With compliance, there can be no half measures. Either your organization is compliant or it isn’t. And if it’s not, then it’s at risk of hefty, and sometimes devastating, financial penalties.
Yet, let’s face it: Compliance isn’t always the main focus for many business leaders, especially those in start-ups or new companies, at which the pressing needs to generate income often are all-consuming.
Still, companies shouldn’t downplay the importance of meeting all the myriad compliance obligations they face. And if the cost and time involved with having a full-time chief compliance officer seems daunting to some businesses, outsourced CCOs can offer an alternative, one that is affordable, on-demand and trusted.
Among the many services offered by outsourced CCOs, here are some of the most common:
Compliance auditing: On-demand, temporary CCOs have a lot of experience with different organizations, so they often know how to quickly conduct formal compliance reviews to ensure that all legal obligations are being met, to identify potential compliance risks, and to rank the risks in severity.
Compliance policy creation: Most organizations try to be compliant in all rules and regulations in their industries, but many do so without a structured, clearly stated policy of action. Outsourced compliance experts are able to quickly and thoroughly provide these kinds of needed policies and make sure they reflect the individual needs of specific industries. The goal is to set up controls to try to mitigate compliance risks.
Compliance reporting: Outsourced CCOs are well-experienced in all manner of reporting needs and mandates, too, and they typically have many years’ experience in communicating objectively with boards of directors.
Compliance policies and education: On-demand CCOs provide organizations with the formal policies they need. But no matter how developed a company’s plan is on compliance mandates, it matters little if staff are unaware of it. That’s why many companies will turn to outsourced CCO services to draft employee manuals and even conduct staff training, too.
Communications compliance: Outsourced CCOs are an important compliance safeguard for all forms of communications. They can review both internal and external communications, as well as all marketing materials.
Regulatory filings: One of the most immediate time-saving benefits outsourced CCOs provide is to complete the many regulatory filings companies face. And outsourced CCOs often are relied on to make all the necessary regulatory updates and alerts needed by stakeholders, too.
Counsel on violations: When compliance violations do surface, outsourced CCOs are highly beneficial in making objective recommendations on remedial responses.