With this in mind, we are building a community of compliance leaders who are relatively new to their roles. In this way, they can network with their peers to share insights and discuss concerns.
Our recent roundtable dinner at South Place Hotel brought together some of the brightest minds in compliance leadership. We discussed the challenges and opportunities that come with being new in the role of chief compliance officer.
Overcoming the new in-role challenge
We have summarised the key takeaways from the roundtable debate to offer some insight into navigating the challenge of being new in a compliance leadership role.
1. Establish yourself as an enabler
The Chief Compliance Officer (CCO) should position themselves as an enabler rather than a policeman. This approach is crucial for gaining buy-in and becoming a critical part of the organisation.
CCOs who frame compliance as a way to reduce risk, save money, and enhance revenue are more likely to gain buy-in. By showing how compliance supports income and mitigates costs, they shift the perception of compliance from a necessary evil to a business enabler.
2. Build trust and relationships
In the first 30 days, it's essential for CCOs to establish themselves as trusted advisors. Listen and understand the business goals so you can offer solutions that resonate with stakeholders and align compliance with business objectives.
Developing strong relationships involves:
- Identifying influencers within the organisation, getting their buy-in and allowing them to set the tone before attempting to embed a culture of compliance
- Being mindful of conformity bias and building relationships with influential colleagues can empower a speak-up culture in the organisation
- Scoring interactions to determine the promoters and the detractors of what you are trying to achieve in the organisation - this is applying science to a soft skill
- Tailoring communication to resonate with different audiences and potentially turn detractors into promoters
- Using appropriate language that aligns with the mindset of those you are speaking to - frame conversations to show you are helping the business
3. Demonstrate the value of compliance
To overcome the perception of compliance as a "necessary evil," CCOs should focus on demonstrating its value to the organisation. This can be achieved by:
- Highlighting how compliance contributes to reducing costs and increasing revenue. By framing compliance in terms of financial benefits, CCOs can better engage business leaders and employees who are typically more focused on profitability and operational efficiency.
- Emphasising the role of compliance in protecting the business. Compliance functions as a safeguard that protects the organisation from risks that can compromise its operations, reputation, and financial stability. Reframe compliance as the parachute that saves an organisation.
- Providing data on the benefits of fostering psychological safety and creating a speak-up culture. Psychological safety allows employees to feel comfortable sharing concerns, reporting potential issues, and challenging unethical behaviour without fear of retaliation. This openness helps firms catch problems early, preventing costly regulatory breaches, fraud, or reputational damage.
- Framing compliance in terms of ethics and integrity to make it more relatable. This approach shifts compliance from being seen as merely a requirement to a value-driven practice, demonstrating its importance in building trust, safeguarding reputation, and ensuring long-term success.
4. Encourage a collaborative approach
CCOs who collaborate with business units understand their pain points and offer practical solutions. This approach helps to foster a supportive environment where compliance is seen as adding value rather than obstructing progress.
In today's complex business environment, the effective management of compliance is not solely the responsibility of the compliance department.
CCOs who foster cross-departmental communication and break down organisational silos position themselves as integrators, helping the business function more cohesively and reducing risks.
5. Listen and understand the business
The first 30 days should be dedicated to listening and understanding the business objectives, challenges, and culture. This period of observation allows the CCO to:
- Identify challenges
CCOs should focus on identifying challenges so they can develop targeted solutions that not only address compliance needs but also alleviate the burdens on various departments. - Understand stakeholder motivations
Every stakeholder has different motivations, whether it's profit margins for executives, risk mitigation for operational leaders, or customer satisfaction for front-line staff. CCOs can frame compliance messages and initiatives in a way that resonates with each group. - Tailor their approach accordingly
This might involve adjusting compliance training programmes to address specific departmental needs or implementing flexible compliance processes that cater to the realities of different business units. A customised approach demonstrates that the CCO is responsive and adaptive.
By demonstrating a genuine interest in the business, CCOs can build credibility and trust with their colleagues.
Learn from fellow Chief Compliance Officers
We asked the compliance officers at the dinner if they could share one piece of advice they would give to their younger selves. Here are some of the nuggets of wisdom brought to the table:
- Adopt a broader perspective: Step back to see the bigger picture and embrace the wisdom that comes with experience.
- Value others’ experience: Acknowledge the expertise of others and learn from their operational styles; avoid isolating yourself.
- Engage and communicate: Actively reach out to others to learn from their experiences and share your own insights.
- Manage your emotions: Recognise that compliance can be stressful; de-personalising your responses helps maintain perspective and rationality.
- Trust yourself and seek support: Rely on your judgment and maintain connections outside the organisation for support and networking. It’s crucial to discuss experiences with peers.
- Be strategic: Choose your battles wisely; it's unrealistic to change everything at once.
- Document everything: Keep detailed records for evidence; it’s important to diarise your activities.
Join future New in Role dinners
If you want to attend our invite-only New in Role Roundtables, please email Samantha Martin-Woodgate to learn more.
We also have a community group on LinkedIn aimed at compliance leaders.
