The value of perspective

1 minute read

Having a solid understanding of the challenges our operating units face provides tremendous perspective for the compliance team, enabling it to more fully understand and assist with designing solutions for critical compliance risks. The most common approach to gaining this perspective is through regular meetings and other communications between compliance and each unit that has ownership of various compliance risks. Establishing and nurturing relationships between compliance and operating units is critical not only in getting a better understanding of risks, but also in designing practical solutions that are met with buy-in from the affected units, resulting in an ongoing partnership. In organizations with sufficient capacity in the compliance department, designating one of the team members as the compliance liaison with each unit can further enhance these relationships.

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