High-profile ethical breaches and corporate wrongdoings have pushed compliance to the top of firms’ priority lists. A failure to adhere to compliance comes at a high price. Besides meeting the company’s compliance demands, a chief compliance officer is responsible for tracking and training personnel in high-risk occupations.
On its voyage to consolidate a list of 10 best leading CCOs in India 2022, TradeFlock considers the following traits and qualities in a CCOs.
Table of Contents
Natural Born leader
Top CCOs are the leaders who share their expertise, vision, objectives, and mode of operation with all personnel of the compliance department and even beyond. Effective CCOs signify engaging and connecting with others on a regular basis; hence being a people person is often regarded as a valuable attribute in this role. TradeFlock evaluates CCOs’ ability to lead and engage in preparing its list of 10 best leading CCOs in India 2022.
Clear & Concise Communicator
A CCO may be an amazing and skilled professional, but if they are unable to communicate effectively, the firm’s compliance function will not work as smoothly as required. In some of the worst circumstances, the organisation finds itself in trouble with the authorities for its inability to match the regulatory standards. While searching for the 10 best leading CCOs in India 2022, we look out for how clear and concise communicators they are.
Equipped with a Strong Moral Compass
The most critical characteristic a CCO must possess is integrity. The compliance officers must have strong moral beliefs and honesty to ensure that the regulation management process is executed and attained properly. During our journey to pick the 10 best leading CCOs in India, we ensure that they are equipped with a strong moral compass.
Willing to Dive into the Nitty-Gritty
A competent CCO must also be able to deal with the intricacy and essentials of regulatory compliance and its various rules. This attention to detail, however, does not restrict CCOs from considering the larger picture and how compliance fits into the organisation’s overall vision and objectives. While picking up the 10 best leading CCOs in India 2022, TradeFlock assesses their ability to pay attention to the most crucial aspects of regulatory compliance.
Precognition is Their Middle Name
Effective CCOs must always be on the lookout for any violations in compliance. It involves actively implementing a compulsory reporting requirement and looking for flaws in firm operations. Top CCOs in India are always one step ahead of the curve, prepared to respond to risk or compliance violations before they occur. In our course to determine the 10 best leading COOs in India 2022, we make sure they have the ability to detect the potential risk of a compliance breach and take measures to prevent it.
Solve Problems with Their Eyes Closed
With the frequency at which new rules are coming or shifting these days, an effective CCO will also need to work as a professional issue solver. Top CCOs in India interpret the ever-changing legislation and discover new and inventive ways to comply with them. A CCO must have the ability to resolve issues and problems related to evolving regulations to fix a spot among the 1o best leading CCOs in India 2022.
Law enforcement authorities oversee whether a corporation’s compliance function has adequate resources to control and detect unlawful conduct. Top CCOs play a vital role in making sure that their corporations concede to the regulations that apply to their operations. Therefore, those who are worthy of being one of the 10 best leading CCOs in India 2022 must be adequately resourced.
Aligned with company operations and strategies
As a member of the board, the CCO is not only required to apprehend company operations and procedures but also must vigorously participate in developing them as a pivotal business partner. This means finding ways to demonstrate compliance’s value as a business-facilitating asset. TradeFlock shortlists the 10 best leading CCOs in India 2022 on the basis of how much they are streamlined with the organisation’s policy, strategies, and operations.
Respected as a voice of authority
If the CCO is to be successful, the post must be taken seriously at all levels of the business, from the boardroom to the breakroom. Other top management, particularly the CEO, can assist develop a respectful tone. To help preserve and build that respect, the CCO should openly support the business and its operations as much as possible while prioritising compliance concerns. We make sure that we pick those among the 10 best leading CCOs in India 2022 who have established themselves as a voice of authority in their organisations.
Ability to Think Strategically on Both Sides
The CCO can only be a successful partner if he or she understands both the company goals and the regulatory environment. This consists of developing innovative solutions rather than just stating that something cannot be done. Finally, the CCO must fill the gap between the needs of authorities and the company’s aims. During our quest to determine the 10 best leading CCOs in India 2022, we ensure that they understand the current needs and capacities of their companies and be able to predict other needs going forward.
These are the qualities of effective CCOs that TradeFlock evaluates to compile the list of 10 best leading CCOs in India 2022.