The role of the compliance officer is growing in importance, and therefore expense, for many companies. Compliance officers are increasingly sought after as U.S. regulations on companies of various sizes focus in on maintaining perfect compliance. Indeed, the Securities and Exchange Commission will start holding compliance officers personally reliable for their companies’ failures in a new, aggressive policy. So it is no wonder that compliance officers themselves are expecting a bit of a crackdown on their personal liability.
A recent survey by Thomson Reuters revealed that 53 percent of compliance officers feel that their personal liability has increased, and 66 percent of those surveyed expect the costs of senior compliance officers to increase in 2014. A combination of factors is at work here that is contributing to these projections — increased cost of compliance and regulatory changes, for two. The annual survey covered 71 countries and 600 compliance practitioners.