A CECO SWOT Analysis for 2021: Knowing Your Strengths

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.

Distributed, dynamic, and disrupted business are driving significant changes to compliance strategies in 2021. In addressing compliance, GRC 20/20 observes that organizations are re-evaluating their internal core values, ethics, and standards of conduct in 2021, and how they extend and are enforced across the organization. The integrity of the organization is a front-and-center concern. Organizations see the need to define and live their corporate values in the business, its transactions, with clients, and in third-party relationships. This includes a focus on human rights, privacy, environmental standards, health and safety, corruption, conflicts of interest, compliance, how risk is managed, conduct with others (e.g., customers, partners), privacy, and security.

2020 taught organizations they need an enterprise-wide compliance and ethics management strategy. The challenge is that there is no single department responsible for every aspect of compliance. Today, compliance functions are often scattered and operating independently of each other. There is IT/information compliance, privacy compliance, HR compliance, environmental compliance, health and safety compliance, government contracting compliance, procurement compliance, quality compliance, corporate compliance and ethics, and more. 2020 revealed that manual compliance processes slow down an organization when it needs agility. A federated compliance strategy that is agile requires an integrated compliance process, information, and technology architecture that enables the organization to greater levels of efficiency, effectiveness, and agility in the midst of chaos and change.

To maintain integrity in the midst of a changing and dynamic business requires collaboration across these departments, roles, and functions of compliance. 2020 has shown us that the CECO needs to step up and lead an organization-wide collaboration and strategy on federated compliance across these functions in 2021.

But is the CECO ready to step up and lead an enterprise-wide strategy for compliance across departments?

As you 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. Let’s leverage a CECO SWOT Analysis to evaluate and measure which strengths, weaknesses, opportunities, and threats you identify with. An honest evaluation will inform your strategic plan as you prepare for the rest of 2021, and help you build a compliance and ethics program with an aim of integrity in an era of risk and change.

This week we will start with evaluating STRENGTHS of the typical CECO. 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.

Today’s CECO strengths come from the CECO being:

  • An enabler & leader that strives to enable the organization to reliably achieve objectives while addressing uncertainty and act with integrity.
  • An evangelist & visionary that provides leadership, direction and insight for creating and protecting organizational integrity, ethics, and values, as well as maintaining compliance with laws, regulations, policies, and procedures.
  • Energetic & engaging, with good communication skills that build interest in better approaches to compliance management, ethics, and values throughout the organization.
  • Agile & versatile, with broad experience in compliance, ethics, regulatory issues, and corporate values and how they impact other business disciplines and roles.
  • Dedicated & driven, a passionate, goal-oriented problem-solver that moves the enterprise forward through strong execution of finding and fixing compliance and ethical problems while enabling the business to execute on strategy in a principled manner.
  • Collaborator & facilitator of compliance and ethics across a range of compliance functions scattered across the business and operations that acts as a partner with peers in the organization, adept at leveraging best practices and initiatives across operating units.

Which of these elements describe your strengths? What would you change? What would you add to your list of strengths?

Continue the series:

Identifying Your Weaknesses

Finding Your Opportunities

Understanding Your Threats

Download the complete CECO SWOT Analysis today.

Download the SWOT analysis