Diese Präsentation wurde erfolgreich gemeldet.
Wir verwenden Ihre LinkedIn Profilangaben und Informationen zu Ihren Aktivitäten, um Anzeigen zu personalisieren und Ihnen relevantere Inhalte anzuzeigen. Sie können Ihre Anzeigeneinstellungen jederzeit ändern.
Compliance, Transparency, & Visibility
A Perspective of the US Market:
Cloudy At Best
Michele DeStefano
Professor of Law, ...
Corporations Around the Globe
Challenges
Changes in Legal Landscape
• Economic Downturn
• Globalization
• Enhanced complexity of regulatory
environment
• Changing ...
Despite Budget Freezes . . .
Corporations are Investing in
Managing the Legal Risk of
Business
10/9/2014 DeStefano 5
Questions
1. How Did We Get Here?
2. How is Compliance being managed?
3. What purpose does and should a compliance
departm...
SEEKING ANSWERS
The Compliance Study
Research & Methodology
The Compliance Study
• Secondary research
• Primary Research:
– Interviewed 70 General Counsels and Chief
Compliance Offic...
The Compliance Study
Research Methodology
Stage 1 2006-2007
• 36 brief interviews
– General Counsels of S&P 500 corps
– Ba...
Stage 2 2010-2012
• 35 in-depth interviews
– General Counsels
– Chief Compliance Officers
• Large, publicly traded corpora...
Caveats:
1. Sample size is very very low
2. Not a random sample
3. Self-reports by senior executives which
arguably have c...
Road Map
1) Background
2) Overview
1) The Compliance Function
2) Role & Challenges faced by CCOs
3) Organizational Structu...
BACKGROUND
Background: 1960s & 1970s
In response,
other companies
beefed up their
compliance programs
Used strength of compliance
Pro...
Background: 1980s & 1990s
OSGs mitigated corp
criminal penalties if orgs
showed effective
compliance program
Fraud by Defe...
Background: 2000s
Revisions to sentencing
guidelines recommend
ethics & compliance
programs
Sarbanes-Oxley Act change in
f...
Background: 2000s
2013 (2010): public federal
database of payments & gifts
made to physicians & teaching
hospitals by medi...
More & More Corporate Scandals
Compliance Has Gone
To
OVERVIEW
What Is Corporate Compliance?
10/9/2014 DeStefano 21
“Most people can
articulate what a
lawyer or auditor
does for a livin...
Compliance Function
vs Legal
Both Legal and Compliance
rely on
legal expertise and
have a shared goal
to increase compliance
with the law
10/9/2014 DeS...
Compliance Function
detection, prevention and response policies
+
ethics initiatives
Compliance Function
• Builds policies and procedures
• Trains and educate employees
• Tests employees on adherence
• Repor...
Key Substantive Areas
10/9/2014 DeStefano 26
• Fraud and Corruption
– Gifts, anti-bribery, anticorruption, antifraud, FCPA...
Challenges for the CCO
Compliance personnel are charged with
communicating and providing training on the
legal and ethical...
Challenges for the CCO
They are also
charged with
risk assessment
and
understanding
risk tolerances
Challenges for the CCO
International training is
important not just to ensure
compliance but “so that we
can explain to th...
Challenges for the CCO
Thus, in addition to audit and internal
controls, training, ethics, and HR
communications, complian...
Ideal Compliance Officer Skillset
10/9/2014 DeStefano 31
• Project
Management
• People/personal
• Motivation
• Leadership
...
Little Uniformity in Organization
10/9/2014 DeStefano 32
Compliance was Part of the Legal
Department and Reported to
General Counsel
10/9/2014 DeStefano 33
Steady Decline in Reporting to GC
2011
To GC
Other
2012
To GC
Other
2013
To GC
Other
Data from PWC annual surveys of over ...
Trend
10/9/2014 DeStefano 35
TRENDS &
RECENT DEVELOPMENTS
Slew of Corporate Misconduct
10/9/2014 DeStefano 37
New Regulations
and Increased Penalties
10/9/2014 DeStefano 38
Voluntary Compliance Initiatives
10/9/2014 DeStefano 39
Involuntary Compliance Initiatives
10/9/2014 DeStefano 40
Although the government
(e.g., OIG of the SEC and the DHHS)
does not
*require*
corporations
to have a separate
compliance ...
. . .
their
unofficial
stance
is
that
they
*should*
10/9/2014 DeStefano 42
Four Examples
10/9/2014 DeStefano 44
2004 – Medicaid Pricing Fraud
$293M
5 Year Corporate Integrity
Agreement
• Reporting hotline
• Develop employee training
• Revamp written codes of conduct
• D...
10/9/2014 DeStefano 46
2004 – Fraudulent Revenue Projection
$250 Million
Settlement Agreement
• Develop employee training
• Revamp written codes of conduct
• Designate a chief compliance officer ...
10/9/2014 DeStefano 48
2009 – Illegal Promotion of Drug Uses
$2.3 Billion
5 Year Corporate Integrity
Agreement
• Develop employee training
• Revamp written codes of conduct
• Designate a chief com...
10/9/2014 DeStefano 50
2010 – Insider Trading Investigation
SEC Saga Continues
• Recommendation – one department with
primary compliance responsibility
– Remained under Office of GC
...
The reaction by the DDHS and SEC
DEPARTMENTALIZATION
10/9/2014 DeStefano 52
10/9/2014 DeStefano 53
• Changes in corporate liability rules
• Some of the Federal Sentencing
Guidelines
• Best Practices...
Inconsistent with other corporate practices
and mandates that put compliance in the
hands of lawyers . . .
10/9/2014 DeSte...
Examples
ABA Task Force on
Corporate Responsibility
recommended that
general counsels
oversee compliance
(with direct over...
Despite the debate over who should
play gatekeeper, more and more
corporations are departmentalizing
10/9/2014 DeStefano 56
Review: Government Mandates
• Corporate Reporting
– Sunshine Act
– Dodd Frank
– Sarbanes Oxley
• Internal Policies and Pro...
Potential Objectives of Government
Mandates?
• Increase actual compliance with the law (and
prevention of noncompliance)
•...
But
Are
the
Objectives
Being
Met?
Hypothesis
Efforts to Increase Compliance
Transparency & Visibility lead to a
result that is cloudy at best
In Other Words:
Preemptive Departmentalization
Hypothesis
Departmentalization may not increase:
– Objective #1: Actual compliance
– Objective #2: Transparency
– Objectiv...
OBJECTIVE #1:
INCREASE ACTUAL
COMPLIANCE
May Not Increase Compliance
Separation
May Not Increase Compliance
Tension
May Not Increase Compliance
Turf Wars
May Not Increase Compliance
Viewed As Outsider
May Not Increase Compliance
Watch Dog AND Cost Center
“I think compliance is the
world’s longest four letter word
XXXX
and...
May Not Increase Compliance
Lack of Power & Influence
‘C’ for ‘Chief’ ≠ Unlock the
Door to the “C-Suite”
“[E]ven if the chief compliance officer reports
to the [board] or CEO, ...
May Not Increase Compliance
No Guarantee
Right Professional with Right Skills
May Not Increase Compliance
False Complacency
May Not Increase Compliance
Lack of Responsibility
May Not Increase Compliance
Lawyers Subrogated
. . . Decrease in Gatekeeping Role
May Not Increase Compliance
Revival of the Legal Technician
May Not Increase Compliance
Lawyer Cast of Mind
10/9/2014 DeStefano 76
10/9/2014 DeStefano 77
May Not Increase Compliance
Double Trouble
OBJECTIVE #2:
INCREASE TRANSPARENCY
10/9/2014 DeStefano 79
May Not Increase Transparency
Strengthens Support for
Attorney-Client Privilege
10/9/2014 DeStefano 80
May Not Increase Transparency
May Increase Info Shielded by
Attorney-Client Privilege
10/9/2014 DeStefano 81
May Not Increase Transparency
Organizational Structure
Doesn’t Tell The Real Story
MORAL MAZES
STOP...
10/9/2014 DeStefano 82
May Not Increase Transparency
Internal Social Networks
Are More Telling
MORAL MAZES
STOP
GAPS
OBJECTIVE #3:
INCREASE VISIBILITY &
ENTRENCHMENT
May Not Increase Visibility & Entrenchment
No Lightening Rod Salesmen
10/9/2014 DeStefano 85
May Not Increase Visibility & Entrenchment
Talismans - Form Over Function
Org Charts Codes Of Condu...
Formal Systems = Weakest Link
10/9/2014 DeStefano 86
10/9/2014 DeStefano 87
May Not Increase Visibility & Entrenchment
Emphasis ≠ Culture
Easy to Control:
Routine Check
the Bo...
10/9/2014 DeStefano 88
Genuine Motivation is a Combo
Motivation: Carrots? Or Sticks?
10/9/2014 DeStefano 89
Money Can Take the Good
Out of Doing Good
10/9/2014 DeStefano 90
And Penalties Can
Justify Non-Compliance
10/9/2014 DeStefano 91
10/9/2014 DeStefano 92
Compliance
initiatives
do not account
for the reality
that employees
do not necessarily
recognize a...
Many Ethical Dilemmas
Result from Blind Spots
10/9/2014 DeStefano 93
10/9/2014 DeStefano 94
. . .
Think Pinto
. . .
Think The Challenger
Or Desensitization and
Ethical Fading
10/9/2014 DeStefano 95
CONCLUSIONS
10/9/2014 DeStefano 97
Conclusions
Look Through the Looking Glass
10/9/2014 DeStefano 98
Conclusions
Look Through the Looking Glass
Recommendations
• Look inward at actual decision making
processes of individuals and at the informal
values, culture, and ...
10/9/2014 DeStefano 100
"Everything's got a moral,
if only you can find it.”
Lewis Caroll,
Alice’s Adventures in Wonderlan...
10/9/2014 DeStefano 101
Sometimes the hardest task
is not solving but instead,
finding the problem
Compliance, Transparency, & Visibility
A Perspective of the US Market:
Cloudy At Best
Michele DeStefano
Professor of Law, ...
Nächste SlideShare
Wird geladen in …5
×

DeStefano, Compliance, Transparency, Visibility: A U.S. Perspective: Cloudy At Best

782 Aufrufe

Veröffentlicht am

Based in part on 70 interviews with General Counsels and Chief Compliance Officers of the S&P 500 along with secondary research, this presentation provides an overview of the compliance function, role of and challenges faced by the chief compliance officer, and the trend towards departmentalization of the compliance department from the legal department. It hypothesizes that departmentalization may not increase actual compliance, increase external and internal transparency, or increase visibility and entrenchment of compliance. It concludes by recommending a more inward as opposed to structural focus to better identify internal stop gaps that prevent corporations from creating a pervasive culture of compliance.

Veröffentlicht in: Recht
  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

DeStefano, Compliance, Transparency, Visibility: A U.S. Perspective: Cloudy At Best

  1. 1. Compliance, Transparency, & Visibility A Perspective of the US Market: Cloudy At Best Michele DeStefano Professor of Law, University of Miami Meeting of LAAW e.V. Munich Germany October 2014
  2. 2. Corporations Around the Globe Challenges
  3. 3. Changes in Legal Landscape • Economic Downturn • Globalization • Enhanced complexity of regulatory environment • Changing corporate criminal liability rules • Enhanced Federal Sentencing Guidelines • Aggressive settlement and consent decree requirements
  4. 4. Despite Budget Freezes . . .
  5. 5. Corporations are Investing in Managing the Legal Risk of Business 10/9/2014 DeStefano 5
  6. 6. Questions 1. How Did We Get Here? 2. How is Compliance being managed? 3. What purpose does and should a compliance department serve at a large publicly traded corporation? 4. Who SHOULD be responsible for compliance and what role should the Chief Compliance Officer play? 5. How do ethics and culture fit in? 6. How should outside law firms be involved?
  7. 7. SEEKING ANSWERS The Compliance Study Research & Methodology
  8. 8. The Compliance Study • Secondary research • Primary Research: – Interviewed 70 General Counsels and Chief Compliance Officers • @ large publicly traded corporations • across multiple industries including banking, petroleum, and pharmaceutical
  9. 9. The Compliance Study Research Methodology Stage 1 2006-2007 • 36 brief interviews – General Counsels of S&P 500 corps – Banking, pharmaceutical, and petroleum 10/9/2014 DeStefano 9
  10. 10. Stage 2 2010-2012 • 35 in-depth interviews – General Counsels – Chief Compliance Officers • Large, publicly traded corporations in 9 industries: – Pharmaceutical, Electric/Energy, Health Care, Consumer Products, Petroleum, Professional Services, Financial Services, Government, Transportation & Logistics 10/9/2014 DeStefano 10 The Compliance Study Research Methodology
  11. 11. Caveats: 1. Sample size is very very low 2. Not a random sample 3. Self-reports by senior executives which arguably have certain stories to tell 10/9/2014 DeStefano 11 The Compliance Study Research Methodology
  12. 12. Road Map 1) Background 2) Overview 1) The Compliance Function 2) Role & Challenges faced by CCOs 3) Organizational Structure 3) Trends & Recent Developments – Hypotheses regarding Departmentalization 4) Conclusion
  13. 13. BACKGROUND
  14. 14. Background: 1960s & 1970s In response, other companies beefed up their compliance programs Used strength of compliance Program as defense against Antitrust penalties FCPA 1977 incented robust compliance programs
  15. 15. Background: 1980s & 1990s OSGs mitigated corp criminal penalties if orgs showed effective compliance program Fraud by Defense Contractors led to DOD reqs: written code, training, procedures In re Caremark and the Business Judgment Rule
  16. 16. Background: 2000s Revisions to sentencing guidelines recommend ethics & compliance programs Sarbanes-Oxley Act change in focus on individual actors and corp fines to directing changes within corporate entity Deferred Prosecution Agreements require structural changes to compliance function
  17. 17. Background: 2000s 2013 (2010): public federal database of payments & gifts made to physicians & teaching hospitals by medical device and pharmaceutical companies Dodd Frank Act and the Whistleblower Program 2010
  18. 18. More & More Corporate Scandals
  19. 19. Compliance Has Gone To
  20. 20. OVERVIEW
  21. 21. What Is Corporate Compliance? 10/9/2014 DeStefano 21 “Most people can articulate what a lawyer or auditor does for a living, but the average employee may have difficulty defining ‘compliance.’” Jose A. Tabuena
  22. 22. Compliance Function vs Legal
  23. 23. Both Legal and Compliance rely on legal expertise and have a shared goal to increase compliance with the law 10/9/2014 DeStefano 23 Compliance Function vs Legal
  24. 24. Compliance Function detection, prevention and response policies + ethics initiatives
  25. 25. Compliance Function • Builds policies and procedures • Trains and educate employees • Tests employees on adherence • Reports misconduct • Remediates
  26. 26. Key Substantive Areas 10/9/2014 DeStefano 26 • Fraud and Corruption – Gifts, anti-bribery, anticorruption, antifraud, FCPA compliance, and data protection • Employment/Labor Law • Antitrust/Trade Regulation • Environment/Health and Safety • Securities Regulation
  27. 27. Challenges for the CCO Compliance personnel are charged with communicating and providing training on the legal and ethical regulations to employees around the world.
  28. 28. Challenges for the CCO They are also charged with risk assessment and understanding risk tolerances
  29. 29. Challenges for the CCO International training is important not just to ensure compliance but “so that we can explain to the government, ‘We did all we could: we went there, we were there in person, they got online training, we did risk assessments. This still happened, but this is how we try to show we have an effective Compliance Program.’” CCO
  30. 30. Challenges for the CCO Thus, in addition to audit and internal controls, training, ethics, and HR communications, compliance professionals need to understand politics. Jack of all Trades: CCO plays many roles: from confidant, to cop, to counselor, to tattletale
  31. 31. Ideal Compliance Officer Skillset 10/9/2014 DeStefano 31 • Project Management • People/personal • Motivation • Leadership • Thick Skin • Legal? • Training/Teaching • HR • Communication • Public Relations • Auditing • Internal controls • Risk Taker
  32. 32. Little Uniformity in Organization 10/9/2014 DeStefano 32
  33. 33. Compliance was Part of the Legal Department and Reported to General Counsel 10/9/2014 DeStefano 33
  34. 34. Steady Decline in Reporting to GC 2011 To GC Other 2012 To GC Other 2013 To GC Other Data from PWC annual surveys of over 800 corporate compliance officers
  35. 35. Trend 10/9/2014 DeStefano 35
  36. 36. TRENDS & RECENT DEVELOPMENTS
  37. 37. Slew of Corporate Misconduct 10/9/2014 DeStefano 37
  38. 38. New Regulations and Increased Penalties 10/9/2014 DeStefano 38
  39. 39. Voluntary Compliance Initiatives 10/9/2014 DeStefano 39
  40. 40. Involuntary Compliance Initiatives 10/9/2014 DeStefano 40
  41. 41. Although the government (e.g., OIG of the SEC and the DHHS) does not *require* corporations to have a separate compliance department, or a certain set of ethics and compliance programs and training . . . 10/9/2014 DeStefano 41
  42. 42. . . . their unofficial stance is that they *should* 10/9/2014 DeStefano 42
  43. 43. Four Examples
  44. 44. 10/9/2014 DeStefano 44 2004 – Medicaid Pricing Fraud $293M
  45. 45. 5 Year Corporate Integrity Agreement • Reporting hotline • Develop employee training • Revamp written codes of conduct • Designate a chief compliance officer who would report directly to the Chairman, CEO, and President of the company. – The chief compliance officer “shall not be or be subordinate to the general counsel or chief financial officer.”
  46. 46. 10/9/2014 DeStefano 46 2004 – Fraudulent Revenue Projection $250 Million
  47. 47. Settlement Agreement • Develop employee training • Revamp written codes of conduct • Designate a chief compliance officer who would report directly to the Chairman, CEO, and President of the company. – The chief compliance officer “shall not be or be subordinate to the general counsel or chief financial officer.” • Corporate Monitor
  48. 48. 10/9/2014 DeStefano 48 2009 – Illegal Promotion of Drug Uses $2.3 Billion
  49. 49. 5 Year Corporate Integrity Agreement • Develop employee training • Revamp written codes of conduct • Designate a chief compliance officer who would report directly to the Chairman, CEO, and President of the company. – The chief compliance officer “shall not be or be subordinate to the general counsel or chief financial officer.” • Corporate Monitor
  50. 50. 10/9/2014 DeStefano 50 2010 – Insider Trading Investigation
  51. 51. SEC Saga Continues • Recommendation – one department with primary compliance responsibility – Remained under Office of GC • But in 2011 . . . – The SEC GC was named as a defendant in Madoff bankruptcy suit – SEC was criticized for organization structure of compliance – In response, SEC separates compliance function to reports to the SEC Chairman
  52. 52. The reaction by the DDHS and SEC DEPARTMENTALIZATION 10/9/2014 DeStefano 52
  53. 53. 10/9/2014 DeStefano 53 • Changes in corporate liability rules • Some of the Federal Sentencing Guidelines • Best Practices developed by governmental entities • OIG Compliance Program Guidance • Institute of Internal Audit • In-House Counsel Conferences This Reaction is Consistent with Recent Guidelines and Recommendations
  54. 54. Inconsistent with other corporate practices and mandates that put compliance in the hands of lawyers . . . 10/9/2014 DeStefano 54
  55. 55. Examples ABA Task Force on Corporate Responsibility recommended that general counsels oversee compliance (with direct oversight by the Board) And MR 1.6 (may)and 1.13 (must) 10/9/2014 DeStefano 55 Recent Federal Sentencing Guidelines enable GC to oversee Compliance SEC §307 of Sarbanes- Oxley puts the GC in role of whistle blower/gatekeeper 2004 Investment Company Act 'Compliance Rule' enables GC to oversee compliance
  56. 56. Despite the debate over who should play gatekeeper, more and more corporations are departmentalizing 10/9/2014 DeStefano 56
  57. 57. Review: Government Mandates • Corporate Reporting – Sunshine Act – Dodd Frank – Sarbanes Oxley • Internal Policies and Programs – Revised Written Codes of Conduct and Enhanced Training • Corporate Monitorships • Departmentalization – CCO separate from GC – Direct access to the Board
  58. 58. Potential Objectives of Government Mandates? • Increase actual compliance with the law (and prevention of noncompliance) • Increase transparency externally & internally – So that company AND government has increased access to information in order to monitor and catch noncompliance • Increase visibility & entrenchment – To enhance importance of and commitment to compliance internally – To demonstrate government has acted
  59. 59. But Are the Objectives Being Met?
  60. 60. Hypothesis Efforts to Increase Compliance Transparency & Visibility lead to a result that is cloudy at best
  61. 61. In Other Words: Preemptive Departmentalization
  62. 62. Hypothesis Departmentalization may not increase: – Objective #1: Actual compliance – Objective #2: Transparency – Objective #3: Visibility/Entrenchment
  63. 63. OBJECTIVE #1: INCREASE ACTUAL COMPLIANCE
  64. 64. May Not Increase Compliance Separation
  65. 65. May Not Increase Compliance Tension
  66. 66. May Not Increase Compliance Turf Wars
  67. 67. May Not Increase Compliance Viewed As Outsider
  68. 68. May Not Increase Compliance Watch Dog AND Cost Center “I think compliance is the world’s longest four letter word XXXX and it initiates a response in people that is negative.” - CCO Interviewee
  69. 69. May Not Increase Compliance Lack of Power & Influence
  70. 70. ‘C’ for ‘Chief’ ≠ Unlock the Door to the “C-Suite” “[E]ven if the chief compliance officer reports to the [board] or CEO, they are going to have the same problem, because chances are the CEO is going to want to listen to the general counsel . . . because they are their trusted legal advisor. Very rarely is the compliance officer reporting to a CEO, because that’s what the CEO wants.” – CCO/Assoc. GC
  71. 71. May Not Increase Compliance No Guarantee Right Professional with Right Skills
  72. 72. May Not Increase Compliance False Complacency
  73. 73. May Not Increase Compliance Lack of Responsibility
  74. 74. May Not Increase Compliance Lawyers Subrogated . . . Decrease in Gatekeeping Role
  75. 75. May Not Increase Compliance Revival of the Legal Technician
  76. 76. May Not Increase Compliance Lawyer Cast of Mind 10/9/2014 DeStefano 76
  77. 77. 10/9/2014 DeStefano 77 May Not Increase Compliance Double Trouble
  78. 78. OBJECTIVE #2: INCREASE TRANSPARENCY
  79. 79. 10/9/2014 DeStefano 79 May Not Increase Transparency Strengthens Support for Attorney-Client Privilege
  80. 80. 10/9/2014 DeStefano 80 May Not Increase Transparency May Increase Info Shielded by Attorney-Client Privilege
  81. 81. 10/9/2014 DeStefano 81 May Not Increase Transparency Organizational Structure Doesn’t Tell The Real Story MORAL MAZES STOP GAPS
  82. 82. 10/9/2014 DeStefano 82 May Not Increase Transparency Internal Social Networks Are More Telling MORAL MAZES STOP GAPS
  83. 83. OBJECTIVE #3: INCREASE VISIBILITY & ENTRENCHMENT
  84. 84. May Not Increase Visibility & Entrenchment No Lightening Rod Salesmen
  85. 85. 10/9/2014 DeStefano 85 May Not Increase Visibility & Entrenchment Talismans - Form Over Function Org Charts Codes Of Conduct and Training Manuals
  86. 86. Formal Systems = Weakest Link 10/9/2014 DeStefano 86
  87. 87. 10/9/2014 DeStefano 87 May Not Increase Visibility & Entrenchment Emphasis ≠ Culture Easy to Control: Routine Check the Box Harder to Control: Complex, multifaceted, About ethics and morals
  88. 88. 10/9/2014 DeStefano 88 Genuine Motivation is a Combo
  89. 89. Motivation: Carrots? Or Sticks? 10/9/2014 DeStefano 89
  90. 90. Money Can Take the Good Out of Doing Good 10/9/2014 DeStefano 90
  91. 91. And Penalties Can Justify Non-Compliance 10/9/2014 DeStefano 91
  92. 92. 10/9/2014 DeStefano 92 Compliance initiatives do not account for the reality that employees do not necessarily recognize a dilemma as an ethical one
  93. 93. Many Ethical Dilemmas Result from Blind Spots 10/9/2014 DeStefano 93
  94. 94. 10/9/2014 DeStefano 94 . . . Think Pinto . . . Think The Challenger
  95. 95. Or Desensitization and Ethical Fading 10/9/2014 DeStefano 95
  96. 96. CONCLUSIONS
  97. 97. 10/9/2014 DeStefano 97 Conclusions Look Through the Looking Glass
  98. 98. 10/9/2014 DeStefano 98 Conclusions Look Through the Looking Glass
  99. 99. Recommendations • Look inward at actual decision making processes of individuals and at the informal values, culture, and networks – Conduct a network analysis to determine communication flow and critical stopgaps • Liability mitigation to corporations that make changes based on internal findings on the networks and ethical culture that exists beneath the org chart
  100. 100. 10/9/2014 DeStefano 100 "Everything's got a moral, if only you can find it.” Lewis Caroll, Alice’s Adventures in Wonderland and Through the Looking Glass
  101. 101. 10/9/2014 DeStefano 101 Sometimes the hardest task is not solving but instead, finding the problem
  102. 102. Compliance, Transparency, & Visibility A Perspective of the US Market: Cloudy At Best Michele DeStefano Professor of Law, University of Miami Meeting of LAAW e.V. Munich Germany October 2014

×