The evolving role of the CCO: Raising the stature of the compliance function

As more regulatory oversight of the insurance industry is put into play, the chief compliance officer (CCO) will become increasingly valuable in helping to inform and shape the business strategy and direction. CCOs who are leading the way in establishing and running a more mature compliance function have moved beyond reporting compliance failures and post-event improvements. They now support the CEO and board in decision making with concrete, reliable information.

To sit with the board and have meaningful dialogue, the CCO must know the compliance risks that pose the greatest threat to the insurer’s financial well-being today and into the future, as well as reputational risks arising from actions, or lack of actions, the insurer has undertaken.