The specialized skills of certified fraud examiners (CFE) make them strong candidates for chief compliance officer roles as companies retool their compliance programs after high-profile corporate wrongdoing in the last decades, according to Fraud Magazine. "Now's the time [for fraud examiners] to consider becoming the next CCO," the article stated.
Many factors make that a legitimate possibility: CFEs understand laws and regulations, manage and translate complex issues, work routinely with senior staff, and maintain positive working relationships across organizational lines, the article noted. These core competencies directly relate to compliance leadership.
Further, an effective CCO must communicate clearly, appreciate opposing perspectives and work well with stakeholders within and outside an organization. CFEs are poised to do this given their education, knowledge and experience, the article stated, as well as the trust they've earned among colleagues.
The article highlights joint projects and similarities in program integrity work done by compliance and anti-fraud professionals. For example, CFEs mitigate fraud-related risk, which includes designing and implementing programs and controls to prevent, detect and remediate wrongdoing. Effective compliance programs do likewise but focus on broader areas, Fraud Magazine noted, including oversight of delegated entities.
Creating a culture of accountability is essential for a health insurer's success, and both compliance and anti-fraud professionals participate in this process. CFEs are "on the front line discussing ethical decision-making, encouraging employees to report instances of misconduct, and educating our audit committee on our progress," the article noted.
Fraud Magazine's article aligns with recent news that C-suite appointments in some industries are departing from predictable patterns. For example, two thirds of hospital CEOs hired in 2014 will come from backgrounds outside healthcare, including 40 percent from the financial sector, as FierceHealthcare reported. Women lead nearly all major healthcare organizations in Jackson County, Mich., and Horizon Blue Cross Blue Shield of New Jersey was named one of the top 10 nonprofit companies for helping female executives succeed, as FierceHealthPayer reported.
For more:
- read the Fraud Magazine article