Use of corporate monitors has become an increasingly common means of oversight. Monitors are appointed in a variety of contexts: government agencies use monitors to oversee contract performance; a regulator may require a company to employ a monitor to oversee compliance efforts; and courts have used monitors as a remedial post-verdict measure. While monitorships can be a useful and powerful tool, it is essential for monitors, regulators and companies to understand and avoid common pitfalls associated with the practice.
Monitor Selection
The first critical task in ensuring an effective monitorship is the selection of the monitor. Regulators and companies should be mindful to select monitors with sufficient background in the area at issue, such as internal controls generally or a particular statute or subject matter. Such familiarity typically results in lower costs to the company and in monitors providing the best possible compliance-related advice.
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