Andrew Donahue, SEC Chief of Staff, spoke earlier this month at the National Society of Compliance Professionals (NSCP) National Conference. While pondering the current and future challenges that compliance professionals in the financial services area face, he envisions that CCOs will need to be a “jack of all trades with access to a wide array of skillsets.”

In the past, compliance merely required an expertise in the applicable laws and regulations. Now it requires expertise in technology, operations, market, risk, and auditing - meanwhile, firms are rapdily changing, markets are rapidly evolving, and regulations are becoming more voluminous.

"It is critical that you make it a priority to develop the necessary technical expertise, keep up with changing market dynamics, fully appreciate all of the firm’s businesses and follow regulatory developments and their impact on your firm and its operations.”

Doug Cornelius, who authored this commentary, expressed his fear that Mr. Donahue should remember, and compliance professionals should strive to avoid, the 2^nd half of the phrase: "Jack of all trades and Master of none."

The Speech:  Remarks at the National Society of Compliance Professionals 2016 National Conference by Andrew J. Donohue