According to the results 59% CCOs said their efficiency was being crushed due to the ever increasing responsibilities dumped on them and to this 28% added that stringent allocation of resources or funding was also impeding their success.
Some of the biggest challenges faced by CCOs vary from preparing for new or pending regulatory changes (59%) to keeping their firms focused on compliance despite the distractions of trying to survive and prosper in a down economy (22%). While 13% said dealing with SEC-related inquiries was their biggest challenge.
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The poll surveyed CCOs from organisations ranging from US$500 million to US$5 billion in assets under management and this group said that the additional responsibility often shifted to them was that off enterprise risk management.
"The poll shows that CCOs continue to be asked to do more with less, and there doesn’t appear to be much relief in sight," said Jim Volk, Chief Compliance Officer for SEI’s Investment Manager Services division.
"With ongoing SEC rulemaking activity, the regulatory environment is constantly changing, so most CCOs need help just to keep up."
The poll results also show that CCOs have the backing of the senior management even when their resources are limited. In fact, 80% said the commitment of senior management to compliance in the past year has been either "very strong" or "somewhat strong".
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