Here at pfm, we like to think that our coverage helps to make the life of a chief compliance officer (CCO) just a little bit easier. We know it’s a tough job to do and in fact, according to a study from the British Bankers’ Association and LexisNexis Risk Solutions, more than half of people in compliance roles would rather not do at all.
According to the study (which polled compliance professionals in the British banking sector), a depressing 54 percent of respondents working in compliance, regulation and anti-money laundering currently want to quit their jobs, and would leave the industry if the opportunity arose. The reason? They feel they are under too much pressure, and fear going to jail if they fail to stop rogue colleagues from breaking the law.
In the spirit of helping alleviate the current mood, allow us to provide a few perks of the position:
1. No one gets to question the CEO with impunity like a compliance officer can. It only takes three letters, “S-E-C”, or “F-C-A”, to win an argument.
2. The tsunami of regulations written after the financial crisis all but guarantees your job security.
3. Everyone loves a good compliance story. No? Just us?
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