In this special edition of the Protiviti Legal Perspectives podcast series, Protiviti Legal Consulting and Hedley May are joined by special guests Kate Ring, a Chief Compliance Officer, and Michelle Oroschakoff, a former Chief Legal Officer, who discuss the dynamic alliance between Chief Compliance Officers (CCO) and Chief Legal Officers (CLO) within the financial services sector and the symbiotic relationship that drives effective governance and risk management strategies within regulated industry. They address regulatory trends, emerging risks, and the role of technology in compliance.
You should devote an adequate amount of resources to stay on top of what's happening. Legal will see things emerging maybe through litigation or regulatory action or customer complaints that the compliance department may not be aware of, and vice versa. Compliance may see things emerging through surveillance reports, exceptional reports that legal isn't aware of yet. Being able to share things helps both departments to identify risks and get in front of them. – Michelle Oroschakoff, Board Chair, Focus Financial
If you're a lawyer on the legal team who's thought about going to compliance or you're in compliance and you're thinking about going to legal. I say, 'Go for it.' Find that opportunity and get that experience. – Kate Ring, Stash Financial