Under increasing regulatory pressures, many firms are frantically seeking people to head their compliance efforts. But in this new and competitive job market, hiring pitfalls abound. Where do companies go wrong when they're hiring a CCO?
A spate of new regulations has created a hiring frenzy among firms looking for people to head efforts to meet these regulations. Variously called chief compliance officers or corporate compliance officers (CCOs) or chief governance officers, these newly minted jobs are commanding top pay for well-qualified candidates.
Still, recruiting a chief compliance officer has its pitfalls. Most organizations don't have experience hiring for compliance leadership. And, where laws mandate financial companies to hire a compliance officer, firms can be tempted to rush into hiring decisions that, ironically, end up undermining compliance efforts.
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