What challenges do compliance officers face? The role is highly valued within organizational compliance programs.
The next challenges for the profession
As the knowledge economy reshapes professions and the skills they require, newer roles such as the compliance officer face changing demands. What are the main challenges ahead?
The first is defining the scope of the role. In some organizations compliance officers are treated as advisers, while in others they are trainers. Leadership should make the mandate clear.
Building an ethical culture of integrity requires more than designing a compliance program. The ethics committee and employees must also act in accordance with the Code of Ethics.
Earning trust is another challenge. A compliance officer needs strong professional ethics and honesty and must resist improper influence or pressure.
Essential qualities of a compliance officer
Ongoing training is essential. Compliance officers need to follow new regulations and stay connected with colleagues to build a useful professional network.
A compliance officer must also work rigorously, continually improving the quality of reports, investigations, and conclusions.
Keeping knowledge up to date is necessary to stay aligned with corporate governance best practices.
Technology is another challenge: change brings both new risks and new tools for investigations. Compliance officers need to stay current with relevant solutions and systems.
How EthicsGlobal adds value
With these challenges in mind, EthicsGlobal has updated its case-management tools and reporting channels and added training modules and in-person courses.
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