A topic often raised by compliance officers and the bosses who love them.
A CCO must have an in-depth knowledge of the laws, regulations, interpretations, and regulatory positions as well as the firm’s compliance policies and procedures and their implementation.
A CCO must become intimate with the firm’s organization, finances, clients, and culture.
An effective CCO must advise his/her firm’s executives about how other industry players implement products, develop structures, work with the regulators, and utilize technologies.
Dynamic firms in dynamic markets require a CCO who can be flexible to adopt new approaches, yet professionally skeptical of unproven methods, products and structures.
Knowledge and experience will only go so far if a CCO does not have the political skills to convince business executives.
A CCO must always display grace under pressure and show confidence regardless of the situation and implications.
A CCO must exercise independence with senior executives and put personal issues aside while tackling difficult issues even in the face of possible personal liability.