Corporate compliance is one of the biggest challenges for general counsel, according to Fred Krebs, writing in Canadian Lawyer magazine. “Regulatory bodies around the world have ramped up their efforts and show no signs of scaling back their investigations,” says Krebs, a former president of the Association of Corporate Counsel, and as such GCs must be on guard.
He cites the former top lawyer at General Electric Co., Ben Heineman Jr., who says the organizational structure of the company should be established to fuse high performance and high integrity, with compliance at the very beginning of the chain. “The GC can facilitate the efforts to identify and create or implement the conditions, principles and practices that lead to good governance,” notes Krebs. He says that extending compliance and governance initiatives at companies will likely be necessary in the near future, as regulatory and advisory groups have recently issued more rules and guidelines.
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