• Step 7 - Changing Your Business Model

  • Jul 18 2024
  • Length: 15 mins
  • Podcast

Step 7 - Changing Your Business Model

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  • Summary

  • How can you survive an FCPA enforcement action? In this special podcast series, Tom Fox and Nick Gallo outline the Top 10 things you can do to reduce your overall fine and penalty, perhaps down to a complete declination. All of the actions you can take come from recent DOJ prosecutions under the FCPA and speeches from DOJ representatives. This podcast, sponsored by Ethico, is the companion series to the book The FCPA Survival Guide: Surviving and Thriving a Foreign Corrupt Practices Act Enforcement Action. Today, we discuss lesson number seven: changing your business model. In this episode, Tom and Nick discuss the significant transformations by companies like Albemarle and SAP, which shifted from using third-party sales agents to internal teams to enhance compliance and reduce risk. The conversation delves into the Department of Justice’s role in recognizing and endorsing such changes, eventually becoming industry standards. The session also covers the challenges and considerations in explaining such fundamental shifts to stakeholders and effectively managing the associated risks. Key Highlights and Issues: The Role of DOJ in Compliance Solutions Case Studies: Albemarle and SAP Philosophical Changes in Sales Models Risks in Internal vs. Third-Party Sales Model Business Reasons for Internal Sales Explaining Changes to Stakeholders Resources: Nick Gallo on LinkedIn Ethico The FCPA Survival Guide: Surviving and Thriving a Foreign Corrupt Practices Act Enforcement Action Tom Instagram Facebook YouTube Twitter LinkedIn
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