Like any corporate leader, newly appointed chief compliance officers (CCOs) have a limited opportunity to set the tone and agenda for their tenure. Becoming the CCO is unlike taking the helm of other critical corporate functions—unique challenges loom on the very first day.
The CCO position has been exponentially magnified in importance in recent years because of corporate scandals and the concomitant erosion of public confidence in business. Modern programs must have teeth and be tailored to corporate risk profiles. The CCO role varies by company, and no one template exists to guide CCOs through the critical first tasks. Certain tactical best practices that CCOs may want to consider upon assuming the role include: