The Boardroom and Compliance
Thursday, November 16th, 2006In this post-Enron corporate culture, a director position requires more commitment than it used to, not to mention more risk to one’s personal reputation. Today’s board member must be more assertive — not so willing to sit back and watch wrongdoing without doing something to stop it. Though whistleblower systems that encourage anonymous communication of questionable dealings help, diversity on the board may make the most difference. And compliance departments are controlling how money is spent on compliance technology, without consulting the IT folks. This is bound to create tension in the boardroom, given that money previously under IT’s control is being “diverted” to compliance. Chief compliance officers’ priorities should be developing relationships with board members and keeping risk assessment at the top of the “to do” list.
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