As compliance officer and general counsel, the board gives me 15 minutes at each meeting to present training on compliance regulations. In most cases, it's just a synopsis (on one or maybe two issues), as they don't need to know the departmental procedures, just the requirements and consequences of non-compliance. I give them the rules and briefly explain how we comply with them. In this way, they are given an understanding of the complexity involved with a lot of the regulations, as well as the seriousness of non-compliance. For example, lessons learned from Riggs and AmSouth have them very much aware of BSA. Fortunately, the Board (and management) is very well in tune with the need for compliance, and compliance training.
As far as the topics, I usually do an abbreviated outline of the compliance training I hold each month for the lending and operations side of the Bank. The directors get an outline on each topic, which can be placed in a compliance binder that each is provided.
In addition to keeping the Board informed as a good compliance policy, the regulators were impressed as well during our last examination.