Three Entrepreneurial Ideas to Bring to Compliance

Three Entrepreneurial Ideas to Bring to Compliance

“Iterative,” “Failing Forward” and “MVP” were unfamiliar phrases for me when I started my company two years ago.  In reading about successful entrepreneurship, I realized that many ideas that help make entrepreneurs successful can also help make compliance officers successful.  Ready to challenge your entrepreneurial self?  Try out these three ideas.

1.     Iterative

“Iterative” is defined by the Cambridge Dictionary as, “doing something again and again, usually to improve it.”  When one takes an iterative approach, it means that the original version doesn’t have to be perfect.  In fact, the first version may not even be terribly good.  Instead, it serves as a place to start. 

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The Changing Tone at the VERY, VERY Top

The Changing Tone at the VERY, VERY Top

Last week, former President of South Korea, Park Geun-hye, was sentenced to 24 years in prison for her involvement in a corruption scandal.[1]  The year before, former president Luiz Inácio Lula da Silva, of Brazil, was sentenced to 12 years for corruption. He was convicted of receiving a renovated beachfront apartment worth some 3.7m reais ($1.1 million), as a bribe from an engineering firm.[2]  Former President of France, Nicolas Sarkozy, is facing charges of corruption and influence peddling. Sarkozy is already under investigation for alleged bribe-taking from Libyan sources in the 2007 French general election.[3] The world is changing, and it is changing fast. 

When I started in compliance over a decade ago, people would routinely say, “that’s how it’s done overseas,” or, “everyone knows the only way to get government business is to give bribes.”  The tipping point has come, and anyone not noticing will get swept up in the change.

What’s happened?  For starters:

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What to do when they WON'T LISTEN!

What to do when they WON'T LISTEN!

Sometimes, no matter what you do or how persuasively you try, the answer is simply no.  Perhaps you know that the company’s current due diligence process is deeply underfunded and therefore not picking up risks that should be caught.  Perhaps you’ve tried to convince the Board that they should invest in measures so that the company can be compliant with the new European General Data Protection Regulation.  Perhaps you’ve written three reports detailing the need for sanctions screening software, but are still left with an Excel sheet and no capacity to reliably screen for customers that might be sanctioned bodies.  When this happens, try these three reactions:

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UK and Europe: The Three Biggest Questions This Year

UK and Europe: The Three Biggest Questions This Year

UK and Europe: The Three Biggest Questions This Year

I’ve just returned from both the Frankfurt European Compliance and Ethics Institute and the Women in Compliance Conference in London.  As always, conferences are whirlwind events – the sessions, the networking, the drinks receptions, exhibiting for Spark Compliance, meeting old friends and new ones alike.  It’s always interesting to see what the trends are, and this year was no different.

There are three big questions on everyone’s mind here in the UK and Europe this year.  The answer to each may strongly affect the profitability and success of each company, as well as the future of the compliance function. 

Question 1: What happens after Brexit?

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GDPR – The basics in 5 minutes

GDPR – The basics in 5 minutes

 This is a guest blog by Patrick O’Kane, author of the book "GDPR- Fix it Fast! Apply GDPR to Your Company in 10 Simple Steps.”

People are starting to complain about GDPR overload. The emails, webinars and articles about it are coming in from left and right. Sometimes they obsess so much with the detail that it is hard to know what practical steps your company should be taking on GDPR.

This article sets out some of the basics on GDPR.

Which companies does it apply to?

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