Senior Compliance Officer

Probably the most important developments within our profession may be the emergence of Compliance 2., as championed by yet others. What's Compliance 2.?

It begins through the compliance department in the general counsel. That change alone redefines compliance officials and the things they're doing. It requires them from an advocacy role, in which the company's interests possess a narrower definition that does not always work with compliance.

With compliance from the general counsel's office, compliance officials are actually likely to make independent choices in line with the law and codes of conduct. They are not there any longer to become window dressing, along with a scapegoat when things fail.

But change isn't easy. And moving from Compliance 1. to Compliance 2. isn't any exception. To obtain there, some misconceptions concerning the compliance profession have to be skyrocketed. The misconceptions were born throughout Compliance 1. and can restrain the modification we (and also the DOJ and SEC, amongst others) need to see.

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Here are a few misconceptions about compliance officials owed within the trash heap in history:

Myth Number 1: Lawyers must always earn more money than compliance officials. Typically company lawyers have out-gained compliance officials. One good reason happens because lawyers result as advocates and also the company's first type of defense. In comparison, compliance officials were seen more as staffers who conveyed guidelines and assisted train employees, and chased the mountain of documents produced through the compliance program.

However nowadays, Compliance 2. puts compliance officials around the front type of most of the company's . And compliance officials will always be attributed now through the DOJ and SEC. We want a brand new wages to draw in and reward the folks of talent, skill, and fortitude necessary for our Compliance 2. world.

Myth # 2: Compliance officials don’t do around lawyers. Throughout the Compliance 1. era, real issues that must be looked into or solved fell towards the legal department, rather than to compliance. Which was mainly because of the perception produced through the attorney-client privilege that just lawyers could or should handle the thorniest of issues.