The compliance officer of 2030 will be a product manager with the required regulatory knowledge and technical ability to deploy that information, said Matt Van Buskirk, co-founder and co-CEO of the regulatory division at compliance firm Hummingbird Regtech. Van Buskirk advised hiring data engineers to replace compliance spreadsheets with more formalized systems.
“Give your compliance officer engineers,” Van Buskirk said. “It can be a massive force multiplier. Traditionally, compliance officers are limited by the capacity of their team to do work manually.”
Van Buskirk expects traditionally siloed compliance, legal and IT departments will come directly into the compliance sphere. He anticipates compliance leaders will lead and help coordinate engineers, data scientists and regulatory experts.
“A team of diverse practitioners housed under a compliance department umbrella has the strength to build out a modern compliance platform, capable of breaking the black box and showing a program’s performance diagnostics in real-time,” he said. “With the benefit of these added metrics, the doubt and uncertainty that keeps the CCO of today up at night will be replaced by the well-being that comes from a full, in-depth understanding of the program’s health.”