The Risk of Timing

Welcome to SURVIVE AND THRIVE, the newest addition to the Compliance Podcast Network. This is a podcast where we unpack compliance, crisis disasters and walk you through all the red flags which appear, and give you some lessons learned going forward.

This show is hosted by the Compliance Evangelist Thomas Fox and Kortney Nordrum, Regulatory Counsel & Chief Compliance Officer, Deluxe Corporation.

Today's episode is all about disasters and the unpleasant situations that companies find themselves in. Know more about timing risks and why you should care about when things happen just as much as why they happen accordingly. 

Major takeaways discussed in the episode:

• People are the biggest risk. Humans make choices, and 95% percent of breaches at companies are the result of human error.

• Ensure having a second set of eyes on every process. And that's particularly important in compliance. Having a situation where something that was apparently routine but because of timing has moved to a higher risk can be mitigated by having someone else review the process is an appropriate step. 

• Compliance practitioners must have a necessary conversation with leadership, the board, and whoever ultimately is in charge to calibrate and communicate; what kind of risks is your organization willing to put up with on a daily basis?

• Go out there and make people trust the humans in your compliance team that you are open, you care, and you are diligent in your job that if they report something, it will be appropriately investigated. Doing so is how you build the culture of trust. 

✅ Connect with Kortney Nordrum:

Twitter: @nordrumlaw

✅ About Thomas Fox:

Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers, and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook, he continues to arm seasoned compliance professionals and those new to the realm with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.

Do you have a podcast (or do you want to)? Join the only network dedicated to compliance, risk management and business ethics, the Compliance Podcast Network. For more information contact Tom Fox at tfox@tfoxlaw.com.