The controversy being generated by the allegations concerning payment of import duties on imported heavy-duty equipment by two of Ibrahim Mahama's businesses raises a number of issues that we should perhaps have national conversations about too.
The question is: Has the time not come for Ghana's private-sector - particularly Corporate Ghana - to take corporate governance and compliance issues more seriously, and focus some of their energies on the bedeviling issue of ensuring compliance in companies in our homeland Ghana?
Today, as we speak, just how many of Ghana's leading businesspeople's reputatations will remain intact if their affairs were subjected to close scrutiny by the system and by the media - of the kind currently being focused on Ibrahim Mahama? Food for thought.
For example, what compliance regimes are in place in the sundry banks set up by tycoons in Ghana - to protect depositors cash from being used to finance the businesses owned by those selfsame tycoons?
We have culled and posted an article by Michael Volkov entilted: "The Importance of a Senior Executive Compliance Committee". We do hope it will make interesting reading for our many readers, particularly our country's innovative younger generation entrepreneurs.
Please read:
"Corruption, Crime & Compliance
The Importance of a Senior Executive Compliance Committee
by Michael Volkov · May 14, 2013
compcomm4People love to give advice – they love to tell people what to do (and hear themselves talk). In order to be effective, compliance professionals have to be able to “listen.” That means more than just being polite and paying attention when people speak. The ability to “listen” means a willingness to consider new ideas, alternative strategies and approaches to compliance issues.
We all know that corporate boards play an all important role in an effective compliance program. Not as much attention is paid to the operation of senior executive compliance committees. This is a different animal than the compliance committee at the board level. A senior executive compliance committee consists of the key senior corporate officers needed to carry out an effective compliance program.
A PWC Compliance Survey conducted last year found that 71 percent of surveyed companies have a senior executive compliance management committee. But not all committees guarantee success. Some committees work well and some do not.
The success of a committee depends on the mission, the structure and the processes of the committee. The mission of a committee is defined by not only its role and responsibilities but whether or not it is empowered by the company to carry out its responsibilities. The CEO and other senior managers have to commit the mission to the committee and make sure it has the backing of the company’s leadership.coia4
Assuming the senior executive compliance committee has the proper mission and is fully empowered, the membership of the committee is crucial to carry out its mission. The compliance committee should include: (1) CEO; (2) CCO; (3) CFO; (4) General Counsel; (5) Chief, Internal Auditing; (6) Chief Operating Officer; (7) Human Resources; (8) Information Technology.
With these senior managers, compliance issues can be identified, assessed, and resolved, so long as the company maintains a commitment to compliance and this process. This structure is essential to an effective compliance and ethics culture.
With a commitment from senior management and the appropriate structure, the senior executive compliance committee has to put in place effective processes to ensure that information is shared among the committee members, issues are identified for analysis and resolution, and business intelligence and plans are shared with key compliance players.
comcomm3Proactive management requires effective processes which elevate the right issues at the right time for the committee to resolve. Technology has to be leveraged for the committee to succeed. If technology is a hindrance, then the committee’s operations will be frustrated.
A compliance committee depends on integration of individual processes into an integrated whole.
A compliance committee’s challenge is to align the right people, processes and technology to view risk across the company, and to ensure that key stakeholders on the committee have the right resources to implement a successful company-wide compliance program."
End of culled article by
Next story
Demonstrating the Effectiveness of Your Compliance Program
Previous story
CFPB Targets Auto Financing for Enforcement
You may also like...
The Six Most Significant Recent Amendments to the False Claims Act
The Six Most Significant Recent Amendments to the False Claims Act
22 Jul, 2012
Alstom: The Next Poster Child for Anti-Corruption Enforcement
30 Mar, 2014
The Rising Threat of Trade Secrets Theft
19 Feb, 2013
Resources
The FCPA Blog
FCPA Compliance and Ethics
Corporate Compliance Insights
Law360 White Collar
Sidebars — Reflections on White Collar Law and Federal Crimes
Cartel Capers
Trade Ready
Masters of Disaster Podcast
Disclaimer
Note: The content provided by Michael Volkov on the Corruption, Crime & Compliance blog is not intended to be legal advice and viewing the materials does not create an attorney-client relationship.
Recent Posts
What Compliance Needs to Know About Data Privacy and Security
24 Apr, 2017
Congrats to the New International Association of Independent Corporate Monitors
23 Apr, 2017
® 2017 Volkov Law Group
99Uncategorized
The Importance of a Senior Executive Compliance Committee
by Michael Volkov · May 14, 2013
compcomm4People love to give advice – they love to tell people what to do (and hear themselves talk). In order to be effective, compliance professionals have to be able to “listen.” That means more than just being polite and paying attention when people speak. The ability to “listen” means a willingness to consider new ideas, alternative strategies and approaches to compliance issues.
We all know that corporate boards play an all important role in an effective compliance program. Not as much attention is paid to the operation of senior executive compliance committees. This is a different animal than the compliance committee at the board level. A senior executive compliance committee consists of the key senior corporate officers needed to carry out an effective compliance program.
A PWC Compliance Survey conducted last year found that 71 percent of surveyed companies have a senior executive compliance management committee. But not all committees guarantee success. Some committees work well and some do not.
The success of a committee depends on the mission, the structure and the processes of the committee. The mission of a committee is defined by not only its role and responsibilities but whether or not it is empowered by the company to carry out its responsibilities. The CEO and other senior managers have to commit the mission to the committee and make sure it has the backing of the company’s leadership.coia4
Assuming the senior executive compliance committee has the proper mission and is fully empowered, the membership of the committee is crucial to carry out its mission. The compliance committee should include: (1) CEO; (2) CCO; (3) CFO; (4) General Counsel; (5) Chief, Internal Auditing; (6) Chief Operating Officer; (7) Human Resources; (8) Information Technology.
With these senior managers, compliance issues can be identified, assessed, and resolved, so long as the company maintains a commitment to compliance and this process. This structure is essential to an effective compliance and ethics culture.
With a commitment from senior management and the appropriate structure, the senior executive compliance committee has to put in place effective processes to ensure that information is shared among the committee members, issues are identified for analysis and resolution, and business intelligence and plans are shared with key compliance players.
comcomm3Proactive management requires effective processes which elevate the right issues at the right time for the committee to resolve. Technology has to be leveraged for the committee to succeed. If technology is a hindrance, then the committee’s operations will be frustrated.
A compliance committee depends on integration of individual processes into an integrated whole.
A compliance committee’s challenge is to align the right people, processes and technology to view risk across the company, and to ensure that key stakeholders on the committee have the right resources to implement a successful company-wide compliance program. of Your Compliance Program"
End of culled article by Michael Volkov.
Previous story
CFPB Targets Auto Financing for Enforcement
You may also like...
The Six Most Significant Recent Amendments to the False Claims Act
The Six Most Significant Recent Amendments to the False Claims Act
22 Jul, 2012
Alstom: The Next Poster Child for Anti-Corruption Enforcement
30 Mar, 2014
The Rising Threat of Trade Secrets Theft
19 Feb, 2013
Resources
The FCPA Blog
FCPA Compliance and Ethics
Corporate Compliance Insights
Law360 White Collar
Sidebars — Reflections on White Collar Law and Federal Crimes
Cartel Capers
Trade Ready
Masters of Disaster Podcast
Disclaimer
Note: The content provided by Michael Volkov on the Corruption, Crime & Compliance blog is not intended to be legal advice and viewing the materials does not create an attorney-client relationship.
Recent Posts
What Compliance Needs to Know About Data Privacy and Security
24 Apr, 2017
Congrats to the New International Association of Independent Corporate Monitors
23 Apr, 2017
® 2017 Volkov Law Group
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment