Your compliance team is a critical part of the company’s corporate function and strategy. And today’s companies are increasingly acknowledging the impact the compliance team has on the rest of the company. However, the compliance strategy and the overall corporate mission can diverge over time. This piece provides ideas that can help Chief Compliance Officers align their strategy with the broader company vision.
Including the compliance team in the corporate vision is essential to a productive corporate strategy. This means that your team’s goals must align with corporate goals and vice versa. Determining your team and company’s visions, especially if they have changed recently, is a good way to start. Once you have a clear sense of both missions, you can begin the process of working to align them.
A next step in ensuring long-term alignment of visions is to communicate your newly aligned departmental and corporate visions with your current and prospective third-party partners. Compliance departments and third parties can have rocky exchanges throughout their relationships, stemming from the gap between the two parties on expectations and assessments of what services are being provided. If the compliance department presents a clear vision to new exchanges, your third parties may better understand the compliance support your department needs.
Through further communication, your department can determine which partners are not helping you meet your company’s standards. Discontinuing problematic relationships will make it easier to align your department’s goals and objectives with that of corporate leadership.
If the compliance department presents a clear vision to new exchanges, your third parties may better understand the compliance support your department needs.
Internal departmental changes can help expedite the process of matching up compliance and corporate strategies, should they diverge. Educate new employees on the key values and goals for the broader corporation, and be sure to show examples of company successes and how they align with the corporate vision through the lens of a decision from your team. This approach will allow new hires to work naturally towards the goals of the corporation.
Educate new employees on the key values and goals for the broader corporation.
Developing mid-year reports will help you and your team hold yourselves accountable in staying aligned to the corporate vision. Set measurable goals for your team that are in line with the targets set by the full company, and use the same calendar and timeline for consistency. If one area is behind a particular target at the time of a mid-year report, reorient teams to focus more on that area. Creating specific metrics will also allow you also to showcase your leadership skills, how far your team has come, and how important the compliance department is to the company’s overall success.
Set measurable goals for your team that are in line with the targets set by the full company, and use the same calendar and timeline for consistency.
A successful compliance team is one that aligns itself with the goals and strategies of the company as a whole. In the areas where your department falls behind, invest the necessary resources to bring your operations in line with the entire business. This will help your department serve as a stronger complement to other areas of the company.