The fifth annual State of Compliance Survey (2015) released by PwC, a multinational professional services network, has suggested that compliance officers should actively participate in the setting of corporate strategy.
Many CEOs find that their interaction with staff in compliance jobs is often complex; in fact, 78% of CEOs surveyed by PwC have expressed concern at the impact of over-regulation on their ability to achieve the company’s goals. But only one third of these involve their CCOs in devising corporate strategy. Perhaps including these professionals could lead to a more proactive navigation of risk and regulation built upon their valuable insights into business decisions that are likely to impact growth targets or other strategic imperatives. Often effective compliance management is a key factor in the confidence to take risks to implement growth strategies, so why miss out on these opportunities?
It seems that the compliance discipline should be elevated to the top of many organisations, rather than just regulating them from the outside, or even sitting within the legal department. However, with many of these departments facing budget cuts in the last year, more must be done to increase operational efficiency whilst keeping the costs in check. Risk identification and assessment, compliance monitoring and testing and tech solutions are three key areas cited by PwC as potential practices to streamline first.
Sally Bernstein, a principal in PwC’s Risk Consulting Advisory, has commented that, “Applicable laws and regulations will always be primary responsibilities for compliance officers. But the compliance function can be so much more. By expanding the views of the function and the strategic value it offers, CCOs can become a more valued member of the executive team – and a future star of the C-suite.”
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