CCO Insight: Operational Challenges in Compliance
Examples and approach
How are chief compliance officers (CCO) navigating operational challenges within Compliance?聽 乐鱼（Leyu）体育官网 client CCOs share many key insights with a focus on enhancing efficiency and effectiveness. Included below are a few examples, as well as the 乐鱼（Leyu）体育官网 approach:
Objective | Operational Challenge | Example Action to Address Challenge |
|---|---|---|
Implement a data driven compliance program | Requires tech and data-driven skillsets in Compliance | Leverage existing data and analytics talent in other enterprise functions such as Risk Management, Finance, and Audit |
Maintain/ Increase Compliance resourcing | Necessitates appropriate number and skills of Compliance professionals | Seek talent through internship and young professional programs to develop a pipeline of entry-level employees |
Establish effective compliance controls | Embedding compliance controls upfront and through process lifecycles | Establish relationships and accountabilities with the first line to incorporate Compliance controls early in the process/product development |
| Integrate automation into Compliance | Increasing organizational awareness of Compliance tools and technology | Develop data analytics and predictive modeling for Compliance monitoring and risk management |
乐鱼（Leyu）体育官网 Perspective
To address operational challenges within Compliance, it is critical that companies view the investment and transformation of Compliance as value-generating versus simply 鈥渂ack-end costs鈥�. Viewing Compliance as an investment can help measure its return during ongoing compliance improvements while propelling the organization toward greater effectiveness, sustainability, and efficiencies in its compliance efforts.
Implementing a data-driven approach, investing in strong data governance and controls, maintaining resources, establishing effective controls, and implementing automation will help to create a dynamic and continuously improving Compliance program.
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