Headcount
When asked how many professionals were on their compliance staff as of January this year, the mean answer was seven. This was driven upward by several firms with staffing at much higher levels. More typically, compliance staff size was five or fewer.
59% of firms added to their compliance staff this year. The same number said further increases are planned in 2005.
CCO candidate requirements
As expected, most firms will require previous compliance or other relevant business experience in CCO candidates recruited from outside. Operations experience is also considered desirable.
Expected compensation
Respondents were asked to indicate how much they would expect to pay a CCO. Thirty-one percent of those exposed to this question expect to pay cash compensation of $300,000 or more, the single figure most often cited. Twenty-four percent say expected compensation would be from $100,000 to $150,000.
Recruitment methods and practices
Consistent with general business practice, respondents said employee referrals would be their most significant means of recruiting compliance professionals.
Retained search firms were second as a recruiting source.
One-half also said they were likely to use online job boards, either general or specialized.