'Governance without borders'

It is conference time again and what a big week it has been for governance and compliance professionals across the nation. It all kicked off at Compliance Week 2012 in Washington, DC, an annual conference geared toward addressing the growing concerns of regulatory and ethical issues compliance professionals often encounter.

James Doty (pictured left), chairman of the Public Company Accounting Oversight Board, began his opening remarks by reminding compliance officers they are now standing on the front lines of corporate governance. Stressing the importance of transparency, Doty covered two major areas governance and compliance officers should start taking seriously: greater communication with the auditor and identifying the risks associated with related-party transactions.

During the conference, PwC unveiled its 2012 State of Compliance survey, which finds compliance officers are juggling more than ever. Not only are these professionals tasked with overseeing risk management and regulatory issues, but they also have to test the effectiveness of their compliance programs under tight budgets. On the upside, most compliance officers have seen an increase in staffing levels; a staggering 80 percent say there has been a modest increase in the size of their department within the last year.

Yale’s annual Corporate Governance Forum 2012 took a slightly different turn by addressing global governance concerns. Ira Millstein, corporate governance guru and chairman of Columbia Law School's Center for Global Markets and Corporate Ownership (pictured right), began by comparing governance systems in different regions. The event featured speakers from Europe, Asia and the Middle East and topics discussed included emerging markets, international shareholder strategies, global threats and governance codes.

Today, Corporate Secretary will be covering the 9th Corporate Counsel Exchange. This event, held on June 18-20 in Jacksonville, Florida, will examine how the general counsel is dealing with compliance, cost control and strategic challenges that originated from SOX and Dodd Frank. Emphasis will be placed on risk management in overseas business and real estate transactions.

Understanding how to bridge the gap between the governance, risk and compliance models has baffled many corporate officers for years. From time to time we see major governance failures dominating the news headlines and regulators trying to crack down on illegal activity. But generating awareness is just one small aspect. It is critical to identify the right solution to fit your company’s governance problems. 

As governance and compliance professionals, identifying what is required to facilitate this process is just as important. Therefore, attending conferences where you can interact with peers and have one-on-one discussions with executives in the field is an effective way to build your reputation and expertise.