The Compliance Handbook - The Evolution of Controls with Eric Young

Thomas Fox
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Effective controls are the lifeblood of what makes a compliance program work. In today's episode of The Compliance Podcast, Thomas Fox sits down with former Global Chief Compliance Officer Eric Young and talks about internal controls, how human conscience overrides technology, and emphasizing the long-term benefits of running clean organizations in the compliance space.

Major takeaways discussed in the See more +

Effective controls are the lifeblood of what makes a compliance program work. In today's episode of The Compliance Podcast, Thomas Fox sits down with former Global Chief Compliance Officer Eric Young and talks about internal controls, how human conscience overrides technology, and emphasizing the long-term benefits of running clean organizations in the compliance space.

Major takeaways discussed in the episode:

?? From financial institutions to public corporations — understand that compliance & ethics bridges enterprise risk management and a system of internal controls, including internal accounting controls. It also is the fabric that cuts across the E-S-G, which is not yet viewed enough this way.

?? Know that an effective system of internal controls is about people, processes, and technology. People are the most important of the three because, without people, functions won't be clearly defined and assigned. Technology accelerates the flawed processes, gaps, and weaknesses leading to loss of data integrity and controls.

?? The COVID-19 pandemic has created a shift and has become an important opportunity for compliance to be the drivers of ethics and to stand as owners of the code to shape the behavior of corporations, not just focusing on maximizing profits but responsibly safeguarding employees

?? Be constantly reminded that a robust set of controls can be the backbone for financial management, but compliance and ethics can help a company build more efficient business process systems. See less -

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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