Compliance professionals’ jobs are made immeasurably more difficult without the support of the board. Michael Volkov offers five concrete actions the compliance department can take to enhance the board-compliance relationship.
In today’s aggressive enforcement environment, corporate board members have a target on their respective backs. Even with robust liability insurance, corporate boards are operating in a state of “ignorance is bliss.”
Chief compliance officers face enormous challenges, and perhaps their greatest challenge is enlisting and securing the support of the corporate board. We often hear happy-talk about senior management and board support – but the proof is in real and tangible actions.
To assist in this effort, I have put together five specific steps a company can take to improve corporate board engagement with compliance.
1. Ensure Compliance Experience on the Board
The latest mantra among practitioners is the need for compliance experience on the board. This can have a dramatic impact on the board’s engagement with and understanding of compliance.
We all know that corporate board members rarely understand what a compliance program looks like, how it operates and what needs to be done to make the program effective. This is where a board member with compliance experience can…
