What is a CCO and why Outsourcing is Better
Compliance is a critical function for any business. When it comes to financial advisory firms, it holds an even more crucial importance. Importance of compliance for broker dealers will only increase as industry regulations become more complex. Who is responsible for Compliance? Every financial advisory firm is required by law to hire a CCO (chief compliance officer). It can be a full time employee or can be outsourced. A CCO is responsible for maintaining compliance within the firm and with the external elements. Qualities of a good CCO: A good CCO must possess a vast set of skills and abilities. He/she should be highly focused and experienced because when it comes to broker dealer CCO services there is no room for error. Must have excellent management abilities Must be able to work independently and make quick decisions. Must be accountable, adaptable, and flexible Should be able to pay attention to detail and have ability to multi-task Must have excellent communication skills both