The issue of chief compliance officer (CCO) liability has long been debated; it has become a grave concern for CCOs, CEOs, and other C-suite executives who put on “too many hats” within an organization and take on the firm’s compliance responsibilities. In fact, according to a survey completed by the Wall Street Journal in 2022 (Figure 1), the risk of regulatory scrutiny increased for compliance officers last year by 72%, with cybersecurity topping the charts for the greatest risk (86% increase in 2022) followed by privacy issues (73% increase).
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By Fizza Khan and Jessica Thayer
October 3, 2023
Navigating CCO liability risks: Tips for staying out of the SEC’s crosshairs
The issue of chief compliance officer (CCO) liability has long been debated; it has become a grave concern for CCOs, CEOs, and other C-suite executives who put […]
April 15, 2022
The Effects of COVID on the Insurance Industry
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November 13, 2019
10 Considerations for Managing Risk with Professional Liability Insurance
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October 3, 2018
Mitigating Cybersecurity Risk Via Insurance
Cyber insurance is now a ‘must-have.’ Make sure you and your insurance professional understand its many moving parts. Sooner or later, any business that handles customer […]
July 24, 2018
Association Health Plans: Things to Consider
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Bid Bond Must Letter
What you may not know about bid bonds can cause severe damage and financial loss to your business. Interesting thought when bids bonds are provided free of charge at no cost to your company! Download White Paper...
June 6, 2017
Cyber Liability Insurance: Who’s on First?
By Andrew Fotopulos — Recently, insurance coverage for various types of cyber liability has begun to be offered in the insurance market. However, there is still quite a bit of confusion surrounding what types of exposures are covered under cyber insurance, leaving many asking ‘Who’s on first?’
June 6, 2017
Now that you’ve seen the problem, why haven’t you discovered the solution?
Once again, the federal government has held a chief compliance officer personally liable for failing to stop a company's misconduct. The CCO worked at Banamex USA in Los Angeles, a banking subsidiary of Citigroup Inc. that just signed a nonprosecution agreement on Monday, but agreed to pay a $97.4 million penalty for money laundering and other criminal violations.
April 26, 2017
Cyber Liability – Would you knowingly let the following drivers operate your car or truck?
You know it's bad when cyber experts describe the threat of a breach merely in terms of "WHEN" you've been breached. (What happened to "IF"?). Basically, if your business owns a computer, a tablet, a cell phone - you're exposed.