Deloitte's "Board oversight of corporate compliance: Is it time for a refresh?" recaps key case law and regulatory sources contributing to our understanding of the boards' compliance oversight responsibilities, and explains what this means on a practical level in terms of what the board should be doing to ensure it is fulfilling its fiduciary duties in this area. Suggested questions for board consideration that touch on - among other things - the substance of the company's compliance program, management accountability/responsibility, employee awareness and reporting mechanisms, and third party risks can help facilitate the board's awareness and planned remediation of gaps in its current oversight efforts.
Note: According to this November 2018 Society Quick Survey, respondent companies most commonly reported to the board or a designated board committee on their E&C program quarterly. More than 80% of respondents reported E&C-related metrics - most commonly hotline/complaint & investigation statistics, training activity-related metrics, policy/code violations, and internal audit findings.
Access numerous additional resources on our Compliance & Ethics and Director Duties & Liabilities pages. This post first appeared in the weekly Society Alert!