In case you missed it, the era of corporate governance is nearly over. Now we are smack dab in the middle of the era of compliance. That's not to say that governance isn't important, but most of you already have a handle on the importance of good governance--even if regulatory agencies provide you with little more than a moving target. The challenge with compliance is that it's even more ill defined than good corporate governance was three years ago.
Part of the problem is that there is some confusion in corporate America as to who should hold the title of corporate compliance officer, which department should fund compliance programs and how companies should implement compliance procedures, strategies and tactics. There also is the question as to what role in-house lawyers should play.
OCEG has successfully built tools that allow companies to measure how well they are doing against the backdrop of external benchmarks. The guidelines they provide are scalable and practical, and can help CCOs better do their jobs.
We have already begun working with OCEG to help them share their story, knowledge and expertise with in-house lawyers and compliance officers. While I tend to shy away from overt self-promotion in this column, the fast-changing regulatory and compliance space has made is necessary for us to focus a lot more on the compliance field. And OCEG can help us accomplish this.