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. Last week we looked at the STRENGTHS of the typical CECO; this week we turn to WEAKNESSES.
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 your program and what you need to work on to deliver the leadership and skills to achieve your goals moving forward. If you are like me, you do not want to focus on weakness. But we need to identify and address our weaknesses in order to do better. Some weaknesses we can overcome ourselves; others may require outside assistance. Perhaps it means finding capabilities on your team to provide balance to your weak areas.
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. The typical CECO today struggles with:
- Limited technical acumen: Most compliance roles have grown out of legal, which has often been more comfortable with documents and paper, with limited understanding of technology.
- Manual processes and myopic technology: Related to the limited technical acumen, this overwhelms the compliance officer and function with documents and manual processes that take time to reconcile and report.
- Project management skills that are lacking: Compliance and ethics management has become a complex and intricate set of projects, tasks, and reports that require compliance management to have an integrated view into compliance deadlines, resources, reports, and activities.
- Federated facilitation experience: While the CECO role is the figurehead of compliance, this role often has a limited view into the expanse of compliance across departments.
- Moving beyond checklists: The compliance function has a tendency to focus on corporate compliance checklists to find and resolve compliance issues, and now is being challenged to understand compliance risk and take on ethics, values, and social responsibility, and become a champion for corporate culture.
- Stigma of the corporate cop: The compliance role has historically been seen as a corporate cop rather than a strategic and operationally influential champion of organizational integrity.
- Firefighting and reactive approaches to compliance, where resources are consumed in investigations and putting out compliance fires, which leaves little to no resources for proactive planning of compliance and ethics.
Which of these elements describe your weaknesses? What would you change? What would you add to your list of weaknesses? How can you compensate or address these weaknesses?
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Download the complete CECO SWOT Analysis today.