Jodi Golinsky, deputy U.S. general counsel for Wonga US
Compliance is a complex topic, and when extending globally, it is even trickier. Best practices for implementing a global compliance strategy was the topic of a panel at the Women, Influence & Power in Law conference this week.
The panel, “Creating a Robust Global Compliance Program,” featured Jodi Golinsky, deputy U.S. general counsel for Wonga US, Inc.; Julie Soloway, partner at Blake, Cassels & Graydon LLP; and Kim Yapchai, assistant general counsel for Masco Corporation.
The panel outlined five elements of a credible, effective and robust compliance program. Senior leaders need to be involved, policies must be reviewed and revised, education must be consistent, monitoring and auditing must be in place, and a system of consequences and incentives must be in place as well. In fact, studies show that this last element is perhaps most important.
Golinsky spoke about matters of bribery. She stated that one strategy is to have a global strategy across all jurisdictions or different policies for each country. She suggested a global policy that had flexibility to adjust to local issues. As an in-house counselor, she discussed the differences between that role and being a law firm lawyer. Working inside, she understands that sometimes cultural differences create unique situations that are not black and white. A robust program has four elements: relevance, risk, resourcing and reporting, according to Golinsky.
Soloway turned the discussion to the topic of antitrust. Her three major points were: that antitrust compliance is essential for many reasons; it’s not just about preventing collusion or price fixing, extending far beyond that; and most importantly, know your antitrust risks. But what are the elements of an antitrust program? The cornerstone, Soloway said, is protection from conspiracy and competitor collaboration. It also entails bid rigging, abuse of a dominant position, civil liability advertising and marketing practices and more.
Keeping these items in mind can help companies build their global compliance strategies!