![]() The survey shows that, even in large organizations (those with $5 billion or more in annual revenue), there are relatively small compliance teams with fewer than five employees dedicated to the compliance mission. With this deep divide, it could pose an issue for CCO’s who strive to develop a more transparent and resilient organization.Īnother issue that CCO’s face is a lack of resources to allow them to achieve their compliance goals. This concern is fueled by the fact that only 43% of respondents have compliance officers within the organization however, of this 43%, fewer than half report directly to the CCO. However, despite being recognized as an integral part of the company by executive management, it is unclear as to whether the CCO role is seen as authoritative throughout the entire organization. Around 50% of the executives are now being invited to participate in management meetings, a significant increase from only 37% in 2014. In the aggregate, the results of the survey suggest that CCO’s are being included in high-level management discussions about the company’s strategy and culture. This indicates that the compliance function has become more demanding in scale and scope, requiring a full-time individual. The CCO position is also being transformed into a stand-alone position separate from other functions: 59% of respondents said their position is not combined with any other role. With companies becoming progressively more dependent on the CCO, the number of those reporting to the CEO is expected to grow. In the survey, just over half of the 364 responses indicated that CCO’s are directly reporting to either the chief executive officer (CEO) or the board. Authority and Resources Within The Organizationĭespite the variety of corporate structures and organizations, the compliance function is now more fully developed and authoritative than in previous years. The results of the survey are broadly organized into four categories: availability of resources, responsibilities of the compliance function, specific compliance risks, and the use of information technology. ![]() ![]() This survey, administered by a collaboration of Deloitte and Compliance Week, In Focus: 2015 Compliance Trends Survey, identifies commonalities among companies in various industries to help identify strengths and weaknesses of corporate America’s compliance functions. This can prove to be a difficult task, especially when the chief compliance officer (CCO) is not viewed as an organizational leader, not focused on the right risks, and/or not utilizing the proper technology to gather relevant data. It is vital for any company to be able to utilize the compliance function to effectively and efficiently manage risks associated with meeting stakeholder expectations. ![]()
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