Fraud Could Decrease with the Number of Compliance Officers on the Rise

The career of the compliance officer is a rather new trend. There are a lot of people who are unaware of what a compliance officer really does behind the scenes. But in truth, a compliance officer has one of the most important jobs in a company. Their job is to fix compliance issues, correct problems relating to ethics, and ensure that regulations are followed on a consistent basis. They carefully pick through every scrap of paper they can find in a company to locate any problem in these areas. Once any compliance issue is found, they immediately take care of the problem. Once the problem is remedied, they put measures in place to ensure that it doesn’t happen again.

Over the last twenty years, the field of compliance officers has risen from nearly none, to a workforce consisting of tens of thousands of compliance officers. Many employees see compliance officers as a threat to their job. However, a compliance officer is only a threat to those who fail to follow company policies and manage a basic understanding of ethics.

Helane L. Morrison is the Chief Compliance Officer of Hall Capital Partners LLC. She is responsible for handling security issues, litigation problems, and many other issues that major companies like this one face. Before assuming this position, she practiced law, which makes her the perfect person to keep a well-known company out of litigation court, especially one that deals with a large number of clients per day.

Originally, the compliance officer position was filled by someone who worked an experienced position in accounting or an experienced person in the legal department. Now, there are colleges across the country that offer degrees in this extremely prominent field.

A lot of people think that this field is only growing in the United States. However, it has also taken off overseas as well. The reason why interest in this field is growing so astronomically is because most of the companies who need compliance officers are large, multinational companies. These companies not only want to ensure that they protect their companies domestically, they also want to protect their companies that are located in other countries as well.

Along with the increase in compliance officers, the need for auditors, legal representation, and risk management teams is expected to decrease over the next decade. Companies would prefer to have a compliance officer in place to find issues and fix them before they become problematic, instead of someone to do damage control after the fact and try minimize the damage incurred.