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Are You Getting the Most Value from Your CCO?

Risk management concept

Compliance and business growth now go hand-in-hand.

PricewaterhouseCoopers (PwC) recently shared a new study which echoed the importance a strong compliance function in helping businesses innovate and expand to new frontiers. According to the 2015 State of Compliance Report, 78 percent of CEOs around the world who responded to the survey view the increasing regulatory environment as the top threat to business growth. Yet, despite that fact, the report revealed:

  •  35 percent of chief compliance officers/corporate compliance functions participate in annual business strategy development meetings
  • 18 percent assist in the implementation of business strategy once decisions are made
  • 15 percent address issues that arise after business strategy is implemented
  • 17 percent are not involved in developing or implementing a business strategy1

These findings show that companies may not be leveraging their chief compliance officers or their compliance function to their full advantage. As leadership teams look for opportunities to push their business forward – expanding into new markets, broadening their capabilities or developing new products – they should consider turning to their compliance officers for help in shaping how those decisions are made, figuring out ways to help mitigate risk and ensure that the business is on track.

In a nutshell, the PwC study suggests companies that make compliance a priority may be more attractive to customers and investors because they’ve demonstrated their ability to effectively manage risk while staying innovative.

Giving your chief compliance officer or the compliance department more insight into the business and helping them nurture relationships within the organization can empower those leaders to move into a more strategic role where they can help the company avoid costly compliance mistakes and stay ahead of the curve.

To view the full PwC 2015 State of Compliance Report, click here.
 
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1 “Actively participate in the setting of corporate strategy” – PricewaterhouseCoopers 2015 State of Compliance Report (page 4)


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