Does your company’s business insurance cover the risks presented by the ordinary course of its operations? The unhappy lesson to the policyholder in Phusion Projects v. Selective Insurance, a December 2015 decision by an Illinois appellate court, is that the time to make that inquiry is before your company faces multiple lawsuits tied to the design of its product. And a sound way to manage the risk associated with your business is to undertake a risk audit against your risk management strategies.
The roles of today’s corporate compliance officer are varied and many. Among other things, corporate compliance officers design or implement internal controls, develop policies and procedures to ensure compliance with numerous laws and establish employee ethics training programs. In addition, most compliance officers find themselves conducting internal investigations based upon complaints, some of which are anonymous. When faced with an anonymous complaint, one might initially think, “It’s an anonymous complaint, why not just ignore it?”