By Jason Bramwell
A recent survey of more than 2,100 CFOs across the United States by Robert Half Management Resources found that almost three-quarters (73 percent) of respondents classified their accounting and finance teams' regulatory and compliance knowledge as either "excellent" or "good."
When asked how they would rate their accounting and finance professionals' expertise on regulations and compliance, 48 percent of CFOs reported their expertise as good, while 45 percent characterized their knowledge as excellent. Only 7 percent rated their expertise as fair (6 percent) or poor (1 percent).
"It's not surprising today's finance teams feel they're current on new regulations, but businesses shouldn't fall into a false sense of security, thinking catching up to existing mandates is enough", Paul McDonald, senior executive director of Robert Half, said in a written statement. "Corporate leaders need to implement proactive strategies to ensure their employees stay up to date on emerging regulatory demands."
McDonald provided the following three strategies that managers can use to ensure their teams maintain the necessary regulatory and compliance expertise:
- Provide training opportunities.
- Offer access to industry seminars and continuing professional education courses.
- Bring in consultants with specialized experience who can support compliance initiatives and cross-train existing staff.
About the survey:
The survey was developed by Robert Half Management Resources, a 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 twenty of the largest US metropolitan areas.