“Because we have to.” Do you sometimes get the feeling that this is senior management’s unspoken rationale for having a compliance department?
In this series I’ll discuss how you can change the way senior management view the compliance department. How to move from the traditional view of compliance as a costly overhead, to that of a valuable profit center.
In summary it only requires two changes:
1. Quantifying the value the compliance department brings, and
2. Effectively communicating this value to senior management.
In this series we’ll talk about how to execute these steps, with some real life examples. We’ll also look at some of the obstacles (e.g. workload, inertia, “that’ll never work here”-itis, etc.), and present some proven solutions to them.
This six part series is broken up as follows:
- The historical view of the compliance department as a cost center
-Where this view comes from & why it persists - Justification for viewing the compliance department as a profit center
- Reviewing the true value (in $$$) an effective compliance department brings - How to calculate the value
- Calculation templates for measuring the value add - Presenting the new view of the Compliance Department
- Compliance as a Profit Center and how to communicate this value to busy, stressed executives. - Selling the new view
- How to move your organization to this new approach - Leveraging the new view
- How to make the most of the new perspective, and increase your resources
There are many benefits to this approach, such as:
- Increased recognition
- You do good work, but who knows about it, and why should they care?
- Increased resources
- If you can demonstrate the ROI (return on investment) for management, then it becomes much easier to get more budget
- Increased job satisfaction
- You work hard, but do you ever learn about how the company benefited from your work?
- Improved career prospects
- Have some solid achievements to point to when negotiating career advancement
I look forward to first changing how you view your compliance department, and then helping you to change the organization’s view.
.png)
