Chief Compliance Officers and Stress

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2 Responses

  1. Sharon Blackwood says:

    Funny that you should choose this topic as I almost suggested that you write about it. As a consultant, I find that no Compliance Officer ever thinks he/she is doing as well as his peers — everyone feels like they are behind. But few will search for a consultant to help pull them up to speed. I also find that many don’t know what they can own. Organizations tend to want to pile everything on the CO’s plate but they cannot own everything. They need to decide if they should have oversight or if it is something that they can audit, if they can institute steps for remediation or if they can just make recommendations. I think CO’s have a tendency to take on too much and need to learn to step back and just have the oversight. And I think they need to reach out for help so they don’t feel like they are out on a limb alone. Consultants make great mentors.

  2. That free-floating anxiety will never go away, until we can figure out how to do a metric called “Number of Compliance Failures Prevented” and a companion metric called “Fines, Penalties, Defense and Remediation Costs Saved.” As long as the only thing newsworthy about the compliance office is the occasional bad news about failures, that imbalance in the data that the C-suite, board and others draw their views about C&E from will always result in a feeling that you can never do enough.

    The key is to not act out the anxiety in “Mr. Bill” fashion. (Great illustration, even if only a certain generation can identify it. He was the “Ohno” before Apollo.)