Ted Banks Examines the Implications of Internet of Things Products in “Compliance Week” Article
Ted Banks was quoted in an article from Compliance Week about the ‘Internet of Things’: products and services that allow devices to communicate with each other and can include anything ranging from computer routers to baby monitors (also known as “IOT”). In the article, Mr. Banks noted that every time a company powers some device with an Internet connection, it becomes a compliance issue. For instance, if a product crashes because of Internet trouble, that could constitute a breach of contract. “So part of the risk assessment by management should be examining what’s in the contract. Are you protecting yourself from the legal implications of a failure like this?”
The upcoming Practising Law Institute (PLI) conference on Compliance and Ethics, chaired by Mr. Banks, the session on the ethics of compliance will include a discussion of IOT as part of the discussion of technology and compliance. “What we’ll be doing at the PLI program is trying to go through every type of technology and say, ‘here are the compliance implications of that technology,’ ” says Banks. “If you’re using some sort of app that relies on what we lump together as Big Data, have you considered all the implications and what might those be as far as compliance risks are concerned?”
PLI Corporate Compliance & Ethics Institute 2017
The Practising Law Institute will present the Chicago edition of its Corporate Compliance and Ethics Institute at the University of Chicago Gleacher center May 1 and 2. Program Chair Ted Banks noted that the seminar has been expanded to two full days this year, to cover additional issues facing compliance officers and lawyers involved in compliance. For more information, contact Ted or go to http://www.pli.edu/Content/Seminar/Corporate_Compliance_and_Ethics_Institute/_/N-4kZ1z10p50?fromsearch=false&ID=288743
Ted Banks Discusses Compliance Law Trends on “Compliance Beat” Podcast
Ted Banks was a guest on a recent “Compliance Beat” Podcast where he discussed a number of issues related to compliance.
Mr. Banks, the former Chief Counsel for Global Compliance Policy at Kraft Foods, discussed his early years giving compliance presentations to employees – and the need to remember that a compliance presentation is not the same as writing a court brief.. “The most important lesson I learned the hard way is that, whatever you’re doing, you have to always do it from the point of view of your target audience,” he said.
As adjunct professor of law at Loyola University, he’s challenged his law students to do the same. He asks them to take a step back from the law and instead craft policies that will work in the real world. “If I give them an assignment to write a policy about business gifts and entertainment, they come up with lots of language that they think should be in the policy – but is sort of confusing,” said Banks. “I ask them, ‘At the end of the day, if you’re an employee and someone handed this (policy) to you, would you know what to do?’”
When asked about compliance trends of the future, Mr. Banks predicted that technology advances from new social media platforms to autonomous cars will introduce a whole new area of compliance risk and compliance problems. “As you roll out this new technology, you have to consider not just the coolness of it but all the things that may happen based on the way people behave and interact with this technology,” he said.
Three Questions with Ted Banks is featured after the first 15 minutes of the show. Listen to the podcast.
Ted Banks was recently quoted in a Law360 article, “How Buffett’s Compliance Guide May Let GCs Down.” Banks noted that the recently released Commonsense Corporate Governance Principles made sense, but should have gone further. “I was struck by the absence of any reference to providing any sort of compliance oversight or recognizing the importance of following the law,” Banks said. He would have liked to see a recognition that it’s the director’s job to guide the corporation in an ethical way and to keep it in compliance with the law. For a copy of the complete article, contact email@example.com
Ted Banks is featured twice as an author in the June issue of Business Law Today, published by the American Bar Association Section of Business Law, as part of its mini-theme: The Many Faces of Compliance. His article “Five Things to Think About Before You Give That Compliance Presentation,” discusses the importance of doing live compliance presentations well – and the damage that can be done as a result of poor preparation. He was co-author with James Lord on the article, “Compliance Programs, Individual Liability, and the Yates Memo: Has Anything Changed?” This article discusses the implications for compliance programs of the memorandum issued by Deputy Attorney General Sally Yates that called on federal prosecutors to focus on individual prosecutions, and not allow culpable individuals to hid behind a company conviction or plea agreement. Copies of the articles are available by contacting firstname.lastname@example.org.
Ted Banks published an article in the newsletter of the Compliance Committee of the American Bar Association Section of Business Law, “5 Things to Think About Before You Give that Compliance Presentation.”
-Ted Banks has published two articles related to compliance.
In Compliance: The New International Law, published in the inaugural issue of Compliance Elliance Journal, Banks discusses how various aspects of corporate compliance programs have become accepted norms of behavior in international law.
In Why You Should Love Your Antitrust Compliance Monitor, published in Competition Policy International Antitrust Chronicle, he discusses the law surrounding the use of compliance Monitors in the United States, and how a compliance monitor can benefit an organization beyond the terms of the judgment or agreement that established the monitorship.
Both articles are available by sending an email to email@example.com
-The work done by Ted Banks, who serves as a compliance monitor for the Federal Trade Commission, was recently lauded in the “Competition Matters” blog from the FTC. The newsletter mentions the challenges in ensuring that the compliance obligations of the Coca-Cola Co. with regard to confidential information are protected behind an internal firewall, with oversight by the monitor. The full text of the article can be found at https://www.ftc.gov/news-events/blogs/competition-matters/2015/07/monitors-expert-eyes-ears-commission-orders.
-In July 2014, Ted Banks was recognized by the National Law Journal as a Governanace, Risk & Compliance Trailblazer and Pioneer
Compliance concerns for 2015 and beyond, Part 1: Social media
Ted Banks, founder and partner at Scharf Banks Marmor, discusses the risks and opportunities presented by social media – Read more
Compliance concerns for 2015 and beyond, Part 2: BYOD and privacy
Ted Banks, founder and partner at Scharf Banks Marmor, discusses privacy concerns and the risks presented by bring-your-own-device policies – Read more
Compliance concerns for 2015 and beyond, Part 3: International risk
Ted Banks, founder and partner at Scharf Banks Marmor, discusses the risks that come with doing business overseas – Read more