CCO Skill Requirements 21% Flashcards
What skills must a CCO have?
- Regulatory, industry, and operational knowledge
- The ability to identify compliance issues
- The ability to assess compliance risk to prioritize problems
- The ability to communicate well, both orally and in writing * Negotiation skills
- Investigation skills
- Interviewing skills
All CCOs should be aware of industry standards and best practices
They should be in regular contact with regulatory authorities, fellow compliance professionals, and other subject matter experts to determine how regulations should be interpreted and implemented.
What questions should a CCO ask?
- Has the firm provided enough information, or are further inquiries needed?
- Is it practical or appropriate to seek expert advice or regulatory direction?
- Is it necessary to advise the appropriate level of seniority of the issues and risks of proceeding? * What modified or alternative courses of action can be taken to achieve the desired outcome?
Most leadership theory investigates leadership from three general approaches:
- Trait approach: The basic premise of this school of thought is that leaders are born, not made. the trait approach is limited in that it focuses on the leader alone, whereas employee and situational needs are not considered. Simple possession of leadership traits is not a guarantee that a manager will exercise those traits successfully in a given situation.
- Style approach: The style approach looks at the effectiveness of certain behaviours to define broader styles of successful leadership. This study led to two categories of leadership behaviour: Task behaviour, which focuses on and facilitates goal accomplishment; Relationship behaviour, which focuses on providing a supportive and productive work environment for employees. Successful leaders combine these two categories to inspire and influence employees to achieve goals.
- Situation approach: effective leaders tailor their approach based on circumstances or situations. This approach considers a number of variables, including the maturity of the employee, their length of time in the role, and the specific project.
Telling
One-way communication, where the leader tells the employee what the task is, how to do it, and by when it must be done
Selling
Two-way communication, where the leader directs the employee but allows for dialogue and seeks agreement from the employee
Participating
A less task-focused and more relationship- focused approach, where shared decision- making and ownership are encouraged
Delegating
An approach in which the process and decision-making belongs to the employee, with the leader being available for support and consultation
Low competence, low commitment
The employee lacks the skills necessary to perform the required task and does not want to accept responsibility.
Low competence, high commitment
The employee has acquired some competency and is willing to take on the task, but still needs direction.
High competence, low commitment
The employee is technically able to do the task but lacks confidence or is unwilling to accept responsibility.
High competence, high commitment
The employee is able to perform the task, has the confidence to perform it, and is willing to assume responsibility for outcomes.
What are leadership Behaviors?
- They create a shared vision.
- They embrace continuous improvement.
- They enable others to do their best.
- They lead by example.
- They motivate others.
vision statement
which is a description of the shared vision of an organization or department. A good vision statement is a brief and compelling declaration of what an organization strives to be. It describes clear objectives that are challenging but not out of reach.
Under good leadership, all employees adhere to the following
principles:
- Keep the client’s best interest in mind at all times.
- Continually question traditional methods and find ways to improve them. * Seek out challenging opportunities to change, grow, and innovate.
What is the key to achieving business goals?
establish an environment where others are able to do what it takes to
be successful. Leaders can enable their staff by building trust within the work environment, providing individual opportunities for growth, delegating authority appropriately, and encouraging initiative. Encouraging new ideas, rewarding successes, demonstrating good humour, and projecting a positive mood all contribute to a collegial and productive environment where employees want to contribute and want the organization to succeed. Part of this process is to provide clear direction in terms of what is expected of employees. Direction is typically provided in an employee’s job description and reinforced in periodic performance evaluations
Lead by example
A true leader sets high standards and then consistently behaves in ways that meet those standards. Their actions are an unspoken statement about what is considered appropriate and acceptable behaviour.
Motivating others over a short time or for specific task is not difficult
Truly effective leaders are skilled at
maintaining motivation over the long term. They do this by having high expectations of others and linking performance to rewards and feedback. The two types of motivation are intrinsic motivation and extrinsic motivation. A person who performs a task because it is personally rewarding is intrinsically motivated. Those who perform a task to receive a reward or to avoid punishment are extrinsically motivated.
Effective leaders generally share traits, abilities, attributes, and social graces characterized by good interactions with other people.
These characteristics define interpersonal skills, commonly called soft skills. Hard skills are defined sets of skills that are the occupational requirements of a job. Soft skills are harder to define and measure, but they are essential to the effective functioning of work teams and are particularly important for those in positions of leadership. Soft skills can be roughly organized into three categories (although the categories often overlap):
* Communication skills Effective communication essentially involves three skills: speaking, writing, and listening. Spoken messages have both a verbal and a non-verbal component. The verbal component is the wording of the
message itself. The non-verbal component includes eye contact, facial expressions, gestures and other body language, and tone and projection of voice. The degree of consistency between the two components helps to determine the believability of the message. Of the two elements, non-verbal communication carries the greater weight.
Active listening has two key components
seeking to understand what the other person is saying and letting the
person that know we are listening.
Self-awareness
The ability to understand how your emotions affect your actions and the emotions and actions of those around you.
Self-aware people know that a pessimistic attitude tends to be contagious.
Emotional control
The ability to manage your emotions appropriately, particularly negative emotions.
When employees are in constant fear of their supervisor’s bad moods, it speaks poorly of the supervisor’s emotional control.
Self-confidence
The ability to capitalize on your strengths and address your weaknesses.
The ability to evaluate one’s own performance without the need for validation is based in self-confidence.
Stress management
Awareness of good stress and bad stress, and their effect on your performance and leadership.
Adopting strategies to deal with stress, such as hobbies, exercise, and regular vacations, indicates a degree of maturity in managing stress.
