Hiring experienced compliance professionals has become difficult, particularly for credit unions. The need for an individual with an extensive skill set in the evolving and expanding new rules and regulations only increases.

The Des Moines, Iowa-based credit union compliance solutions firm PolicyWorks' Director of Compliance Services Brian Godwin and Business Development Manager Jason Harpenau addressed some of the issues related to the compliance talent gap, including the added difficulty of retaining compliance professionals in a white paper, "Talent Gap Complicates Credit Union Compliance."

As an alternative, according to PolicyWorks, outsourcing a portion of their compliance strategy and duties has become a solution for many credit unions, as they search for a way to obtain that extensive compliance knowledge. Access to a readymade team for either temporary on ongoing compliance support can help a credit union fill the gaps.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).