Compliance Needs to Understand Business
In a new blog post, Michael Volkov says that chief compliance officers require independence, but must also develop a collaborative relationship with other corporate functions and embrace the company’s business. “If a compliance staff sits in its respective offices and waits to hear from employees about compliance issues, the compliance program is doomed to fail,” Volkov writes. “On the other hand, if the compliance staff is proactive, engaging the business, listening to the business, and promoting the success of the business, the compliance team will build credibility with the business staff.”
