Risk owners comprising the first line of defense have come to count on compliance as a crucial support function. Perhaps too much, in some cases.
“Early in my career, when I would talk to internal clients, sometimes they would say, ‘I don’t worry about compliance, we’ve got a great compliance team that worries about it,’” recounted John Pawloski, senior vice president, global chief ethics and compliance officer at insurance provider Assurant, during a session at Compliance Week’s virtual Third-Party Risk Management (TPRM) and Oversight Summit. “That’s the worst answer you want to hear from a business leader because responsibility and accountability for risks should lie in the first line, particularly when it comes to third-party risk management.”
