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Compliance Talent Gap Challenges Credit Unions

BY BRIAN GODWIN AND JASON HARPENAU

Is your credit union struggling to find and retain just the right compliance pros for all the various rules and regulations that must be followed? With the talent gap expanding more quickly than CUs can keep up, outsourcing a portion of compliance is becoming an enticing solution. See how one credit union is making such a strategy work.

It is not uncommon to find a credit union with a pressing need for compliance expertise. What is unusual, however, is finding the right people to fill that need.

There are multiple reasons credit unions have difficulty hiring experienced compliance professionals. Chief among them is the sheer speed with which the discipline has evolved. Just a decade ago, compliance specialists managed one or two regulatory changes each year. That is far from the case today.

Now, credit union leaders juggle countless proposed, final and modified rules across categories. Doing so requires an expansive skill set and an almost impossible command of multiple financial products and services. Regardless of an individual’s history or knowledge of a credit union’s operations, it remains difficult to manage the compliance effort as one person.

For some credit unions, this has meant expanding the cooperative’s competency by building an entire team dedicated to regulatory compliance. Of course that means conducting the search, performing the onboarding and paying the salary, benefits and other costs for multiple employees. In 2016, Robert Half Management Resources projected above-average increases in starting compensation for every type of compliance role at U.S. businesses of all sizes.

This content is for CU BUSINESS eMagazine + WEB ACESS and THE TEAM BUILDER (GROUP SUBSCRIPTION) members only.
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