I normally find a riveting, edge-of-your-seat article or idea to write about, but I couldn’t help going back into my coffers of experience to do a little browsing around. Let me give you some background…
My bio will tell you that I have government and private sector experience, but what it doesn’t tell you is that my previous position to Wolters Kluwer was as a Compliance Manager – THE government compliance manager for a start-up subsidiary. I was excited to take the position. It seemed like the right time and right place in my life to make a transition into the culmination of everything I had learned and experienced (before I found my current position). I digress…
There is a lot to this story that I really feel I could say, but once something is on the internet, it is there forever. Let’s suffice it to say that whenever a compliance manager/officer/etc. is being put in a position that they cannot report to the high enough level to make an effective change within the compliance system (or lack thereof) something could be wrong. I found a short video from MarketWatch that would have been nice to know before that position. It could help the hopeful compliance officer and potentially warn the investor what to do if a CCO resigns or is not in place when there should be.
My two takeaways from the video:
1 – If a compliance officer has resigned, is it because they got a better offer or because the company wasn’t really serious about the compliance issues they needed to be?
2 – The compliance officer (like internal audit) should report directly to the board. THIS IS ONE I PUSHED FOR AND LOST.
Food for thought: How big does a government contractor need to be before “worrying” about having a compliance manager/officer?