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MENLO PARK, Calif., Oct. 2, 2013 -- The U.S. regulatory environment has intensified in recent years, and chief financial officers (CFOs) say they are prepared for current compliance mandates. In a recent Robert Half Management Resources survey, 45 percent of CFOs interviewed rated their team's regulatory and compliance knowledge as excellent, and 48 percent characterized it as good.
The survey was developed by Robert Half Management Resources, the world's premier provider of senior-level finance, accounting and business systems professionals on a project and interim basis. It was conducted by an independent research firm and is based on interviews with more than 2,100 CFOs from a stratified random sample of companies in more than 20 of the largest U.S. metropolitan areas.
CFOs were asked, "How would you rate your accounting and finance teams' regulatory and compliance expertise?" Their responses*:
*Responses do not total 100 percent due to rounding.
|
Excellent |
45% |
|
Good |
48% |
|
Fair |
6% |
|
Poor |
1% |
|
Don't know |
1% |
|
101%* |
"It's not surprising today's finance teams feel they are current on new regulations, but businesses shouldn't fall into a false sense of security, thinking catching up to existing mandates is enough," said Paul McDonald, senior executive director with Robert Half. "Corporate leaders need to implement proactive strategies to ensure their employees stay up to date on emerging regulatory demands."
McDonald added there are a number of ways managers can ensure their teams maintain the necessary expertise. He suggests providing training opportunities, offering access to industry seminars and continuing professional education courses, and bringing in consultants with specialized experience who can support compliance initiatives and cross-train existing staff.
To find out how financial services firms are addressing compliance issues, download the Robert Half Financial Services Global Report: Navigating Change in an Evolving Regulatory Landscape.
About Robert Half Management Resources
Robert Half Management Resources is the premier provider of senior-level finance, accounting and business systems professionals to supplement companies' project and interim staffing needs. The company has more than 150 locations worldwide and offers assistance to hiring managers at roberthalfmr.com.