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The Two Key Challenges Facing Chief Compliance Officers
Chief Compliance Officers (CCOs) encounter various obstacles in achieving their organisation’s strategic business goals, and their role as a CCO is getting them more and more involved in the company’s overall management of emerging risks and regulations. In the rapidly changing business environment we live in, these two key challenges remain dominant for any CCO:
Evolving Regulatory Landscape:
It is a known fact that regulations are continuously growing both in volume and in the areas they apply. Considering the increasing complexity of the regulatory landscape of each country, CCOs must constantly keep up with new regulations and increases in sanctions, across the different jurisdictions their companies conduct business with. This results in increased pressure on organisations to perform higher scrutiny on their third-party network.
Risk Assessment and Management:
According to Gartner’s Leadership Vision for 2023, “60% of boards of directors believe that compliance risk remains the top source of business risk”. CCOs are responsible for identifying and assessing compliance risks across the organisation. This includes conducting regular risk assessments, developing risk mitigation strategies, and implementing effective controls to manage risks effectively. Keeping up with emerging risks and accordingly adapting compliance guidelines is an ongoing challenge
To effectively address these challenges and fulfil their extended responsibilities, CCOs can adopt eBOS’ WiseBOS RiSC – Risk Intelligence, Scoring & Compliance. WiseBOS RiSC assists in gaining a clear understanding of new mandates and in streamlining and digitalising compliance risk management controls.
WiseBOS RiSC is the number one go-to solution when having to deal with determining the risk levels and mitigating the risks associated during the onboarding and monitoring of new customers, or for monitoring their existing clientele. WiseBOS RiSC is fully compliant with the EU Commission’s latest AML Directives and supports various industries such as financial services, legal services, government & public services, banking services, and many more.
WiseBOS RiSC works seamlessly with WiseBOS Screening which is integrated with the world’s largest risk-relevant database, namely the Bureau van Dijk Database, by Moody’s Analytics, which can identify PEPs, Negative Media Publicity, and Sanctions Lists from more than 240 countries!