18 Sep Report | THE DYNAMIC CCO
It has been said that today’s CCO needs to have board-level competencies that rival those of the Chief Operating Officer and Chief Financial Officer.
Compliance is no longer simply about legally safeguarding financial institutions, but about actively enabling growth within the parameters set by law. Is it possible to create a culture in which compliance is accepted as an enabler of growth, rather than as a barrier to it?
Within the highly competitive financial services arena, facilitating growth is always paramount. A key component of competitive advantage within this industry is the ability to adapt quickly to new laws. However, regulation and compliance are often seen as unnecessary red tape by the profit centers of the business.
The growing complexity of regulating emerging technologies, coupled with regulatory reforms, are creating a landscape where both the cost and the importance of compliance has never been higher.
Little wonder, then, that a recent Duff & Phelps survey found financial services firms typically now spend 4 percent of their total revenue on compliance, but that is set to rise to 10 percent by 2022.
To make sense of these challenges and the opportunities, we asked: how is the skillset of the modern CCO evolving? Why are some CCOs more successful at managing this transition from “barrier” to “enabler”? How are leading CCOs embedding these cultural changes in an intuitive manner?
Inside you’ll find:
- Views on the false economy of cost cutting – and a debate about how to protect funding
- A discussion about the need to educate the business about the value compliance delivers – and how to do it
- A passionate cry for dual investment in technology and culture
All quotes and ideas have been anonymised, as per club rules, so please feel free to share the report with colleagues, or on LinkedIn if you’d like.