PwC State of Compliance Survey, 2014
Today’s Chief Compliance Officers (CCOs) face more responsibility than ever, but also an opportunity to play a more strategic role in their organizations and become vital members of the C-suite. Among the key lessons that emerged from our 2014 survey:
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- To play a more strategic role, CCOs must link compliance more closely with business operations.
- While the majority of respondents have a CCO, all companies could benefit by establishing a compliance officer position, and making it a dedicated role.
- When compliance is an add-on responsibility to another function, it can be a challenge to devote sufficient time to it, and a business case may be made for establishing the CCO as a stand-alone position.
- To gain the attention of the board and senior management, compliance reports must be more relevant, enabling leaders to understand the organization’s risks and achieve its strategic objectives.
- Staffing and budgets for compliance responsibilities are increasing, giving CCOs an opportunity to begin building cross-functional teams, which we observe to be more efficient and effective.
- When evaluating program effectiveness, it’s important to measure the compliance program’s business impact, not just compliance activities.
- Organizations are using social media to enhance compliance programs. It is essential to update their policies in this area frequently to keep pace with rapid technology advances.