Advancing Chief Executive Officer and Chief Compliance Officer Communication

Effective communication is crucial in any relationship. It is an art that must be honed and perfected, especially within a business organization.  The following are some tips to consider for advancing communication between the Chief Executive Officer (CEO) and Chief Compliance Officer (CCO).

Be Logical

Compliance discussions with CEOs should be logical and direct, with the CCO offering solutions. During the conversation, discuss why, for example, purchasing technology to review personal trading can improve efficiencies by allowing compliance staff to be more productive, accurate, and thorough in their reviews. Explain that by implementing internal controls, such as a pre-trading compliance system, the firm can mitigate regulatory risks and satisfy its ethical responsibilities to its clients.

Results-Based Conversations

Most CEOs are results-driven. They want to know if their investment in compliance is paying off. Describe to them how their return on investment within compliance is reaping dividends, for example, by reducing customer complaints, lowering compliance infractions, and improving the overall culture of compliance within the organization.

Personalization is Effective

It is crucial for the CCO to build a strong relationship with the CEO early on. It is essential to be viewed as a reliable adviser to the business, rather than a cop on the beat. Establishing that relationship, however, takes time and persistence. You will need to communicate effectively and clearly, in a style that is personal to them.

Tie All Discussions to the Business and Reducing the CEO’s Liability

Ultimately, the CEO is responsible for overseeing the Firm’s operations. Help the CEO to mitigate liability by proactively informing them of compliance risks and solutions and keeping them engaged.

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