Back then, compliance officers were hired for their specific duties in a company. That is, to streamline the financial security of the company and manage the money present such that traders with fraud cases are dealt away with. However, many compliance officers today have been dealing with fraud issues that they themselves participate in. Some do not even understand the duty they have been given as chief compliance officers hence they do not know the role to play. Others are posted in different departments that do not need their field of specialization while others are paid less subject to them squandering their employers’ finances.
One compliance officer that has always played her duty well was Helane Morrison when she was a manager and a compliance officer at Securities and Exchange Commission she was a just compliance officer her legal duties for the time she worked in the firm. She even brought to the limelight famous traders who were involved in fraud cases and fought for legal justice for SEC against one of its investors. The investors who fraud their investment because of Helane Morrison Securities and Exchange Commission are figuring out how much chief compliance officers are destroying many companies from their confused line of duty, and it is ready to make them perform and understand their duty in companies.
Sometimes the issue is not the CCOs but the executives and human resource persons in a company. The executive officer can pretend to perform both, compliance and audit. The finances end up tampered while the resource person employs a new staff who is not conversant with compliance as a compliance officer. The ethics and duties of a compliance officer should be understood as a specific entity. CCOs should be given full-time occupant for the positions, it will make everyone in an organization that fraud is an area that will be dealt away with plus financial management. This case can relate to Helane Morrison when she was given her duty as a compliance officer she was given all. She had the support of the organization she worked with and hence streamlined and managed their finances well. She stayed in the organization for a long time.
Compliance officer like Helane, need to understand legal skills, financial management ethics and procedures, excellent communication skills and understand of the company’s goals and reputation. They should be treated as an independent entity for maximization of income in a company. Mixed roles make them wonder away from the main duty of managing finance and legal procedures. Just like Helane Morrison they need to be up for their roles as CCOS and nothing less also in terms of payment. Through this, they will get back their customers trust.
Check out more about Helane by connecting with her on LinkedIn or following her career on Crunchbase.
Corporate America has changed so much in the last several years. People everywhere are impressed with all the woman that are moving into the corporate structure of companies. This marks a new change that is happening in world today. There are women in retail, technology, industrial and dining industries. These women make me proud because they have dispelled the myths that women cannot be mothers, wives and leaders at the corporate level.
Susan McGalla may be one of best in the corporate world to motivate women. She has been a CEO at two different companies. This is almost unheard of in the corporate world. I like her spirit because she has also started her own company and done some things on her own. She has made millions over her career, and she is passionate about what she does. She is an inspiration because that is exactly what I would like to do. I want to be passionate, but I also want to make a profit as I build brands and lead those under me.
Debra Lee is the CEO of BET, and this is also a big accomplishment in the entertainment industry. For so long the role of CEO was held by a man, but Lee has shown people that she could successfully run the channel with successful shows from Kevin Hart (“The Real Husbands of Hollywood”) and a reboot of “Punk’d.” She has proven that she has the sheer determination to take the black entertainment platform to a mainstream audience. So far it has been working.
There are also women in technology at the corporate level like Sheryl Sandberg, Meg Whitman and Marissa Mayer. These women have an outstanding amount of influence and I am thrilled to follow in their footsteps. They have become pioneers that have changed the face of the industry in so many ways. They are in roles that can determine where a company will go in the long term. This is significant because in many cases they are responsible for the bottom line.
I once believed that there was not a lot of opportunity for women to penetrate the industry at the corporate level, but these women have made me a believer. I study hard and work towards my marketing degree because women like Susan McGalla have shown that it can be done. I love the fact that they are confident in the roles, and they inspire others that are trying to move from college campuses to corporate corner offices to pursue these careers with pride.
There are a lot of women that are coming into the world of politics and others that are moving into corporate industry. All the changes in the business world shows that these women are forcing the status quo to change. They are making people see their expert skills and recognizing what they can do.