Published on Jan 20th, 2022 |

The National Society of Compliance Professionals (NSCP) has proposed a Chief Compliance Officer liability framework that focuses more on organizational support and resources.

They have conducted multiple industry wide surveys that have focused on CCO Empowerment and CCO Liability. The respondents to the surveys are comprised of over 2,000 CCOs and other Compliance Professionals.

What were the results of the CCO Empowerment and Liability Surveys?

  • 72% of Compliance Professionals are concerned that regulators have expanded the role of Compliance Officers and the scope of responsibilities is imposing personal liability.
  • 70% of Firms believe that their overall Compliance Function is under resourced.
  • 35% reported inadequate resources to perform Compliance Training.
  • 25% reported an inability to address Compliance-Related weaknesses and report concerns to Senior Management.
  • 20% reported insufficient authority to develop and enforce Compliance Policies and Procedures at their Firms.

Vigilant’s Final Conclusion on the Proposed Chief Compliance Officer Liability Framework & Surveys

It is crucial for Firms to have an adequate amount of resources to handle their overall Compliance function and responsibilities. It is important to be sure you have enough support to stay ahead of your current Compliance responsibilities, and especially new Rule changes that become effective

According to the Wall Street Journal, the current outlook of CCOs’ unemployment rate has dropped to 2.4% in 2021 (3.5% in 2020). It is more important now than ever before to be make sure you have enough resources as the job market continues to heat up. The salary data for a CCO is in the top 75th percentile and the salary continues to increase year after year.

Over the last 17 Years at Vigilant, we have provided cost effective solutions focusing on being flexible with your needs in supporting your current Compliance Obligations.

If you would like to learn more about Vigilant and how we can help, please contact us here.

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