Published on Sep 27th, 2022 |


Brief Introduction

Many firms underestimate the importance of a designated compliance team supporting their business.

A common theme we have seen throughout the industry are firms designating a CCO, who already has a full time job (e.g. CFO/COO). The dual hatted nature of these responsibilities in many cases can lead to an increase in risk and the potential for error.

5 Unintended Outcomes From “Do It Yourself” Compliance

  1. Employees or Company Leaders without compliance training spend an inefficient amount of time to complete tasks in addition to their regular workload.
    • This can cause delays in other projects within and outside compliance from being completed due to the inefficient time being spent to complete these tasks.
  2. Misallocation of internal resources.
    • Key employees spending more time outside of their core competencies where they can be adding more value elsewhere.
  3. Compliance documents are incomplete, delayed, or inadequate (which will be appear evident to regulators).
  4. Reliance on unvetted information from the internet, social media, or word-of-mouth.
  5. Eventual outsourcing to a large, expensive, regulatory consultant firm that does not change their product to meet your needs but fits you into their process.

Vigilant’s Final Conclusion

It is extremely important for a growing firm to seek compliance assistance earlier than later.

At Vigilant, we provide customized end to end and co-sourced Compliance Solutions to alleviate the compliance burden your Firm may be facing.

Contact Us Today For CCO Support