31 Days to a More Effective Compliance Program - The Corporate Controller and Business Ventures

Thomas Fox
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One area not often considered by the CCO as a key part of any compliance regime is the Corporate Controller. The Controller generally has the responsibility to accurately record and report the financial transactions of the company, to design, implement and execute the financial processes and controls of the company to be both effective and efficient, and to safeguard the financial assets of the company. Some of the compliance responsibilities of the Controller include: 1) Designing and implementing internal controls that impact See more +
One area not often considered by the CCO as a key part of any compliance regime is the Corporate Controller. The Controller generally has the responsibility to accurately record and report the financial transactions of the company, to design, implement and execute the financial processes and controls of the company to be both effective and efficient, and to safeguard the financial assets of the company. Some of the compliance responsibilities of the Controller include: 1) Designing and implementing internal controls that impact ethics and compliance risks; 2) Accurately recording the financial transactions of the company; and 3) Preventing and detecting fraudulent activity. All of this means, in practical terms the Controller is both being the keeper of the books and records and the implementer of internal controls. Moreover, while many of these internal controls would most probably be viewed financial internal controls, there are additional internal controls which are not financial in nature.

Three key takeaways:

1. CCOs need to integrate the function of the Controller into their compliance regime.

2. Offshore payments must be flagged for further investigations.

3. The Controller is both the keeper of the books and records and the implementer of internal controls. 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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