For public companies — whether pre-IPO, newly listed, or well established —governance and compliance requirements are constant, complex and high-stakes. From SEC filings and shareholder meetings to risk disclosures and board evaluations, corporate governance teams must navigate an evolving regulatory landscape while ensuring efficiency, accuracy and transparency.

, the learning curve is steep, with new reporting and governance obligations that require structure and precision. Newly listed companies must quickly implement scalable governance processes to keep up with ongoing SEC requirements and shareholder expectations. And for established public companies, the risks of inefficiency, compliance gaps, and governance fatigue are greater than ever.

Yet, despite these obvious challenges, many organizations are still relying on outdated, manual processes, creating unnecessary inefficiencies and compliance risks. 

 transforms how governance teams manage these requirements — automating workflows, securing sensitive materials and streamlining decision-making.

To illustrate the impact, we’ve created 

, as well as this quick visual breakdown (below) of the key governance and compliance milestones public companies face throughout the year — showing exactly where AI-powered board management software simplifies and accelerates each process.

Simplify compliance, strengthen governance

Governance shouldn’t be a bottleneck — it should be a driver of strategic decision-making. With the right 

, public companies at any stage of their governance maturity can stay ahead of compliance, reduce administrative burdens and operate with confidence.

This infographic is just a snippet of what is possible. For a comprehensive guide to streamlining public company governance with technology, 

An actionable roadmap to help corporate secretaries, general counsels and board administrators streamline governance, reduce compliance risks and improve board efficacy.

The Public Company Governance Guide

Infographic: Navigating public company governance and compliance with board management software

As we all know, “sanctions is the new FCPA,” and there has been lots of action when it comes to both sanctions and export violation enforcement.

Two recent cases highlight what we need to do to lessen the sting of U.S. sanctions and export violations, so let’s dive in.

Case number 1: The first-ever declination by the national security division

A twist on the Varsity Blues scandal, the MilliporeSigma "fake varsity" fraud scheme resulted in the first declination under the U.S. Department of Justice (DOJ) National Security Division's (NSD) voluntary disclosure program.

The recently updated NSD Enforcement Policy, like the DOJ’s Principles of Federal Prosecution of Business Organizations, emphasizes the importance of voluntary self-disclosure, cooperation, and remediation.

Other factors considered when evaluating to issue a declination are the nature and seriousness of the offense, law enforcement priorities, and the criminal history of the offender. Since 2016, the DOJ has listed only 20 declinations on its website, a number dwarfed by the 31 corporate enforcement actions in 2023 alone.

From July 2016 to May 2023, a customer with the assistance of a MilliporeSignma salesperson, faked an affiliation with a large Florida university to obtain controlled biochemical materials, that were then repackaged and sent to China with false export documents.

The fake varsity affiliation led MilliporeSigma to provide over $4.9 million worth of discounts and other benefits, such as free overnight shipping, not available to the general public.

When the products arrived at the university stockroom, a stockroom employee diverted the products to the customer, who repackaged them and shipped them to China with export documents that contained false statements about the value and content.

How the company “stepped up and owned up”

Voluntary self-disclosure within a week: 

MilliporeSigma Compliance personnel became aware that certain shipments were suspicious. Voluntary self-disclosure was made within a week of the company hiring outside counsel and without the company completing its investigation and knowing the full extent of the misconduct.

MilliporeSigma proactively identified and produced documents to the DOJ that established probable cause to search residences and electronic devices of culpable individuals including the criminal wrongdoing committed by its own salesperson. This cooperation allowed the DOJ to quickly identify the individuals responsible for the scheme and secure their felony guilty pleas.

In addition to the termination of the salesperson, the company agreed to improve internal controls and its compliance program.

The DOJ noted that, in most instances, the chemical compounds did not require an export license and they did not present a significant threat to national security in the quantities and concentrations sold.

Even though MilliporeSigma obtained some revenue from sales, the DOJ concluded that the company was victimized by the conspirators' scheme to fraudulently obtain significantly discounted products and free overnight shipping, and therefore was not required to disgorge profits or pay any forfeiture or restitution.

Contrary to MilliporeSignma is the rare three-year export ban of USGoBuy, the first such action since 2018. In 2021, the Bureau of Industry and Security (BSI) found that the company had shipped riflescopes to China and the United Arab Emirates. Per the settlement agreement, the company conducted an audit of its compliance program which found 176 instances where UsGoBuy failed to make the required export filings or maintain adequate export records, some of which occurred after the settlement. From the audit, USGoBuy was to develop a detailed plan of corrective actions.

Despite these violations and the significant and continued compliance failures identified through the audit, USGoBuy did not implement corrective actions to address these issues. It appears to not have taken any steps at all to improve its compliance with export control laws.

In 2022, Homeland Security Investigators (HSI) intercepted a shipment of an export-controlled item being sent to USGoBuy’s Oregon warehouse for a customer located in China. HSI added conspicuous labels to the shipping box stating that an export license was required and replaced the item with one that did not require authorization. Despite the export control markings, USGoBuy exported the package to China on the very same day that it was received.

USGoBuy’s failure to adhere to its settlement agreement, implement corrective actions, and continued violations of export control laws resulted in the three-year ban which essentially will put the company out of business.

These activities show that BSI and the DOJ are serious about the enforcement of export control laws. In July 2024, BSI issued a publication called “

,” which details its numerous recent enforcement activities.

Navigating the complexities of U.S. sanctions and export violations requires a proactive approach to compliance. The cases of MilliporeSigma and USGoBuy underscore the critical importance of having robust compliance measures in place. Whether it’s voluntary self-disclosure or the effective implementation of corrective actions, these cases highlight the significant consequences of compliance failures and the benefits of timely and honest cooperation with authorities. For companies dealing with third-party relationships, maintaining a strong compliance framework is not just advisable — it's essential.

Technology to keep you ahead of sanctions and export violations

If your organization is striving to strengthen its compliance program, Diligent Third-Party Manager can be an invaluable asset. This solution allows you to effectively monitor and manage third-party risks, ensuring your organization stays ahead in the ever-evolving regulatory landscape.

 helps you systematically monitor, screen and share critical due diligence data, so you can ensure your compliance program is both proactive 

To see how Diligent can assist your organization in achieving best-in-class governance and compliance, 

Diligent

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