Michael Volkov notes that although compliance officers and internal auditors are natural partners and allies in the compliance governance landscape, changes in their relationship suggest that they both are maturing and gaining independence from each other.
CCOs are becoming more influential on their own. They have matured professionally and gathered their own constituencies, created their own relationships, and promoted their own connections with senior management and the board. Meanwhile, internal auditors are busier than they ever have been with more projects, day-to-day responsibilities, and focus on financial reporting systems and overall system management.
