A General Counsel’s obligation to heed risk and compliance challenges is like a homeowner’s obligation to keep an eye on the veggie crisper in the refrigerator. It is not necessarily a sexy task but if left neglected can lead to not-super-awesome developments. A GC must monitor risk and compliance (as well as their veggie crisper) to maintain a well-functioning environment. The GC serves as the backstop for risk and compliance related items, often in tandem with a CCO or other risk and compliance professionals and is a valued thought partner on strategic issues affecting all aspects of the company, notably risk and compliance.

Five key risk and compliance challenges currently looming over the minds of GCs include (i) the management of compensation structures around compliance objectives, (ii) employees’ use of personal devices and messaging applications, (iii) data privacy, (iv) cybersecurity, and (v) the rapid development and use of AI.