Perspectives

Risk and compliance during the COVID-19 crisis

Understanding a chief compliance officer's responsibilities

During stressed socioeconomic times, risk and compliance issues can become exacerbated, making effective risk and compliance management even more important. Where should chief compliance officers (CCOs) focus now and in the weeks and months ahead? Explore potential changes CCOs can make amid the crisis to steer organizations through tough times and toward a more resilient future.

Addressing crisis-related risk and compliance issues

COVID-19 disrupted organizations at all levels. Specific challenges have arisen as compliance leaders adapt their operations to changing regulatory expectations and face new compliance hurdles presented by a remote workforce. While difficult, these challenges also pose an opportunity to address current threats while bolstering an organization’s ability to adapt and overcome risk in the future.

Be prepared for a new day coming

When a crisis strikes, like the COVID-19 outbreak, chief compliance officer responsibilities include supporting employees as they navigate a new operating environment and business landscape. It’s crucial to take time to reflect on lessons learned; recalibrate risk and compliance management priorities; and reassess associated plans, practices, approaches, capabilities, and resources to appropriately respond to the next crisis. By considering these courses of action, CCOs can reinforce their value to the organization and help lay the groundwork for the next unexpected event.

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