NACD Library

NACD Audit Committee Chair Advisory Council: Audit Committee Oversight of Compliance

NACD Audit Committee Chair Advisory Council: Audit Committee Oversight of Compliance Cover
Publication Date: June 16, 2016
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In brief: The audit committee’s oversight role remains front and center for investors and regulators as news headlines highlight the often significant financial, reputational, and legal consequences of compliance breakdowns.

At a recent meeting of the NACD Audit Committee Chair Advisory Council, Fortune 500 directors discussed board and committee roles in compliance oversight. The discussion covered the following topics:

  • Establishing clear reporting protocols.
  • Building accountability at senior levels of the organization.
  • Setting the expectation that the full board will actively engage in compliance oversight.

This resource can help your board:

  • Engage with management in discussions about compliance.
  • Consider how reportable events get communicated to the board.

Most relevant audiences: Audit committee members, risk committee members