True or False: The board should ensure that the compliance officer has sufficient power and resources.

The statement is true because it highlights the critical role that the compliance officer plays within an organization. For an effective compliance program, the compliance officer must have adequate authority and resources to carry out their duties and responsibilities effectively. This includes having sufficient budgetary support, access to necessary personnel and training, and the authority to implement compliance policies and procedures.

When boards ensure that the compliance officer has enough power, they empower them to take necessary actions to promote compliance and address any potential violations. This collaboration fosters a culture of compliance within the organization, which is essential for adhering to regulatory requirements and preventing compliance breaches. A well-resourced compliance officer can also communicate more effectively with the board and senior management, making it easier to address compliance challenges and uphold the organization’s integrity.

The other options suggest varying levels of importance regarding the compliance officer's authority or imply a lack of necessary oversight, which overlooks the fundamental need for compliance functions to have the right level of support to ensure organizational effectiveness and adherence to regulations.