CCO Insight: Operational Challenges in Compliance
Examples and approach
How are chief compliance officers (CCO) navigating operational challenges within Compliance? KPMG client CCOs share many key insights with a focus on enhancing efficiency and effectiveness. Included below are 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.
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