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Getting Use Out of Compliance Committees

Carlson Caron | April 1, 2008

Shareholders in a 75-year-old investment bank become nervous and begin to flee, causing the bank’s stock price to plummet from $100 to $2 in one month. A surgeon at a hospital in Minneapolis removes a patient’s healthy kidney rather than the cancerous one. A 20-story crane collapses at a New York construction site and kills seven people.

Sometimes it looks as though the world of business is an accident waiting to happen. To help monitor and manage such risk, companies are becoming more creative about setting up management-level risk and compliance committees.

The structure, composition, and methods of these committees vary widely by industry and by company, says Mark Beasley, professor of enterprise risk management at North Carolina State University. But several questions always loom large: How does information flow across the committees and up to senior management? Who is the risk monitoring “champion” at the... To get the full story, subscribe now.