The Dangers of Quick Fix Solutions – Certifications and Compliance Defenses
Michael Volkov of the Volkov Law Group writes in his blog that corporate lobbying interests are pushing a new and dangerous agenda in hoping to avoid compliance issues, one that is shortsighted and certain to create problems for chief compliance officers.
He writes that the U.S. Chamber of Commerce is proposing reliance on independent certifications of effective compliance programs and possible access to a compliance defense or safe harbor. “In support of this misguided approach, some are spending more time defining standards for such certifications and possible incentives for companies to be rewarded for such efforts,” he writes.
But that plan would give prosecutors “a license to conduct detailed and in-depth grand jury investigations into corporate compliance programs – bringing to light more potential violations and greater liabilities. Prosecutors will enjoy rummaging around corporate compliance programs.”
