The world of legal compliance is changing fast, and compliance officers are in higher demand now than ever before. This is no surprise when you consider reports showing that 67 federal agencies were working on deploying 3,209 new regulations in 2018 alone.
If your company is in the market for a hiring officer, you’ll need to find the right candidate to bring you up to speed. And as there are so many recruitment options out there these days, we suggest you keep these five questions in mind during your search.
1. What will they bring to the organization?
Staying up-to-date with regulatory compliance is a given, but can your compliance officer keep your company attuned to professional standards of conduct and accepted business practices?
Everyone mentions Sarbanes-Oxley as a catalyst for compliance audits, but in truth, most organizations need to look deeper and work on instituting practices that help them shift from reactive to proactive strategies for achieving compliance.
2. What compensation can we afford?
Budget may be a concern for any hiring decision, but if there’s one area in which you shouldn’t cut corners, it’s compliance. The median salary for a compliance officer in 2017 was $67,870, though there’s quite a bit of variance in pay scale depending on the size of your firm and the officer’s experience.
Fortunately, new hiring solutions are available these days to help firms find this talent without breaking their budgets. LawTrades Apex is a great example. By tapping into tech-centric tools that automate candidate selection, vetting, and matchmaking, Apex cuts through the waste inherent to traditional recruiting and brings qualified candidates right to your door.
Yes, it’s a cost-cutting measure—but more importantly, it’s a smarter system of recruitment that guarantees you find the right talent on the first try.
3. Which compliance frameworks are they familiar with?
Look for compliance officers who have experience with the specific regulatory frameworks governing your business. Frameworks like SOX and HIPAA are pretty well-known, but what about the PCI DSS regulation for credit card processing? Or the latest updates to the GDPR?
These aren’t regulations that your compliance officer should pick up on the fly. They should have an established history with the regulations of their industry and what it’ll take to bring your company into compliance. Keep an eye out for candidates with experience here, and pay special attention to candidates familiar with tech-centric regulations that may apply to numerous sectors, such as FedRAMP or the NIST cybersecurity framework.
4. How much internal training do we need?
Organizational compliance isn’t the compliance officer’s job. It’s everyone’s job. Look at your firm and consider how effective your compliance efforts are. Do you use technology to monitor compliance across employee onboarding and training? Have you identified your highest-risk areas and built out your monitoring tools to keep tabs on these hotspots in real-time?
Keep an eye out for these ancillary needs and make sure your officer equips your team with the tools required to stay on top of compliance, regardless of their position in the company.
Let Compliance Chase You—Not the Other Way Around
The right compliance officer will prepare you for regulatory changes well before deadlines and help you stay ahead of issues as they arise. But finding the right officer is key. Keep the above questions in mind as you proceed, and keep in mind that there some great tech tools out there (like LawTrades Apex) that can connect you to compliance candidates with minimal effort on your end. Click here to request a demo.