A COO must ensure that the compliance programs in the company are effectively implemented and are capable of identifying and preventing possible non-compliance matters. Also, the COO must report to the Board about compliance issues, material violations, and corrective measures required. We will discuss more related to the Chief Compliance Officer and the role of Chief Compliance Officer.
The role of the Chief Compliance Officer is generally the head of the compliance/ legal department, having the duty of maintaining the procedural framework that fulfills the applicable compliances. A COO must have the skill set required to monitor the regulatory breaches that might occur.
CCO job description includes the following roles and responsibilities:
From the above discussion, it can be concluded that the Chief Compliance Officer job description is not limited to fulfillment of the compliances. Rather it covers all the areas around compliances, from spreading awareness among the staff to the preparation of the report.
The role of Chief Compliance Officer, as discussed above, covers a wide range of responsibilities that, if neglected, can cause significant complications for the company.
A chief compliance officer can assist a company on a large scale in the following ways:
Typically, large companies appoint Chief Compliance Officers, as they are burdened with more compliance that can even extend to international laws. A COO can prevent financial loss and other consequences related to compliance.