CCO Insight: Operational Challenges in Compliance

August/September 2022

How are chief compliance officers (CCO) navigating operational challenges within Compliance?  KPMG hosts leading-company, cross-industry CCOs to discuss these challenges and provide their unique perspectives to address them.  Here are just a few examples, as well as the KPMG 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

 

KPMG Perspective

To address operational challenges within Compliance, it is critical that companies view the investment and transformation of Compliance as value-generating versus simply “back-end costs”. 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.

Contact us

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100