Tagged: legal and compliance authority

CCO and CLO “Authority”: A Fundamental Requirement

A basic compliance program control, which is often overlooked (or assumed to exist), is the requirement that a chief compliance officer and/or chief legal officer have the authority to stop a specific contract or business transaction. To simplify this statement, compliance and legal have to approve certain business transactions before they can proceed.  If a compliance officer or legal officer is consulted just for “advice,”...