Walmart’s inadequate response to red flags and failure to properly implement its compliance policies were two of the primary issues that led to its $282-million FCPA settlement and $900 million in remediation. In this article, we look at how Walmart’s failures played into the settlement and extract compliance lessons from those failures. We also examine Walmart’s novel monitorship agreement, how it will change future monitorship negotiations and the practical problems it may present. In a subsequent article, we will address additional features of the landmark resolution, including the lack of anti-bribery charges, the insufficient self-report, the partial cooperation credit Walmart received and what the case signals about upcoming enforcement. A previous article examined the facts of the case and the government’s enforcement approach. See “A Close Look at the New ECCP’s Commentary on Compliance” (May 29, 2019).