9:00 a.m. – 12:30 p.m. (Registration at 8:30 a.m.)
A - The Ins and Outs of Conducting an Effective Risk Assessment: How to Identify “High Risk” Transactions that Warrant Special Attention and Resources amid Tightening Compliance Budgets
Daniel C. Freed, Vice President, Assistant General Counsel, Chief Compliance Officer, Agilent Technologies (Santa Clara, CA)
Christopher J. Steskal, Partner, Fenwick & West LLP (San Francisco, CA)
A risk assessment is one of the most critical tools for monitoring your FCPA and global anti-corruption compliance program. As FCPA enforcement continues to heat up, companies across a wide range of industries must revisit how they identify the specific risks posed by their industry and business model, and how best to allocate resources to mitigate exposure-and without breaking the budget.
At this highly in-depth, practical working group, the expert speakers will take you through the ins and outs of how to structure and carry out an effective risk assessment, and how to leverage the results to strengthen your compliance efforts worldwide. Participants will benefit from concrete examples, case studies and valuable speaker-prepared reference materials that can be used for your daily work after the event.
Ample time will be left for Q & A-so bring your questions!
Topics will include:
Using information gathering tools such as interviews, surveys, and internal documentation to determine your company’s risk of violating the legal and compliance requirements of the FCPA
- How assessments differ from audits
- How to separate higher risk transactions when identifying the goals of your risk assessment process
- Strategies to prioritizing resources and educating employees on the who, what, when and where’s of these high risk transactions
- How to determine thresholds for higher priority reviews
- What to do with data and information obtained during your risk assessment
- How to track high risk sales and marketing transactions and red flags to consider
- How often should a risk assessment be performed – internal v. external reviews
1:30 p.m. – 5:00 p.m. (Registration at 1:00 p.m.)
B - An Inside Look at FCPA Accounting: What Every Compliance Executive and Attorney Needs to Know about the Books and Records Provision of the FCPA, and Internal Controls That Can Withstand SEC Scrutiny
Randall R. Lee, Partner, Wilmer Cutler Pickering Hale and Dorr LLP (Los Angeles, CA), Former Regional Director, Pacific Region, SEC
Thomas A. Zaccaro, Partner, Paul Hastings LLP (Los Angeles, CA), Former Chief Trial Counsel, SEC Pacific Regional Office
The accounting provisions of the FCPA are designed to complement the anti-bribery provisions by prohibiting “off -the-books” accounting and are at the forefront of many FCPA enforcement actions led by the SEC. The FCPA requires an issuer to devise and maintain a system of internal accounting controls, which provides reasonable assurances that transactions are properly authorized. The record-keeping and accounting standards apply to domestic operations, as well as to foreign operations; they are also the subject of SEC enforcement actions, even when the anti-bribery provisions are not met.
This practical and interactive workshop is designed to take you through the core principles of how companies “make and keep books, records, and accounts, which, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the issuer,” and the internal accounting controls necessary to ensure the reliability of this information.
Defining “in reasonable detail”
- Understanding the basics tenants of the general accepted accounting principles (GAAP) and how this is applied to the FCPA
- How to identify red flags and systematic patterns of bribery in your books and records
- A review of the key components of Section 13(b)(2)(b) of the Exchange Act, or the “internal controls” provision
- What is deemed a “reasonable assurance” to satisfy “prudent officials”
- How do effective internal controls address risk, types of products, geographical considerations, and the type of workforce
- Understanding the role of internal audit in FCPA compliance