Reading Roundup: Top Stories in Compliance

Is there ever a slow week in compliance-related news? Not that we can remember. It’s tough to keep up with the latest developments in regulatory requirements, industry standards and internal best practices for compliance professionals. Onspring is here to help. We’ve gathered the articles, opinions and insights below that will bring you up to speed.

Compliance 101: Defining a Control

By Matt Kelly (Radical Compliance)

Excerpt: “Compliance officers talk about controls constantly. Effective controls are the lifeblood of what makes a compliance program work. Most of us can rattle off examples of controls, or recognize a control when we see one. So my fellow speaker asked the audience: What is a control? Nobody dared answer. We all, me included, were suddenly uncertain that we could define a control correctly.”

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Match Made in Heaven: Compliance and Human Resources

By Michael Volkov (Corruption, Crime & Compliance)

Excerpt: “Human resources and compliance share a common goal of instilling and promoting a culture of ethics. Human resources promotes employee satisfaction as a means to ensure productivity and compliant behavior. Compliance shares the same goal of ensuring compliance with the company’s code of conduct and legal and regulatory restrictions. The bottom line for each is an ethical company that has low levels of misconduct and strong morale that maximizes financial performance.”

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Data Here, Data There, Data Everywhere: The Need for a Chief Privacy Officer

By Roy Hadley (Corporate Compliance Insights)

Excerpt: “The internet of things has created tremendous opportunities for businesses to provide new and innovative services to consumers. It has also created and allowed for the collection and use of tremendous volumes of information about those consumers, including their lifestyle, spending, health and other habits. It is this tremendous volume of deeply personal information that has led to both consumers and governments increasingly becoming more vigilant about how companies collect and use data. In a world teeming with electronic information, the role of the CPO has become a necessity for companies of all sizes.”

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Sherlock Holmes Week: The Priory School and Criminality

By Thomas Fox (FCPA Compliance Report)

Excerpt: “This type of massive fraud, perpetrated at the highest level, is a rarity in Foreign Corrupt Practices Act (FCPA) cases (although not unheard of). Yet, as the Association of Certified Fraud Examiners (ACFE) noted in its most recent Report to the Nations (Report), corruption represents one of the most significant fraud risks for organizations. This means that companies should understand the specific factors involved in corruption schemes so they can work to effectively prevent, detect and remediate them.”

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Show Me: How to Build an Effective Control Testing Program

By Jason Rohlf (Onspring)

Excerpt: “I believe you’d be surprised at the number of organizations that do not have a fully structured approach to evaluating the effectiveness of their system of controls. Whether their approach is not formally defined and communicated, inconsistently applied and/or inefficiently managed and monitored, they are at risk of not fully understanding whether their controls are meeting their stated objectives or worse, being completely caught off guard by a critical control failure that could lead to much more serious issues. To that end, we offer the following considerations as you evaluate the effectiveness of your control testing program.”

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