Your board of directors must stay informed about their compliance duties and stay engaged in your compliance and ethics program to fulfill their obligations as board members. Training your board of directors is a key responsibility for compliance professionals. At times, training your board of directors can be a real challenge. How can you effectively discuss compliance responsibilities and the key role of the board in compliance with board members, both new and old? What is the source law and standards for director’s responsibility for compliance? What risks do they face for not being on top of these responsibilities? Compliance is the responsibility of the full board, not just the audit or compliance committee. Eric talks about the expectations outlined in the Sentencing Guidelines and recent United States Department of Justice Fraud Sections’ new guidance, the Evaluation of Corporate Compliance Programs. Finally, Eric talks about how important it is to provide real information to the board about the content and operation of the organization’s specific compliance and ethics program.
Be sure to register for our upcoming webinar “The Road to a New Code of Conduct: How to Use Best Practices to Update Your Code of Conduct” on Wednesday, October 4 at 12:00pm CST. Register here.