Legal Losing Its Grip Over Risk and Compliance
A recent survey taken by the Society of Corporate Compliance and Ethics and NYSE Governance Services shows that organizations are shifting compliance tasks away from their legal departments. CCOs are reporting to general counsel resources less and less. The survey shows that last year only 25% of CCOs that were surveyed reported to general counsel, which is down from 35% in 2012 and 41% in 2011. CCOs questioned claimed that they reported directly to the CEO or the board of directors more often. Experts opine that having a CCO under a general counsel may undermine the role and influence of a CCO in the organizational structure.