Compliance Officers are often overloaded with duties, responsibilities and obligations, yet unable to add staff quickly due to budgeting, timing, trouble identifying talent, etc. This problem can grow larger as a result of the ever-changing regulatory and enforcement environment.
Many organizations are recognizing this and opting to hire outside experts, such as outsourced compliance officers, to help manage and support the compliance program as opposed to handling all compliance operations in-house. This can, at times be more cost-effective than hiring and training new W2 employees, with the added benefit of receiving support from a highly trained expert.
For those organizations that choose to hire outside consultants to help manage and support the compliance program, the engagement can take the form of one of the following…