Embedding compliance in the BAU has led to many organizations introducing the role of Chief Compliance Officer (CCO), a Board-level appointment. This role’s purpose is to advise their Board peers on strategic implications of compliance, as well as lead, direct and influence the compliance effort in the business.
Financial service organizations have taken the lead in creating CCO roles, to address diverse compliance regimes including Basel III, Solvency II, MiFID II, CECL, IFRS 9, IFRS 17, SMCR, and many others. U.S. publicly listed companies, and those planning to list, have done the same to help abide by Sarbanes-Oxley (SOX) legislation. Other companies have to observe regulations related to Anti-Money Laundering (AML), Know Your Customer (KYC), and terrorist financing.