Michael Volkov examines a troubling backslide in corporate governance: the quiet movement of chief compliance officers back under the general counsel after years of progress toward direct CEO reporting lines. Michael explains why the CCO’s reporting structure is the single clearest signal a company sends about the value it places on compliance — shaping whether compliance influences business strategy at the design stage or is reduced to an after-the-fact cleanup function. He makes the case for a direct CCO reporting line to the CEO paired with a formal dotted line to the audit committee, including guaranteed executive sessions and unrestricted escalation authority, and warns that subordinating compliance to legal fosters a “mere compliance” mindset — meeting minimum legal requirements rather than building an ethical culture that drives employee retention, customer trust, and long-term business success. Michael closes with concrete action items for boards and compliance leaders, reminding listeners that regulators scrutinize CCO empowerment and that demoting compliance to save a line item is like canceling insurance to improve quarterly cash flow.