Innovation in Compliance with Tom Fox

Tom Fox and Nick Gallo discuss the writings of the ancient Roman philosopher Marcus Aurelius and how to apply them to business leadership. Tom shares the impact that these writings had on him as a teenager with no consistent mentor, and how it provided him with a philosophy to guide his life. Nick talks about how Meditations teaches readers to change their mindset. Oftentimes we cannot control the outcome of situations, but we can control our adherence to the process, he says. Marcus Aurelius was the most powerful man on earth in his time, yet he adopted the ancient Greek philosophy of stoicism to discipline himself and develop self-control. For this reason, he is known to modern scholars as one of the last good Emperors of the Roman Empire.Listeners can read Nick’s notes on this book at his LinkedIn page.ResourcesTom Fox on LinkedIn | TwitterCompliancePodcastNetwork.netNick Gallo on LinkedInComplianceLine.comMeditations by Marcus Aurelius

Special guest Nick Gallo joins Tom Fox for a six-part podcast series about books. In this introductory episode, they talk about Nick’s 100 Book Challenge for 2020, where his goal was to read or listen to a selection of 100 books. Nick shares how he curated his reading list, his methods for completing the challenge, and the insights he learned from the experience. One such insight is that learning is like flexing a muscle, and just like the other muscles of the human body, you must stretch it often to keep your mind healthy. “This was one of the biggest accomplishments of my life,” Nick claims. Part of the motivation to complete the challenge was his desire for his company to be a learning organization, he adds. “If we’re constantly in an improvement mode, there’s a lot of magic to be unlocked.”Tom and Nick share the five books they will be going over for the next five parts of the series: Meditations by Marcus Aurelius  Influence: The Psychology of Persuasion by Robert Cialdini The Culture Map by Erin Meyer The Fearless Organization by Amy Edmondson The Infinite Game by Simon Sinek Listeners can read Nick’s notes on each book at his LinkedIn page.ResourcesTom Fox on LinkedIn | TwitterCompliancePodcastNetwork.netNick Gallo on LinkedInComplianceLine.com

Welcome to this special podcast series, Integrity Matters: Exploring the NDAA, sponsored by K2 Integrity. This week I visit with Chip Poncy, Global Co-Head Financial Crimes Risk Management practice and member of K2 Integrity’s Board, and Gail Fuller, Managing Director at K2 Integrity. Over the week we have broken down the changes to the Bank Secrecy Act (BSA) and changes in enforcement authority to Financial Crimes Enforcement Network (FinCEN) which are found in the recently passed National Defense Authorization Act (NDAA). Topics discussed included breaking down the big picture, company formation reform, new opportunities under this new law, coming change to corporate governance under the NDAA and the long view of the new law. In this concluding Part 5, I am joined by again Gail Fuller to look at the long view under the new law.For more information go to the K2 Integrity website.For more information on the Dedicated Online Financial Integrity Network (DOLFIN) click here.

Welcome to this special podcast series, Integrity Matters: Exploring the NDAA, sponsored by K2 Integrity. This week I visit with Chip Poncy, Global Co-Head Financial Crimes Risk Management practice and member of K2 Integrity’s Board, and Gail Fuller, Managing Director at K2 Integrity. Over the week, we will break down the changes to the Bank Secrecy Act (BSA) and changes in enforcement authority to Financial Crimes Enforcement Network (FinCEN) which are found the recently passed National Defense Authorization Act (NDAA). Topics include breaking down the big picture, company formation reform, new opportunities under this new law, coming change to corporate governance under the NDAA and the long view of the new law. In Part 4, I am joined by Chip Poncy as we consider some of the new governance models under the NDAA.Join us tomorrow as we conclude our podcast series by taking the long view with Gail Fuller.For more information go to the K2 Integrity website.For more information on the Dedicated Online Financial Integrity Network (DOLFIN) click here.

Welcome to this special podcast series, Integrity Matters: Exploring the NDAA, sponsored by K2 Integrity. This week I visit with Chip Poncy, Global Co-Head Financial Crimes Risk Management practice and member of K2 Integrity’s Board, and Gail Fuller, Managing Director at K2 Integrity. Over the week, we will break down the changes to the Bank Secrecy Act (BSA) and changes in enforcement authority to Financial Crimes Enforcement Network (FinCEN) which are found in the recently passed National Defense Authorization Act (NDAA). Topics include breaking down the big picture, company formation reform, new opportunities under this new law, coming change to corporate governance under the NDAA and the long view of the new law. In Part 3, I am joined by Gail Fuller to look at some of the opportunities under the new law.Join us tomorrow as we continue our podcast series by visiting with Chip Poncy on changes in governance brought about by the new law.For more information go to the K2 Integrity website.For more information on the Dedicated Online Financial Integrity Network (DOLFIN) click here.

Welcome to this special podcast series, Integrity Matters: Exploring the NDAA, sponsored by K2 Integrity. This week I visit with Chip Poncy, Global Co-Head Financial Crimes Risk Management practice and member of K2 Integrity’s Board, and Gail Fuller, Managing Director at K2 Integrity. Over the week, we will break down the changes to the Bank Secrecy Act (BSA) and changes in enforcement authority to Financial Crimes Enforcement Network (FinCEN) which are found in the recently passed National Defense Authorization Act (NDAA). Topics include breaking down the big picture, company formation reform, new opportunities under this new law, coming change to corporate governance under the NDAA and the long view of the new law. In Part 2, I am joined by Chip Poncy as we discuss the reforms around company formation.Join us tomorrow as we examine that with this new law comes new opportunities. For more information go to the K2 Integrity website.For more information on the Dedicated Online Financial Integrity Network (DOLFIN) click here. 

Jen Snyder is the chief evangelist at GovQA, a technology company providing compliance software for governments. Tom Fox welcomes her to this week’s show as they discuss the compliance challenges facing governments, and how her company’s software is helping combat those challenges.Government ChallengesTom asks Jen to explain why management of government requirements is so critical and difficult. “In the government industry, everything you're doing is being done with government money, so everyone has the right to understand what's being done with that money,” she remarks. She adds that many of the challenges the government faces are because the private sector is ahead in terms of documentation: while the private sector’s documents and records are digitized, the government’s are still on paper. The pandemic has mandated a remote workforce, but adapting to a new normal is not familiar to government culture, Jen remarks.Data GovernanceWith data governance, there is both the tactical solution and the strategic solution. Tom asks Jen to elaborate on how GovQA helps companies in these areas. "What we do as a company is we look and follow each state's legislative rulings on how they need to manage data," she says. GovQA always follows the process of CEO departments and governor offices' data governance policies. Jen expresses that with the changes of the pandemic, and the civil unrest within the US, states are now re-evaluating their policies, and with that comes new data areas that need new governance.Being CompliantJen talks about the software GovQA has in assisting companies with legal holds. She iterates that the software allows the organization to build an audit trail and then stores it within specific software, so it can be accessed when necessary. Customers can feel confident that their data is protected: the company follows federal standards and guidelines and even goes further to bring in a third-party auditor. Rigid adherence to compliance standards is part of GovQA's workplace culture, Jen emphasizes.ResourcesGovQAJen Snyder on LinkedIn

Welcome to this special podcast series, Integrity Matters: Exploring the NDAA, sponsored by K2 Integrity. This week I visit with Chip Poncy,  Global Co-Head Financial Crimes Risk Management practice and member of K2 Integrity’s Board, and Gail Fuller, Managing Director at K2 Integrity. Over the week, we will break down the changes to the Bank Secrecy Act (BSA) and changes in enforcement authority to Financial Crimes Enforcement Network (FinCEN) which recently passed a National Defense Authorization Act (NDAA). Topics include breaking down the big picture, company formation reform, new opportunities under this new law, coming change to corporate governance under the NDAA and the long view of the new law. In Part 1, I am joined by Chip Poncy who breaks down the big picture of changes under the NDAA.Join us tomorrow as we examine the changes in company formation. For more information go to the K2 Integrity website.For more information on the Dedicated Online Financial Integrity Network (DOLFIN) click here. 

Adam Frey, Managing Director at K2 Integrity, returns to the Innovation In Compliance podcast this week. He and Tom Fox have an interesting conversation about the important role of compliance in the organization, as well as how to create a culture of compliance from the front lines.Owning the RiskTom comments on one of Adam’s catchphrases, “own the risk”. Adam explains that the front line must internalize the compliance risk of their day-to-day activities, as well as the business and personal impact of noncompliance. The back office as well as the front line must work together to have a seamless compliance solution. Adam says that this involves taking a holistic view of every transaction and the risks it presents. “I think it's important for them to understand how [compliance risks] can impact at an operational level... and that they're an integral component of preventing the company from potentially being in noncompliance… I think it's important not to see it as just something that is somebody else's job.” He shares that leaders should explain the ‘why’ of compliance. “One of the things that I find is that it's really important to demonstrate to everybody involved why something is important, not just tell them that it's important. I think they really appreciate when they can understand it, that they have a more of a stake in the outcome.”Compliance as a Key FunctionTom and Adam discuss why compliance should have a seat at the table. Compliance is a key business function, they both agree. When management sees compliance as a collaborative partner instead of an obstacle, the front line will more likely come to compliance professionals with potential issues. “You get better buy-in when people understand that everybody is hopefully working towards the same goal and objective,” Adam says. Every employee should also internalize compliance as an individual function. This message and attitude should come from the top, as well as the middle and bottom, Adam argues. Compliance “has to be emphasized from the top until it gets internalized to the point where it becomes bottom-up, as well,” he says.Training & Communication“Where do you see training as a tactic that could be utilized here?” Tom asks Adam. “Training is absolutely one of the critical components of leveraging the tone from the top but also throughout the whole organization,” Adam responds. Training should be targeted and segmented according to the exposure and risk level of trainees. “It's important to have training not just on compliance, but you can integrate training on the actual tone from the top, on code of conduct, on compliance culture, where those issues are integrated into your training, so you're constantly re-emphasizing and reiterating those points as part of that process,” Adam continues. Ongoing communication about the importance of compliance is also critical. Adam shares practical tips leaders and compliance professionals can use to spread the message of compliance both in word and actions.ResourcesK2Integrity.comAdam Frey on LinkedIn

Tom Fox welcomes John Petrovski, the Senior Director of Commercial Lending at BMO, to this week's episode. Tom and John discuss BMO's new business initiative BMO Empower, and its efforts to help low moderate income and minority communities.Promoting Economic DiversityBMO Empower’s mission is to promote inclusive economic recovery through six main initiatives. All their initiatives are geared towards financing black and Latinx owned businesses, as well as low income and women-owned businesses. BMO Empower provides financing for their business growth, as well as financial education. John explains how the money is distributed throughout the six initiatives that make up BMO Empower.Supplier DiversityJohn stresses the importance of supplier diversity. He feels that BMO ought to have more minorities among their supplier list especially since the company has been around for more than two centuries. A way he's sought to rectify this is through targeting and expressly buying from minority and women-owned businesses. "Not only will those efforts help address the issues of systemic racism but it's also good business," Tom quotes from John's press release. John adds that a public-private partnership is needed to fully achieve this, and that individuals need to do their part.ResourcesBMO EmpowerJohn Petrovski on LinkedIn