BSP 165: The Compliance Handbook: A Guide to Operationalizing Your Compliance Program By Thomas Fox

On this episode of Best Seller TV Tom Fox, author
of The Compliance Handbook: A Guide to Operationalizing Your
Compliance Program, Second Edition, addresses what best practices
can be put in place for companies to run more efficiently and
generate more profits. Fox, who began working in the compliance
industry in 2007, was a lawyer by trade but felt compelled to
switch careers because he saw an opportunity to help make a
difference and help corporations be more efficient. Fox says the
United Nations estimates that $3 trillion is lost annually to
corruption. He saw the opportunity to help corporations build
first-class best practice compliance programs by complying with the
law and run the business side a lot smoother. He defines compliance
as setting up systems, processes, and procedures that comply with
law and/or regulation. With laws constantly changing, Fox wrote the
second edition of the book to instruct readers on the latest
compliance laws that might affect them on a regular basis. Since
his first edition in 2018, there has been a 40 percent change in
laws, especially after the SEC (Securities and Exchange Commission)
and the Department of Justice made significant changes to the
Foreign Corrupt Practices Act. The pandemic also helped exacerbate
many more changes. Fox says the book is for a wide variety of
readers, starting with compliance professionals, laying out a
blueprint on how to build world-class compliance programs or
enhance currently existing programs. The book is also for c-suite
and senior executives to help educate them on the benefits of
compliance and how to stay out of trouble. The compliance industry
has evolved significantly in the last decade or so. Fox adds that
right now, the industry is more data-driven and, “When you have
data, you can actually improve business efficiency.” He continues
to say that the backbone of compliance is internal controls, which
are financial controls but are not often called that. If you look
at them from a compliance perspective and tweak them enough to have
both controls, you can make enough headroom in making a company run
more efficiently, leading to greater profitability. Learn more
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