Compliance Risk Management in the 21st Century

The role of the chief ethics and compliance officer (CECO) has changed: it has evolved from various compliance areas to become a strategic pillar of the enterprise. The CECO in the 21st century has more to do than find and fix problems and ensure compliance requirements are met. Today’s CECO has to ensure compliance risk is understood and managed, that organizational obligations are more than written policies but part of the fabric of business operations and interactions, and that there is a strong corporate culture that ensures social responsibility as part of the ethical environment. A strong compliance program is based on values, but requires a riskbased approach to understanding and prioritizing limited resources to combat risk.

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