By Adam Turteltaub
The relationship between the board of directors and the compliance team is both an important and still-developing one. Approximately half of compliance departments report directly to the board, a recent survey of the Society of Corporate Compliance and Ethics and Health Care Compliance Association revealed.
Having a strong relationship is increasingly important, according to Gabe Imperato, a past president of the SCCE and HCCA, who serves as the managing partner in the Fort Lauderdale office of the law firm Nelson Mullins Broad & Cassell. The US government has grown more specific about requirements for boards when it comes to oversight of compliance programs. There is direction in the US Sentencing Guidelines and the DOJ Fraud Section’s compliance program evaluation questions. There is also strong direction in settlements, frequently calling for greater board involvement in compliance.
In this podcast Gabe discusses what compliance officers should be reporting to the board, what they should be asking from the board, and how to get a board that still doesn’t get it to understand the importance of compliance.
Listen in to learn more, and start thinking about whether you should bring a member of your board to the upcoming SCCE Board Audit Committee Compliance Conference.