Not even one-third of Indian companies have a full-time chief compliance officer (CCO), show a survey by Deloitte. While 58 per cent of the surveyed companies at the global level has a full-time officer, in India, only 26 per cent have one. About, 62 per cent of the Indian companies have a designated CCO, but a majority of them have an additional responsibility, according to the Compliance Trends Survey Report.
The survey added top compliance officers generally have the right reporting structure in their company to maintain their independence. For India, 48 per cent of CCOs report to the CEO, whereas 22 per cent report to the board. Globally, only 36 per cent of CCOs report to CEOs, while 21 per cent go to the board.
Globally, 364 companies were considered for this survey, out of which 37 were from India. The survey says 17 per cent Indian respondents held the title of CCO, chief ethics officer, or chief ethics and compliance officer; six per cent held some other C-level title (chief risk officer, chief audit executive); 20 per cent held a variety of titles at the vice-president level.
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