cco evolution: 4 steps to becoming a strategic partner...why the cco should be part of strategy...

Copyright © 2017 NAVEX Global, Inc. All Rights Reserved. | Page 0

CCO Evolution:4 Steps to

Becoming a Strategic Partner

Presented byMary A. Bennett| Vice President, NAVEX Global

Copyright © 2017 NAVEX Global, Inc. All Rights Reserved. | Page 1www.navexglobal.com

Presenter

Mary A. BennettVice President, NAVEX Global


• Why be “Strategic”?

• Know & Show Your Stuff

• Leverage People

• Overcome Barriers

• Think & Act Strategically

Agenda


Why be “Strategic”?

Copyright © 2017 NAVEX Global, Inc. All Rights Reserved. | Page 4

First, What does It Mean?

Strategic:

of or relating to a general plan that is created to achieve a goal in war, politics, etc., usually over a long period of time


Why the CCO Should be Part of Strategy Discussions

The CCO…

• Can identify and help control regulatory and reputational risks

• Knows the organization, its strengths and weaknesses

• Knows how to collaborate

• Has access to vast quantities of information

• Brings ethics into the discussion

• Knows how to influence without authority


Step 1: Know & Show Your Stuff


The Goal Is to Earn the Trust of ColleaguesEstablish Credibility

Expertise

• Decide to invest time, effort and patience

• Become an expert on your duties, responsibilities and authorities as CCO

Adapted from: https://www.inc.com/peter-economy/8-powerful-habits-to-establish-credibility-as-a-leader.html

Respect

• Always speak and act with respect, honesty and transparency

• Be supportive and give appropriate credit to others

Knowledge

• Learn the business; learn everything you can

• Become a highly dependable source of expertise, information and decision making

Accountability

• Take full responsibility for your actions and decisions

• Build an effective Compliance Program while being a good steward of resources


Step 2: Leverage People


Keep the Goal in MindBuilding & Leveraging Work Relationships

1. Identify and connect with colleagues in key roles

2. Cultivate these connections into meaningful contacts

3. Maintain and invest in relationships by keeping up with people

4. Leverage your network by asking for things from key people

Adapted from: http://www.onpoint-leadership.com/2015/02/build-leverage-better-relationships-work/


Step 3: Overcome Barriers


Successful Sara

• Confident, competent, creative

• Knows business and risk landscape

• Program includes bioethics, privacy, and physician contract compliance owners

• Small staff with efficient processes

• Has standing coffee/lunch monthly meetings with board committee chair, CEO, key executives; their go-to resource

• Invited participant in new business development

• Trusted and known by most employees

• Right-hand resource to board during scandal; efforts achieved lesser penalties from DOJ

CCO of Large Healthcare Provider Organization


Hapless Hank

• Somewhat confident, competent

• Did not ask board committee chair or CEO what they expected from him

• Knows business and risk landscape

• Interpersonal hurdles to developing relationships with C-suite, CEO, and board

• Prior program run by GC through weak CCO

• Excluded from key meetings after requesting participation

• Efforts to implement effective program blocked by power struggle between GC and CCO

• Terminated after merger

CCO of Small Financial Organization


Barriers to CCOs Getting a Seat at the Table

• Lack of business knowledge

• Negative personal traits

• Poor people skills; isolated

• Too busy to think and learn

• Reflexive decision-making

• Misalignment of decisions with business goals

• More comfortable with statistics and charts

• Focused too narrowly on to-do list; inflexible

• Will not choose a priority; tries to do it all

Adapted from: Strengthen your Strategic Thinking Muscles, Liane Davey, Harvard Business Review, Jan 21, 2014


How to Overcome Barriers

• Get a strategic mentor

• Ask for feedback from trusted colleagues

• Make time to think and plan

• Learn to listen strategically

• Be genuinely interested in other people

• ALWAYS keep the business goals out front

• Manage your fears

• Choose to adopt a positive attitude


Step 4: Think & Act Strategically


8 Characteristics of a Strategic Thinker

Adapted from: http://blog.mitchcommgroup.com/blake/8-characteristics-of-a-strategic-thinker

STRATEGIC THINKERS NON-STRATEGIC THINKERSFuture-focused Reactive

Curious Isolated

Good steward of resources Cost-focused

Risk taker Cautious

Long-range priorities Unable to prioritize

Nimble Inflexible

Life-long learner Satisfied with “what is”

Creative Predictable


Adjectives of a Strategic CCO

• Learner: Learns about risks and opportunities

• Good Steward: Manages the E&C Program like it was your money and resources

• Future-Focused/Nimble: Finds ways to help the business succeed – no more “No Police”

• Curious: Builds key organizational relationships

• Long-Range Thinker: Links every decision to organizational goals

• Creative/Risk-Taker: Brings new and out-of-box ideas to the table

“Strategic people create connections between

ideas, plans and people that others fail to see.”

- Liane Davey, author and cofounder of 3COze Inc.


Summary & Takeaways


Key Takeaways for Successful Strategic Partnerships• Know and Show Your Stuff− Learn all you can; keep learning− Be a good steward of your Program; high proficiency, low cost

• Leverage People− Develop personal relationships with key people; be curious− Ask what others need from you

• Overcome Barriers− “Know Thyself” - Socrates− Identify and master your negative personal traits and fears

• Think and Act Strategically− Be future-focused; directed by business goals− Think creatively about risks; manage, leverage− Link solutions and reports to business strategy

cco evolution: 4 steps to becoming a strategic partner...why the cco should be part of strategy...

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