BusinessCompany NewsCompliance heads sought in rules overload

Compliance heads sought in rules overload

Newly created positions such as chief compliance officer are being created to help the ever burdened chief financial officer.

Sarbanes Oxley and other regulations have meant that CFOs just don’t have
enough hours in the day to keep up, says Peter McLean, vice chairman of
recruiting firm Spencer Stuart.

Some companies that have long had CFOs are now creating compliance positions
including roles for a financial controller, the
Wall
Street Journal
reported.

McLean says that the search for corporate controller positions had jumped
nearly 40% on last years’ figures.

‘These positions add a level of expertise to the compliance role, and it
frees up the chief financial officer to tackle the jobs that they are really
expert at, such as the financial analysis involved in the business operations,’
McLean said.

Companies that have created the compliance roles include Steel Dynamics Inc
which recruited a former Ernst & Young accountant with tax and audit
experience as its internal audit manager.

Chief executive Keith Busse said that the role was created so that someone
could be directly responsible for compliance issues, adding we need to ‘ensure
we are doing what we need to comply with Sarbanes-Oxley’.

Further reading

New
regulations continue to drive CFO recruitment

SOX
has improved audit quality

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