By Travis Miller
Compliance & Regulatory General Counsel
Assent Compliance
In the last six months, at least four global companies have been hit with fines of over $1 billion for various forms of regulatory non-compliance. Offenses included bribery, corruption, product non-compliance, financial fraud and more. The fact that fines of this size are occurring on a near-monthly basis gives even the most established and ethically-conscious business executives reason for pause.
While the concept of financial risk is not lost on senior executives and compliance managers, there are other compliance risks that are rarely given a level of attention proportional to the business disruption they could inflict if left unaddressed. These risks develop in corporate supply chains, among third-party intermediaries and within win-at-all-costs mentalities, which hide or even reward unnecessary risk. It is difficult to see these realities because they often exist in blind spots, residing just beneath the surface of an underfunded or ineffective compliance program.
To avoid these risks, it is essential your company takes firm steps to implement a robust risk identification and management system to mitigate supply chain risks before they take hold. In doing so, companies can avoid the financial, reputational, operational and legal setbacks that frequently go hand-in-hand with regulatory non-compliance.
Backed by a wealth of practical experience and regulatory knowledge, Travis Miller, General Counsel at Assent Compliance, will delve deeper into the realm of supplier, intermediary and customer engagement relationship risks to corporations in his presentation ‘Responding to Global Compliance Risk in our Supply Chains’ at the SCCE Compliance & Ethics Conference to be held from October 15 to 18 in Las Vegas.
In this session, Travis will explain how to identify and respond to risks and legal liabilities regarding product compliance from a global supply chain perspective. With an emphasis on practical take-aways and compliance survival stories, compliance personnel will gain insight into the tangible steps they can take to upgrade their programs to meet the challenges of an evolving compliance landscape.