The role of “chief compliance officer” is roughly a decade old and has evolved rapidly. Today’s CCOs have many new responsibilities, including overseeing compliance efforts throughout the organization and providing boards and senior management with insights into how compliance impacts the business. Our survey suggests that some CCOs struggle with this expanding role, despite many successes.
To be “chief,” CCOs must get closer to the business. They must expand beyond areas that compliance has traditionally “owned,” such as detecting and preventing bribery and corruption, and focus on business-related risks, such as those related to global expansion or the complex regulatory environment.
One way to forge closer ties to the business is to include business representatives on the compliance committee. Another is to expand the makeup of compliance teams to include members with business backgrounds and technology and data analysis techniques. Compliance professionals could also serve on operations committees or participate in various business initiatives. By reaching out to the business in such ways, CCOs can play a more strategic role in the organization.