Q:

What is a CCO?

A:

Quick Answer

According to TechTarget, "CCO" stands for chief compliance officer. A CCO is responsible for managing and overseeing compliance issues in the workplace. This includes ensuring that employees follow internal policies and that the company is complying with government regulatory requirements.

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Full Answer

The International Association of Risk and Compliance Professionals states that it is the responsibility of the CCO to assure the senior management team and the board of directors that efficient policies and procedures are in place. As such, any issues with compliance, either in the workplace or on a company level, must be reported to the board of directors.

The duties of the CCO include learning and maintaining knowledge about regulations and laws, according to the IARCP. The CCO is also responsible for making an annual compliance work plan, which addresses the highest risks in terms of compliance and steps to take to monitor these risks. Often, this involves coordinating an internal review of the company. In addition to these duties, the CCO must develop programs and policies that encourage all of a business' employees and managers to report potentially fraudulent activity. These polices must ensure that an individual is able to report such a problem without fear of retaliation.

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