Compliance officers’ job is to make sure that the good folks at Wall Street are not just doing their job, but that they are doing it right. They must make sure that nobody is violating the law in the course of doing their business. Well, that is what they are supposed to be doing. There is no real way of knowing if the makers of the law are actually the breakers of the law. That’s why Governor Cuomo wants to have the power to prosecute these compliance officers. These officers are now very scared according to an Efinancial News article. They say that they are being unfairly singled out and held responsible for wrongdoings that are not their fault. They say that they are being fired because companies just can not fire their CEO.
Many companies have hired compliance officers after the financial crisis to make sure that everything is being done correctly and that all transactions are being done legally. JP Morgan boasted that they had hired an additional 8,000 compliance officers and Goldman Sachs has also boasted of their increase in compliance officers. These are just some of the companies that have started hiring compliance officers. However, regulators now want to make sure that these compliance officers are actually doing their job and not simply giving the go-ahead for everything that comes to their desk.
Helane L. Morrison is the chief compliance officer at Hall Capital Partners LLC. She is also a member of the executive committee at Hall Capital Partners. She joined them in 2007, and before she joined them she was the head of the SEC’s (the US Securities and Exchange Commission) San Francisco office, from 1999 until 2007. Before she became the head of that office she also worked there as the head of enforcement. She worked there from 1996 through 2007.
Before she worked at the SEC, she practiced law at the Howard, Rice, Nemerovski, Canady, Falk & Rabkin law firm. In 1991, she was elevated to the status of partner. Before she worked in private practice she worked as a law clerk for two Supreme Court Justices in the seventh circuit.
Check out Helane’s Crunchbase or her Wikipedia page to learn more about her career and life.