Why Every New Compliance Officer Should Request a Compliance Program Assessment
A new compliance officer should request a compliance program assessment to establish an objective baseline of inherited risks, gaps, and weaknesses.
What Does a New Compliance Officer Inherit?
A new compliance officer inherits existing policies, processes, risks, and weaknesses—along with accountability for any gaps already present.
New compliance officers face opportunities, challenges, and expectations to identify priorities and demonstrate value quickly, often within their first 90 days. Whether joining an organization with a mature compliance program or one that is still developing, a new compliance officer inherits its policies, processes, risks, weaknesses, and culture. Success often depends on understanding the organization’s compliance strengths and weaknesses before making significant decisions. Without reliable information about the program’s current state, assumptions can lead to poorly informed choices.
Why Should a New Compliance Officer Request an Independent Program Evaluation?
A new compliance officer should request an independent program evaluation to understand inherited risks, gaps, and weaknesses before making significant decisions.
When considering an offer to become the compliance officer, it is advisable to request an independent compliance program evaluation. It is analogous to an inventory audit that establishes what is being inherited, including gaps, weaknesses, risks, and opportunities for improvement.
What Does a Compliance Program Assessment Uncover?
A compliance program assessment can reveal control weaknesses, regulatory gaps, and outdated processes that internal teams may no longer recognize.
A structured, objective evaluation can uncover compliance gaps, control weaknesses, and emerging risk areas that might otherwise go unnoticed. It can also identify processes that once worked effectively but no longer align with current regulations, business operations, or enforcement priorities. These findings help the compliance officer understand what is working well and where vulnerabilities exist. They also support informed decisions and targeted mitigation strategies rather than choices based on outdated practices.
How Does an Assessment Build Credibility With Leadership and the Board?
Assessment findings allow a new compliance officer to replace opinions with evidence when presenting recommendations and resource requests to leadership.
An assessment provides a baseline, identifies risks, builds credibility, and supports a strategic roadmap for long-term success. It also gives executive leadership and the board a clear view of existing compliance problems and weaknesses, helping set realistic expectations. Rather than relying on opinions, the compliance officer can use objective findings to support recommendations and resource requests.
How Can Assessment Findings Shape a Compliance Work Plan?
A compliance program assessment enables a new officer to prioritize corrective actions, allocate resources, and build a strategic compliance roadmap.
A program evaluation also supports the development of a meaningful work plan. Its findings can help prioritize corrective actions, allocate resources, and establish measurable goals for the coming year. Instead of reacting to issues as they arise, the compliance officer can build a strategic compliance roadmap based on identified risks and organizational needs. Without such a review, the new compliance officer may soon be held responsible for deficiencies that predate their arrival.
Interested in a program review for your organization? Connect with Richard Kusserow at [email protected].
