With risk comes reward: Compliance roles increase in complexity
A recent survey by Thomson Reuters revealed that 53 percent of compliance officers feel that their personal liability has increased, and 66 percent of those surveyed expect the costs of senior compliance officers to increase in 2014.
March 19, 2014 at 05:23 AM
5 minute read
The original version of this story was published on Law.com
The role of the compliance officer is growing in importance, and therefore expense, for many companies. Compliance officers are increasingly sought after as U.S. regulations on companies of various sizes focus in on maintaining perfect compliance. Indeed, the Securities and Exchange Commission will start holding compliance officers personally reliable for their companies' failures in a new, aggressive policy. So it is no wonder that compliance officers themselves are expecting a bit of a crackdown on their personal liability.
A recent survey by Thomson Reuters revealed that 53 percent of compliance officers feel that their personal liability has increased, and 66 percent of those surveyed expect the costs of senior compliance officers to increase in 2014. A combination of factors is at work here that is contributing to these projections — increased cost of compliance and regulatory changes, for two. The annual survey covered 71 countries and 600 compliance practitioners.
Chris Perry, managing director of Risk for Thomson Reuters stated: ”The ability to comply with confidence and transparency is integral to building trust in the financial services sector…Compliance leaders are being held to increased accountability amidst an ever-increasing volume of regulation, the expectation to move and comply fast, and the exposure to record fines for non-compliance, now regularly totaling in the billions. In this time of heightened scrutiny, it has never been more important that boards support their compliance function and its senior leadership with the budget, resources and tools to help ensure transparency, trust and a lasting change in behaviors throughout firms.”
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Trending Stories
- 1BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 2The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 3First Lawsuit Filed Alleging Contraceptive Depo-Provera Caused Brain Tumor
- 4Elder Litigators Confront Tough Questions in Last Act of Careers
- 5The 'Biden Effect' on Senior Attorneys: Should I Stay or Should I Go?
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250