A chief compliance officer can only succeed with the support of other important compliance partners. A vital partner for compliance is the internal auditor. Indeed, both functions must take measures to ensure that the internal audit and compliance partnership works well.
A CCO has to meet often and work closely with the internal auditor. In many areas, the internal auditor and compliance share common objectives. The internal auditor, for example, is responsible for ensuring that the company’s financial and accounting controls are operating effectively, and the CCO shares several common interests and he or she seeks to keep the company from running afoul of financial regulations. The internal audit’s responsibility for conducting audits of specific offices and functions also provides important opportunities for CCOs to coordinate compliance audits with the internal audit staff.
