Sign In
Sign In
As regulations continue to evolve in jurisdictions around the world, corporate boards and senior managers are paying very close attention to compliance efforts enterprise-wide. Organizations are reviewing procedures across business units and geographic boundaries to improve visibility into their regulatory compliance and mitigate compliance risks. In this process, though, treasury departments often get short shrift.
Robert Biskup: The past 15 years have been a very dynamic period of development in corporate compliance programs. In the pre-SOX [Sarbanes-Oxley] era, companies that weren’t in highly regulated industries, such as defense or financial services, commonly had compliance programs that consisted of a vision statement and little else. I think of that as the first generation of corporate compliance programs. Then, post-SOX, a lot of corporations started doing a good job of enhancing their vision statements; publishing robust codes of conduct; expanding their policies and procedures; and enacting everything that SOX specifically called for, including whistle-blower and incident-management programs. But despite these proactive aspects of compliance, some of the back-end aspects—around assurance, auditing, monitoring, things of that nature—were lagging. I think what we are seeing now is the unfolding of the third generation of corporate compliance programs. Companies have spent 15 years in an incubation period, filled with trial and error and experimentation. Now they have a better understanding of what the effective elements of a compliance program ought to look like.Recommended Stories
Businesses Still Fuzzy About Corporate Transparency Act Compliance as Deadline Looms
Private companies must now identify who owns them—information some had been keeping under wraps.
Bedrock Wall Street Rules Threatened by Supreme Court Ruling
The decision may turbocharge challenges to the agency’s efforts on everything from crypto to insider trading.
AI Boom Has Left Employers with Head-Spinning Governance Challenges
Businesses and governments are “grappling with how to set boundaries while staying competitive in the technology transformation race.”
Treasury & Risk
Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!
- Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.
Copyright © 2024 ALM Global, LLC. All Rights Reserved.