Summary Narrative of Chief Compliance Officer Liability

The modern business environment is considered more complex and challenging than ever before. Businesses now rely heavily on their Chief Compliance Officers (“CCO”) to ensure their business practices adhere to the increasingly numerous laws and regulations that apply to their operations. The number of CCOs in major financial institutions has correspondingly doubled since 2005. This Article will summarize the principal laws, regulations, and jurisprudence that can confer personal liability for a CCO in the banking and finance industries. While the author has attempted to include a variety of industries to which such laws apply, this piece does not purport to be a complete examination of every possible law, regulation, rule, guideline, or edict imposed through enforcement applicable to all industries