CCO Insight: Planning Amidst Disruption & Operational Challenges

How are Chief Ethics and Compliance Officers (CCOs) effectively planning amidst anticipated disruptions and operational challenges?

KPMG client CCOs share many key insights, including the following objectives and operational challenges:

• 'Right-sizing' compliance efficiency and resource allocation
  • Appropriateness of risk coverage and use of scarce resources including “risk to capacity” analysis
  • Assessment of synergies and duplications across functions (e.g., Legal, HR, Investigations, Operations) and potential for centralization
• Driving compliance transformation within Compliance and across the organization 
  • Developing strategies for, and investing in, data, automation, and analytics, including the appropriate skills, tools, and reporting/communication
  • Leveraging approved technology for expanded compliance use cases/modules
• Managing third-party/vendor risk and compliance
  • Triangulating risk exposures of parties/vendors across the company (versus management at individual business level)
  • Working with resiliency and business continuity teams relative to critical operations and associated compliance and ethics risks
• Expanding technology compliance coverage
  • Establishing appropriate compliance guardrails, governance, and testing/monitoring for  trusted/responsible AI use
  • Defining the role of Compliance relative to Cybersecurity risks (e.g., resiliency, reporting, and data deletion)
• Maintaining ethical and compliant culture
  • Ensuring appropriate compliance investment/funding (e.g., via governance committees, business unit sponsors)

Change is coming to Ethics and Compliance. Compliance will continue to expand its roles in governance and structure, processes and controls, reporting and monitoring, people and talent, and technology and data as it looks from detecting and responding to risks to preventing and mitigating risks.  What do we see today and coming in the future?