
By Jeffrey Hiller
Subscribe to our original industry insightsTwenty years ago, a now defunct magazine, MBA Jungle, had a monthly column titled “What B-School Didn’t Teach Me.” They reached out to a myriad of businesses across all sectors to respond to the question. As a Compliance officer at a big asset manager, they reached out to me for comment.
I responded that a manager doesn’t want to hear only the good news. Those in charge need the whole honest picture – and they often reward those who provide it. For example, a company I worked for had just been hit with significant regulatory fines. The CEO called a conference with his top 20 compliance officers and asked us to rate our department on a scale of 1 to ten. Everyone said seven or eight. I said four. He asked me to explain. The huge fines we just paid are, at best, an indication of departmental sloppiness. Three weeks later, they reorganized the whole corporation. The CEO specifically asked me to apply.
The job of a compliance officer is difficult but critical when complying with the federal securities laws. In our blogs and podcasts, Oyster Consulting frequently asks its associates to identify issues they have learned from their decades of Compliance and Regulatory experience. Here are a few best practices that you probably won’t learn just by getting your license:
There is more to being a Compliance Officer than what’s in a book. Oyster’s experts have the CCO, FINRA, SEC and state regulatory experience to help solve complex regulatory challenges. Oyster Consulting provides compliance support to broker-dealers and investment advisors, including risk assessments, testing, remediation, outsourced compliance roles and automated compliance solutions.
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