What should an interim compliance officer report to the board?

An interim compliance officer plays a pivotal role in providing the board with a fair and up-to-date view of how the company complies with laws, regulations and internal policies. Reporting is both strategic and operational – it is not only about describing the current position, but also about highlighting trends, emerging risks and how the company is actively working to reduce vulnerabilities. This is particularly important during periods of significant change, heightened supervisory focus or when building a new compliance function.

In regulated sectors – such as financial services, insurance or activities under the supervision of the Swedish Financial Supervisory Authority (Finansinspektionen) – the board needs visibility of regulatory changes, any supervisory actions, and any deficiencies or departures from established procedures. An interim compliance officer should ensure that the reporting enables the board to take well-informed decisions, demonstrates to supervisory authorities that management is aware of risks, and, where necessary, can promptly decide on resources or remedial plans. Reporting should therefore be specific, risk-based and forward-looking.

Checklists and templates for effective compliance reporting

To ensure clarity and comparability between quarters, an interim compliance officer should use clear templates and established reporting structures. A well-designed compliance report should summarise material information at a high level whilst containing sufficient detail to give the board an accurate risk picture.

• Regulatory risks and priorities: Which risk areas are assessed as most critical and which actions are prioritised?
• Actions completed and planned: Brief status of improvement initiatives, updated policies and internal controls.
• Incidents and breaches: Presentation of identified deficiencies, internal investigations and any reporting to supervisory authorities.
• Regulatory change: Which new or upcoming requirements may affect the company’s processes and resource needs?
• Follow-up on previous reporting: Feedback on actions decided by the board or management on earlier occasions.

A considered format with colour-coded risk levels, clear timelines and allocation of responsibilities makes it easier for the board to understand the current position, track history and identify what requires decisions or resources going forward. This supports higher-quality decision-making and traceable documentation that will withstand supervisory scrutiny.

At Morling Consulting, we provide interim compliance solutions with a particular focus on strengthening reporting to executive management and the board. We help you establish effective templates, structure and routines for transparent, accurate compliance reporting – so the board receives the right decision-making material at the right time.