Compliance Officer Roles Changing

Compliance Officer Roles Changing

Julian Korek

Global Head of Compliance and Regulatory Consulting at Duff & Phelps

Julian Korek leads the Compliance and Regulatory Consulting Practice at Duff & Phelps. His main areas of focus are regulatory compliance, governance and oversight, and operational risk with a particular focus on valuation issues and regulatory distress situations. Prior to joining Duff & Phelps, he was a founding partner and CEO of Kinetic Partners – leading the firm through significant expansion and growth over 10 years. Julian also formed and is a non Executive Director of the Tax Incentivised Savings Association (TISA).

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Compliance Officer Roles Changing

20.06.2017 07:45 am

A CCO today needs to have Board level competencies that rival those of the chief operating officer and chief financial officer. They need to have the stature within the business to get what they need, not only to help comply with regulation but also to grow the business. Therefore, the ability to get access to the necessary resource needed to fulfil regulatory obligations is becoming more important. We’ve seen a bank’s head of compliance leave the organisation because they failed to gather the necessary budget to improve compliance controls, even as the bank faced severe regulatory penalties. 

With compliance costs set to more than double for financial institutions in the next five years, the way CCOs resource their compliance budgets is also changing. As such, budgeting and forecasting skills are paramount. In short, a CCO can no longer just be a master of regulatory rules, they need to also have stature in the business and sincere business acumen.

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