According to Michael Volkov, a CCO-auditor partnership is like “milk and cookies, peanut butter and jelly, chips and salsa.” And why not? They have the same reporting structure in their respective board committees. They also follow and preserve similar types of guidelines for compliance and regulations. Since both are crucial for the organization, why shouldn’t they work together for their organization’s welfare? In this article at Corporate Compliance Insights, Volkov shares more about the CCO-auditor partnership.
The Necessity of a CCO-Auditor Partnership
An internal auditor will look at the finance books and cash registers. Whereas a chief compliance officer (CCO) will be more involved with upholding ethics and compliance in your organization. However, their main focus is to pinpoint and warn about any malpractice in the company. Furthermore, business leaders can make full use of their services in one area—risk assessment. But most companies do not have their own CCO-auditor partnership.
How Can They Join Forces?
Internal auditors use the risk assessment logs to conduct audits for the following year. They figure out the areas they should focus on for audits and how they should perform them. They can reduce organizational struggles by bringing to your notice risky expenses and activities. Meanwhile, CCOs find out where your organization is lagging with respect to compliance and regulations. They can run audits depending on functions, locations, products, and so on. Based on the findings, they can implement training modules and advance risk controls in the company.
A CCO-auditor partnership can look after financial and compliance-related issues together. Their mutually inclusive efforts enable better risk assessment and mitigation procedures. Moreover, they can prioritize risks jointly and make use of the same resources for their collaborative audits.
Internal auditors frequently send out surveys to enhance their efforts. CCOs should do the same to get better results out of their compliance activities. Additionally, having an annual assessment will enable the CCO-auditor partnership to strengthen the organization in several ways.
To view the original article in full, visit the following link: https://www.corporatecomplianceinsights.com/risk-assessment-a-natural-partnership-for-internal-auditors-and-ccos/