Copyright © 2017 ALM Media Properties, LLC. All Rights Reserved.
In a compliance meltdown, failure is on such a massive scale that it can put the company in peril of dissolution. Reputation is lost, customers and suppliers avoid the organization, talent leaks away, and the business is starved of the fuel it needs. In the most severe cases, the entity ceases to function, as happened at Arthur Andersen & Co. Most cases are not fatal, but they still send the entire senior management team into crisis mode. Needless to say, legal counsel find themselves on the front line. For those inside the company, it is not just a matter of investigating and settling but also of putting in place new practices to better detect, and avoid, compliance disasters in the future.