Maintaining an Effective Compliance Program
Establishing and maintaining an effective compliance program is crucial for organizations. Learn from BarkerGilmore experts and senior advisors about the key components such as senior management support, comprehensive understanding of business, and more. Get valuable insights to enhance your compliance initiatives and ensure regulatory adherence across all levels of the organization.
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Maintaining an Effective Compliance Program BARKERGILMORE WEBINAR May 2018
BarkerGilmore Boutique firm recognized as best-in-class legal and compliance executive search consultants, GC/CCO advisors and leadership coaches Executive Search Access to world-class legal & compliance talent nationwide Advising Solutions Powerful insights and solutions from highly respected GCs & CCOs Executive Coaching Enhancing leadership performance and effectiveness 2
BarkerGilmore Senior Advisor Cornell Boggs Former Senior Vice President, General Counsel and Corporate Secretary, Dow Corning Corporation Biography 3
BarkerGilmore Senior Advisor Haydee Olinger Former Global Chief Compliance Officer, McDonald s Corporation Biography 4
BarkerGilmore Senior Advisor Tom Smith Former Global Chief Compliance Officer, Oaktree Capital Management Biography 5
Senior Management Support Culture of Compliance message from the most senior executives of the firm must be clearly communicated Senior management must understand the regulatory requirements and implications for failure to comply Compliance activities and developments should be regularly communicated to senior management Senior management and department heads need to recognize that maintaining compliance is a firm-wide activity and not solely the role of the Compliance Department 6
Comprehensive & Ongoing Understanding of Business Take steps to know your company s business, and also its competitive landscape Understand company s products, processes, clients, vendors, and other third parties with activities connected to the company s business Apply applicable regulatory requirements and build bench of regulatory subject matter experts Involve business people and engage in ongoing dialogue 7
Competent & Adequate Staffing and Organizational Alignment Complexity of your business will dictate the size, scope and technical expertise needed of staff Compliance staff needs the appropriate technology tools that afford them with the opportunity to do their jobs Compliance staff should align with key activities of the business Compliance staff should have visibility to Senior Management 8
Importance of Technology Tools Many compliance tasks can be performed more efficiently and effectively with automated tools CCO s need to maintain awareness of the technology tools available both in the firm and the industry that maybe useful to their compliance tasks Developing a strong working relationship with the company s technology team is very important to automation of the compliance activities Internal development of technology tools is an option, where third party sources aren t viable options Technology tools can be helpful in maintaining/reducing compliance headcount and reducing expenses of the compliance function 9
Internal Partnerships Establishing strong professional relationships across the organization is critical to the success of a CCO Proactively scheduling regular formal or informal meetings with peers and others helps build rapport/trust and provides a means of learning useful information and for sharing regulatory developments that may impact their activities These relationship are also critical in accomplishing compliance related tasks, particularly where the compliance team relies on other departments to perform activities in a manner that meets the specifications of the regulations Becoming a trusted adviser to senior management and other colleagues helps to elevate the stature and importance of the role of the CCO 10
Monitoring Regulatory Developments & Establishing Regulatory Relationships Importance of continuous monitoring by compliance staff and relevant external advisors Relationships matter. Be open to reaching out to regulators, particularly when the business is not in crisis Keep Senior Management apprised of regulatory developments and compliance team s efforts to stay in front of them 11
Monitoring Industry Trends Addressing regulatory matters Communicating trends and changes in regulations to senior management Maintain industry contacts Network and benchmark with other organizations Subscribe to industry publications and attend conferences 12
Continuous Improvement of Compliance Program Conduct annual review of program Study trends based upon internally housed data Solicit input from business colleagues on program effectiveness Have a 3rd party assess and review your program Never be satisfied 13
BarkerGilmore Q&A Session 14
Senior Advisor Contact Information Cornell Boggs cboggs@barkergilmore.com Former Senior Vice President, General Counsel and Corporate Secretary, Dow Corning Corporation Haydee Olinger holinger@barkergilmore.com Former Global Chief Compliance Officer, McDonald s Corporation Tom Smith tsmith@barkergilmore.com Former Global Chief Compliance Officer, Oaktree Capital Management 15
The GC&CCO AdvantageSM DELIVERS A COMPETITIVE ADVANTAGE Provides access to distinguished team of GCs, CCOs and executive search consultants One-of-a-kind suite of services Help you build the strongest legal and compliance departments Legal Recruiting General Counsel Managing Counsel Senior Counsel Interim GC Compliance Recruiting Chief Compliance Officer Compliance Officer Interim CCO Advisory Services Strategic Structure & Development Effective Reporting to CEO & Board Compliance & Ethics Optimizing Operations Change Management Crisis Management Governance & Corporate Secretary Coaching Services GC/CCO Confidant Executive Coaching Leadership for Women & Diverse Talent Strategic Advisor Development Family & Private Company Dynamics Succession Planning & Development 16
Thank You For Attending We look forward to discussing your critical legal and compliance recruiting, consulting and leadership development challenges. Bob Barker, Managing Partner 585.598.6550 | robert.barker@barkergilmore.com 17
