I recently wrote an article for Corporate Compliance Insights on "What Every Corporate Audit Officer Should Comply With," looking at the key responsibilities a CAO plays in many corporate and healthcare organizations.
With privacy and compliance laws expanding, the need for transparency is increasing and how organizations use and share private information is evolving. The role of a Chief Audit Officer (CAO) is an essential one, holding key responsibilities including conducting a thorough examination of an organization’s business operations, recommending operational efficiencies, ensuring compliance with privacy and security laws such as the Health Insurance Portability and Accountability Act (HIPAA), Sarbanes-Oxley Act (SOX) and the various state breach notification laws. For global organizations, the mandate of the CAO grows exponentially.
The role of the CAO is about more than just compliance. The CAO can recommend ways the organization can improve operating efficiencies through risk assessments, understanding where the organization is vulnerable both now and in the future.
Key attributes for an effective CAO include:
A CAO with these attributes, as detailed in my article, is an asset to any organization, one that could potentially save an organization millions of dollars in non-compliance penalties.