FRSGlobal

Chief Compliance Officer / Compliance Executive

As a CCO in a financial services firm, your position has never been more challenging. Today, you are expected to proactively understand, plan for, and manage all compliance activities across your enterprise, and this in a world of rapidly evolving regulation and stepped up enforcement activity. Your primary role is likely viewed as implementing and ensuring the health of compliance programmes throughout the organisation, managing an “early warning system” of potential new legislation and regulations which might significantly impact your business, and providing timely reporting to management, regulators, and other stakeholders. Getting on top of compliance activities across multiple lines of businesses and in the multiple geographies your firm does business in is a major challenge. Often, you are asked to do more without the benefit of additional staff resources. Communicating with executive management and your Board is a top priority. Being proactive is a prerequisite to avoiding burdensome regulatory oversight and enforcement actions.

Key Challenges

As financial firms are pressured for higher performance, regulators increase their oversight, and you are asked to provide management with a deeper understanding of the implications of new regulations on your business, you may be experiencing some or all of these typical challenges:

• building a complete view of compliance programmes and reporting across your enterprise
• ensuring the quality and integrity of compliance control systems, with the need to drill down into supporting data when required for ad hoc reporting and deeper insight
• tracking proposed legislation and regulations, anticipating the potential impacts on your lines of business, and implementing regulatory programme changes where and when required
• proactively conducting internal compliance program reviews and audits
• ensuring that lines of business embed compliance into their business processes, versus fitting it in as an afterthought
• proactively managing regulatory exams (preparation and outcomes)
• reviewing policies and procedures and internal and external communication
• achieving high confidence in your compliance reporting processes and outcomes
• meeting management expectations on the contribution of the compliance function organisationally..

How We Help

Wolters Kluwer/FRSGlobal recognizes the unique challenges of the CCO. Our solutions are designed and proven enterprise systems, with over 15,000 customers worldwide. Specifically, we can help through all of these key elements of our product and service offerings:

• global expertise in compliance and regulatory reporting to supplement the expertise of your staff
• practical tools to track and monitor regulations globally, with hands-on recommendations on implementing best practices compliance programmes
• proactive monitoring of regulatory activities and enforcement actions globally
• support for the distribution of critical regulatory information internally
• support for timely and quality reporting to all regulatory bodies where you do business
• staff training, education, and certification to ensure your firm is effective in the markets served and meets regulatory thresholds and requirements
• cost effective products for monitoring critical areas of compliance (e.g. insider trading)
• the ability to tap into our base of over 400 regulatory, risk, and compliance experts for best practices and practical guidance and advice
• understanding and bridging the cross-over to operational risk programmes.

Next Steps

For more information, check out the Solutions section, or contact us for more information.