How to Hire a Compliance Officer

Posted by Marketing on 05 13, 2020

Serving as an essential element to any company regardless of industry, compliance officers play a critical role in helping businesses avoid security and data breaches. Hiring a compliance officer can help a company ensure that they take the necessary precautions to follow compliance regulations and keep important data safe.

Given the many pros of hiring compliance officers, let’s explore some of the ways your organization can hire and onboard a privacy and data expert onto your team. 

1. Identify a strong internal candidate to take on the compliance officer role 

Who’s better to handle your company’s compliance efforts than someone who already knows the ins and outs of your business? When searching for a privacy expert to manage your company’s compliance efforts, you may want to consider taking a look at your current team members. 

There are many pros to taking your compliance officer search internal. For starters, you won’t need to brief this employee on your organization’s background and mission. A current employee will be able to use their organizational skills and understanding of your company’s operations to oversee and lead general compliance efforts. Furthermore, internally hiring a compliance officer will allow you to maintain control of your company’s compliance functions. 

On the other hand, taking your search internal may not always be the best strategy. An internal employee, for example, may not have as much experience in compliance as you’re looking for in a candidate. As a result, you may need to spend a little extra time training them. If conducting an internal search doesn’t seem like a viable option, you may want to consider an external search.

2. Turn to external candidates as a way to hire a compliance officer 

Before you consider external candidates to fill your compliance officer role, determine whether it makes financial sense to add a compliance officer to your team. A compliance officer’s compensation is made up of a base salary and bonus. In addition, their base salary will more than likely increase as their responsibilities and new updates on compliance regulations add up. Before hiring a compliance officer, you’ll have to determine first if your business can handle the finances that come along with it.

Some pros to conducting an external search include hiring a compliance officer that is well-trained and can assume responsibility for leading your company’s ongoing compliance training. Also, you will have a compliance officer on your team who is prepared to dive right in and provide the oversight and leadership your company needs.

On the other hand, hiring an external candidate means having to brief them on your organization’s operations and core processes as they join your team.

3. If necessary, outsource for an experienced compliance officer

At the end of the day, you may realize that outsourcing is the best option for your business when hiring a compliance officer. Outsourcing a compliance officer can really come in handy for researching and creating internal compliance manuals for your team.

Some more pros to outsourcing include receiving expert guidance from a compliance professional, freely discussing compliance concerns with someone who is not a direct employee, and of course, obtaining cost-effectiveness.

Outsourcing compliance officers, however, also comes with its share of cons. The person you hire may already support other clients, so they may not be able to place their full attention on your company’s needs. Your internal compliance team may not also be too receptive to additional compliance support. Lastly, even though it is cost-effective to outsource, you will need to determine the appropriate amount of hours for your business to contract this compliance officer.

At Infinity Consulting Solutions (ICS), we understand how challenging it can be to hire and onboard highly skilled and experienced compliance officers. But don’t worry because we are here to help. Start filling up your much-needed compliance team with the right people for the job by contacting us today.

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