No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • CCI Magazine
    • Writing for CCI
    • Career Connection
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Library
    • Download Whitepapers & Reports
    • Download eBooks
    • New: Living Your Best Compliance Life by Mary Shirley
    • New: Ethics and Compliance for Humans by Adam Balfour
    • 2021: Raise Your Game, Not Your Voice by Lentini-Walker & Tschida
    • CCI Press & Compliance Bookshelf
  • Podcasts
    • Great Women in Compliance
    • Unless: The Podcast (Hemma Lomax)
  • Research
  • Webinars
  • Events
  • Subscribe
Jump to a Section
  • At the Office
    • Ethics
    • HR Compliance
    • Leadership & Career
    • Well-Being at Work
  • Compliance & Risk
    • Compliance
    • FCPA
    • Fraud
    • Risk
  • Finserv & Audit
    • Financial Services
    • Internal Audit
  • Governance
    • ESG
    • Getting Governance Right
  • Infosec
    • Cybersecurity
    • Data Privacy
  • Opinion
    • Adam Balfour
    • Jim DeLoach
    • Mary Shirley
    • Yan Tougas
No Result
View All Result
Corporate Compliance Insights
Home Compliance

The New Role of the CCO: Good News and Bad News

by Michael Volkov
June 5, 2015
in Compliance
The New Role of the CCO: Good News and Bad News

This article was republished with permission from Michael Volkov’s blog, Corruption, Crime & Compliance.

There is no question that the compliance profession is on the rise. My colleague, Donna Boehme and I, frequently advocate on behalf of the compliance profession. See here for our latest – 4 Steps Every Board of Directors Should Take Toward Compliance.

With the rise of the CCO in corporate governance circles, there are adjustments that have to be made in other areas. What do I mean by this?

First, the Board of Directors has to expand its oversight and supervision obligations to effectively monitor the corporate ethics and compliance program. This requires some creativity and learning on the part of the Board members. No longer can they just look to the General Counsel for reassurance on compliance with the law. The ethics and compliance program requires much more robust knowledge and understanding of how compliance programs should operate. In my view, every Board needs a former compliance professional as a Board member.

Second, the General Counsel, Internal Auditor, Procurement and Human Resources all have to integrate with the compliance function. It is an adjustment, but not a very hard one. If egos get in the way, they need to be readjusted and pride relegated to a commitment to the organization’s compliance program. It is not too much to ask for professionals to work together and put aside their respective egos for the greater good. But you would be surprised.

A recent survey conducted by Compliance Week and Deloitte (here) confirmed the good news for the compliance officers: nearly 60 percent now report directly to the CEO and also are part of the executive management team. That is terrific. One way to demonstrate the importance of compliance is to elevate the CCO and empower them to do their jobs. Companies that follow this course have a greater chance of success. Companies that stick to the old model of compliance are less likely to succeed. This is the new reality for compliance programs.

The survey identified a new challenge for the compliance profession: only one-third of the compliance officers are viewed as a business partner within the organization. That is the next number to focus on – it is one that has to change.

CCOs have to become a part of the business team by building effective working relationships with business partners, not by telling everyone what they can or cannot do, but by finding solutions to ensure that business partners are successful.

A leader in the compliance field, Dan Chapman, from Cameron International in Houston, frequently refers to this as looking for “win-wins.” As Dan explains, the CCO has to build credibility by identifying those situations where they can help business partners and further the compliance mission at the same time.

A perfect example of this strategy is in the risk management of third parties. As a company builds a due diligence system, the CCO has to identify its third parties and supply chain vendors/suppliers. On doing so, they inevitably discover third parties that are no longer effective or necessary or that are duplicative of other third parties. The CCO and business partners share a common interest in identifying third parties that are useful to the company and trimming the relationships to only those necessary for the company.

Building a strong relationship with business partners means finding a way to make the business work while mitigating risks. It does not mean saying no, but finding solutions. The easier this process is conducted, the better for the CCO and the company. Risk planning is an important function and should not just be relegated to following the business’ every whim and cleaning up the risk mess left behind. It means planning from the beginning and modifying business plans where necessary with a keen eye towards efficiency so that business opportunities can continue while risks are addressed.


Tags: Anti-CorruptionThird Party Risk Management
Previous Post

Speak Up! − Promoting a Compliance Culture

Next Post

The Best Compliance Reads Are Not About Compliance

Michael Volkov

Michael Volkov

Michael-Volkov-leclairryan Michael Volkov is the CEO of The Volkov Law Group LLC, where he provides compliance, internal investigation and white collar defense services.  He can be reached at mvolkov@volkovlaw.com. Michael has extensive experience representing clients on matters involving the Foreign Corrupt Practices Act, the UK Bribery Act, money laundering, Office of Foreign Asset Control (OFAC), export controls, sanctions and International Traffic in Arms, False Claims Act, Congressional investigations, online gambling and regulatory enforcement issues. Michael served for more than 17 years as a federal prosecutor in the U.S. Attorney’s Office in the District of Columbia; for five years as the Chief Crime and Terrorism Counsel for the Senate Judiciary Committee, and Chief Crime, Terrorism and Homeland Security Counsel for the Senate and House Judiciary Committees; and as a Trial Attorney in the Antitrust Division of the U.S. Department of Justice. Michael also maintains a well-known blog: Corruption Crime & Compliance, which is frequently cited by anti-corruption professionals and professionals in the compliance industry.

Related Posts

doj distorted

FCPA Enforcement Back on at DOJ — With a New Look

by Jennifer L. Gaskin
June 18, 2025

After a shorter-than-expected pause, officials with the DOJ have formally renewed the department’s enforcement of the FCPA. CCI’s Jennifer L....

GAN Integrity TPRM & AI

Where TPRM Meets AI: Balancing Risk & Reward

by Corporate Compliance Insights
May 13, 2025

Is your organization prepared for the dual challenges of AI in third-party risk management? Whitepaper Where TPRM Meets AI: Balancing...

robot reviewing contract

9 Emerging Use Cases for AI in TPRM

by Miriam Konradsen Ayed and Craig Moss
May 6, 2025

(Sponsored) As third-party ecosystems grow more complex, compliance teams face mounting pressure to assess and monitor external relationships effectively. Miriam...

serious fraud office website

The Carrot and the Stick: UK’s SFO Clarifies Self-Reporting Benefits for Corporate Offenders

by Jonathan Armstrong and Vivien Yanni Gan
May 5, 2025

New director promises faster investigations and clearer outcomes for organizations that proactively disclose bribery offenses

Next Post
richard bistrong

The Best Compliance Reads Are Not About Compliance

No Result
View All Result

Privacy Policy | AI Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks Published by CCI
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • On Demand Webinars
  • Opinion
  • Research
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Well-Being
  • Whitepapers

© 2025 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
No Result
View All Result
  • Home
  • About
    • About CCI
    • CCI Magazine
    • Writing for CCI
    • Career Connection
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Library
    • Download Whitepapers & Reports
    • Download eBooks
    • New: Living Your Best Compliance Life by Mary Shirley
    • New: Ethics and Compliance for Humans by Adam Balfour
    • 2021: Raise Your Game, Not Your Voice by Lentini-Walker & Tschida
    • CCI Press & Compliance Bookshelf
  • Podcasts
    • Great Women in Compliance
    • Unless: The Podcast (Hemma Lomax)
  • Research
  • Webinars
  • Events
  • Subscribe

© 2025 Corporate Compliance Insights