James Hanbury, a securities industry analyst at Wertheim, Schroder & AMP; Co ., said, " The question, if you're the CEO of an operation called fixed income, even though you didn't have line responsibility for audit and control, don't you have responsibility for independently verifying what's going on ?"
32.
Sen . Olympia Snowe, R-Maine, another co-sponsor, told reporters : " The bottom line is we want to make sure that regardless of where people are in this country, or I might say abroad . . . we're going to make sure the system doesn't allow them to escape their bottom-line responsibilities ."
33.
The CECO s job is to bring the bad news to the boss, to help keep the company out of the dog house, and to help restore the company s reputation when ethical or compliance problems have visited . The CECO s place within the organization is with management-- directly responsible to the CEO The center of gravity for all company operations lies with management Management has the first line responsibility-The ethics / compliance officer articulates to others that ethics initiatives are that of the CEO, and not the latest from the ethics office The CECO should be part of management with a direct line to the CEO The CECO must be given adequate resources and authority or will be discounted by both management and the workforce The CECO should have a seat at the table whenever the CEO meets with other direct reports and should participate in major business decisions The CECO should remain focused on ethics and compliance and not be given competing assignments In larger organizations, the CECO s role should be a full-time, dedicated position In smaller organizations the CECO may be a part-time position ( dual hatted ); the other duties should be compatible duties The CECO must have ready access to the Board, which has the obligation to be knowledgeable about and to provide oversight of the ethics and compliance program
