The Brave New World of Compliance 2.0
The Brave New World of Compliance 2.0
In June 2015, Donna Boehme, a Compliance professional in the US wrote in the magazine Compliance & Ethics Professional that: "Compliance 1.0 - Compliance as a captive arm of Legal - is on its way out and the way has been cleared for the rise of Compliance 2.0, informed by the failures of its predecessors...Let the march of Compliance 2.0 begin!". McKinsey & Company published "Compliance 2.0: Emerging Best Practice Model" in October 2015 and websites for ethics and Compliance professionals have been writing about and presenting 'Compliance 2.0' to their colleagues as the "technicolour world" compared to the "black-and-white world of Compliance 1.0 [where] Compliance Officers laboured alone".
According to these Compliance professionals, the last three years has witnessed legal changes, particularly in the US but also in the UK and other OECD countries, which have changed the role and authority of a Compliance Officer within a regulated company...