This series was written by Michael Rasmussen of GRC 20/20 in partnership with Convercent. GRC 20/20 provides insight on governance, risk management and compliance solutions through market research, benchmarking, training, and analysis.
We are in the midst of working through a CECO SWOT Analysis to help CECO’s develop their strategy in 2021 and into the future. Over the past few weeks, we looked at the STRENGTHS and WEAKNESSES of the typical CECO, this week we turn to the OPPORTUNITIES.
As you look to build your strategic compliance and ethics plan in 2021, it is critical to evaluate where you are now in your role, capabilities, and program, and what you need to work on to deliver the leadership and skills to achieve your goals moving forward. To achieve your strategy, it is important to look for opportunities to advance compliance and ethics within your organization.
The points below are generalizations, so you may or may not identify with them. But they are good places for discussion, learning, and interaction as the CECO prepares for the future. Here are some opportunities and messages that GRC 20/20 finds strong CECOs leveraging to advance the compliance and ethics agenda in their organization:
- Focus on integrity, in which the compliance and ethics function continually assesses regulatory, ethical, and social responsibility trends to develop a full understanding of mandatory and voluntary obligations and requirements for compliance that align with the organization’s values.
- Federated GRC focus in which the CECO is part of an executive strategy to enable an organization “to reliably achieve objectives [GOVERNANCE], while addressing uncertainty [RISK MANAGEMENT], and act with integrity [COMPLIANCE].”
- Leverage an integrated information and technology architecture to manage the range of compliance projects, tasks, assessments, exams/audits, investigations, policies, and training. Thus, the organization has 360° contextual intelligence on compliance.
- Enable the organization to be a Principled Performer to pursue competitive advantages with superior GRC capability, aligned with compliance and ethics that is kept current and managed in a dynamic business, risk, and regulatory environment.
- Improve compliance reporting to senior management and the board by integrating compliance metrics and information into existing reporting processes and forms to assist in their fiduciary obligations of oversight of compliance.
- Build superior shareholder relations and broader stakeholder communications around ethics, values, and compliance activities.
Which of these elements describe opportunities in your organization? What would you change? What would you add to your list of opportunities?
Catch up on the series:
Download the complete CECO SWOT Analysis today.