The Network GRC Blog

Compliance Programs Need More Incentives to Drive Employee Ethics

June 19 2013

by Keshav Nair, Marketing Analyst, The Network

Compliance Programs Need More Incentives to Drive Employee Ethics

Unfortunately, compliance is often perceived as a necessary evil and an obstacle to revenue growth. So how do you change this culture? Well, one cause of this perception is that in most companies, performance is not tied to compliance. In fact, according to a recent survey by Consero and Applied Discovery, 55% of U.S. based CCOs surveyed last year “felt that their company’s performance appraisals and employee incentives ran contrary to compliance and ethics standards.”

So, CCOs are now tasked with the subtle mission of coordinating employee interests with employee obligations, and working to reward desired…

Applying Transaction Monitoring to Your Anti-Money Laundering Efforts

June 17 2013

by Michael Volkov, CEO, The Volkov Law Group (guest blogger)

Applying Transaction Monitoring to Your Anti-Money Laundering Efforts

Compliance programs depend on accurate and timely information. AML compliance centers on sifting through thousands of transactions and matching them against risk profiles. The result of that process is a focused examination of transactions and identification of suspicious transactions.

Financial institutions have to create a customer risk profile against which they can measure specific transactions as they occur. This customer profile is used as a measuring stick against which transactions can be tested in order to identify specific transactions for in-depth examination.

The basic purpose of having a strong AML transaction monitoring system is to identify and protect the institution…

Privacy & Data Security Policies and the Necessity of Good Information Security Awareness

June 14 2013

by Marty Robins, Partner, FisherBroyles, LLP (guest blogger)

Privacy & Data Security Policies and the Necessity of Good Information Security Awareness

In order to comply with one’s obligations in information privacy and data security, it is essential to properly distinguish them, as they involve very different considerations and legal obligations. Both are quite important, but depending on the context, different approaches must be taken to facilitate compliance.

In the context of the Internet, privacy often refers to monitoring of one’s Internet activity, particularly web browsing, and sale or internal use of the resulting data. For example, a company may tailor a marketing “pitch” to consumers based upon their Internet click-through to the ads or sites of competitors or complementary product sellers…

Third-Party Risk And Corruption Remain Hot Topics

June 12 2013

by Karol McCloskey, Product Marketing Manager, The Network

Third-Party Risk And Corruption Remain Hot Topics

Corruption and third-party risk were certainly hot topics at this year’s Compliance Week conference. Following on the heels of the conference comes a report from Kroll showing that fifty percent of companies expect corruption risk to increase in the next 12 months—most of those companies cite market expansion as the reason. Don’t think that FCPA regulators aren’t seeing this, too. They are and they’re telling organizations to be very wary of third-party risk in their anti-corruption efforts.

While we might see the DOJ and SEC as strict governing bodies waiting for us to make a mistake, speakers at this…

Social Media Risk Management: Financial Professionals Look Ahead to New Communications Channels

June 10 2013

by Olena Eaton, Sr. Manager, Online Marketing, The Network

Social Media Risk Management: Financial Professionals Look Ahead to New Communications Channels

In my three years of managing social media at The Network, I have had to pay close attention to the question of social media risk management. Social media compliance is one of the biggest challenges for compliance managers and executives, especially when it comes to highly regulated industries like the financial industry. I am continuously learning about new regulations and technology developments, and I am obviously not alone: every webinar and event offering credible information about social media risk management is always packed. So, when I came across the Smarsh 2013 Electronic Communications Compliance Survey focusing on new communications channels…

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