Coast to coast
compliance
The SEC has stated, “CCOs should be empowered, senior and have authority, but CCOs should not and cannot do it alone and should not and cannot be responsible for all compliance failures.” This highlights the need for senior management to work as a team with their staff to support a culture of compliance and empower CCOs to perform their jobs effectively. Building the relationship with your CCO helps empower them to address compliance weaknesses directly and report concerns without fear of retaliation or blame.
When CCOs have access to and interact with senior management, it enhances their prominence and influence within the firm, demonstrating true support for compliance. It is not only access and interaction a CCO needs to be effective, they also need the power to make official changes. Your CCO should be integrated as part of the senior management team, enhancing their ability to make changes and contribute to strategic decisions.
A proactive CCO who is given adequate resources can add significant value by staying updated on regulatory expectations and new rules, helping firms avoid compliance failures, as well as providing guidance that can open up additional business opportunities. Prioritizing CCO involvement not only assists in safeguarding the firm but also positions it strategically in a competitive market.
Coast to Coast Compliance can empower your CCO and help provide the support and confidence needed for a strong compliance program. We can remain an as-needed resource for your firm and develop new-hire employee compliance training, or customized compliance training to keep your CCO and/or compliance personnel current on the latest regulatory requirements and best practices. If you are a Chief Compliance Officer and could use additional compliance resources, let’s discuss how Coast to Coast Compliance can help!
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