Chief compliance officers face increasing responsibilities and feel that they are struggling to keep up with the pressure of regulatory changes, an SEI poll conducted at its CCO Forum finds.

Sixty-eight percent said the biggest impediment to being effective is having too many other responsibilities, and 14% said they don’t have enough resources or funding. Seventy-three percent said that their budgets in the past two years either remained unchanged or decreased.

Half said the biggest challenge this year has been preparing for new or pending regulatory changes, and 82% said they are more concerned about their personal liability than they were two years ago.

“The harsh reality is that CCOs are being asked to do more and more and their resources aren’t growing to meet the need,” said Jim Volk, chief compliance officer for SEI’s investment manager services division “With Dodd-Frank and ongoing SEC rulemaking activity, the regulatory environment is constantly changing and CCOs need all the help they can get to keep up.”

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