Food for Thought: Exiger x Consero Chief Compliance Officer Virtual Event
Food for Thought" is a series showcasing insights and best practices from attended events, where senior financial services professionals and industry thought leaders come together to discuss the latest industry developments over a bite to eat.
There is Nothing Usual About Business Right Now:
Doing More with Less in Virtual Risk Management Programs
Our breakout sessions during Consero’s CCO Virtual KnowledgeBridge™ with Compliance & Ethics Officers around the day-to-day realities of doing business during this unprecedented time was inspiring. Clearly, compliance is on the frontlines of this crisis. Read on for our key takeaways on the innovative ways agile compliance teams are disrupting the status quo to make the world a safer place to do business.
Decreased Resources, Increased Regulatory Expectations. In times of crisis, compliance leaders have a history of leading by example through their measured approach to managing through challenging situations. In other words, compliance leaders embody true G.R.I.T. Whether their budgets are cut, team sizes are reduced or regulators ask them to do more with less, compliance leaders just keep going. We’ve outlined some important updates from the newly released 2nd Edition of the Resource Guide for the FCPA, which was jointly published by the DOJ and the SEC. With the DOJ’s recent update on how they will evaluate corporate compliance programs, we combined thoughts from Exiger’s (and formerly the FBI’s) George “Ren” McEachern with learnings from our Consero breakout sessions on how to create and maintain resilient compliance functions in today’s world . . .
- Focus On People. Understanding the challenges team members are facing helps to manage risk and understand the practical limitations of novel work situations. Leaders shared a need to be flexible and reorient expectations and priorities accordingly.
- Burnout is a major concern. With little or no vacation time used and work-life balance at an all-time low, some organizations are mandating time off. Consider reducing simple and repeatable tasks so that your team’s time and brainpower is well allocated. Learn more about how Exiger’s technology is helping compliance teams do just that.
- Maintain Risk Rigor. We can’t forget the guiding principle of taking a risk-based approach despite the high velocity environment we are operating in. Comprehensive risk assessments and appropriate due diligence are pillars to an effective third-party risk management program.
- Risk Assessments. Most leaders indicated that they have not made material changes to risk assessments but are reacting day-by-day to changing circumstances. Consider which select data points are most critical when you need to evaluate risk quickly. Learn more about how we helped one company save $750K with risk-based decisions.
- Due Diligence. Business changes and shorter timelines mean that triaging which entities go through additional diligence is more important than ever. Companies are bolstering their monitoring programs and exploring outsourcing some or all of their alert review and escalation program to keep up with increasing third-party volumes, fast changing sanctions and mandated transparency into critical infrastructure supply chains.
- Many organizations are providing services and products to the government under the Defense Production Act. They have never worked with the government and are unsure about their liability and legal responsibilities. Seeking guidance from a trusted advisor could be a helpful move to make sure you’re taking the right steps.
- Companies are bolstering their monitoring programs and exploring outsourcing some or all of their alert review and escalation program to keep up with increasing third-party volumes, fast changing sanctions and mandated transparency into critical infrastructure supply chains.
- Documentation. A critical theme throughout the discussions was that each group expressed the importance of documentation related to dealing with government contacts, new third parties and contracts with a specific eye on anti-trust and corruption.
- While there was an emphasis on creating a paper trail for interactions and decisions made, there may not be the optimal or expected level of information to make a decision or take an action.
Click Below to Download Key Takeaways to Share with C-Suite & Compliance Teams