Every board of directors need a true compliance expert sitting on their board. Almost every board has a former chief financial officer, former head of internal audit, or persons with a similar background, and often times these are also the audit committee members of the board. Such a background brings a level of sophistication, training, and subject matter expertise that can help all companies with their financial reporting and other finance-based issues. So why is there not such compliance subject matter expertise at the board level?
An arm of the U.S. government has recognized the need for such expertise at the board level. In 2015, the Office of Inspector General (OIG) called for greater compliance expertise at the board level. The presence of a such a compliance professional with subject matter expertise on the board sends a strong message about the organization’s commitment to compliance, provides a valuable resource to other board members, and helps the Board better fulfill its oversight obligations.
