More than the financial aspect, it is the associated reputational risk that board members of reputed privately-held or publicly-listed companies have deep concern on, said Tejas Fadia, Assistant Vice-President, Infomatics Services Pvt. Ltd. “Compliance teams are now expected to plan and avoid risks that can lead to both financial and/or the reputational loss on any breaches that may/may not occur. Who then is placed best to appraise, guide and strategize with the board than the chief of the company’s compliance?”
Fadia continued: “Besides gauging the health of the organization beyond numbers and growth, one of the agendas during a board meeting should be to assess how well the company is positioned to manage and mitigate any risks that involve regulatory, security (online breaches) and financial compliance. Another important aspect for publicly-listed companies on corporate governance is the prevention of insider-trading regulations. To do this, organizations need to have compliance and governance policies in place and regularly monitor them. The CCO will have a complete bird’s eye view on all aspects of the needed governance standards.”
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