Matt Kelly on the Top Compliance Stories from 2024 [Podcast]

Compliance Perspectives

By Adam Turteltaub Once again it is time to sit down with Matt Kelly (LinkedIn), Editor and CEO at Radical Compliance and discuss what happened last year and where the compliance profession is going in the new one. In this podcast we looked back at 2024 and explored five key topics. Changes from the DOJ The DOJ recently issued a recap of its key activities over the last year or so, and Matt notes that a key change has been an increased willingness to give credit to companies that work with the Department of Justice. In the past, the DOJ had only given full credit to companies that had self-disclosed, but now there is greater leniency for organizations who have demonstrated that they are willing to cooperate with the government and make serious remediation efforts. Lessons from Recent Dispositions Matt pointed to the TD Bank case and noted that, as he saw it, the company laid the seeds for its scandal by having a zero expense growth strategy across its business. That led to compliance spending shrinking, rather than growing, as the business rapidly expanded. The key lesson there: recognize the compliance risks of your business strategy. Looking at Boeing’s continued woes he notes that the court has now made quality a central part of the company’s compliance metrics. The definition of compliance and scope of compliance programs could well be growing, with the recognition that having a speak up culture and effective controls isn’t just valuable for legal and regulatory compliance. From the RTX case he finds a lesson for companies in the importance of thorough due diligence and taking the time to understand the risks fully prior to acquisition. Compliance Team Struggles Compliance teams still need to earn their place fully as a trusted advisor for issues outside of the traditional compliance lane, such as AI and supply chain risk, which is often divided up among several departments. Compliance Program Progress The vast majority of CEOs now see compliance as much more than a check the box exercise. They also recognize that having an ethical workforce is an asset. Matt also notes great progress in anticorruption due diligence and an opportunity to show that the same tools that help vet third parties in this risk area can be useful in many others. Listen in to learn more about his thoughts about 2024 and to prepare for a successful 2025. Listen now