31 Days to a More Effective Compliance Program

What leads to a successful Board investigation?

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Now that you have set your Board of Directors, investigations protocol, we consider some of the key factors which will lead to the successful conclusion of a Board-led investigation. Once again, the article, “Successful Board Investigations”, offers seven considerations to lead to the successful conclusion of a Board-led investigation. 

  1. Consider whether you need independent outside counsel.
  2. Consider hiring an experienced investigator to lead the internal investigation.
  3. Consider the need to retain outside experts.
  4. Analyze potential conflicts of interest at the outset and during the investigation.
  5. Carefully evaluate whistleblower allegations.
  6. Request regular updates from outside counsel, without limiting the investigation.
  7. Consider whether an oral report at the conclusion of the investigation is sufficient.

    8. The authors conclude their piece by stating, “By keeping in mind the issues addressed above, the Board will be better prepared for the investigation and readily able to exercise good judgment throughout the review. A well-conducted investigation by the Board may spare the company further disruption and costs associated with follow-on investigations by the regulators, or at the very least minimize the company’s exposure.”

    Three key takeaways:

    1. Retain the right counsel. Consider conflicts and appearance.
    2. Carefully evaluate all whistleblower allegations and reject retaliation.
    3. Consider receiving oral reports on an ongoing basis and one lengthy oral report at the end of the investigation.

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      31 Days to a More Effective Compliance ProgramBy Thomas Fox
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