Hiring a Chief Compliance Officer for the first time? Some of the most important decisions you’ll make occur before you ever bring in that first candidate for an interview.
These decisions set the groundwork for what the position will entail, to whom the person will report and how you’ll measure success. They ultimately determine what type of candidates you’ll attract and whether he or she will succeed in the position.READ FULL ARTICLE
Compliance officers play a vital role in managing your company’s risk and reputation, so hiring the wrong individual can have serious consequences.
Unfortunately, even experienced hiring managers may not know what specific skills they’re seeking in a candidate or how to identify the strongest talent within this profession. They may lack confidence because these positions don’t become open very often or the hiring manager has never been tasked with filling them before.
That includes hiring a Chief Compliance Officer, which may be a first for the company.
Regardless of the reasoning, here are four compliance recruitment mistakes hiring managers won’t want to make.READ FULL ARTICLE
This is the first in an occasional question-and-answer series that features leaders in corporate counsel and compliance, including General Counsel and Chief Compliance Officers.
BarkerGilmore recently sat down with Robert Masters, Senior Vice President, General Counsel and Chief Compliance Officer of Acadia Realty Trust. The company specializes in the acquisition, redevelopment and operation of retail and urban mixed-use properties. Masters has more than 30 years of experience in real estate and has been General Counsel at Acadia since 1998. He shared his advice about what it takes to be General Counsel and why aspiring GCs should take more risks.READ FULL ARTICLE
Six months after Target experienced the largest known cybersecurity breach in U.S. history, the statistics are still a sobering reminder of the impact.
Forty million credit and debit card numbers stolen. Seventy million records—including names, addresses and emails—also stolen. A 46 percent drop in profits in the fourth quarter of 2013.
There were more than 1,300 confirmed data breaches and more than 63,400 security incidents reported just last year, according to the 2014 Data Breach Investigation Report released by Verizon Wireless.
But when it comes to cybersecurity, many senior leadership teams aren’t doing enough to sound the alarms, former FBI deputy director and principal of PricewaterhouseCooper’s Advisory Forensics Services practice Sean Joyce told Compliance Week in a recent interview.
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When it comes to risk tolerance, where does your company draw the line?
More importantly, who draws that line?
Historically, it has been the executive team or board of directors. In recent years, however, it is the Chief Compliance Officer or Chief Risk Officer.
Bill Diaz, president of SunGuard Financial Systems’ insurance business, addressed this shift in the insurance industry during a recent interview with the Wall Street Journal.
“Originally CROs were effectively trying to uphold risk tolerance at the levels set by the board and executive group,” Diaz said. “With heightening compliance, we now tend to see the role elevated so they are involved in business strategy as well as compliance.”
The elevated role of the CRO and, at many companies, the CCO, has brought several unique challenges to the position.
As executive teams hire new talent for these positions—and, as candidates seek new opportunities—here are three key risk tolerance challenges they should keep in mind.
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The importance of risk management has elevated the Chief Compliance Officer position to a new level. Compliance is now an expectation in every realm of business, and it requires a much higher level of specific expertise than it did even a decade ago.
The General Counsel also plays a significant role in managing risk, but his or her responsibilities extend to so many other areas that the GC cannot simply absorb all compliance duties in the absence of a CCO. Your company needs to be prepared for the CCO’s departure at all times, whether it is planned or unexpected.
Here are four proactive ways to start identifying a successor.READ FULL ARTICLE