As the compliance profession continues to mature, a cross-functional, integrated approach emerges as the most productive and effective operating model. Compliance officers must continually seek to present themselves as partners to and promoters of the work of other functions – including legal, HR, sustainability, communications, and many more. Compliance programs should strive to be powerful sparring partners and sources of important subject matter expertise that are willing to work together to give the business the most value for its controls framework. The alternative – being seen as potential hindrances to progress or wallflowers that prefer to come only when they are called – must be avoided at all costs.
One of the most important partners for compliance in this capacity is the risk function. It’s extremely important to have a healthy cooperation across the functional line between risk and compliance and to establish a respectful and enthusiastic system of knowledge sharing and collaboration, both internally as well as in facing the business.
Below are some important considerations for compliance programs to incorporate in aligning with risk.