integrity website.