The Board's overarching intention is to maintain a company's growth and success by overseeing its affairs while fulfilling its owners and critical parties' appropriate needs.

On a case-by-case basis, it is for the Board to judge which participants it treats as 'important' and which of its concerns is necessary to comply with, keeping in view the legislation, the relevant laws, and market considerations. A board of directors does a uniquely challenging range of obligations and obstacles in fulfilling this core objective and often faces a set of contradicting set of priorities.

These Pandora's boxes motivated Tom Fox to take a leap and do something to educate and provide valuable resources for board members and those in the same field. 

In todays' episode of The Compliance Podcast, Tom is joined by the legendary Mike Volkov of the Volkov Law Group. Tune in to the episode as Tom and Mike share a meaningful discussion about the "The Role of Boards and Compliance."

Key Takeaways Discussed in the Episode:

• Be reminded of the crucial roles of the Board as accentuated by Mike Volkov. According to Mike, at all times, the Board should;

• Promote the goodwill of clients and related stakeholders.

• Bear the accountability for overseeing the company and its operations through a management structure and entrepreneurial leadership. 

• Be mainly accountable for authorizing the organization's strategic goals and working to ensure that the human and financial capital required to achieve such objectives are made available.

• Continually evaluates the risk assessment and internal control activities of the organization through the Audit Committee.

• Recognize any weaknesses or shortcomings to accomplish its ultimate aim. Therefore, the Board is advised to reflect on specific duties that it must or intends to conduct itself and determine if the top leadership can execute further in the correct way.

• Have you heard of the "High-minded Nondisclosure Route"? If not, tune in to the episode, as this might help when things get rough. 

• Recognize the importance of having a Board of Directors' Compliance Committee and why there should be a Compliance expert on the Board.

• Hear more about what leads to a successful Board investigation and the compliance metrics a Board should look for. 

• Be informed of recent Board failures in compliance and learn from these failures to not walk on the same path.

• Explore the promising outcomes of incorporating compliance into long-term Board strategy.

• Does the Board have a role in hiring? How about in the succession planning for a CCO(Chief Commercial Officer)? YES! The Board plays a crucial role in these organizational decisions. Watch the full show or listen to the podcast if you're interested to know more about these roles. 

About Thomas Fox:

Thomas Fox, the Compliance Evangelist®, is one of the leading writers, thinkers and commentators on anti-bribery and anti-corruption compliance. In this latest edition of The Compliance Handbook he continues to arm seasoned compliance professionals, and those new to the realm, with the practical, actionable guidance and tools needed to design, create, implement and continually enhance a best practices compliance program.

Understanding Compliance Responsibility Across the Organization

The Compliance Handbook also takes a close look at the role of all professionals with compliance responsibility, from Compliance Officers and Boards of Directors, to Human Resources, to Internal Audit and Internal Controls and Communications and Training professionals.

Order your copy OR copies of the The Compliance Handbook: A Guide to Operationalizing Your Compliance Program. Save 25% off.

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