How to Establish an Effective Chief Compliance Officer's (CCO) or Chief Risk Officer's (CRO) Function - Organization and Responsibilities
Duration: 60 Minutes
This training will provide valuable knowledge on what companies need to do to establish an "effective" Compliance Office that leads to conceiving, developing and implementing successful GRC programs and provides top level coordinating leadership for governance, risk management and compliance issues across the enterprise.
Objectives of the Presentation
Why Should you Attend
- Discuss essential skill sets for both the CCO and CRO
- Assist companies in establishing the Compliance and/or Risk functions for effective governance
- Key factors will be assessed that will contribute to a successful transition of these two roles in organizations
- Review the roles and responsibilities for the CCO and CRO
- Evaluate Charters for each role in addition to possible content
- Brief discussion on lessons learned and mistakes to avoid
The regulatory environment created by Sarbanes-Oxley, GLB, HIPAA and countless new regulations make it imperative that organizations, large and small, establish an effective Compliance Office (CO) headed by a C-level Executive in the form of The Chief Compliance Officer (CCO) or, more recently, The Chief Risk Officer (CRO). The Board, the CEO and other line and staff executives need to rely on one single source for meaningful information on the company’s status on risks that can impact Company activities and profitability and compliance to regulatory mandates. They need to rely on one authoritative entity to develop risk management and compliance strategies and spearhead and coordinate Governance, Risk management and Compliance (GRC) programs on an "enterprise-wide" basis.
Selecting an effective CCO/CRO with a broad vision and perspective and with the proper skill set to enable him/her to function in the current 'global' regulatory environment requires that you consider many key factors to ensure the success of the new function. This unique webinar will focus on these key factors. It offers a strategic and top-down view of this important new function and how it can materially assist management in establishing a function with an aggregate view of Governance, Risk Management and Compliance to replace the highly fractionated structure that was typical of previous risk and compliance functions that functioned at mainly the tactical and operational level. By having a top-down functional charter, the new function would facilitate the involvement of the Board and senior management in addressing the most important areas of governance and compliance in the most cost-effective manner to maximize return on investment in governance and compliance with limited resources.
Who will Benefit
- Why do you need a Chief Compliance Officer or a Chief Risk Officer (CRO)? – key drivers
- What is the nature of the CCO/CRO Function? Traditional vs. modern view of these functions
- What are the key functions of a CCO and a CRO? Some differences in the charter for these two functions
- To whom should the CCO/CRO report? – organizational structure options
- What Is the compensation for the CCO?
- What are the key factors that contribute to a successful CCO or CRO function?
- Mistakes to avoid when hiring Chief Compliance Officers or Risk Officers
- CEOs, Board members and Audit or Corporate Governance Committee Members
- CFOs, Controllers and Accounting professionals
- CIOs, CTOs and IT professionals
- Chief Compliance Officers (CCOs), Chief Risk Officers (CROs)
- Legal Counsel, Human Resources and Public Relations
- Internal and external Auditors
- Senior Risk Management and Operational Risk Officers
- Consultants and risk, compliance and governance advisors
- Compliance specialists
- Compliance, risk management and governance product vendors
- Any line manager or employee responsible for developing and deploying governance and compliance programs
- Quality Assurance Managers