A growing business is a great thing, but it does come with its own set of issues. One problem that a growing business might have is keeping up with regulations, laws, and rules. This is why I think the need of compliance officers is growing exponentially with people like Helane Morrison.
A Closer Look at Helane Marrison
Morrison was born in Brooklyn, New York and–in many ways–had a normal upbringing. She was initially interested in journalism that prompted her to seek a bachelor’s degree from Northwestern University. Morrison had and still has a true hunger for justice and is diligent about details, which are the makings of a great journalist.
Morrison was also interested in law, which is what prompted her to receive her Juris Doctor in 1984 and was accepted into the State Bar of California a few years after that. She was editor-and-chief of the California Law Review at the University of California, Berkeley, School of Law. Her extensive knowledge of law and journalism took here through a series of jobs, but the one she truly loved was being a compliance officer. This is why Morrison joined Hall Capital Partners LLC, as she was offered the position of being chief compliance officer.
The Uphill Battle is Still Upon Us
I know that the compliance officer field is still in its infancy, but it is definitely gathering attention from every industry, including insurance. An insurance company can use their expertise to see if a claim can be denied due to failing to comply with a law, rule, or a regulation.
Of course, most companies who hire a compliance officer are not looking to get to the bottom of an incident that already happened. What most companies want is protection from error or the risk of overlooking something. A compliance officer, like Morrison, will employ some of the following to weed out any ethical issues or regulatory issues:
- Extensive and regulatory audits to keep a close eye on the numbers
- Risk assessments of any and all transactions, deals, or new implementations
- Education to any and all personnel to reduce the risk of error or the possibility of breaking regulation
There are other tools that a compliance officer, like Helane Morrison, has at their disposal. But I think it’s easy to see why this particular industry is growing quickly and how helpful compliance officers can be.