Governance, Risk Management, and Compliance
It Can't Happen to Us--Avoiding Corporate Disaster While Driving Success
Editorial Review
Any chief executive whose ship is sinking, with the lights dimming and music fading, is likely to ask, “How did this happen? How did I allow myself and my company to end up like this?” Directors of once great companies also find themselves asking similar questions. “Did I and my fellow directors do what we needed to do in carrying out our oversight responsibilities? Could we have obtained the information we needed to see it coming and steered the company out of harm’s way?” This book is about answering those questions in advance – or rather avoiding having to ask them at all.
Book Reviews
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Wisdom to Share
Responsibility for compliance is placed with the company’s general counsel or chief compliance officer, and this individual is charged with ensuring the organization adheres to all legal and regulatory requirements to which it is subject.
Responsibility for compliance is placed with the company’s general counsel or chief compliance officer, and this individual is charged with ensuring the organization adheres to all legal and regulatory requirements to which it is subject.
Central to an effective compliance program is an ethics policy designed to meet the activities and culture of the company.
The policy needs to be sufficiently comprehensive, but also organized and written to be understandable and readily accessible as needed to deal with day-to-day real life issues.
Risks need to be identified as to where and how noncompliance can occur, the likelihood of occurrence, and the impact on the company if it does occur.
Being in business is about accepting risk – what’s essential is to know what the risks are and how to manage them to achieve business goals.
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Boards of directors have extremely challenging jobs, especially in today’s highly competitive and litigious environment, with marketplace and shareholder expectations seemingly ever increasing.
Truly successful boards avoid groupthink, allowing individual directors to express their thinking and make a case for alternative actions.
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