Executive Briefings

How Can Chief Compliance Officer Gain Full Status, Authority in the C-Suite?

Compliance is at a tipping point. The role of the chief compliance officer has gained more prominence over the last decade and is evolving rapidly. Today's CCOs are in a position similar to that of CFOs 15 years ago, and face a similar opportunity and challenge: how to become a more strategic partner in the organization, a vital member of the C-suite.

Compliance officers have been tasked with an increasing number of responsibilities, have been asked to manage a complex variety of compliance risks and have exceeded expectations in many areas. The successes of CCOs have often come despite a relative dearth of resources—in both monetary and human capital form.

Although it may sound cliché, CCOs have done a yeoman’s job in the face of many obstacles. Let’s face it: it’s difficult to be “chief” in the current environment. The business and regulatory landscape is becoming more complex, and management and boards are pressuring CCOs to deliver better information to help them identify and manage a growing list of organizational risks. Many CCOs are understandably challenged to meet the new demands placed on them.

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Compliance officers have been tasked with an increasing number of responsibilities, have been asked to manage a complex variety of compliance risks and have exceeded expectations in many areas. The successes of CCOs have often come despite a relative dearth of resources—in both monetary and human capital form.

Although it may sound cliché, CCOs have done a yeoman’s job in the face of many obstacles. Let’s face it: it’s difficult to be “chief” in the current environment. The business and regulatory landscape is becoming more complex, and management and boards are pressuring CCOs to deliver better information to help them identify and manage a growing list of organizational risks. Many CCOs are understandably challenged to meet the new demands placed on them.

Read Full Article