Personal Liability and Compliance Resourcing Are Top Concerns Among CCOs, Surveys Show

Being the CCO of a private fund manager is a tough job. Coworkers may view the CCO as the regulatory police, constantly telling them what they cannot do and imposing policies and procedures on them. Regulations are always changing and expanding, but senior management may refuse to provide the support and resources needed to ensure compliance with the evolving regulatory landscape. Add to those challenges the SEC’s focus on individuals in enforcement actions, and it is no wonder that many CCOs are increasingly concerned about being held personally liable for securities violations at their firms. To gauge the extent of those concerns, the National Society for Compliance Professionals (NSCP) surveyed its members on CCO liability, as well as CCO empowerment and resourcing. This article explores the results of those surveys, with commentary from Lisa Crossley, executive director and CEO of the NSCP. See “How CCOs Can Avoid Personal Liability for Organizations’ Compliance Failures” (Mar. 11, 2021).

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