In addition to a company’s senior management, there is a Board of Directors at the top. Yet the role of the Board is different than that of senior management.
All of this means that every Board of Directors needs a true compliance expert. Almost every Board has a former Chief Financial Officer (CFO), former head of Internal Audit or persons with a similar background, and often times these are also the Audit Committee members of the Board. See more +
In addition to a company’s senior management, there is a Board of Directors at the top. Yet the role of the Board is different than that of senior management.
All of this means that every Board of Directors needs a true compliance expert. Almost every Board has a former Chief Financial Officer (CFO), former head of Internal Audit or persons with a similar background, and often times these are also the Audit Committee members of the Board. Such a background brings a level of sophistication, training and SME that can help all companies with their financial reporting and other finance-based issues. So why is there not such SME at the Board level from the compliance profession?
Three key takeaways:
1. The 2020 Update requires active Board of Director engagement and oversight around compliance
2. Board communication on compliance is a two-way street; both inbound and outbound
3. Does the Board of Directors have a compliance expert? See less -
