Home / 

Podcasts / 

#3 What If I put $1 Million on Your Table Without Any Controls? Would you Take It?

Summary of the Podcast

Patrick Henz has over 15 years of experience in the compliance field. He started working in compliance after Siemens Mexico implemented a new compliance system following global corruption issues. Patrick helped implement and adapt the compliance processes to the Mexican reality. 

A key challenge in compliance is motivating people and protecting them against themselves, as even good people can make mistakes under pressure. Having knowledge of human behavior and biases is important for effective compliance programs. 

The compliance expert role has evolved from being the “policeman” enforcing rules to becoming a trusted advisor who understands the business. Compliance is now more focused on prevention and aligning with ethics and ESG. There is also a trend towards holistic governance, risk, and compliance approaches.  

However, technology like AI still poses risks as it can be biased and employees may underestimate AI. Compliance officers need to ensure employees remain critical thinkers. Automation can help with some compliance tasks but a human element will still be needed. In the future, compliance may need to ensure the compliance of algorithms used by the organization.

In summary, while technology evolves, the key focus for compliance remains the human element – understanding people, motivating them and protecting them from risks within and outside the organization. The compliance expert role continues to adapt and expand based on these human needs.

The SOC 2 Bible

Everything you need to know about compliance