The Compliance Movement
The Practice July/August 2016
Compliance is an increasingly important field. Should chief compliance officers take the reins?
The Chief Compliance Officer
Regardless of the organizational structure and title, who should oversee compliance? What expertise and skills should these compliance officers have? Should they have legal, management, or other training like psychology, sociology, or organizational motivation?
Compliance Becomes Personal
This is the moment for compliance professionals to benefit from Washington’s expectations and translate their needs to their C-suites and boards. Many companies only become motivated to build best-in-class compliance programs after a major crisis. Compliance officers need to take the initiative and articulate their resource needs, and inform executives or board members of the need for cyberinsurance, more audits on the ground, or otherwise.
Six Keys to Compliance
We interviewed four experienced compliance professionals—Henry Moniz of Viacom; Judy Perry Martinez, formerly of Northrop Grumman; Charles Senatore of Fidelity Investments; and Colin Owyang of Vermont Electric Power Company—to learn more about what they have learned and what it takes to succeed in this important field.
The Emergence of Compliance
Since its emergence in the early 1990s, compliance work has grown from a set of tasks into a full-blown specialty, replete with specific training programs, professional associations and organizations, conferences, codes of conduct, academic research, and even lobbying. Indeed, compliance is now considered a critical component of how companies, organizations, and institutions function. Nevertheless, questions remain about who should manage this.
The Evolution of Compliance
Henry Moniz is the global head of legal/regulatory compliance, internal audit, and strategic business practices for Viacom. Moniz recently sat down with David B. Wilkins, faculty director of the Center on the Legal Profession, for a one-on-one conversation on the evolution of compliance.
The Future of Risk
In his article, “Legal & Compliance Risk in a Global World,” from the Compliance Elliance Journal, Peter Kurer, the former general counsel and chairman of UBS, examines a paradox and offers some solutions for how the problem of compliance and legal risk can be better managed.
Want to receive the latest issues of The Practice for free? Subscribe now to stay up-to-date.