LEGAL
A month dedicated to compliance and risk
It seems like you can't go a day without reading a headline related to risk or compliance: another company had a data breach, another corporation was fined millions of dollars, another high-ranking officer was charged with corruption. That is why we've dedicated the month of September to compliance and risk. How should a GC best work with a CCO and vice versa? Read insights from one professional who wears both hats as General Counsel and Chief Compliance Officer. Plus get some candid advice on the importance of internal controls, and learn 10 things you must know about due diligence. Also be sure to check out the Westlaw® Corporate Twitter feed, the Corporate Counsel News & Views Section on legalsolutions.com, and the Legal Solutions Corporate Counsel blog for more in-depth articles and information on how to manage risk in your company.
What GCs and CCOs can learn from each other
As both a GC and CCO, I have discovered that there is much that each can learn from the other. While the GC oversees the legal affairs of the company and is seen at times as the company's legal advocate, the CCO has specific responsibility for the company's compliance program, responsible not only for helping to prevent misconduct but also for identifying misconduct that may have occurred. With that in mind, I have a few principles to consider that will help make the working relationship between a GC and a CCO as effective as possible.
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Enhanced due diligence – best ways of meeting the requirements and managing business risk
The due diligence process has long been an integral part of the risk landscape. In the last few years even more emphasis has been placed on proper information gathering and screening processes. Enhanced Due Diligence (EDD), as a regulatory obligation forming part of a wider Know Your Customer (KYC) requirement, now has become more conspicuous as institutions have implemented a risk-based approach into their compliance programs.
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Despite hacker threats, information security officers remain undervalued
In a world of highly visible and catastrophic data security breaches, we would expect that corporate chief information security officers (CISOs) would be valued and respected in their organizations. A recent survey conducted by ThreatTrack Security suggests, however, that this is not the case, and that CISOs seem to remain misunderstood and undervalued in most enterprises. This continuing failure to make effective use of CISOs carries important potential legal liability for all of the organizations involved.
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Avoiding the cost of noncompliance: A discussion with Michael Shepard
From harm to company reputation to actual financial fines levied, recent FCPA enforcement actions confirm that noncompliance can be incredibly costly. For regulated companies, regulators are turning more attention to the internal controls designed to prevent and detect corruption. Corporate Counsel Connect spoke with Michael Shepard of Hogan Lovells to learn more about the state of corruption, what corporate counsel across industries should be looking for, and how to create an environment of compliance.
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Report finds growing regulatory fatigue; offers possible remedies
Thomson Reuters has released its annual "Cost of Compliance" report, which collected data from the surveys of nearly 600 compliance professionals from financial services firms around the world. In addition to presenting current regulation trends, it aggregates previously collected data from earlier surveys. Although the 2015 report notes a number of issues vital to corporate counsel, there is one particularly worrisome trend that has become increasingly prevalent among compliance professionals: regulatory fatigue.
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FCC Declaratory Ruling and Order makes it more difficult to "reach out and touch someone"
Recently, the Federal Communications Commission (FCC) issued its highly anticipated 138-page FCC's Declaratory Ruling and Order, adopted June 18, 2015, FCC 15-72 (the "FCC Report"). The FCC Report addresses a number of areas related to the Telephone Consumer Protection Act (TCPA), in many instances clarifying previous rulings and positions. This article summarizes some of the more salient findings of the FCC Report.
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Interference with FMLA leave; Differential pricing policies; Mandatory survey filings for U.S. companies with direct investment abroad
Own any investments abroad? You may be missing some survey filings. Plus, why employers should avoid any behavior that arguably chills employees' FMLA leave rights and train managers to respond appropriately to all leave requests; and for companies offering price discount programs, the decision that highlights how a differential pricing policy can constitute unlawful tying.
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Top 10 things to know about due diligence for corporate counsel
The increasingly complex demands of our changing regulatory environment alongside the effects of globalization have elevated the importance of understanding due diligence for general counsel to new heights. Recent trends clearly show that an increase in regulatory enforcement actions and larger fines for noncompliance are the new norm. These challenges highlight the important role general counsel must play in strategically navigating our complex regulatory climate.
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