31 Days to a More Effective Compliance Program - Day 5 | The Board and Operationalizing Compliance

Thomas Fox
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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 -

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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