Like any high-level corporate officer, newly appointed chief compliance officers (CCOs) have a limited opportunity to make the initial critical moves to set the tone and agenda for the rest of their tenure. But that’s where the similarities to other C-Suite executives end. Becoming the CCO is unlike taking the helm of other critical corporate functions. For newly appointed CCOs, unique challenges loom on their very first day in office.
The CCO position has been exponentially magnified in importance because of roiling scandals in the marketplace and the recent concomitant erosion of public confidence in business. If boilerplate compliance programs never really sufficed in the past, they certainly don’t today. Modern programs must have real teeth and be tailored to each corporate risk profile.