While their role has become more prominent, many CCOs still struggle to gain the attention of boards and business leaders. One solution is to broaden the focus of reporting.
Compliance reports typically include information such as number of employees trained and hotline statistics. While these are important, CCOs could enhance the value of these reports by addressing high-priority concerns of the board, such as strategic planning. For instance, during strategy development, CCOs could educate the board about related compliance and regulatory enablers and risks. They also can collaborate with the business to embed compliance messages in other board and management reports, and to proactively evaluate compliance risks before the business enters a new market or makes other critical strategic decisions. CCOs could also address concerns about transparency of compliance programs by collaborating on external reports, such as the corporate social responsibility report.
Such efforts would enable boards and senior management to recognize how compliance helps to achieve business objectives. And they would raise the profile of the compliance function within the organization.
State of Compliance 2014: Winning Board Support
PwC's Sally Bernstein and Andrea Falcione discuss how CCOs can win greater attention of the board and senior management by being more strategic in their compliance efforts.