A few weeks ago, Compliance Week and Seton Hall School of Law published an article that discussed the skills necessary to be a successful compliance officer. For those in the industry, it comes as no surprise that CCOs and compliance officers are increasingly expected to have a multi-disciplinary background. Today’s CCO must be part accountant, auditor, IT professional, lawyer, strategist, writer, leader, communicator, and more. The reason is the nature of the job. Compliance touches every aspect of a business and therefore compliance officers must be comfortable and competent in many settings.
One technical area that is becoming increasingly necessary to excel in compliance is data analytics. CCOs and compliance officers must understand how to collect, organize, and analyze large amounts of data, and then distill that data into information that can be used to monitor risks and weaknesses in internal controls.
You can read more about the Compliance Week/Seton Hall survey here. But we’d like to hear from you. Post a comment below on the types of skills that you think are most important for compliance officers in today’s financial service firms.