How The Role of Compliance Officers is Evolving in Corporate America

The Chief Risk Officer is the person whom brings in the leadership and vision for handling risk. Regulators want transparency, which is why the Chief Risk Officer is there to ensure that financial firms are complying with all applicable laws. Chief Risk Officers are very independent from the rest of the firm, and this offers a great viewpoint over the activities. These individuals monitor risks and take action to prevent risks from causing an impact to the bottom line of the firm. This is a role which is growing in importance as a result of the needs for more senior roles. These individuals are responsible for building relationships with others throughout the firm to ensure that the firm is complying with risks. This is an ever-evolving career path which allows individuals to progress to the Chief Risk Officer from other lower roles in the firm, offering a very steady career path which is a result of progression to the top from the bottom.

In this new era of in the corporate world, it is apparent that compliance officers are taking on new roles. Helane L. Morrison is an example of a person whom has many years of experience in the compliance industry, and is currently working for Hall Capital Partners as a Chief Compliance Officer. This comes after a role as a San Francisco City SEC Administrator, among other titles which she has held throughout her career. She was responsible for litigation matters and enforcement matters in her role in the past, but moved on to private practice. She has also provided insight into matters such as false advertising, noting that political contributions must be disclosed in the solicitation of pension funds.

While at the SEC, she was responsible for directing the enforcement program which gave her many insights that she uses in her current role. Her role took in effect at a time in which the SEC was expanding it’s office as a result of greater need for enforcement. This was also at a time in which there was a rise in the use of the online brokerage services, which the SEC had a greater interest for ensuring compliance with federal laws. She was responsible for enforcing all areas of the SEC office’s practice and was in private practice in her role before the SEC. While in private practice, Helane was responsible for defending clients whom were sued by the SEC.