A great time to be a compliance officer
Compliance and risk management has moved to the front burner at a lot of companies, lifting demand for executives with the requisite expertise.
In some ways, this is a great time to be a CCO. For one thing, the pay has continued to escalate. A recent survey from Consero found that CCOs typically make more than $200,000 a year, with most earning between $200,000 and $250,000 annually. At the same time, more CCOs say they have more access to the CEO and the board of directors.
So what's the drawback?
The survey found that companies are apparently still reticent to invest heavily in compliance.
"Many survey respondents said they don't get the resources their jobs demand. The survey asked whether respondents have enough resources to manage a compliance program effectively. The answers were split: nearly half—47 percent—said they don't… "
Fast-paced changes in the regulatory environment -- particularly in emerging markets -- is a stressor for those charged with keeping the company current and compliant.
In addition, "an alarming 55 percent of surveyed respondents indicated that their performance appraisal and incentive programs do not support their compliance and integrity objectives."
So it's not a complete bed of roses. I can only hope that as the economy improves, there will be more resources to go around. Of course the risks of not maintaining a proactive compliance program have also soared as of late. More than a few compliance executives have found themselves prosecuted for negligence.