Compliance Officers Take Their Own Path (Boehme quoted)

Compliance Officers Take Their Own Path

Julie Goldberg – New York Law Journal – April 19, 2007

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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, 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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