The job of a compliance officer has not been around for very long but its importance is continuing to grow exponentially as the position is incorporated into many businesses across the country. A well structured compliance program is designed to prevent problems as well as find them and fix them when they do occur. Depending on the business or corporation, the job of the compliance officer varies as does the duties and functions provided. This is a rapidly growing career path that many professionals are now seeking out.
As the managing director and chief compliance officer of Hall Capital, Helane L. Morrison implements tools into her business such as audits, investigations, risk assessments and education in order to comply with business standards. Helane’s long career in litigation has helped her addressing issues as a compliance officer. She also spent some time with the San Francisco SEC which gave her a leg up in dealing with issues of corporate compliance. When problems do occur, they are addressed and then steps are taken in order to prevent the same problem from occurring again in the future.
With compliance officers gaining popularity in fields such as insurance, banking and gaming, there are legalities that need to be followed and this is what this position provides. Day to day duties are supervised but also in a way that ensures compliance is being met on a legal level so if an audit does occur, everything is in order and checks out positively. The compliance officers with more experience and clout will handle more important matters like the license or title for a company, surveillance layout and usage, work permits, etc.
On an employee level a compliance officer is beneficial. This officer will hold employees to standards that will keep their performance on par and prevent serious mistakes from occurring that could potentially cost a person their job. Also, many compliance officers receive their job when they are working in another position in another part of the company. They already know the background of the company and can then focus on another aspect of the business.