The challenges of wearing multiple hats: A compliance officer’s guide to successfully leading a small firm

Steven D. Trigili
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Steven D. Trigili: Chief Compliance Officer, Garden State Investment Advisory Services, Garden State Securities, USA

Journal of Financial Compliance, 2025, vol. 8, issue 4, 365-374

Abstract: This paper delves into the multifaceted role of chief compliance officers (CCOs) in small financial services firms, emphasising the heightened challenges and unique dynamics they face. Unlike their counterparts in larger organisations, CCOs in small firms must navigate limited resources, expanded responsibilities and a complex regulatory landscape, often juggling roles in compliance, risk management, cybersecurity and legal matters. The absence of specialised teams and advanced tools requires small firm CCOs to adopt innovative, resourceful approaches to meet regulatory demands and safeguard their firms’ reputations. Key topics explored include the broad scope of responsibilities, the impact of resource constraints and the challenge of balancing competing priorities while maintaining a strong culture of compliance. This paper highlights practical strategies for small firms, such as leveraging cost-effective tools, fostering leadership buy-in and utilising creative training and communication methods. In addition, it addresses the personal toll of the role, with insights on managing stress, achieving work–life balance and navigating the evolving regulatory environment. Recent regulatory guidance from Financial Industry Regulatory Authority, Inc. (FINRA) and calls for clearer frameworks by the Securities and Exchange Commission (SEC) regarding CCO liability are examined, providing reassurance to compliance professionals about their responsibilities and protections. Ultimately, this paper underscores the critical contributions of small firm CCOs to the financial industry, advocating for greater support, recognition and strategic investment in compliance as a cornerstone of organisational trust, integrity and long-term success. This article is included in The Business and Management Collection (https://hstalks.com/business/).

Keywords: small firms; chief compliance officer (CCO); resource constraints; work–life balance; compliance challenges (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2025
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