S3:E4 | Compliance In Mythology | Compliance in Context

The Securities Compliance Podcast: Compliance In Context

Welcome back to Compliance In Context podcast! Today’s show is the first of its kind as we look to add a little colorful storytelling into our typical compliance discussion. In this episode of the podcast, we welcome in Miriam Lefkowitz and John Walsh to review legends and myths from cultures around the world that teach us a lesson about life (and compliance) and help shine a light on some of the nuances and best practices we can glean from those stories to improve the compliance programs inside our respective firms. In our Headlines section, we look at the recent rulemaking on ESG Disclosures and Investment Company naming conventions. And finally, we’ll wrap up today’s show with another installment of Outtakes where we look at a new version of a pandemic fraud that provides compliance professionals with similar lessons to communicate inside our respective firms.

Show

• Interview with Miriam Lefkowitz and John Walsh
  • 7:11: Introduction to compliance in mythology

• 12:48: Background on classical mythology
• 15:30: The mythological tale of Metis
• 19:54: Securities compliance lessons we can learn from the tale of Metis
• 31:20: The mythological tale of Bodhisattva Guan Yin
• 36:20: Securities compliance lessons we can learn from the tale of Bodhisattva Guan Yin
• 46:34: The mythological tale of Anansi the clever spider
• 51:33: Securities compliance lessons we can learn from the tale of Anansi the clever spider

Quotes

21:07 - “If we start with that approach and think about how we can build structure around that. Recognize that there are some elements, right, there are talents and weaknesses that often exist in people and I think that’s interesting. We can put some people in that corner. And then we bring in Metis, and Metis is a really interesting character. She’s prudence. I like thinking of compliance as having a lot of the qualities of Metis—prudence and wisdom to start.” - Miriam

23:24 - “When you have a new product or a new business line or a new offering, what you need is a combination of both the cleverness and the wisdom of compliance and then the business. You need both elements to partner together to persuasively move forward.” - Miriam

40:33 - “The King may not be an impressive character early on but he recognizes the error of his ways and he learns and it’s an extreme example, but all right, that’s what makes it a myth. I think it’s helpful that compliance can actually be a model and that it can be learned from.” - Miriam

40:59 - “I like the idea that she’s open to all who call out to her. And the idea that all who suffer can reach out—call out to the Bodhisattva. And, Patrick, I suspect it’s not part of the original story, but I really like the term “compliance suffering.” It’s a new phrase, but it’s one I’m going to tell you right now, I will try to remember to attribute it to you, but I’m going to use it a lot. I like it. I may even reach out to the celestial Bodhisattva of compliance suffering from time to time.” - John

43:50 - “With the right attitude you realize that, that’s the cost of doing business in a highly regulated industry. Regulations are designed with a good purpose which is, of course, to protect the markets, to protect the investors. And while it feels like a heavy burden, that’s inevitable, how we choose to deal with it, it’s on us. And compliance can really feed that.” - Miriam

53:45 - “When you do catch the biggest snakes, all the other animals will cheer. Even if they didn’t before. And you have to wonder how much of it was because they were afraid. They want to root for you. Inside they were rooting for you. They eventually will root for you. But they’re depending on you to be the one that’s brave. Of course, we all know, Anansi is never afraid.” - John

Resources:

Compliance in Context Contact Form

Compliance in Context, LinkedIn

Twitter: @compliancepod

Compliance in Context