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:
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. Back to top