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Articles

Board of Directors' Role In Building A Strong Compliance Team

August 1, 2011

Articles

Board of Directors' Role In Building A Strong Compliance Team

August 1, 2011

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The Buck Stops – And Starts – At The Top

Posted with permission from Bloomberg and KPMG.

While the chief compliance and ethics officer (CCO) and corporate compliance committee (CCC) may be tasked with the daily management of their company’s compliance program, the tone and leadership of the corporate board of directors play a key role in determining the effectiveness and success of the program itself. The courts and the U.S. government recognize this practical reality and have crafted clear and unmistakable rules that a board must follow to avoid civil and even criminal liability for themselves and their company in the event the compliance program is determined to be ineffective.

Boards, in their oversight role, must ensure that management has a firm grasp on internal controls and risks through a robust governance, risk and compliance (GRC) program that provides a strategic approach to integrating risk management, controls, assurance structures and processes. Getting GRC right has become critical, because it can offer a level of oversight that may weigh in a board’s favor should litigation challenge their resolve in their duties.

To read the entire article, click here.

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