|Super-boosted compliance initiatives|
A key example is David P. Bergers, LPL's top compliance executive. He makes more than the company president.
- Bergers was paid $4 million in salary, stock bonuses and other compensation
- Berger's boss, chief executive, Mark Casady received a package worth $6.1 million
- Berger was paid more than the president, Robert Moore, who made "only" $3.1 million
13,000 new employees — just for compliance projects!
Some companies are investing tens of thousands, even hundreds of thousands, into compliance software programs to mitigate program expenses. In context, this starts to look like good value.
But not everyone is there yet. Many businesses are trying to solve the challenges of compliance in 2014 the old fashioned way: adding more personnel.
"Our quarterly expenses related to risk and compliance have increased by approximately $100 million over the past year," said John Shrewsberry, chief financial officer of Wells Fargo & Co. "We've added over 1,500 team members in this area [of compliance]."
Wonderful article, kudos to Mr. Kelly at Investment News.
Related article from February 2014: compliance manager's salaries are rising.