Tuesday, May 24, 2011
Empowering Compliance Officers
The importance of compliance officers in today's business is on the rise. This trend reflects the increasing importance of risk management and proactive compliance to minimize those risks.
But there is more for a compliance officer to do then simply manage and minimize risks. Indeed, the role of the compliance officer needs to extend into day-to-day business operations; the more this occurs the better off the business will be.
The transformation of a compliance officer occurs when the officer is viewed by management and sales staff as a critical business partner. This occurs when the compliance officer transforms his or her ideology from being a naysayer and nixing business plans to becoming a problem solver -- meaning that they work hand-in-hand with sales and business staff to develop solutions which include sales to customers and complete compliance. This takes creative thinking, a commitment to working together, and most importantly, communication and interpersonal skills.
Once a compliance officer demonstrates a problem solving commitment and approach, business and sales can offer compliance as an important value of the product or service offered to their customers.
Fundamentally, the point has to be made that compliance and sales are not inconsistent but are in fact interdependent and mutually reinforcing. With this approach, a compliance officer can build loyalty within the organization and leverage this alliance into even more effective compliance strategies.