Third party risks, new regulations, lack of buy in, global expansion, developing risk hotspots… these are just a few of the challenges facing Chief Compliance Officers. The role is undeniably difficult and while corruption risks are growing, frequently CCOs are being asked to do more with less.
To discover some of the overarching challenges CCOs are preparing for, we spoke to 3 compliance experts. There were three general trends across their answers:
1. Geopolitical Change & Emerging Regulations
2016 brought with it a number of geopolitical changes and in 2017 the climate has been just as unstable. Political uncertainty hangs over a number of countries; the US with the Trump Presidency, the UK with Brexit negotiations and Brazil following the corruption charges against Temer and Roussef. New regulations are also being implemented or tightened across the world, such as in France with Sapin II.
2. Technological Developments
New technology presents new challenges, as Compliance Officers must stay one step ahead to ensure they are aware of all the potential risks they face. Technology may also presents new opportunities to better communicate or train new staff though.
3. Compliance Culture
Compliance fatigue is a real problem facing many companies. Employees are worn out by the same message and methods. Compliance Officers must get creative in their delivery and monitoring of compliance. They need to engage with the human aspect and keep their employees at the forefront of their program.
We’ve provided a sneak preview below and you can download the full PDF by clicking here.
Download The Full Compliance Challenges PDF Here