Chief Compliance Officers (CCO) are susceptible as individuals to compliance failures in their company, and they often have additional compliance duties without the CCO title. Marsh McLennan Agency’s Senior Vice President of Management Liability, Amy Klitzke, recently commented on the Directors & Officers (D&O) liability risks for CCOs.
In her comments, Amy shared her insights on:
How this additional risk has made it challenging to find CCOs in today’s labor market.
How a lack of D&O policy leaves the company and the non-officer compliance guardians exposed to serious losses.
The role of brokers and agents in recognizing and helping clients to address this risk.
“These policies are a backstop to corporate indemnification, as they are designed to respond only in the event of a non-indemnifiable loss of an individual insured person,” says Klitzke.
