Risk and Compliance Webinars | Financial Regulators

CCO Insurance – The Importance of Transparent Escalation

Written by MCO Webinar Team | Apr 6, 2021 2:30:00 PM

How gaps are addressed is key to the success of your compliance program. But how should firms identify these gaps—and insure that company leadership is aware of them? 

 Join MCO and Elin Cherry from Elinphant for an on-demand webinar on how to effectively escalate compliance concerns to senior management.

During the discussion CCO Insurance – The Importance of Transparent Escalation Elin talks about how to build a natural escalation into your Compliance Program, so that your compliance concerns are communicated to senior management in a manner where they heard and not seen as alarmist.  The focus will be on using tools you already have as well as the importance of rigor around compliance reporting.  


Chief Compliance Officers are the internal subject matter experts on regulatory requirements and the impact on the organization's business. Compliance bears the burden of identifying the issues, incidents and trends that should be escalated. Firms need clear policies and procedures around the governance of escalations and the reporting of compliance risk incidents.  Rigorous tracking, reporting and analysis allows compliance teams to aggregate and understand trends, and compiles clear data and context to share with senior leadership and other stakeholders within the organization. Developing strong relationships within the organization and keeping lines of communication open also helps with effective compliance risk escalation.
 
In the white paper What is Conduct Risk and How Can Technology Help Mitigate It?, MCO CEO Brian Fahey writes "manual incident reporting can be arduous and time-consuming, if not impossible. That’s where technology can help. A growing number of firms are using software to better manage conduct risk. Such solutions help firms track and monitor conduct-related compliance process flows, with a centralized command control dashboard, behavioral risk scoring, document management, reporting, and alerts as well as comprehensive approvals processing." Read the white paper. 
 
Reduce risk with enhanced oversight and control.

MCO has resources that can help your firm seamlessly monitor, identify and remedy conflicts of interest and code of conduct issues via one platform. MyComplianceOffice provides a fully integrated, Conduct Risk platform that helps organizations avoid fines and sanctions by using a global company and security master dataset to identify conflicts across employees, firm transactions and third parties.  Extensive dashboard and reporting capabilities provide unparalleled transparency throughout the organization while capturing a complete compliance review for internal education and escalation, auditing, and regulatory purposes.

Ready to learn more? Let us know and one of our experts will be in touch. 

 
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