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