Regulators are increasingly making one thing clear: Having a strong, independent compliance function is not optional if companies want to avoid expensive enforcement actions. But, as Elizabeth Long of legal recruiting firm Major, Lindsey & Africa, simply knowing what regulations apply is just the first step.
Now more than ever, having a strong chief compliance officer (CCO) at the helm is important because of the increasing complexity of state and federal regulations governing how companies do business and “bet the company” investigations.
Knowing the regulations and how to create policies and procedures to comply with them, however, are table stakes for any CCO. An effective CCO must have much more than these substantive skills. A strong CCO will have stellar interpersonal skills with the ability to lead by influence and partner with the business to get buy-in for compliance to create and effectively implement a pragmatic, business-friendly compliance program that is scaled/scoped to the business. But how does one determine whether a candidate has the interpersonal skills to truly effect positive change?
Your current state of compliance
The level of influence a CCO will need to assert will depend on the maturity of the organization’s compliance program. If you already have a developed and…
