Risk Management

Leaders, Include CCOs in Risk Management Talks

It is the job of chief compliance officers (CCOs) to assess compliance risks, vulnerabilities, regulations, and their impact. Their expert insights can help build a robust and cohesive culture in your organization. Yet, many companies do not include CCOs in their high-level board meetings, nor do business leaders pay heed to CCO warnings as frequently as necessary. In this article at Corporate Compliance Insights, Michael Volkov shares why you must include CCOs in risk management sessions.

Risk Management and CCOs

When it comes to risk management, CCOs are the experts that can identify, prioritize, and even find solutions. Their unique viewpoints strengthen your organization’s corporate governance. But most companies fail to utilize their well-rounded ideation. Here are the things that CCOs can offer if they are given a seat at the high-level meeting table:

Value-Added Services

An organization has to take care of multiple types of risks, and that includes business, processes, and functions. To make use of valuable CCO insights, they must be part of the team that is working on risk management procedures and policies. CCOs must not restrict themselves to a certain group or business unit since their analysis would be useful for the whole enterprise. Risk management not only should be done at the project level but also must be implemented in the organization to maintain “ethics, compliance, and business operations,” explains Volkov.

With CCOs getting exposure to various other risk factors, like environmental impact on the company, they can channel their experience further for the betterment of the company. They must also widen their value-added services across the enterprise by being involved in discussions beyond legalities and compliance mitigations. Some organizations do have CCOs to manage their enterprise risk management processes. However, they can make a far greater influence by building a rapport with the top business units and functional heads. Businesses must therefore choose CCOs that are willing to network far and wide within the organization as well as outside.

To view the original article in full, visit the following link: https://www.corporatecomplianceinsights.com/ccos-and-expertise-in-risk-management/

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