General Counsels raise compliance concerns
Many in-house lawyers have raised concerns about facing compliance issues in 2014.
Research from the Association of Corporate Counsel (ACC) has revealed many corporate legal workers believe ethics and compliance are the most challenging parts of their role.
Veta T Richardson, president of the ACC, explained ethics and compliance should not only be the preserve of legal officers. Directors, presidents and other senior executives also need to ensure they are aware of the key areas, as well as the steps needed to avoid problems.
“Businesses globally are recognizing how vital it is to ensure their top priority is abiding by ever more complex regulations,” added Ms Richardson.
She also called on chief legal officers to keep on top of expenses as they attempt to improve efficiency within their department.
It is also expected that recruitment will remain steady, although new positions will be created to cope with the growing focus on compliance, intellectual property, contracts and risk management.
Last month, Metapraxis chief Andrew Mosely, writing in CFO World, stressed there needs to be a focus on creating board reports that provide shareholders with information in a clear and dynamic way.