When Frances McLeod and Greg Mason need to find missing money or probe a company's compliance programs, they construct and analyze large datasets of the company's financial transactions. About 75 percent of their global forensic accounting business is driven by compliance and enforcement issues, particularly those related to the U.S. Foreign Corrupt Practices Act (FCPA) -- a priority area for U.S. regulators, and a top concern for general counsel.
Even though they've consulted with corporations and assessed market risks the world over, McLeod continues to be amazed by gaps in company compliance programs that bear on bribery and illicit payments. "There are a lot of companies that still don't get it," says McLeod, who worked in investment banking and on international banking and money-laundering investigations before co-founding Forensic Risk Alliance, a consultancy, in 1999.
Last week, McLeod and her business partner Mason, a statistician who had previously evaluated systems for the U.S. Department of Defense, convened with reporters in New York City for a Q&A presentation on regulatory trends and compliance pitfalls. Their discussion dovetailed with what has been a big year for FCPA enforcement actions, leading many general counsel to question their own compliance preparedness.
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Source: law.com
By: Catherine Dunn
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