What to Ask Compliance Officers Before Hiring Them
The demand for competent compliance officers is only growing, and that growth doesn’t look like it will ever stop, at least for the next few years. Besides the increased demand for compliance officers, companies are also looking for leaders who can take advantage of today’s technology to get to the root of any potential issues right away. This means finding a compliance leader with industry-specific expertise, a multi-faceted skillset, and adequate knowledge of cybersecurity learning, technology, as well as monitoring and reporting tools.
While compliance officers go through a similar hiring process as other employees, there are a few differences to note of. One of the things to emphasize is the interview process. Here are interview questions worth asking potential compliance officers applying for your company:
- What was the last compliance program you successfully directed? Please describe it, along with key initiatives, challenges, its impact, and what makes it successful.
Listen for comprehensive programs addressing a critical need for your company. Focus on the candidate’s specific role and how they implemented the program. Their answer will give you insight into their problem-solving abilities, enforcement, and leadership.
- Discuss a specific compliance plan you implemented. How did you convince employees at every level to adopt it and how did you ensure effectiveness?
Listen for the candidate’s ability to persuade people using hard evidence and data. Strong responses will show evidence that the candidate made a great case for the plan, identifying excellent ways to measure results. The chosen compliance officer should be seen as a respected leader and advisor, so you get a sense of how well they work with their team.
- Describe effective methods you use to assess and manage potential compliance risks.
Go for candidates with a proactive approach towards regulations based on their current and thorough knowledge of the law and the way it impacts the specific industry. Look for detailed examples relevant to your business’ industry. Moreover, the chosen candidate should be able to explain how to measure effectiveness, when and where possible breakdowns may occur, and how to guard companies against that. You’ll want a candidate who Is skilled in identifying issues, with a critical eye toward the risk of human error at any level.
- Share experiences where you accurately predicted the regulatory impacts of industry changes. What methods help you stay updated?
You want to hear strategic approaches to staying ahead of laws. Today’s compliance officers need to predict the need for change before it’s mandated. This will mean staying updated on legislation and communicating the updates to key stakeholders.
A great compliance officer candidate would have specific methods for monitoring and recording legislative updates. This will mean more than just reading industry newsletters or attending meetings. Effective compliance officers would review various relevant updates daily, following up with additional research whenever needed.
Wrapping It Up
Consider asking any of these questions when hiring a compliance officer.
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