Chief Compliance Officer Series: It’s Your First Day on the Job, What’s Next?

by Sarah Harvey / August 5th, 2014

Have you recently accepted a Chief Compliance Officer (CCO) position? Are you curious about what responsibilities your new position entails? Are you wondering what the CCO of your organization does on a day-to-day basis? In this webinar, speakers Chris Straiter, CCO with Sentry Credit, and Jessie Skibbe, CCO with KirkpatrickPrice, provide an overview of what you can expect as a CCO.

What are the Responsibilities of a Chief Compliance Officer?

The CCO is a critical role within organizations and is a key component of overall compliance management systems. As such, a CCO would:

  • Identify new regulatory requirements
  • Review processes for development and implementation of new consumer financial products or services
  • Document the organization’s compliance programs, including policies and procedures, training, and monitoring and corrective actions
  • Ensure consumer complaints are addressed, categorized, reviewed, and analyzed in a timely fashion

Essentially, the responsibilities of the CCO are to maintain operational independence, direct access to the executive management, ensure compliance with Consumer Financial Protection Laws, and manage the compliance management system.

How can KirkpatrickPrice and Your Chief Compliance Officer Work Together?

KirkpatrickPrice offers a variety of audits including a CFPB readiness audit, which reviews the overall design of your organization’s policies, procedures, and documents. It also reviews the operational effectiveness by testing controls to ensure compliance with CFPB examination procedures. By working together to ensure that your organizations compliance management system adheres to CFPB regulations, KirkpatrickPrice will help prepare you for future audit reports and assist you in creating a stronger culture of compliance for your organization.

To learn more about what you can expect working as a Chief Compliance Officer or for ways that KirkpatrickPrice can assist you in assuring compliance with the CFPB standards, contact us today.