Another area where Human Resources can help to more fully operationalize compliance is in succession planning. Succession planning is just as important as governance, enterprise risk management and strategic oversight. In other words, it is just as important. Sadly, many companies fail to give it the attention it requires. A PricewaterhouseCoopers (PwC) survey, found nearly one-half of the more than 1,000 directors gauged reported dissatisfaction with their companies’ succession plans. Imagine what that number would be if they took into account the compliance aspect of succession planning. Some of the questions you might consider are the following. How did you fully operationalize compliance into the business unit that you managed? What controls did you put in place? And then what did you do when you found out about it?

Succession planning in compliance is a critical and ongoing process that should not be left until the last minute, according to Tom Fox in this podcast episode. With a focus on prevention, detection, and response to compliance issues, evaluation and engagement of the Board of Directors are crucial. The importance of transparency, communication, and fully operationalizing compliance into the business unit is emphasized. HR's role in assessing candidates' views on business ethics and inculcating compliance values is highlighted. Continuous controls monitoring and sophisticated tools can help ensure compliance programs evolve effectively. Overall, these episodes provide valuable insights into the importance of succession planning and continuous evaluation in maintaining a successful organization.

Three key takeaways:

For more information, check out The Compliance Handbook, 4th edition here.

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