Pressure on business or individual? CCOs torn on DOJ certifications

Business dilemma

The liability of chief compliance officers is top of mind with U.S. compliance professionals, thanks in part to the action (and inaction) of the Department of Justice (DOJ) and Securities and Exchange Commission (SEC).

Compliance professionals responding to Compliance Week’s fourth annual “Inside the Mind of the CCO” survey were asked their opinion regarding the DOJ’s new requirement CCOs certify, along with the chief executive officer, a company’s compliance program is reasonably designed and implemented to help detect and prevent violations of the law at the end of the term of an agreement with the agency. A total of 254 respondents were also asked to weigh in on the SEC’s unwillingness to implement a CCO liability framework.

Of the compliance professionals who answered the survey question, 59 percent said the DOJ’s new CCO certification requirement is a positive development for the profession. The remainder said it was not.

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