News & Analysis as of

Chief Compliance Officers

CFTC Proposes to Amend Chief Compliance Officer Duties and Annual Report Requirements

by Morrison & Foerster LLP on

On May 3, 2017, the Commodity Futures Trading Commission (“CFTC”) approved for publication in the Federal Register proposed amendments to its rules regarding the duties of Chief Compliance Officers (“CCOs”) for swap dealers...more

Operationalizing Compliance: Part I – It All Starts with Pizza

by Thomas Fox on

With the release of their Evaluation of Corporate Compliance Programs (Evaluation) in February, the Department of Justice (DOJ) emphasized yet again the importance of actually doing compliance and not simply having a paper...more

The Astros, Regression to the Mean and Compliance

by Thomas Fox on

Being a Houston baseball fan has been largely pain, misery and suffering. While we have not gone 80+ years or even a century without winning a World Series it is not for lack of ineptitude. It is because the Houston Major...more

Compliance Program Oversight - The Board’s Overlooked Role

It’s long been axiomatic that an effective compliance program cannot exist without a strong ethics and compliance culture, which in turn requires the proper “tone from the top.” Yet, when most companies think “top,” they...more

The Renovated Globe Theater and Operationalized Compliance

by Thomas Fox on

There is much that a Chief Compliance Officer (CCO) or compliance practitioner can learn from Shakespeare. I have often used his plays as introductions to blog posts or as examples to inform a compliance program. Today, I...more

Effective Compliance and the Importance of Accounts Payable Function

by Michael Volkov on

As the compliance function has matured, Chief Compliance Officers have built important relationships with related functions that are critical to the compliance function. Over the last few years, we have seen the Justice...more

From Dr. No to an Agile Compliance Program

by Thomas Fox on

How agile is your compliance program? How does this fit into the operationalization requirement laid out in the Department of Justice’s (DOJ) Evaluation of Corporate Compliance Programs (Evaluation)? While many have argued...more

The State of Mind of a White Collar Criminal

by Michael Volkov on

As a chief compliance officer, it is important to consider the mindset of a criminal. Not to complete tasks and accomplish your objectives. Instead, it is important to understand the criminal mind, what makes them tick and...more

Setting Your Compliance Program by the North Star

by Thomas Fox on

Today I celebrate a potpourri of history to lead into some leadership lesson for a Chief Compliance Officer (CCO) or aspiring CCO. According to This Day In History, today marks the second formation of the Committees of...more

MoneyGram CCO Pays Civil Penalty

by Michael Volkov on

Like any other profession, the compliance profession is not immune to bad apples. Lawyers know the law but have been criminally prosecuted for breaking the law. The same goes for compliance professionals....more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CFTC Proposes to Amend Rules Governing Chief Compliance Officer Duties and Annual Reports for Certain Registrants - On May 3, 2017, the U.S. Commodity Futures Trading Commission...more

Don’t Outsmart Yourself: AI and Compliance

by NAVEX Global on

I’m a big fan of artificial intelligence. The older I get, the more I appreciate that real intelligence needs all the help it can get. Corporate ethics and compliance officers, however, need to pause before betting big on AI...more

The Compliance Profession and the Demand for “Results”

by Michael Volkov on

Compliance professionals are riding high. They are the darlings of the corporate governance world, commanding higher salaries, C-Suite positions with access to senior leadership and the board, and an empowered position within...more

The Trump Administration: The Business Impact

by Thomas Fox on

If we do not speak up, there may not be an opportunity later. ...more

Four Essential Leadership Behaviors

by Thomas Fox on

The role of any leader should be engagement, engagement and then more engagement. By understanding the needs of your key stakeholders and incorporating that into your solution or initiative you will have your team on board...more

The Danger of Corporate Scandals – When CEOs and Senior Executives Circle the Wagons to Impugn a CCO

by Michael Volkov on

We all know the scenario. A corporate scandal breaks, heads will roll and criminal investigators have invaded a company to investigate and prosecute the CEO, senior executives and others. It is a toxic environment when this...more

CFTC Proposes to Amend Rules Governing Chief Compliance Officer Duties and Annual Reports for Certain Registrants

On May 3, 2017, the U.S. Commodity Futures Trading Commission (CFTC) announced that it will publish in the Federal Register proposed amendments to Part 3 of its regulations. The proposed amendments would (1) define “senior...more

Bridging the Week - May 2017 #2

Supplemental CFTC Regulation AT Proposal Generally Criticized as Too Prescriptive: The Commodity Futures Trading Commission's November 2016 amended proposed rules to address algorithmic trading and users of algorithmic...more

10 Questions to Operationalizing Compliance

by Thomas Fox on

A Harvard Business Review (HBR) article, entitled “Does Management Really Work?” by Nicholas Bloom, Raffaella Sadun and John Van Reenen, provided some succinct advice about what a business can do to improve its management...more

The ‘Way of Compliance' Adds Value Regardless of Who's in the White House

I am astonished there are still so many articles out there advising readers on how to establish the imperative for compliance. Nearly 15 years after the rise of compliance to an officer-level position, with significant...more

Moving into New Space – Communicating the Operationalization of Compliance

by Thomas Fox on

While many are no doubt celebrating Cinco de Mayo today, it is also the 66th anniversary of the first foray into space for the US, albeit in a sub-orbital way. It was on this date in 1961, that Navy Commander Alan Shepard was...more

U.S. Department of Justice Issues New Guidance on Evaluation of Corporate Compliance Programs

by Poyner Spruill LLP on

On February 8, 2017, the Fraud Section of the U.S. Department of Justice (DOJ) published new guidance titled “Evaluation of Corporate Compliance Programs” (Compliance Guidance), which can be found at...more

CFTC Proposes Amendments to Chief Compliance Officer Duties and Annual Reports

The CFTC is proposing to amend its regulations regarding certain duties of chief compliance officers, or CCOs, of swap dealers, major swap participants and futures commission merchants, which are referred to as registrants....more

Farewell to Racehorse and Welcome to Project Success

by Thomas Fox on

Every trial lawyer in Texas has heard of him, a legendary trial lawyer with a legendary name, Richard ‘Racehorse’ Haynes; who died over the weekend at the age of 90. He took up the mantel of great Houston criminal defense...more

The Revolution in Compliance Training – It is Not Just About Your ABCs

by Michael Volkov on

A CCO never feels like he or she has caught up on compliance program requirements. As soon as one new best practice is identified, a CCO blinks for a moment and then there is a new best practice for them to consider....more

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