The accountability for chief compliance officers is rising recently. This is due to many chief compliance officers misusing their power. Many in this position have not been properly reporting illegal activities within banks or using the system to benefit themselves in some sort of way. Obviously this is not the case for many chief compliance offers and many innocent people are suffering due to the negligence and willful law breaking of others. Many chief compliance officers are seeking out lawyers. This can become quite expensive but many individuals feel that it is necessary given the current conditions. Also, many individuals who work in this field are beginning to request that the banks they currently work for pay for their liability insurance. However, there are a few upsides to these events. The main benefit is that the salary for individuals in this field is steadily rising. Many people are becoming uncomfortable with the attention the field is receiving lately and this is causing for an increase in resignations. This is making chief compliance officers harder to come by and thus more valuable. They are also harder to replace which is adding to the increase of their income. Many individuals who are working for large banks can expect to receive upwards of $2 million a year. Other people who specialize in anti-fraud can look to receive upwards of six hundred thousand dollars a year. Many are suggesting an increase in regulations. These regulations would make it more difficult for people to engage in fraudulent activity because they could be prosecuted legally for doing so.
There are still many respectable individuals in this field who strive to be trustworthy and are determined to remain successful in this field. For instance, Helane Morrison has had a very successful career as a chief compliance officer.
Helane was born in New York and attended Northwestern University, where she received her degree in journalism.
She went on to also attend the University of California, Berkely School of Law. This is where she received her law degree. She began her career as a clerk for Richard A. Posner and later for Harry Blackner of the Supreme Court. She then joined a law firm for which she became a partner in 1991. She then joined the SEC as the head of regional enforcement activities. She was actually the first woman to be appointed as the Regional Director during her time there. Then later, in 2007 she joined Hall Capital Partners. Here she serves as their chief compliance officer.
Learn more about Helane by connecting with her on LinkedIn or reading more about her here >> http://www.bloomberg.com/research/stocks/private/person.asp?personId=38982933&privcapId=1746886&previousCapId=1746886&previousTitle=Hall%20Capital%20Partners%20LLC