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The value of a compliance oversight committee

Tom Fox | April 22, 2018

The operationalization of your compliance programs means how deeply compliance is integrated into the function of your company. One of the ways to do so is through a compliance oversight committee.

The compliance oversight committee sits between the chief compliance oficer and the board’s compliance committee. The role of the compliance oversight committee is to review high-risk issues, such as third-party approvals and renewals, requests for payments from third parties and significant gift, travel and entertainment requests from employees. This committee’s oversight demonstrates not only a shared committee to compliance as required under the Justice Department’s Evaluation of Corporate Compliance Programs, but also fulfills the requirement for engaged senior management oversight as a part of a company’s management of risk. 

The role of the compliance oversight committee is not to substitute its judgment for that of the CCO, but rather to provide another level of...

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