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Tyco Retail collaborates with Google Cloud to power new store solutions for digital transformation

Loss Prevention Media -

Tyco Retail Solutions today announced it is collaborating with Google Cloud to strengthen its market leadership in next generation real-time analytics and store execution and performance solutions. Google Cloud Platform provides a future proof infrastructure with global scale, security and high performance for Tyco Retail’s world-class global retail customers.

The adoption of the Google Cloud Platform signals Tyco’s commitment to the evolution of its solution platforms for the development and deployment of its next generation of retail analytics and store solutions. Tyco Retail and Google Cloud will collaborate to deliver use cases marrying real-time edge intelligence and decision-making with core cloud computing.

The initial phase of the partnership integrates Tyco’s real-time data intelligence and application capabilities across store inventory, loss prevention and traffic on the Google Cloud Platform for fast, consistent, scalable performance and measurable retailer value. This integration will provide retailers with a real-time view into accurate inventory availability for unified commerce fulfillment as well as in-store traffic data and insights for improved customer engagement. The new Google Cloud-based service for store shrink management enables retailers to enhance productivity, and increase reliability and performance of EAS systems for a new generation of innovative loss prevention. In addition, retailers will be able to incorporate external market, customer and retail data from Google Analytics and Tyco into the new extensible analytics platform for unmatched retail insights.

The Google Cloud Platform provides a highly flexible infrastructure with state of the art security and data protection. It allows for simple deployment, rapid development and cost effective use. Tyco Retail will tap into Google Cloud’s big data and machine learning solutions to build better products and fuel amazing new solutions.

“We are excited to partner with Google Cloud and offer retailers our highly predictive analytics and innovative solutions through leading edge technology with the Google Cloud Platform,” said Amin Shahidi, vice president of strategy, Tyco Retail Solutions. “With best-in-class people, processes and technologies together we can deliver cutting edge insights for strategic retail outcomes.”

This innovative collaboration is currently being demonstrated at the National Retail Federation (NRF) 107th Annual Convention & EXPO at the Jacob K. Javits Convention Center in New York City. Visit booth #3103 from January 14-16 to see firsthand how Tyco Retail Solutions is helping retailers “Experience What’s in Store.”


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Tyco Retail Solutions to incorporate new data into ShopperTrak Analytics for holistic view of in-store shoppers

Loss Prevention Media -

Tyco Retail Solutions today announced a new program for select retailers to incorporate shopper data into its ShopperTrak traffic analytics platform. This includes store visitor insights at the audience level from Facebook and additional empirical data from other sources. Connecting shopper preferences and insights from third party sources with store level traffic data will enable retailers to better understand key characteristics of shopper groups to help drive sales conversion and an improved customer experience.

Brick-and-mortar retailers can now better understand shopper audiences in combination with in-store traffic patterns. Insights from this new data enables retailers to tailor their marketing and merchandising strategies to more effectively deliver on the promise of a seamless unified commerce experience. Additionally, store-level managers and retail leaders can leverage a richer set of data to contextualize store performance and identify sales opportunities.

“Retailing is now a seamless, ever-present activity with shopper engagement happening at many touch points between the customer and the brand,” said Amin Shahidi, vice president of strategy for Tyco Retail Solutions. “By combining our retail traffic data with store visitor demographic insights, we are able to help retailers better understand the complete shopper journey. This holistic understanding of shoppers allows retailers to optimize staffing, merchandising and operations to create tailored, enhanced shopping experiences.”

These innovative insights are currently being demonstrated at the National Retail Federation (NRF) 107th Annual Convention & EXPO at the Jacob K. Javits Convention Center in New York City. Visit booth #3103 from Jan. 14-16 to see firsthand how Tyco Retail Solutions is helping retailers “Experience What’s in Store.”

Note: In preparation for this collaboration, Facebook has ensured that user-level data will not be compromised as only aggregated and anonymized data will be shared.


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Tyco Retail Solutions enables connected shopper engagement through new innovation and collaboration

Loss Prevention Media -

Tyco Retail Solutions has collaborated with industry leaders to showcase new innovations and retail concepts to further digitize the store and enable retailers to provide smart, connected shopper engagement. Prescriptive analytical data solutions and technology investments are helping retailers to operate proactively, efficiently and in real-time to better engage their customers along the shopping journey in those moments of truth. From optimizing staffing, ensuring product availability and empowering store associates to connecting customers and merchandise across the enterprise, Tyco Retail’s new Google Cloud Platform-based solutions deliver insights necessary to combine the online and offline experience and execute successful unified commerce.

“Experience What’s in Store” with Tyco Retail at NRF 2018:

Inventory Intelligence

Inventory accuracy and visibility – showcasing capabilities with the Google Cloud Platform to enable a clear sightline into real-time, accurate inventory availability and maintain a consistent in-stock position to meet shoppers’ needs. Mobile transactions will feature TrueVUE Inventory Intelligence and lightweight, cost effective mobile sled options from Zebra, Bluebird and AsReader with iOS and Android devices. Link-it®, a new wearable RAIN RFID reader from Strato Innovations will be used to demonstrate how store associates can be equipped with the power of RFID in a cost-effective wearable device to enable cycle counting, stock replenishment and line busting leaving them hands-free to move merchandise and engage with customers.

Fitting room analytics and personalized customer service ─ collaborating with Kurt Salmon, part of Accenture Strategy, the 1:1 Retail solution enables retailers to enhance the customer experience and improve conversion rates by gaining real-time insights into shopper preferences and fitting room inventory. Touch screen devices installed in the fitting room automatically display the products customers are trying on by reading RFID tags. Customers can effortlessly request assistance or alert store associates through the app to bring in different sizes, styles and colors, all at the touch of a button. This enhanced personalization and customer engagement can help retailers drive sales, increase basket size and improve shrink management to help prevent potential loss situations in this crucial conversion area of the store.

Traffic Insights

ShopperTrak analytics and insights – leveraging new aggregated store visitor insights from Facebook incorporated with ShopperTrak traffic analytics to provide a holistic view of in-store shoppers. Brick-and-mortar retailers can better understand shopper audiences in combination with in-store traffic patterns to contextualize store performance and identify sales opportunities.

Also announcing the evolution of ShopperTrak analytics to the Google Cloud Platform for future proof infrastructure with global scale, security and high performance. ShopperTrak traffic analytics is being deployed as a concept with Google Analytics to extend its leading edge analytical intelligence platform with core cloud computing to deliver unmatched, unique data insights for retailers.

Loss Prevention

Shrink Management as a Service – revolutionizing loss prevention programs, the new Google Cloud Platform-based Sensormatic Shrink Management as a Service (SMaaS) enables retailers to enhance productivity and increase reliability and performance of EAS systems for a new generation of innovative loss prevention. Proactive, predictive and preventative. Providing both remote device management, along with predictive analytics, to proactively manage shrink while addressing underlying root causes.

Storefront Interactive EAS Display ─ offering new interactive capabilities that allow retailers to maximize the storefront area and capture customer attention. The display can be used in various ways, including advertising updated store offerings, sales and brands. Mounted on Tyco’s Sensormatic Synergy detection system, the display supports streaming video along with targeted customer content. The displays can be used to present content based upon the gender of the shopper. In addition, the retailer can easily create, schedule and publish content directly to the display.

Secure Mobile Shopping Kiosk – resulting from the collaboration of Tyco Garage and partner Shopic is a new application to enable self-checkout with automatic detachable EAS tags. Store shoppers simply purchase items through their mobile device and easily detach security tags from a convenient self-service kiosk, providing security for retailers and self-checkout for shoppers. The application leverages a new dual technology hard tag, with an integrated retractable pin and a RFID detacher. The new tag makes attaching and detaching quick and easy with no pin to loose, damage or replace.

Public View Monitor with Digital Signage – featuring dynamic content on a public view monitor with integrated live-stream of IP security camera; ideal for e-signage throughout the retail environment and can be used for in-store sales promotions and marketing.

These innovative collaborations and more are currently being showcased at the National Retail Federation (NRF) 107th Annual Convention & EXPO at the Jacob K. Javits Convention Center in New York City. Visit booth #3103 from January 14-16 to see firsthand how Tyco Retail Solutions is helping retailers “Experience What’s in Store.”


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Italy adopts whistleblowing law in the private sector

Global Compliance News -

On November 15, 2017, the Italian Parliament approved a new law extending to the private sector the protection of employees who report unlawful behaviors of which they became aware during their work activities (so-called “Whistleblowers”). In this respect, Section 2 of the law states that Organization, Management and Control Models pursuant to Decree No. 231/2001 (“Law 231 Models”) shall provide for a whistleblowing system establishing (i) one or more channels for reporting unlawful conducts which may trigger the company’s liability pursuant to Decree No. 231/2001 and/or violations of the Law 231 Model and which must ensure the confidentiality of the whistleblower’s identity, and (ii) at least one alternative channel which shall also ensure, by electronic methods, the confidentiality of the whistleblower’s identity. Moreover, Law 231 Models shall prohibit any retaliatory or discriminatory actions against the whistleblower and provide for specific sanctions for the violation of such prohibition and for those individuals who report, with intent or gross negligence, untrue allegations. In view of the forthcoming entry into force of the above-mentioned provisions, all companies operating in sectors particularly exposed to legality distortive events, such as the pharmaceutical and the biomedical ones, should proceed with the update of their Law 231 Models.


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What Do Investors Ask Managers Privately?

The Harvard Law School Forum on Corporate Governance and Financial Regulation -

Posted by Eugene F. Soltes and Jihwon Park (Harvard Business School), on Monday, January 15, 2018 Editor's Note: Eugene Soltes is the Jakurski Family Associate Professor of Business Administration and Jihwon Park is a doctoral candidate at the Harvard Business School. This post is based on their recent paper.

Investors and managers of publicly traded firms spend a considerable amount of time speaking privately. According to the consultancy Ipreo, the average publicly traded firm conducts more than 100 one-on-one meetings annually with investors. While growing body of research provides evidence that these offline interactions offer investors in attendance opportunities to make more informed trading decisions. what actually goes on during these interactions has largely been elusive to outsiders.

In this paper, we seek to better understand the content of private manager-investor interactions by exploring over 1,200 questions posed by investors during private meetings with firm managers from two publicly traded firms. We acquired access to this unique field data by embedding a confederate with extensive investor relations experience in two firms from 2015 to 2016.


In governance we trust

Ethical Boardroom Feeds -

By Héctor Lehuedé – Senior Manager, OECD Corporate Affairs Division



“Happy families are all alike; every unhappy family is unhappy in its own way,” wrote Leo Tolstoy in the opening lines of Anna Karenina, preparing the reader for the tragic fate of Princess Anna’s marriage to Count Karenin.

It is a stark reminder that for a marriage to succeed it has to juggle many moving parts, any one of which can send the relation out of equilibrium in a different direction. A similar claim could be made about firms’ governance. For governance frameworks to be effective, they have to find the right balance of a number of challenging aspects in a way that suits the features of the individual firm. Get one of them wrong and bad things will happen, sooner or later.

Impact of misconduct

Corporate misconduct is unfortunately a ubiquitous and gloomy by-product of bad governance in today’s markets, so there is no need to describe it here. It may suffice to say that, to a degree, we have become rather unemotional about breaking news regarding the latest scandal, as well as to the sheer magnitude of some of the consequences. One is the impact on trust, not only in business, but on trust in institutions more generally.

When corporate misconduct is uncovered, citizens first blame the company and its leaders, as they should, but then also fault the authorities under whose watch events unfolded as well as the market as a whole, wondering as to the extent of bad practices. Distrust is only more acute if citizens perceive that punishment is not sufficiently proportionate, especially if the culprits walk away free (and with a bonus). Whatever measure is used to assess the level of trust, there is clearly a very strong agreement in the data that it fell significantly in the Organisation for Economic Co-operation and Development’s (OECD) area after the widespread misconduct revealed by the financial crisis, from an already very low starting point. We haven’t yet recovered from this fall and we suffer the consequences in a post-truth and increasingly polarised world.

Drivers of trust

As discussed in a 2017 OECD report Trust And Public Policy, trust is usually understood as ‘holding a positive perception about the actions of an individual or an organisation’.[1] Trust works by giving us confidence that others will act as we might expect in a particular context. It is developed (or lost) on the basis of the individual’s actual experience although, as a subjective phenomenon, it is based on facts as much as on our own perception or interpretation of them. It is also shaped by the opinion of others and influenced by media.

From an economic point of view, trust reduces costs and increases the speed of social interactions, generating tangible benefits for all: a ‘trust dividend’. When present, trust allows us to make decisions without having to renegotiate with and/or reassure our counterparts at each interaction.

The OECD report further discusses what institutions can actually do to strengthen lost trust, which is essential for the effectiveness of public policy. It points in the direction of two fundamental building blocks: competency and values. These two concepts encompass a range of qualities and attributes that have been shown to inspire trust, in particular: reliability, integrity, responsiveness, fairness and openness. They contribute to an individual’s direct sense that the institutions with which he/she deals are trustworthy.

Governance failures

As argued by the G20/OECD Principles of Corporate Governance, the purpose of corporate governance is precisely to create an environment of trust, transparency and accountability necessary to obtain long-term investment, financial stability and sustainable growth.[2] This environment offers households the opportunities to hold equity and participate in the profits and wealth creation of the private sector, while facilitating the channelling of savings to promising business ventures that agree to adopt good governance to receive financing. Robust empirical results, including by the International Monetary Fund (IMF), show how good corporate governance reduces risk for individual firms as for the market as a whole.[3]

This link between risk and governance was also in the Financial Stability Board’s (FSB) mind in 2016 when it created its Working Group on Governance Frameworks (WGGF), chaired by Jeremy Rudin, Canada’s superintendent of financial institutions. The group, that was mandated to explore the use of governance frameworks to reduce misconduct risk, presented a first public report in May 2017 which includes an engaging literature review of root causes of misconduct.[4] For this, the WGGF scrutinised a dozen prominent institutional failures in the financial and non-financial sectors, distilling common governance problems that offer clues into the actual functioning of governance frameworks:

Pressure The WGGF learned that all institutions studied were subject to strong pressures when they failed. These pressures rose from external forces (such as the need to maintain political support for space activity in the case of NASA’s space shuttle disaster, or increased competition threats in the market in BP’s Deep Horizon oil spill) as well as from internal forces (like an overly ambitious growth strategy, as in many financial institutions during the financial crisis). These pressures put governance institutions to a test they didn’t resist

Leadership Pressure found its way into the organisation from the top, usually beginning with the board and senior management. The WGGF notes that this influenced their leadership styles and tone, as well as the strategy and decisions they adopted. Dominant leadership and stressed group dynamics left little room for dissent and constructive challenge, so people didn’t speak up or were ignored if they did. Inappropriate behaviour, or behaviour inconsistent with official policies and values, quickly became tolerated (something psychologists refer to as ‘normalisation of deviance’) and shaped a riskier ‘new normal’

Culture Yielding to pressure, leadership negatively influenced the organisational culture and behaviour of the entire company beyond previously established rules and procedures. Organisational mindsets were realigned with a desire to achieve results at the expense of security, compliance, ethical values ​​or long-term sustainability. As employees perceived few opportunities to escalate concerns, leaders didn’t receive crucial information that, in turn, predisposed their own decision-making. Firms accepted small deviations and misconduct as inevitable risks, assuming that if they didn’t result in a major negative event in the past, they might not cause one in the future

Governance frameworks Tested under pressure and without candid support from the top, frameworks revealed their weaknesses. Unclearly defined roles and responsibilities led to unaccountability, feeble escalating channels to dangerous silence while financial incentives overpowered insufficiently strong or independent control functions. Even when frameworks proved to be robust and well-designed enough to operate under stress, their input was overruled at the top. The WGGF notes that Lehman Brothers had sophisticated policies and metrics in place to estimate risk, as well as extensive staff dedicated exclusively to risk management. However, Lehman’s leaders relied more on their experience and successful track record, leading their company into default and triggering a global crisis in the process

Role of culture

The FSB’s WGGF report concluded noting the symbiotic relation between governance frameworks and corporate culture, which it defines as ‘an institution’s shared assumptions, values, beliefs and norms’. An effective framework can nurture the right culture in a firm, but a corrupt culture can significantly undermine efforts to set up an effective framework running against its current. In a July 2017 post on the UK’s Financial Conduct Authority (FCA) website, former FCA senior advisor John Sutherland argues that for a new culture to emerge, staff members need to understand that the new governance framework will expect them to start behaving differently.[5]

“From an economic point of view, trust reduces costs and increases the speed of social interactions generating tangible benefits for all: a ‘trust dividend’. When present, trust allows us to make decisions without having to renegotiate with and/or reassure our counterparts at each interaction”

Sutherland warns that old habits die hard, but suggests there are four drivers of behaviour that can influence cultural change: trust and trustworthiness, communication, decision-making and incentives (both financial and non-financial). He cautions that leaders can damage internal trust by responding to pressure with objectives that differ from firm values. He quotes employee surveys reporting they ‘don’t always trust senior leaders’, or that they feel it is expected they will ‘have to trade ethics for business’, as evidence of this. To foster a well-working governance framework, Sutherland argues, all four behavioural drivers must be aligned, understood and ideally overseen or controlled by the board.

Leadership in practice

This is also the view of some enforcement agencies. A July 2017 interview of Hui Chen, former US Justice Department (DOJ) compliance counsel, highlights how relevant this relationship between frameworks and the organisational culture is for prosecutors charged with evaluating corporate compliance programmes.[6] Ms Chen describes how investigated companies tend to present binders full of their compliance policies, although DOJ prosecutors don’t really care about what the policy says, but rather about how they actually operate: ‘we want to see evidence; we want to see data of effectiveness’. She goes on to advise firms to make sure their programmes produce actual results that are measured thoughtfully and to assume that prosecutors will see through ‘a programme that’s designed to satisfy them versus a programme that’s designed to work’.

The 2017 DOJ’s manual for evaluating corporate compliance programmes offers a useful guide to corporate leaders committed to building an effective governance framework.[7] The manual lists difficult questions covering issues from ‘analysis and remediation’ to ‘incentives and disciplinary measures’, including ‘autonomy and resources’ as well as ‘continuous improvement, periodic testing and review’ among others. On the role of the leadership, it covers three crucial issues:

Conduct at the top How have senior leaders, through their words and actions, encouraged or discouraged the type of misconduct in question? What concrete actions have they taken to demonstrate leadership in the company’s compliance and remediation efforts? How does the company monitor its senior leadership’s behaviour? How has senior leadership modelled proper behaviour to subordinates?

Shared commitment What specific actions have senior leaders and other stakeholders (e.g. business and operational managers, finance, procurement, legal, human resources) taken to demonstrate their commitment to compliance, including their remediation efforts? How is information shared among different components of the company?

Oversight What compliance expertise has been available on the board of directors? Have the board of directors and/or external auditors held executive or private sessions with the compliance and control functions? What types of information have the board of directors and senior management examined in their exercise of oversight in the area in which the misconduct occurred?

The rear-view mirror

Habitual readers of Ethical Boardroom may recall that the Spring 2015 issue hosted an editorial about a then-recent OECD project exploring what corporate governance frameworks could do to mitigate the risk of corporate misconduct.[8] The piece described the integrity recommendations of the G20/OECD Principles of Corporate Governance and asked, rhetorically, what those recommendations meant in practice for boards that take their responsibilities to heart. It concluded by outlining plans the OECD had to better understand why some companies fail to prevent misconduct and how to build effective compliance into corporate governance. It also promised to report back on the findings.

Looking back, it seems fair to say that we now have a wealth of knowledge and some robust findings from diverse sources at our disposal, which have enriched our understanding of how governance frameworks can succeed or fail. We can argue that we have better assessed the crucial role of trust and its drivers; we have carefully studied the conclusions from previous corporate failures and extracted valuable lessons; we have come to grips with the role of culture in governance and we have sharpened our tools to facilitate meaningful implementation of best practices.

We can declare we are better equipped to balance the many governance challenges, but this is, of course, no guarantee of success. As Tolstoy or anyone who has been in a relationship could attest, the path to success doesn’t only demand learning to juggle the moving parts, but also to find the commitment to keep doing it as consistently as possible for the long run.


About the Author:

Héctor is senior manager at the Corporate Affairs Division of the Organization for Economic Co-operation and Development (OECD) where he is in charge of overseeing the work of the OECD Corporate Governance Committee, which brings together experts from all OECD member and partner countries and meets twice a year in Paris. He is also responsible for policy dialogue, research and assessments of the implementation of OECD standards across jurisdictions, as well as manager of the OECD Russia Corporate Governance Roundtable (sponsored by the Moscow Exchange and the Siemens Integrity Initiative) and the OECD Trust and Business (TNB) Project.

Héctor joined the OECD in 2010 after serving as senior adviser to the Chilean Minister of Finance and having practiced for more than a decade as a lawyer at some of the best legal and audit firms in Chile. He has a J.D. degree from Universidad de Chile and holds a Master degree from Stanford University.

4 Ways You Can Transform Retail Loss Prevention Training

Loss Prevention Media -

Prior to 2012, Bloomingdale’s was doing what most retail organizations do when it comes to retail loss prevention training and safety education—relying on a number of standard approaches like posters, classroom training, huddles, and pre-shift morning rallies. But these approaches just weren’t working.

As I contemplated this situation, I realized we weren’t focused on the right thing. We were concentrating on simply delivering training, when we should have been focused on building knowledge. Simply plastering posters on the wall or using all those other one-off approaches weren’t making our associates smarter or getting them to do the right things on the job. This dearth of knowledge was impacting our loss prevention and safety numbers.

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We sought out and eventually discovered an employee knowledge platform that aligned with the organizational vision. The platform’s methodology, which was rooted in brain science principles, and its use of gamification techniques to keep associates interested, succeeded in building employee expertise over time. Since implementing the platform, we’ve reduced safety claims by 41 percent and saved $2.2 million per year, which is a $10 million savings overall.

Here are four things I’ve learned over the course of transforming the way Bloomingdale’s approaches safety and retail loss prevention training:

1. Integrate training into the regular work day without taking associates off the floor.

Retail associates are constantly on their feet. The reality of their fast-paced work environment means it’s disruptive and expensive to take them off the floor. At Bloomingdale’s, associates use their downtime to take a few minutes of micro training every shift via a point-of-sale (POS) or mobile device. Not only does this keep valuable staff members on the floor, but it keeps LP and safety information top of mind.

2. Bite-size, personalize, and gamify.

Today’s retail workforce is tech savvy and accustomed to accessing small pieces of information instantly. Retailers can appeal to these preferences by delivering training in small bursts in a way that is entertaining, personalized, and gamified. Learning becomes more exciting and interactive and, by integrating friendly competitive aspects through leaderboards, points, and rewards, this further fuels motivation. At Bloomingdale’s, we often hit training participation rates above 95 percent on the platform.

3. Offer flexibility to meet the unique challenges in different departments and stores.

One of Bloomingdale’s challenges was to provide consistent training across stores, while giving stores the flexibility to meet specific needs. With a single training platform, we’re able to do this, plus empower each location or department to customize their associates’ learning experience. For example, in November 2015, ISIS followed up its attacks on Paris with a threat against New York City targets. As a result, we pushed out active shooter training as a top priority to our NY stores. Within minutes of starting their shifts, associates received refresher training, helping to calm fears and prepare for the worst. Fortunately, the threat didn’t materialize, but our front line was prepared.

4. Provide a way to measure associate knowledge and tie it back to business outcomes.

Seeing progress and tying it to results is critical for measuring impact. Instead of tracking the completion of training, we track knowledge growth on a topic-by-topic basis and can see the impact all the way through to employee behavior and results. We know exactly how teams and individual associates are advancing in their knowledge, which training content is posing some challenges, and which topics employees have mastered. This enables managers to provide coaching and creates a positive cycle of feedback that elevates training and performance continually across the organization.

This post was originally published in 2017 and was updated January 10, 2018.

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Martin Luther King Jr. Day

Loss Prevention Media -

Today is the commemoration of the federal holiday to honor the Reverend Martin Luther King, Jr. This year, the holiday falls on his birthday (Jan. 15, 1929).

According to Quartz, King is only one of three individuals who have a dedicated US national holiday in their honor, the other two being Christopher Columbus and George Washington. King was only 39 years old when he was assassinated at the Lorraine Motel in Memphis, TN, in 1968. James Earl Ray later pleaded guilty to the charge.

President Ronald Reagan signed the bill designating the third Monday in January as Martin Luther King Day in 1983, to begin the holiday in January 1986.

A recent survey revealed that less than 40 percent of workers have this holiday day off… about the same as Presidents Day. But whether or not you’re at work today, take a moment to reflect on the philosophy of this great civil rights leader.

“I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin, but by the content of their character.” – Martin Luther King, Jr

This post was originally published in 2017 and was updated January 15, 2018.

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FCPA Compliance Report-Episode 366 Jonathan Marks on performing and using a root cause analysis

FCPA Compliance & Ethics -

In this podcast, I visit Jonathan Marks, a partner at Marcum LLP on how to perform a root cause analysis and it uses in the remediation phase of a best practices compliance program. One new and different item was laid out in the Evaluation of Corporate Compliance Program, supplementing the Ten Hallmarks of an Effective Compliance [...]

The post FCPA Compliance Report-Episode 366 Jonathan Marks on performing and using a root cause analysis appeared first on Compliance Report.

Risk and Opportunity in the Internet of Things

BRINK News -

Can you envision 30 billion devices connected to the Internet of Things (IoT) by 2030? What about 100 trillion connected devices? That’s the number that Oliver Wyman predicts could be the reality by 2050. Communications, media, and technology (CMT) companies are at the nexus of the creation and use of IoT devices and offer telling insights into the opportunities and risks of IoT development.

Sixty-five percent of CMT companies said they view the Internet of Things as an opportunity over the next three to five years, according to Marsh’s global 2018 Communications, Media, and Technology Risk Survey. And nearly half said their organization already creates or provides products and services for IoT devices. Meanwhile, many CMT risk professionals may be unaware of connections to the Internet of Things.

Exhibit 1: Many CMT risk professionals may be unaware of connections to the Internet of Things

Source: Marsh 2018 Communications, Media, and Technology Risk Study

That number reinforces an awareness gap about the IoT that Marsh has found in other studies. For example, in Marsh’s 2017 Excellence in Risk Management survey, 52 percent of risk professionals said their organization does not use or plan to use the IoT, which conflicts with other data regarding IoT use.

This lack of understanding regarding the full range of risks presented by being a part of an IoT system stood out when we asked CMT organizations about related loss exposures.

Exhibit 2: System operation and security dominate IoT provider concerns; users increasingly concerned with physical risks

Source: Marsh 2018 Communications, Media, and Technology Risk Study

On the high end were system or network failure, security failure, and privacy breach. At the bottom were financial loss, property damage, and bodily injury. We also asked in which areas CMT companies’ customers/partners are seeking additional contractual protection. And here we found a disconnect, for example, in bodily injury losses. The failure of an IoT-connected device—through a production error, a cyberattack, or other cause—has the potential to cause injury. The component in a semiautonomous vehicle could fail, leading to an accident, or an IoT-connected device could be hacked, causing the system to overheat and catch fire. Fully half of respondents said their customers/partners are asking for increased protection against the risk, yet less than one-third of IoT providers are making the connection and seeing bodily injury as an IoT risk.

Partners in Innovation

A majority of our CMT survey respondents said their organizations hold risk management in high regard, with nearly 75 percent saying they’re seen as partners or providing support for innovation. But in order for these perceptions to match reality risk, professionals should challenge themselves to review their day-to-day tasks and determine if they are truly leading conversations about emerging risks and solutions, such as IoT.

Exhibit 3: CMT risk managers view themselves as innovation partners

Source: Marsh 2018 Communications, Media, and Technology Risk Study

Given the relentless pace of innovation and disruption, how can CMT risk professionals stay relevant in 2018? They must become experts in emerging risks, innovations, and trends within and outside of their industry in order to maintain a seat at the table for strategic decisions.

Companies would benefit by boosting their understanding and evaluation of IoT involvement, with specific emphasis on the new risks being created. For risk professionals, this means being a leader in discussions in all aspects of IoT and other technology risks. This includes such steps as aligning or embedding risk management team members with product development, building risk solutions into product or service offerings, and taking the lead in pushing for investment in emerging risk mitigation technologies or applications.

The IoT is just one of many technologies that will evolve and emerge in 2018, further disrupting CMT and other industries. Whether it’s IoT, artificial intelligence, blockchain, or something else, risk professionals should be prepared to lead the discussion of how these technologies will affect their companies’ risk profiles and business strategies.

A strong configuration management governance model is key to managing IoT growth risks

Continuity Central.Com -

The use of Internet of Things (IoT) devices is on the rise in industrial applications. In fact, Gartner predicts there will be nearly 21 billion connected 'things' in use worldwide by 2020. IT leaders in nearly every vertical market will soon be inundated with the management of both the data from these devices as well as the management of the devices themselves, each of which require the same lifecycle management as any other IT equipment.

New sub-sea cable will create resilient trans-Atlantic connectivity

Continuity Central.Com -

Aqua Comms DAC, the operator of Ireland's first dedicated subsea fibre-optic network interconnecting New York, Dublin and London, has announced plans for continued investment in submarine cable infrastructure having joined the HAVFRUE consortium which will own and operate a new subsea cable system connecting New Jersey to Ireland, and Denmark, with connectivity options to Norway.

Episode 21 — Interview of Jean-Michel Ferat, FCPA Forensic Accounting Expert, Senior Managing Director, Ankura Consulting

Corruption, Crime & Compliance Blog -

Jean-Michel Ferat, a leading FCPA Forensic Accountant, and Senior Managing Director at Ankura Consulting, joins Michael Volkov, in Episode 21 of the Podcast, Corruption Crime & Compliance.

Jean-Michel Ferat is a leading forensic accountant and has vast experience in uncovering complex bribery schemes and financial crimes.  Jean-Michel also works with large, mid-size and small companies to design and implement effective financial accounting controls and remediate deficiencies in existing controls.

Please join Michael Volkov and Jean-Michel as they discuss FCPA issues, the importance of internal controls, and trends in the forensic accounting and compliance industries.

The post Episode 21 — Interview of Jean-Michel Ferat, FCPA Forensic Accounting Expert, Senior Managing Director, Ankura Consulting appeared first on Corruption, Crime & Compliance.

Using a Root Cause Analysis

FCPA Compliance & Ethics -

In my last post, I began considering the Prong of the Evaluation of Corporate Compliance Programs (Evaluation) which was not present in the Ten Hallmarks of an Effective Compliance Program, the root cause analysis. This addition was also carried forward as a requirement in the Department of Justice’s (DOJ’s) new FCPA Corporate Enforcement Policy (Policy). [...]

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Day 14 of 31 Days to a More Effective Compliance Program- Risk Assessments

FCPA Compliance & Ethics -

One cannot really say enough about risk assessments in the context of an anti-corruption programs. Since at least 1999, in the Metcalf & Eddy enforcement action, the DOJ has said that risk assessment which measure the likelihood and severity of possible FCPA violations the manner in which you should direct your resources to manage these [...]

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Strict Supervision, Bank Lending and Business Activity

The Harvard Law School Forum on Corporate Governance and Financial Regulation -

Posted by Joao Granja and Christian Leuz (University of Chicago), on Sunday, January 14, 2018 Editor's Note: Joao Granja is Assistant Professor of Accounting and Christian Leuz is the Joseph Sondheimer Professor of International Economics, Finance and Accounting, at the University of Chicago Booth School of Business. This post is based on their recent paper.

A recurring theme in banking crises is the public backlash against bank supervisors for their failure to take prompt and decisive action to unearth and correct problems of weak banks. The latest crisis is no exception. A recent poll by the Initiative on Global Markets (IGM) at the Booth School of Business shows that leading economists view “flawed financial sector regulation and supervision” as the most important factor contributing to the 2008 Global Financial Crisis. Perceived regulatory failures in the past often play an important role in justifying interventions that overhaul the regulatory oversight of the banking system, including tighter rules and stricter monitoring of financial institutions (e.g., Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989; Dodd-Frank Act of 2010). Despite the importance of such interventions, we have limited evidence on the economic trade-offs associated with reforms that aim to limit regulatory forbearance and promote stricter bank supervision.


Ethikos Editor’s Weekly Picks: For a Culture of Integrity, Focus on Fairness

The Compliance & Ethics Blog -

Examining ethics and compliance issues in business since 1987 For a culture of integrity, focus on fairness By Anne R. Harris for National Defense Organizational ethics and compliance is about encouraging people to conduct business with integrity. It is also about mitigating risks: the risk that the organization could lose money, that it could face legal […]


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