Frequently Asked Questions
The most common questions about the Chief Compliance Officer.
What is the difference between a Compliance Officer and a Chief Compliance Officer?
The Officer operates the function; the Chief leads it at the executive level, with a board mandate, independence and accountability to the board. Different grades of the same function.
Can the Chief Compliance Officer be fractional?
Yes. The fractional model gives mid-market and growing groups the seniority of a CCO without the full-time cost.
What does board-readiness mean?
The maturity of the compliance function and its capacity to report credibly, with auditable evidence, to the board and its committees.
How does the Chief relate to audit?
In the three lines of defence, the Chief leads the second line (compliance); audit is the independent third line that assures it.