Julie Goldberg – New York Law Journal – April 19, 2007
The compliance officer is becoming increasingly independent of the general counsel’s ofﬁce. Historically, compliance was addressed by the general counsel’s ofﬁce, because the function arose from adhering to laws and regulations. But chief compliance ofﬁcers (CCOs) are now becoming more visible and detached from the general counsel’s ofﬁce, in part, to establish the role’s integrity with regulators. They are instead reporting to the chief executive ofﬁce, audit committee or both.
Today, nearly 90 percent of compliance ofﬁcers do not perform a dual role as general counsel, according to a 2006 survey by the Ethics and Compliance Ofﬁcer Association (ECOA) based in Waltham, Mass., and Salary.com, a Needham, Mass.-based provider of compensation data. However, smaller companies often combine the two roles as a cost/savings measure.
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