General counsels are far more than just corporate lawyers these days. They’ve become a core part of executive teams, often having an air of infallibility about them. However, it would be a mistake to automatically assume that your overworked GC has a firm handle on compliance risks. Companies need to make themselves aware of compliance blind spots and ensure systems are in place to address them. I recently contributed an article to Chief Executive outlining what GCs may not be sharing with the board and what can be done to maintain as robust a compliance system as possible. In part:
“There’s a dangerous tendency to assume that as long as the GC is there the company automatically has a firm handle on compliance risks. In reality, even the best GCs will admit in private that there are plenty of legal risks and potential blind spots that keep them up at night.”
READ THE FULL ARTICLE – What your GC isn’t telling you about compliance risks