Unlike many jobs, there typically isn’t a straight career path toward becoming a compliance officer. In fact, nearly 90 percent of the 290 respondents to Compliance Week’s first annual “Inside the Mind of the CCO” survey started their careers in a different field.
The number one reason for joining the compliance profession was a “happy accident,” cited by 40 percent of respondents. Another 27 percent said “doing the right thing for the right reasons” and 24 percent moved to the field from law in a different capacity. Just 5 percent said money and advancement were the reasons to switch to compliance as a career. But nearly 90 percent said they love their jobs.
The Compliance Week survey digs deeper on many other areas of what today’s Chief Compliance Officers have on their minds. Some of these include:
Most common causes for concern
CCOs’ top three worries are a lack of support and resources; keeping up with regulatory policies; and data privacy/cyber-security. Dealing with the demands of the C-suite and board was a close fourth.
How they make the tough calls
CCOs rely more on their brains (58 percent), or regulatory and legal knowledge and training, than they do their gut instincts (42 percent), to make difficult decisions.
The skills they value the most
Today’s CCO needs a greater skill set than ever before. The ones they say are most useful are ability to stay organized, leadership, legal knowledge, patience, and the ability to motivate others.