“I know the resource challenges. The challenges you have accessing data. The relationship challenges. The silo-ing of your function. Support your compliance team now or pay later.”
— Kenneth A. Polite, United States Department of Justice, Assistant Attorney General
Learn four actions companies should take to integrate their compliance programs within the organization. Explore the recent DOJ guidance on corporate crime in the “Monaco Memo” and how assessing and aligning your corporate values is part of this new guidance. Discover a recent study highlighting how companies are increasing spending on compliance programs as a reaction to rising fines by the SEC for non-compliance.
Enforcement Authorities Urge Integration of Corporate Compliance Programs in 2023
While the fundamental components of effective corporate compliance programs have not changed recently, Department of Justice leaders expressed concern about their compliance departments this year. The United States enforcement authorities are trying to reinvigorate companies’ attention to those programs warranting close attention in 2023. Learn four actions to ensure compliance programs are optimized to respond to government review and the business functions that should participate.
New DOJ Guidance on Personal Devices and Third-Party Messaging Applications Applies to Any Company DOJ May Scrutinize
The U.S. Department of Justice (DOJ) recently released new guidance that announces several policy changes to strengthen and clarify its approach to prosecuting corporate crime in the “Monaco Memo.” The memo instructs prosecutors about factors to consider when evaluating corporate cooperation and compliance programs in the context of potential criminal resolutions. Notably, it advises that “prosecutors should consider whether the corporation has implemented effective policies and procedures governing the use of personal devices and third-party messaging platforms to ensure that business-related electronic data and communications are preserved.” Learn who has coverage in the Monaco Memo, what is required, and how firms should proceed.
Assessing and Aligning Your Corporate Values
The DOJ will assess corporate culture for companies that may be under investigation for Foreign Corrupt Practices Act (FCPA) violations. Corporate values are more important than ever. Who are you? What binds a company and its employees to each other? Values alignment refers to when a company’s values match those of its employees. Learn a five-step approach for values alignment.
WhatsApp, Texting Fines Put Spotlight on Compliance Spending
The SEC recently hit financial services firms with nearly $2 billion in fines for unauthorized texting and other “off-channel” communications. As a result of these more aggressive regulatory actions, companies are investing more in compliance to avoid a similar fate. According to a recent study, over the past five years, more than three-quarters of U.S.-based financial services firms have increased their compliance expenditure by more than 25%. The survey of senior compliance decision-makers at 170 broker-dealers, banks, and asset-management firms found that keeping up with regulatory change was the top barrier respondents cited in meeting regulatory requirements. Second on this list was managing business risks, followed by data consolidation.
