Building out a function is no task to take on lightly. Usually stemming from an internal need that cannot be covered by current resources or to respond to a business development strategy, a vast array of factors must be taken into account when you are thinking about increasing a department's headcount.
For certain departments, the business case to hire a new employee is quite simple: new business development tactics call for additional support, a spike in demand requires more customer service specialists, new investments require additional portfolio managers, and so on. When it comes to the compliance function, though, building that case may not be as straightforward, especially if regulators (FCA, SEC) haven’t knocked on the firm’s door in a long time - or ever.
With this in mind, how can a Head of Compliance get final sign off from senior management to get additional resources? In Rutherford's latest guide, our team discusses the matter with Heads of Compliance within financial services who have had to build out a compliance team from the ground up.
Fill out the form below to download the guide and discover different approaches to getting your hiring budget signed off by the Board.