Posted by Lisa Amstutz on Monday, November 18, 2013 - 11:44 | Follow me
We here at Robert Half love surveys. We frequently commission surveys of executives and employees to identify workplace trends. The intent is to help guide employers looking to grow and job seekers as they advance their careers.
We recently developed a poll of 2,100 CFOs from more than 20 of the largest U.S. metropolitan areas. The results: 45 percent of CFOs interviewed rated their team's regulatory and compliance knowledge as "excellent," and 48 percent characterized it as "good." (View the full results.)
The outcomes are encouraging, but staying on top of regulatory mandates is critical, not a "nice to have." Staying ahead of them is even better. Employers need to make sure their employees have the requisite tools and knowledge to stay current on emerging trends and are prepared to adjust to changing mandates.
Paul McDonald, senior executive director with Robert Half, suggests managers can ensure their teams maintain the necessary expertise by:
- Providing training opportunities
- Offering access to industry seminars and continuing professional education courses
- Bringing in consultants with specialized experience who can support compliance initiatives and cross-train existing staff
The survey results come on the heels of U.S. Securities and Exchange Commission Chairperson Mary Jo White recently stating that enforcement and demanding accountability are key priorities for the agency, and will be even more so going forward.
White is in support of legislation that would permit the SEC to seek penalties based on the fraudulent gains or investor losses.
Staying current on regulations goes beyond good business sense; it's mandatory to ensure companies are keeping ahead of their competitors, while avoiding the risk of not being in compliance, facing fines and other penalties.
Planning appropriately and ahead is necessary to improve internal controls, risk strategy, management and compliance.