The recent election of Donald Trump has thrown compliance professions to wonder, if not outright worry, about what the future may hold. What does the incoming administration have in store for the Foreign Corrupt Practices Act (FCPA), the compliance profession and the compliance community going forward? I recently explored some of these questions in a series of blogs. I also dedicated an entire episode of the Everything Compliance podcast to this issue.
Everything Compliance is my most recent podcast, where I bring together four of the top commentators on the FCPA, compliance and privacy issues from the US and UK. In a recent episode the podcast panelists, Mike Volkov, Matt Kelly, Jay Rosen and Jonathan Armstrong, together with myself, discussed and debated the effect of the President Elect and his nominee for Attorney General (AG), Jeff Sessions, on the FCPA, the Department of Justice (DOJ), the Securities and Exchange Commission (SEC), anti-corruption enforcement and compliance. What about issues more global, such as privacy and data security? What about international enforcement? These are just some of the initial questions we tackled.
As each of us had written on where we think the compliance discipline is headed, I wanted to assemble our collective writings together in an eBook for the greater FCPA compliance community. In the eBook I write about why I think FCPA enforcement is not only in the interest of the US as a country but also in the interests of US businesses. Mike Volkov writes about the FCPA and its enforcement from an ex-prosecutor’s perspective. Matt Kelly looks at both the DOJ and SEC under a Trump administration. Jay Rosen considers how businesses have incorporated compliance into standard business practices, which will not change no matter who is President. I pitched the idea of an eBook on our collective musings to Maurice Gilbert, Founder of Corporate Compliance Insights (CCI) and Managing Director of Conselium Executive Search, who immediately grasped its significance to the compliance community.
Gilbert stated, in the forward to the eBook, “The election of Donald Trump has caused us all to wonder — and worry– about what the future may hold for compliance professionals. To help answer these questions, five top commentators on the FCPA, compliance and privacy issues have crafted essays highlighting their initial reactions and predicting the election’s impact on FCPA enforcement, the compliance profession and compliance practice generally.
How did this conversation begin? Tom Fox’s “Everything Compliance” Podcast was the springboard for this continuing dialog. When we all woke up to a new world on November 9, 2016, Tom responded by asking leading compliance commentators what they think FCPA enforcement and compliance might look like under the new administration. Tom dedicated an entire podcast episode to these issues and wisely recognized the need to compile these experts’ early reactions and to share them — in an on-going way — with the greater compliance community.
As a leading voice in compliance, Tom will continue this conversation as the story takes shape. We look forward to sharing it with you.”
Yet Gilbert, in what can only be called an inspired request, said that as much as he wanted to publish the eBook, he wanted a continued dialogue by some of the top commentators in compliance on this subject going forward. So we have all agreed to continue the conversation.
So as the book cover says “Analysis, Predictions and the Occasional Rant from the Everything Compliance podcast.” Further, and to emphasize the ongoing nature of the dialogue, this volume is entitled Trump and Compliance, with the subtitle, “The Conversation is Just Getting Started…Part 1, It’s Not the Apocalypse (Yet)”.
This means that every quarter or so, the Everything Compliance podcast gang will continue the discussion and CCI will publish the upcoming eBooks on the topic. It will be as Gilbert noted; analysis, predictions and the occasional rant. I hope you will join the Everything Compliance crew on this journey, along with Gilbert and his team at CCI.
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© Thomas R. Fox, 2016