Compliance into the Weeds Tom Fox

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt look into corporate reports on their Boards’ oversight of AI. 
As the world ventures deeper into the age of artificial intelligence (AI), the issue of corporate governance over AI is emerging as a crucial point of discussion. Tech giants such as Google are facing demands for more board-level attention to AI risk management due to concerns about the lack of transparency and oversight. Tom highlights this lack of detailed consideration of AI at the board level, raising doubts about whether boards are suitably prepared for AI's rapid development and potential enforcement risks. His concerns are rooted in limited mentions of AI in proxy statements of S&P 500 companies, suggesting current practices might not be sufficient for the future. 
Meanwhile, Matt emphasizes the need for boards to start considering staffing, expertise, and risk management related to AI without necessarily forming dedicated AI committees at present. Kelly's concerns stem from the lack of detail in proxy statements about what boards are currently doing with AI, especially in tech-heavy companies like Google, indicating the need for potential formation of dedicated committees or sub-specializations in the future.
 Key Highlights
·      AI Risk Management: Tech vs. Non-Tech Perspectives
·      Enhancing Corporate Governance Through AI Oversight
·      Technology Risk Oversight in Evolving Companies
·      AI Oversight for Corporate Boards: Future Risks
Resources
Matt on Radical Compliance
 Tom  
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The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject.
Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds!
In this episode, Tom and Matt take a deep dive into imbroglio involving Jontay Porter and gambling on NBA games.
The recent scandal involving the lifetime suspension of Jontay Porter from the NBA due to questionable prop bets, has sent shockwaves through the sports betting industry.
Tom views this incident as a stark warning for compliance professionals, underscoring the importance of data analytics in detecting anomalies and misconduct. He notes that thorough data analysis can expose even lesser-known players like Porter to inappropriate behavior while also commending the NBA’s swift and decisive action to preserve the integrity of the game.
Matt, a digital transformation advocate in sports betting, believes the scandal highlights the benefits of digital transformation in the industry. He stresses the crucial role of data analytics in identifying suspicious activity and potential misconduct, agreeing with the NBA’s decision to suspend Porter and protect the sport’s integrity.
Both Fox and Kelly’s perspectives are shaped by their backgrounds in compliance and digital transformation, respectively, emphasizing the profound impact of data analytics in these areas.

Key Highlights:

NBA Suspension: Data Analytics in Sports Betting

Sports Betting Fraud Prevention through Digital Transformation

Unveiling Unusual Patterns in Financial Transactions

Location-Based Anomalies in Investigative Analytics

Consequence Management


Resources:
Tom on the FCPA Compliance Report
Tom  
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The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into recent study on bias in workplace hiring and use the study to consider if compliance needs to be more centralized.
The topic of discriminatory patterns in hiring is an interesting, yet contentious issue. It encompasses biases in recruitment based on factors such as names, gender, and race, which unfortunately, are still prevalent in various companies. Tom believes that these discriminatory practices hamper equal opportunities and hence, need to be addressed earnestly. Drawing from his likely experience in promoting fair employment practices, he emphasizes the need for diversity and inclusion initiatives. On the other hand, Matt attributes such discriminatory hiring patterns to inherent biases and prejudices of employers. He argues that discriminatory practices result in a lack of diversity in the workplace as qualified individuals are overlooked based on their race, gender, or age. Following from his perspective on the matter, Kelly champions the execution of policies that foster equality and fairness in the hiring process. 
Key Highlights
·      Bias in Hiring Practices Based on Names
·      Bias Reduction Through Centralized Recruitment Operations
·      Enhancing Control Environment through Internal Audits
·      Ethical Alignment for Compliance Management Success
Resources
Matt on Radical Compliance
 

Tom  
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The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into the variables a compliance professional should consider when performing a risk assessment. We also say a few words about our experiences in the total solar eclipse of April 8.
Risk assessments in compliance encompass the careful evaluation of both external and internal risks, necessitating a carefully planned process for overseeing various risk assessments within a company. This task, while intricate and often challenging, is a crucial aspect of compliance. Fox emphasizes the necessity to precisely define the scope of risk assessments, which could involve assessing external threats, internal controls, or both. He proposes that companies could benefit from the guidance of internal audits, external consultants, or professional service firms. 
Similarly, Matt acknowledges its complex and challenging nature. Kelly underscores the importance of a disciplined, coherent approach to managing risk assessments across different parts of an organization, suggesting the possibility of involving assistance from third-party firms or internal audit teams. Both Fox and Kelly's perspectives underscore the importance of strategic planning, effective management, and possible external input in conducting risk assessments in compliance programs.
 Key Highlights
·      Comprehensive Approach to Conducting Risk Assessments
·      Collaborative Risk Assessment for Compliance Optimization
·      Enhancing Compliance through Internal Control Testing
·      Strategic Integration of Compliance in Enterprise Risk
·      Celestial Event Viewing: The Influence of Clouds
Resources
Matt on Radical Compliance
 Tom  
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The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject.
Looking for some hard-hitting insights on compliance?
Look no further than Compliance into the Weeds!
In this episode, Tom and Matt take a deep dive into the recent SEC enforcement actions involving the Swiss trading company Trafigura.
The topic at hand is the Trafigura FCPA enforcement action, a pivotal case that shines a light on the methods of the Justice Department in dealing with corporate misconduct. This case involves a Swiss company, Trafigura, that was culpable of bribery allegations in Brazil and faced scrutiny for its failure to disclose such schemes.
Matt zeroes in on the absence of a compliance monitor in Trafigura’s case, highlighting the company’s extensive misconduct and questioning whether enhanced compliance reporting could adequately replace such a monitor. He advocates for reforming corporate culture through monitoring and expresses confusion over the DOJ’s inconsistent enforcement strategy.
Fox notes Trafigura’s failure to self-disclose and cooperate and its history of recidivist behavior. He too questions the effectiveness of enhanced compliance reporting as a substitute for a compliance monitor and expresses concern over the Justice Department’s prioritization of fines over reform.
Key Highlights:

FCPA Enforcement Action: Importance of Compliance

Enhancing Fraud Detection Through Forensic Collaboration

Evolution in DOJ Compliance Enforcement Strategies

Enforcement Discrepancies in Recidivist Oversight

What does it all mean for the compliance professional?


Resources:
Matt on Radical Compliance
Tom on the FCPA Compliance and Ethics Blog
 Tom  
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The award winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance?
Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into the recent SEC enforcement actions involving AI washing and what it all may mean for the compliance professional.
The evolving landscape of Artificial Intelligence (AI) has brought on a new paradigm of risk management in AI disclosures. This has caught the attention of regulatory bodies like the SEC, thereby necessitating a heightened focus on transparency and the implementation of comprehensive risk strategies.
Tom advocates for the integration of AI risk reporting into the overall risk management strategy, emphasizing the need for governance and the right risk control measures. His views are shaped by his understanding of the potential repercussions of misleading AI disclosures and the significance of transparency in warding off enforcement actions from regulatory bodies.
Matt echoes a similar sentiment, underscoring the importance of recognizing and managing AI risks. His perspective is influenced by the unique challenges that AI poses, calling for strategically tailored governance and risk management practices to navigate the complexities of AI technology.

Key Highlights:

AI Misrepresentation Enforcement by SEC

Transparency in AI Risk Reporting for Compliance

Integrating AI Risk into Overall Risk Management

Collaborative Roles for Effective AI Governance

A theory of unified risk management

What does all this mean for compliance and the compliance professional?


Resources
Matt on Radical Compliance
Tom  
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