Innovation in Compliance with Tom Fox

Welcome to the fifth and final episode in our 5-part series on financial compliance with the VP of Product Strategy for Verint, Phil Fry. In this episode, we’re talking about how everything from the previous episodes comes together into a comprehensive compliance plan that reduces risk and improves the investigation of interactions and trade-related data. If you missed any of this week’s episodes on Financial Compliance, make sure to give them a listen! Philip Fry Verint

This is the fourth episode in this week’s 5-part series on Financial Compliance with VP of Go To Market Strategy from Verint, Phil Fry.With lots of information, and constantly evolving tools and strategies to manage it, making compliance programs sustainable is a top priority for a finance firm. Particularly in times of constantly changing, multi-jurisdictional regulations, sustaining acceptable levels of risk and compliance and staying on top of issues and opportunities is a top priority for leadership. In case you missed it, yesterday’s episode was all about controlling the collection of data and making good decisions using automation and other new technologies.Tomorrow, we’ll be wrapping up this 5-part series with a conversation about how all of these different elements come together and provide the oversight you need. Philip Fry Verint

This is the third episode in this week’s 5-part series on Financial Compliance with VP of Product Strategy from Verint, Phil Fry.As we talked about in yesterday’s episode – there is a lot of data coming in, and a lot of monitoring is required to keep on top of it. Traditional methods are no longer enough to keep up with the flow of information, and Phil gets into some of the new strategies and technologies available to help compliance officers manage their programs. In case you missed it, listen to episode two, where we talked about the importance of capturing communications and other information across multiple platforms!Tomorrow, we’ll be talking about making this kind of extensive compliance management sustainable in your organization. Philip Fry Verint

Welcome to the second episode in this week’s 5-part series on Financial Compliance with VP of Product Strategy from Verint, Phil Fry. This episode is about capturing the data that you need. The breadth of technology available to employees has expanded hugely, encompassing not just voice and email, but social media, instant message, and desktop sharing. It is possible to capture information from all of these channels – and important that financial services firms do so. If you missed it, check out yesterday’s Overview episode to get to know Phil Fry, and learn what’s coming for the rest of the week!Tomorrow, we’ll be talking about Controlling the Environment with Automation, and other tools. Philip Fry Verint

Welcome to the first episode in the special 5-part series on Innovation in compliance.In this episode, Tom Fox talks to Phil Fry, the VP of Go To Market at Verint.Tom and Phil talk about reactive, active and proactive compliance, and get into the concepts of capture, control, sustainability and oversight, which will be the topics for the rest of this week.We hope you enjoy this episode, and tune in for the rest of the week, to learn what’s new, what’s cutting edge and what’s coming up in financial compliance.Philip Fry Verint

Host Tom Fox attended Podfest Expo in March and came away thinking that it was the best conference he had ever attended. He is excited about chatting with this week’s guest on the Innovation In Compliance Podcast, Chris Krimitsos. Chris is the CEO of CK Productions and  the organizer of Podfest Expo. They discuss the history of Podfest, the incredible sense of community at the event and what’s coming up for Podfest 2020.The History of PodfestChris describes how Podfest evolved from his local business network into the large event it is today. He noticed that many podcasters needed support so he created the event to provide the education and support they needed. People come to conferences for the camaraderie and social experience more than the education, he points out. As such, he wanted to ensure that attendees felt comfortable and a part of the tribe when they came to Podfest. Creating a Sense of CommunityTom says that he felt that every component of Podfest was designed especially for him. He asks Chris how he was able to create that sense of community at the event. Chris responds that they thought about the common fears that an attendee might have then made direct efforts to alleviate them. They designed Podfest to be an event that speaks to the individual, where you can feel comfortable and integrate. He describes a few of those efforts; for instance, you may hesitate to visit the trade show booths because you think the exhibitors are going to be "salesy". Podfest solves this problem by asking exhibitors to provide one question they want you to ask them. This question is displayed on the table so when you ask, you have an engaging and informative conversation with the exhibitors. Podfest also thinks about making the experience better for their vendors. Last year they complained that there was so much traffic they could not even take a break. So this year, Chris and his team introduced a vendor concierge, who would man the booth if a vendor needed to step away for a bit.Pay it ForwardAnother aspect of Podfest that makes it a unique community is the Pay it Forward scholarship program. Chris describes how the program started and evolved: this year they were able to offer 100 free tickets. Both Tom and Chris talk about the impact this program has had. This year they sponsored an entire high school class. The students all came up to Chris to thank him for the incredible experience.Podfest 2020Podfest 2020 will take place on March 6-8 at Marriott World Resort in Orlando. It will be two conferences in one: Podfest and Vidfest, where you can YouTube. You can access one or both conferences depending on your ticket. If you want to be an audio influencer - and Chris says that now is the best time to get started - Podfest will give you the tools you need to succeed.ResourcesPodfest Expo 

In today’s show, host Tom Fox speaks with Shaina Weisinger of Repurpose House, a company that repurposes long-form content into optimized social media posts. Shaina had years of experience in digital marketing strategy and established Repurpose House when she realized that her clients wanted repurposed content, a niche in the marketplace that no other company was filling. She chats with Tom about why repurposing is a good strategy, how she built her offshore team and her company’s 5 core principles.Why Repurpose?Marketers  struggle to consistently create new content for social media. Usually they already have high quality content that converted and got a lot of engagement. Repurposing proven content is a strategy Shaina specializes in: she takes longer-form content (such as blog posts, webinars and speeches) and breaks them up into many different pieces of content in a way that’s optimized for social media. If you've already taken the time to create the content, she says, don't just let it die.Building an Offshore TeamMost of Shaina's team is based in the Philippines.  She only has full-time employees: the company has a comprehensive training program and team leaders who ensure that everyone's skills are sharpened. Shaina says that it was important to her to build a team where everyone cared about one another, so she hires based on culture fit first. The company has weekly team meetings with everyone so they can connect. Transparency and well-being of the team is very important to her. Tom comments that he gets regular communications from the team and that he feels he has a relationship with them that he values as a customer. When you build good relationships, Shaina responds, that's when you have great experiences. 5 Core PrinciplesTom asks Shaina to talk about Repurpose House’s 5 core principles, and why she thinks they are important for the business. Shaina says that she wanted her company principles to translate her own life values and goals. These five core principles are:We actively remain cutting-edge in our market and share our knowledge with excellent educational resources for our industry;We provide a premier service with clear, streamlined communication that allows for a superior customer and team member experience;We are positive and optimistic that all events leave room to evolve and grow;Our culture enables a safe place for both team members and clients to speak honestly and openly, to cultivate a transparent environment of trust;We are a place where health, well-being and quality of life are not simply concepts but the baseline for all decisions.Sharing Our KnowledgeShaina believes that educating people on how to be efficient, and training them to create processes, will bring success. She is passionate about showing businesses and brands how to make their repurposing strategy simple, streamlined and efficient.ResourcesRepurpose HouseShaina on LinkedInThe Content Coalition Podcast 

What to Say During a Crisis with Eden GillottWhen you’re dealing with drama and you want to know what to do and what to say, Eden Gillott is the person to go to. She has been the President of Gillott Communications, a crisis PR firm, for over 11 years. She chats with Tom Fox about what a company should say in a crisis situation, how to prepare for a crisis in advance, and common mistakes to avoid.What to Say During a CrisisEden defines a crisis as anything that threatens your reputation in a way that will interrupt your business. Whenever there is a crisis incident, especially one that involves loss of life, your company should express sorrow and empathy, and should never make light of the fact that people have lost their lives. You should also think about your key message and goals: ideally, your strategy should include your short-term reaction, but also consider the long-term impact of your actions.How To Prepare For a Crisis While you can never predict a crisis, there are ways to prepare in advance. Think of the things most likely to happen in your industry. Crisis in the food industry, for example, can include recall and contamination. If something were to happen, how would you respond? A good strategy is to have a placeholder statement you can use as an immediate response that tells everyone you're taking care of the situation, you're looking into it and will get back to them as soon as possible. This placeholder statement buys you time while you gather the facts. The last thing you want to do during a crisis is rush out with misinformation, Eden warns. It can make an already bad situation even worse. Common Mistakes to AvoidDuring a crisis, you should avoid these common mistakes:Lack of communication - Be as transparent as possible. Make sure everyone has the facts needed to make an educated decision.“ It's not my job.” -  When there's a crisis, it's everyone's job.“ It's too small to be noticed.” - A crisis can become worse if you ignore it.It's a good idea to have a protocol in place so if a crisis occurs you have a framework to follow.Advice About Social MediaTom comments that social media has amplified messages, which can be catastrophic in a crisis. Eden advises how companies can use social media during a crisis. Social media posts can also precipitate a crisis. She admonishes, think before you post!Lying is an Absolute No-No!Eden says that there are two absolute no-no’s in crisis PR, and lying is one of them. Lying will always come back to bite you: your credibility will spiral down and the reputation you spent years building will be tarnished. If you’re caught as a liar, people will never believe anything you say in the future.ResourcesGillott Communications 

In today’s show, Amy Kadomatsu joins host Tom Fox to share how her company makes compliance simple for their clients. Amy is the Chief Operating Officer at ComplySci, a provider of regulatory technology for financial and professional services companies. ComplySci helps its 1200 clients in 51 countries monitor and manage employee risk, by leveraging technology to transform their day to day operations with digital compliance.360° Employee Risk Management. Tom asks Amy, should a COO think about using a solution like ComplySci? And how it would help them integrate compliance into the business, but also satisfy the articulated requirements from the Department of Justice. Amy responds that it’s imperative to understand the needs of the business and try to engage end users into a culture of compliance. As the COO, you should also think about what you need to monitor and manage within employee risk. She describes how ComplySci’s multithreaded solution provides a 360° view of end users to help the company stay within the Department of Justice regulations.Measuring and Maintaining a Culture of Compliance. Compliance and HR need to work together to establish a culture of compliance. Some ways to measure the effectiveness of their efforts are:Evaluating and quantifying the incidents reported;Tracking onboarding and attrition rates; andMeasuring engagement via surveys.Employees need to understand the reasons why compliance measures are taken, and the company needs to make it easy for employees to comply. This is why ComplySci focused on a mobile implementation: they want to provide simple and accessible tools to make compliance easy for everyone. How ComplySci Makes Compliance Simple. Many companies have compliance processes in place. Much of what ComplySci does is bring these processes to life, making them faster and more streamlined. Their compliance solution offers a robust dashboard and reporting system, which comes preloaded with many compliance rules.  All the compliance officer has to do is modify the exceptions. If someone is trying to pre-clear a trade, for example, and something does not comply with a particular rule, the compliance officer can get a notification. Users, including the Board of Directors, can create customized reports and export them into Excel or another graphics program, effectively translating data into usable information.ComplySci Summit. The ComplySci Summit 2019 takes place on September 9 in New York. The keynote speaker is former US Attorney Preet Bharara. An all-star COO panel will discuss topics such as the culture of compliance and innovation in compliance. They will also talk about how the needs of the COO have changed over the last decade and how to use technology to meet modern demands.ResourcesComplySci.com 

Jeff Kushner, Chief Marketing Officer at Allgress, speaks with Tom Fox about what companies should look for in a platform to innovate and automate the compliance function. Allgress provides an integrated solution that automates risk and compliance management with simplicity and quick time to value. Jeff talks about the challenges businesses face with regard to the compliance function and how Allgress can help.The Biggest Compliance ChallengesKeeping pace with workflows, processes and requirements often leads to constant firefighting, fines, increased costs, and loss of accountability. These issues stem from the use of manual methods in the compliance function. Many companies do not quite understand how automation can help. Requirement changes and reporting remains the biggest challenge: compliance challenges continue to rise and so too personal liability of compliance staff and executives. Reducing business risk with innovation has become a top priority for organizations, in order to manage rapid changes and identify potential impact before it’s too late.A Good Automated Compliance SolutionJeff describes a good automated solution as a comprehensive one that allows you to easily collect, analyze, communicate, remediate, or accept compliance risk with the least amount of manual effort. Various data sources can be correlated and represented in an integrated dashboard, so that you can assess your compliance risk posture; and when changes occur, you can take action in time to create the least impact on your business. Other features of a good solution include:Continuous updates and change tracking;Ready to use standards, regulations, and frameworks which can be modified for your specific requirements;Standard to standard mapping, also called checking once and complying with many requirements.Allgress is Such a SolutionJeff comments that Allgress is such a solution. It is a single platform that integrates the entire process of compliance management, risk analysis, and third-party vendor management, among other functions. Allgress allows businesses to achieve customer value in a few weeks vs. months. It is also modular so you can add the functions you need as you need them.ResourcesAllgress.cominfo@allgress.com888-264-1677