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News February 7, 2005 Issue

CCO Survey Says . . .

Turns out, getting senior management buy-in may be less of an issue than we thought.

In an informal survey conducted during a NRS and Securities Industry News webinar last week, only 7 percent of respondents expressed concern about their compliance mandate. Resources didnít seem to be a big issue, either: only 16 percent were worried about their financial resources, and, in fact, 45 percent of participants said that they had adequate resources.

The biggest worry? Getting oneís arms around the subject matter. 32 percent of participants indicated that "education and training" was their number one concern.

Participants were asked about their function within their firm. Of the 198 CCOs who responded to the question, only 33 percent said they are full-time CCOs. In contrast, 60 percent reported that they share a dual role as a CFO or COO, with an additional 7 percent saying that they work as an attorney or had some other legal role.

Participants also were asked about their background. Of those who responded, 33 percent said that they are a compliance professional, and 27 percent said they were a non-compliance executive being trained for the role. Only 9 percent said they are an attorney or CFO with compliance experience. An additional 31 percent answered "None of the above."

Approximately 198 CCOs participated on the call, along with about 100 other participants.