Heading compliance for a company involved in a scandal can be particularly rough. Hector Sants left his chief compliance post after ten months citing "stress and exhaustion." Gary Peterson at HSBC left a similar post after two years. Such turnover makes it difficult for HSBC to revamp compliance after settling with US regulators for $1.9 billion.
"When you have people leaving or any kind of revolving door, the compliance program suffers and the progress suffers."To reduce top compliance staff turnover, Donna Boehme, now a principal at a compliance consulting firm, advises "the board should be asking why that person left."
- Donna Boehme, a former chief compliance officer
A compliance department's workload can benefit from insights delivered by low-cost on-demand Identity and Access Intelligence (IAI) SaaS analytics services.
Learn how Veriphyr Identity and Access Intelligence delivers business insights - with no hardware and no on-site software.Sources:
(a) The Morning Risk Report: When Top Compliance Employees Leave - www.wsj.com, 11/15/2013
(b) High Compliance Turnover? Ask Yourself Why - www.CorpCounsel.com, 11/18/2013