Chief compliance officers, we salute you. So says attorney, former federal prosecutor, and blogger Michael Volkov, who has declared said titleholders to be 2011′s Person of the Year. “For me there is no question,” Volkov writes. “There is no other position in a company which has taken on more significance.”
In an interview with CorpCounsel.com, Mayer Brown partner Volkov explained what led him to make such a statement about a job title that is so infrequently given marquee status. Once, heading up a company’s compliance function was tantamount to a “backwater career,” he says. But today, the chief compliance officer, charged with implementing key safeguards — ranging from policies designed to keep employees safe to accounting controls against unauthorized expenditures — stands in the crosscurrents of global commercial activities and international regulations on business.
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