As a chief compliance officer, you need to be concerned about your personal liability or your company’s chief executive officer. Research shows that at least 81% of the respondents were concerned. The increasing rate of personal liability is alarming. On April 19th, 2016, a survey done by DLA Piper indicates that about 81% of compliance officers increased their worry concerning their personal liability in circumstances of corporate misconduct. According to this research, the federal agencies turned up the heat by carrying out investigations on compliance officers.
The recent findings given by the 2016 Compliance and Risk Report rotate around the vocalization of priorities coming from Washington like the appointment of Hui Chen to the Justice Department as its first compliance counsel. The release of Yates Memo clearly indicates a plan to incentivize changes and impeach individuals who are corporate employees. The regulatory bits of the survey are in the responses given by compliance officers who are going through an increasing personal accountability for corporate misconducts. Some of these officers might not have perpetrated the wrongdoing while others are guilty.
Results from this survey indicate that there is a concern by most of the chief compliance officers, specifically officers in the private companies. The concerned officers are in industries with high regulations like financial services, chemicals, and healthcare. A quarter of the respondents believe that they lack enough resources to deal with emerging issues. Therefore, the likelihood of experiencing severe worries while moving to compliance landscape is high. Compliance officers need to deal with new risk areas in a bid to encourage ethical and compliant cultures as well as shield themselves from legal actions. Another concern is the allocation of resources and budget allocation.
Helane is the chief compliance officer, managing director and general counsel of Hall Capital Partners LLC. Helane joined the firm in 2007. Before that, she was the head of the U.S. Securities and Exchange Commission at the San Francisco Office. She was in that office from 1999 to 2007. While she was the Regional Director and District Administrator, Helane prides herself in the enforcement of securities, regulatory matters, and litigation. She was the head of execution for the office in San Francisco from 1996 to 1999. According to Hall Capital article, Helane was a representative of Securities and Exchange Commission in financial communities, legal, news media and legal agencies.
Before that, Helane Morrison was practicing law at Howard, Canady, Rice and Nemerovski law firm in San Francisco. In 1991, she became a partner. She is a member of the Regional Parks Foundation Board as well as Hedge Fund Subcommittee. Additionally, she is a periodic speaker on matters concerning legal issues and compliance that affect investment advisers.