Posted by Robert Half Management Resources on Wednesday, January 14, 2015 - 00:00 | Follow me
When CFOs in a Robert Half Management Resources survey were asked whether managing their compliance initiatives had become more or less challenging, just 9 percent said it had grown easier. From mandates associated with Sarbanes-Oxley to the regulations set forth by the Patient Protection and Affordable Care Act, CFOs are under more regulatory compliance pressure than ever before.
Given the shifts in regulations today, it’s increasingly difficult for financial executives to keep their teams on the cutting edge of the compliance process. That’s why it’s absolutely essential for CFOs to invest in comprehensive regulatory compliance training for their teams.
“As regulatory demands grow in complexity, many companies are struggling to keep staff up to date on emerging compliance rules,” said Paul McDonald, Robert Half senior executive director. “Training and continuous learning have become crucial in meeting a broad range of mandates.”
A range of resources
This message is getting through. In the survey, 59 percent of CFOs challenged by compliance demands said they are providing additional training for their teams.
There are a wide variety of options available, from in-person sessions to online resources to certification programs. The key is to choose the offerings that best fit your team’s workload, culture and schedules.
To bolster your training and development program, consider working with a consultant. You can turn to these experienced professionals for specialized regulatory expertise not available internally, and they can share their insights and best practices with your team.
There is no question that compliance initiatives are a demanding and costly challenge for CFOs. In fact, 99 percent of U.S. executives and 96 percent in Canada said they expect their compliance costs to rise or stay the same over time, according to Benchmarking the Accounting & Finance Function from Robert Half and Financial Executives Research Foundation. In this environment, companies are likely to find their investment in compliance training for their teams highly valuable.
How do you help your teams stay current on regulatory compliance demands?