Compliance into the Weeds

Tom Fox

What happens when two compliance aficionados get together to talk all things compliance, risk management and ERM? You get Tom Fox, the Voice of Compliance and Matt Kelly, the Coolest Guy in Compliance, going into the weeds of a topic each week. Each week, you can take a deep dive with two of the top writers, thinkers and prognosticators in compliance.

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Top 10 Compliance into the Weeds Episodes

Goodpods has curated a list of the 10 best Compliance into the Weeds episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to Compliance into the Weeds for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite Compliance into the Weeds episode by adding your comments to the episode page.

Down The Rabbit Hole on SEC Enforcement Waivers

Compliance into the Weeds

02/14/24 • 20 min

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 go down a rabbit hole regarding the SEC waiving penalties for messaging app violations.

The Securities and Exchange Commission (SEC) has been making headlines for its crackdown on broker dealers who violate record-keeping rules by using off-channel messaging apps like WhatsApp or Snapchat. This has led to hefty fines, yet the SEC has been granting waivers to these same firms, allowing them to continue operating in the securities world. This paradoxical approach has raised eyebrows, including those of Tom Fox and Matt Kelly. Fox finds the SEC's actions both curious and concerning. He believes that if a waiver program exists, it should be publicly announced and the reasons for granting waivers should be transparent to ensure appropriate scrutiny. Kelly, on the other hand, expresses surprise and disappointment at the lack of transparency from the SEC, suggesting that the waiver program and its reasons should be made clear to the public. Find out more in this fascinating edition of Compliance into the Weeds.

Key Highlights:

SEC Sanctions for Off-Channel Messaging Violations
SEC Enforcement and Waivers for Internal Violations
Cracking down on Off Channel Communications
The Need for Public Announcements in SEC Enforcement

Resources

Matt on Radical Compliance

Tom

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JPMorgan Responds to Whistleblower Claims

Compliance into the Weeds

05/11/22 • 25 min

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. This week, Matt and Tom take a deep dive into the recent response of JPMorgan to the whistleblower termination allegations of Shaqualla Williams. Highlights include:

What does whistleblower protection actually mean?
Can a company fire an employee for other conduct if they have filed a whistleblower report?
Will this become the template for getting rid of whistleblowers?
Do the substance of whistleblower reports matter?

Resources

Matt in Radical Compliance

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DE Shaw Enforcement Action for Pre-taliation

Compliance into the Weeds

10/04/23 • 17 min

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 explore a subject more fully. Are you looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt consider the recent SEC pre-taliation enforcement action involving DE Shaw.

The recent $10 million settlement by financial services firm De Shaw over a retaliation case has sparked a significant conversation about whistleblower policies. This case, the largest of its kind, centered around employment agreements that prohibited employees from speaking to governmental agencies without company authorization, a practice that has been illegal since 2011 under the Dodd Frank Act. Matt views this as a significant issue, emphasizing the need for clear processes and alignment between policies and employment templates. He also expresses surprise at the rarity of instances where pretaliation clauses actually deter whistleblowers, suggesting that the problem lies in the language used in employment agreements.

Tom sees this as a problem of process. He believes that companies need to have a clear process in place to ensure that changes in employment policies are reflected throughout all relevant documents and agreements. He criticizes companies like De Shaw for updating their policies but failing to update their employment templates, which led to the inclusion of language that prevented whistleblowers from coming forward. Join Tom Fox and Matt Kelly as they delve deeper into this topic on the Compliance into the Weeds podcast.

Key Highlights:

Largest pre-taliation settlement in financial services
Persistent Non-Compliance Issues with Dodd Frank
The Rise of Multimillion-Dollar Penalties

Resources:

Matt in LinkedIn

Tom

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Understanding the Telefónica Venezolana FCPA Enforcement Action

Compliance into the Weeds

11/13/24 • 27 min

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 explore a subject more fully. Are you looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode of ‘Compliance into the Weeds,’ Tom Fox and Matt Kelly dive into the recently released FCPA enforcement action involving the Telefónica Venezolana subsidiary.

They explore the bribery scheme used by Telefónica Venezolana to win an auction for U.S. dollars in 2014, resulting in a significant criminal penalty. The episode delves into the complexities of compliance in high-risk jurisdictions, the importance of incorporating anti-corruption due diligence into supply chains, and the implications of the new enforcement landscape under different administrations. Key lessons include the surprising extent of supplier risk, the long tail of FCPA enforcement, and the financial benefits of robust compliance practices.

Key highlights:

Details of the Bribery Scheme
Consequences and Penalties for Telefónica Venezolana
Compliance Challenges and Lessons Learned
Risk Management in High-Risk Jurisdictions
The Importance of a Robust Compliance Program
Long-Term Implications of FCPA Violations
Future of FCPA Enforcement

Resources:

Matt in Radical Compliance

Tom in the FCPA Compliance and Ethics Blog

Tom

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Risk Assessments, Control Environments and Plug Power

Compliance into the Weeds

09/06/23 • 22 min

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 sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt consider the recent pronouncements from the SEC regarding risk assessments together with control environments and all this played out in the Plug Power enforcement action.

The importance of risk assessments and a strong control environment in companies cannot be overstated. These elements are crucial for effective internal controls and proper financial reporting, as emphasized by the SEC's chief accountant, Paul Munter. In this episode Tom and Matt underscore the need for thorough evaluation of potential pitfalls in risk assessments, citing insufficient personnel, changes in board or management composition, and hasty adoption of new strategies or technologies as potential triggers for flawed assessments.

They highlight the significance of small control failures and entity-level failures, such as weaknesses in IT controls, as indicators of a weak control environment.. Join Tom Fox and Matt Kelly as they delve deeper into the topic of risk assessment in the latest episode of the Compliance into the Weeds podcast.

Key Highlights

· Munter’s statement

· Enhancing Control Environment through Risk Assessments

· The Importance of Risk Assessments and Controls

· Attracting and Retaining Competent Individuals

· Flaws in Risk Assessment Beyond Insufficient Personnel

· Lessons Learned

Resources

Matt in LinkedIn

Matt blogged twice on these issues. A report on Munter’s statements here and on the Plug Power enforcement action here

Tom

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Exploring Corporate Culture Disconnect

Compliance into the Weeds

02/26/25 • 22 min

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 explore a subject more fully. Are you looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this Compliance into the Weeds episode, Tom Fox and Matt Kelly review the recently released 2025 E&C Program Effectiveness Report (Report) from LRN and deeply dive into its findings of a disconnect between top management and employees on ethics and compliance.

Tom and Matt examine the significant findings of the LRN survey conducted among over 1,500 ethics and compliance professionals, which formed the basis for the 2025 Report. They emphasize the widening perception gap about corporate ethical culture between senior executives and lower-level employees and discuss the importance of transparency, consistent disciplinary measures, and engagement of frontline employees to bridge this divide. Matt and Tom also address compliance officers’ challenges in assessing their organizations’ ethical culture and suggest practical steps for fostering a more cohesive environment.

Key highlights:

Key Findings from the LRN Report
Assessing and Addressing the Perception Gap
Building Trust and Transparency
Involving Employees in Policy Design
Engaging with Employees and Building Community

Resources:

Matt in Radical Compliance

LRN 2025 E&C Program Effectiveness Report

Tom

Compliance into the Weeds was recently honored as one of the Top 25 Regulatory Compliance Podcast.

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COSO Fraud Risk Management Framework

Compliance into the Weeds

05/17/23 • 27 min

The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, going into the weeds to explore a subject more fully and looking for some hard-hitting insights on sanctions compliance. Look no further than Compliance into the Weeds!

Get ready to dive into the fraud risk management and prevention world with Compliance into the Weeds, hosted by Tom Fox and Matt Kelly. In this episode, they break down the recently released fraud risk framework by COSO and the Association of Certified Fraud Examiners and how it’s necessary for today’s cyber-based fraud and cryptocurrency. They stress the importance of data analytics and internal hotlines to prevent fraud and that all employees need to be trained to detect and prevent fraud in their industry. The hosts also discuss how financial reporting controls may not always detect fraud and how anti-fraud controls are essential. With the rise of new types of fraud like ESG and greenwashing, the hosts recommend the fraud risk report for audit and compliance professionals to stay informed about risks swirling around corporations today. Take advantage of this informative and fascinating podcast. Tune in to Compliance into the Weeds now.

Key Highlights:

· Fraud Risk Management: COSO Report 2nd Edition

· Effective Fraud Prevention Training for Employees

· Importance of Anti-Fraud Controls in Fighting Fraud

· COSO Fraud Risk Guidance and the Fraud Pentagon

Notable Quotes:

“But when you think about it, we have a lot of external factors, such as the rise of cryptocurrency, which is riddled with fraud and corruption risk. New methods of cyber-based fraud, which didn’t exist, say, 2016, the 2010s before that. Rise of ransomware in particular, which wasn’t quite a big thing back then that it is all over the place now.”

“Most frauds, you the risk management function, you might never catch them. By looking for them, you’ll have to depend on somebody else coming to you from the enterprise, say, I think this person over here is doing something sketchy.”

“Fraud is having a moment. And fraud risk is on the forefront of many people’s minds from many different areas.”

“We need to do better at finding ways to assess and understand your fraud risk and then implementing new controls as necessary to push that risk down to acceptable levels.”

Resources

Matt

Blog Post in Radical Compliance

Tom

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AI Accountability and Explainability

Compliance into the Weeds

06/12/24 • 25 min

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 Fox and Matt Kelly delve into the recent speech by Michael Hsu, the head of the Office of the Comptroller of the Currency, on the accountability challenges posed by artificial intelligence in the banking sector.

The discussion highlights Hsu's emphasis on the lack of a robust accountability framework for AI, illustrating the issue with the Air Canada chatbot incident. The conversation also touches on potential systemic risks AI could pose to the financial sector, the need for explainable AI, and the shared responsibility model used in cloud computing as a potential template for addressing these challenges. The episode underscores the necessity for compliance officers to ensure contracts and IT controls are in place and stresses the importance of developing trust and accountability mechanisms before widespread AI adoption.

Key Highlights

· AI Accountability: A Regulator's Perspective

· Case Study: Air Canada's AI Mishap

· Legal and Technological Challenges

· Exploring Solutions and Shared Responsibility

Resources

Matt on Radical Compliance

Tom

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Elon Musk, Cryptocurrency and the SEC

Compliance into the Weeds

05/12/21 • 21 min

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. This week Matt and Tom take a deep dive into the intersection of Elon Musk, cryptocurrencies and the SEC. Some of the issues we consider are:

What do make of Musk’s SLN performance?
What does the SEC have to say about all this?
What is the MicroStrategy, strategy?
What does the market think about all this?
Where is compliance?

Resources

Matt’s blog post on Radical Compliance:

Bitcoin We Have a Problem

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The SAP Foreign Corrupt Practices Act Enforcement Action

Compliance into the Weeds

01/17/24 • 27 min

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 recent Foreign Corrupt Practices Act (FCPA) enforcement action involving the ERP software giant SAP.

The recent $220 million fine imposed on German software giant, SAP, for violations of the FCPA underscores the critical role of internal audits in maintaining corporate compliance. Despite having a comprehensive FCPA compliance program, SAP's lack of control over its subsidiaries led to bribery activities, a situation that Tom and Matt believe could have been prevented with a robust internal audit function. Fox emphasized the need for strong internal audits to identify and address issues within different parts of an organization. Similarly, Kelly, underscored the importance of internal audits in identifying and rectifying control lapses. To delve deeper into this topic and understand the implications of the SAP case, join Tom Fox and Matt Kelly on this episode of the Compliance into the Weeds.

Key Highlights

· The bribery schemes and geographic scope

· What is culture?

· Third parties and corruption risks

· The fine and penalty

· The comeback

· Lessons learned for the compliance professional

Resources

Matt on Radical Compliance

Tom

Tom on the FCPA Compliance and Ethics Blog

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