The CCO’s Role in Risk Management

What can CCO's do for better risk management?

A Chief Compliance Officer has many tasks to perform for his or her organization, from managing policies to enforcing compliance. In 2016, these are especially important, since lack of vigilance can lead to attention from the Department of Justice, and even prosecution.

The CCO has to actively promote proper action and review to avoid hefty financial penalties and bad practices. We have a few key points for organizations to remember when addressing proper CCO behavior.

First of all, these officers shouldn't be merely reactive. Regular compliance reviews and other similar acts will demonstrate a serious commitment to improvement. More importantly, they will stay in line with the government's expectations and help protect organizations from possible litigation.

CCO's also need to be aware of how much they will be the specific focus during DOJ persecution cases. After the Yates Memo last year, administrators should know that civil attorneys will be looking for individual accountability.

According to this document, civil actions will depend upon the seriousness of any misconduct, not on their ability to pay.Finally, CCO's need to understand the importance of various compliance tasks. A 2015 Deloitte Compliance Trends Survey report listed some of the most popular CCO functions, which include compliance training, enforcing a code of conduct and managing complaints.

While all of these are important, an Enterprise Risk Management Initiative article on this report raised the question of who handles the other responsibilities that aren't as highly ranked. Since the lowest responsibility was culture assessment, this source questioned who would take on such a vital concern if the CCO doesn't.

With proper prioritizing and compliance, a CCO can keep their organization away from costly violations. Contact a healthcare IT consulting professional to start working toward better compliance under these new policies.

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