Will this become a self-fulfilling prophecy at your firm?
If compliance is not able to alert their boards about their internal work overload, the boards will be unaware of the problem and not allocate sufficient resources.
The result: budgets may not be sufficient to cover the expected increases in regulatory changes, oversight, examinations and investigations required. Since compliance is a perceived by management as administrative overhead, they will be pushed to the breaking point before any assistance can be forthcoming.
The next time you have to fill a board vacancy, look to an expert who will view your organization from the perspective of an outsider who has a sixth sense of where potential regulatory pain points might appear.
Patrick W. McKeon’s knowledge and insights bring a best practices dimension to any board. Passionately attentive to details, Patrick can spark and follow through on a wide variety of action plans. A team player, Patrick knows how to synchronize his efforts with the expertise of directors.
Knowing the challenges that boards face, he can play a key role in contributing to sound strategic decisions for your firm.
Patrick’s sole focus in board positions is advancing an exemplary board leadership agenda.
“There is a greater need for director oversight than ever. Directors have the fiduciary duty to represent the interests of the fund’s shareholders and are subject to state law duties of loyalty and care. The duty of loyalty requires that directors use their positions of trust and confidence to further the interests of the fund and its shareholders ahead of their private interests. Fundamental to the duty of loyalty is the avoidance of self-dealing and of conflicts of interest that are detrimental to the fund.”
Patrick W. McKeon
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