NEW PROFILE FOR IDEAL COMPLIANCE OFFICER EMERGING
A new profile for the ideal broker/dealer
compliance officer is emerging based on a list of
qualifications firms are demanding. Firms of all
sizes are looking for compliance officers with:
- Five to seven years of experience
- Working understanding of the business side
- Personality to work with it side by side
- Knowledge of technology to understand computer
systems as regulators put more emphasis on areas
such as electronic record retrieval
- Working relationshop with both industry lawyers
and regulators
- Experience with industry associations
Compliance departments at many firms have grown by
50% in recent years and much of the demand is
coming for mid-level hires, said Daniel Solo, a
compliance recruiter at the Response Cos. Solo said
that mid-level compliance officers are instrumental
in the development of new compliance programs. B/Ds
also want to see a confidence that will enable
compliance officer to obtain information
internally. "Firms are conscious that they have to
better integrate," said Micheal Tuller, director of
executive search for the Compliance Search Group.
Compliance officers are increasingly coordinating
information from various departments, said
Michael Lord, principal of Michael Lord
& Co. "If you can't get the materials, then
you can't do your job," Lord said. Salaries for the
mid-level compliance positions vary from firm to
firm, recruiters said, ranging from $130,000 to
packages in excess of $250,000.
~Patrick Ruppe, Compliance Reporter, March 27, 2006,
Vol. XIII, No. 12, p. 1
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