Talent Gap for Compliance Experts Widens for Credit Unions

While the need for compliance expertise has increased, credit unions have seen a shortage of qualified compliance applicants, a talent gap that is expected to widen over the next six years, according to a new white paper by PolicyWorks in West Des Moines, Iowa.

In addition to financial services, other industries such as healthcare, biotechnology and others are all competing for compliance management professionals. The U.S. Department of Labor projects 23,000 more compliance positions are expected to be added to the labor pool through 2026.

Although there are various reasons credit unions have challenges in hiring experienced compliance professionals, chief among them is the sheer speed with which the discipline has evolved, according to PolicyWorks, a compliance solutions provider.

“Just a decade ago, compliance specialists managed one or two regulatory changes per year. That is far from the case today and mastering those changes is critical to credit union success,” wrote PolicyWorks CEO Miriam De Dios Woodward who authored the white paper, “Bridging the Talent Gap in Credit Union Compliance.”

Because the regulatory environment continues to change in the financial services industry, she noted compliance management is becoming an increasingly important part of an organization’s broader enterprise risk management strategy.

“Credit unions must be able to keep up with these changes, manage them and respond to them accordingly,” she wrote. “If they can’t keep up, they put the credit union’s future at risk. Lack of compliance knowledge can lead to a host of undesirable situations such as dissatisfied members, loss of business, fines, lawsuits and more.”

The PolicyWorks’ white paper offers insights about how credit unions can address the compliance talent gap that can help them meet their short-term and long-term regulatory requirements.