hiring and training the next generation of … · hiring and training the next generation of...

SCCE Higher Education Compliance Conference

June 5‐8, 2016

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Monday, June 6, 2016SCCE Higher Education Compliance Conference

Hiring and Training the Next Generation of Compliance Professionals – A Millennial’s Perspective

Jessica Wasserman, Asst Compliance Officer, New York UniversityJohn Powers, Manager, PwC

NYU & PwC

Outline

Introduction 4

Millennial Overview 13

Who are Millennials? 14

What do Millennials want? 20

Compliance Function: Current State versus Future Outlook 21

Evolving your Compliance Function Offer to Millennials 29

Recruiting Millennials 35

Generation Z 40

Closing Remarks 43

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Introduction

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Introduction - Bios

Jessica Wasserman is an experienced professional with a diverse business and operational background. Over the past 7+ years, she has developed expertise in the areas of governance, risk, and compliance. As Assistant Compliance Officer for New York University (NYU), Jessica leads a variety of projects and initiatives focused on ensuring compliance with different laws, regulations, policies, standards and best practices governing higher education institutions. Prior to joining NYU's Office of Compliance and Risk Management, Jessica led efforts to implement and operationalize NYU's Enterprise Risk Management Program.

Earlier in her career, Jessica enjoyed working for top business organizations like PricewaterhouseCoopers (PwC Advisory), Siemens (Siemens Energy, Inc.), and The Walt Disney Company. Jessica is a certified Six Sigma Green Belt and MBA Candidate at NYU’s Leonard N. Stern School of Business.

John is a manager based in PwC’s Chicago, IL office and works in the Internal Audit / Risk Assurance Practice. John has been working in public accounting since 2006, and has been with PwC since 2014.

John has worked in the higher education sector since 2011, serving in external audit, internal audit, and consultative roles. John has led comprehensive enterprise-wide risk assessments for large scale Universities and Academic Medical Centers, with a focus on strategic, financial, compliance, and operational risk. Since 2014, John has served as the lead internal audit manager on a full outsource engagement with a National Research University.

John has a B.B.S. from the University of Wisconsin-Madison in Risk Management and Insurance, and Accounting Information Systems. He is a Certified Public Accountant in the states of Illinois and Wisconsin.

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Polling Technology Instructions

Participating with Poll EverywhereHow to vote via text messaging

(code or keyword) <your response>

From a text message

22333

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Participating with Poll EverywhereHow to vote via text messaging

Polling Technology Instructions

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Polling question 1

How many years have you attended the SCCE Higher Education Compliance Conference?

a) My first time

b) Second time

c) Third time

d) Fourth time

e) Five or more

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Polling question 2

Which of the following best describes your organization?

a) Private University

b) Public University

c) Academic Medical Center

d) University Affiliated Entity

e) Other

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Polling question 3

Which of the following best describes your job or role?

a) Accounting / Finance

b) Audit Services

c) Compliance / Operations

d) Executive / Administration

e) Other

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Millennial Overview

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Polling question 4

How many of you have Millennials working in your Compliance Function?

a) None

b) Yes 1-2

c) Yes 3-5

d) Yes 6-10

e) Yes More than 10

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Aged 35-20 or born between 1980 and 1995 The largest segment of the U.S. labor force since 2015, Q1

Who are Millennials?

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Millennials will comprise more than one in three adult Americans by 2020

Diverse! 15% born in a foreign country and 42% identifies as non-white

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Around 61% have attended college (largest number of college and grad school graduates) Student loan debt is

significant and approximately 50% took out loans

Entrance into workforce pre-and post 2008 recession (e.g., layoffs, lower earnings)

More optimistic about the future and more skeptical of authority


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Longer waits to get married and purchase a home

Like baby boomers, there are some differences between those individuals born at opposite ends of the spectrum Macintosh v. Macbook

Millennials

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What do Millennials Want?

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• Value Work-Life Balance every year• Millennials (and everyone else) want flexibility at work• Offer flex days • Relax dress code

Work-Life Balance/Flexibility

• Allow for staff input• Rotational programs• Interesting and Creative Roles and Tasks• 38% of Millennials do not expect to work at one place for 9 years or more

(compared to 30% of non-Millennials)

Non Linear / Dynamic Career

Progression

• Consider new tools for communication and collaboration• Local and Enterprise solutions: Google Apps / slack / dropbox• Social media to promote your institution & recruitment

Embrace Technology

• Desire a team-oriented culture at work / intersecting with varied and stimulating work

• Corporate responsibility programs

Team-oriented Culture /

Community Building

• Retention is more closely related to levels of support and appreciation• Real-time appreciation• Non-monetary rewards• Face to face interaction for important conversations

Support and Appreciation


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Compliance Function: Current State and Future Outlook

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Brief History• A Decentralized function, with a diverse population of compliance requirements:

• Research administration (Pre and Post Award)• Student Life (Title IX coordinator, Clery Act)• Athletics (NCAA)• Registrar (FERPA)• Academic Medical Centers (HIPAA)• Human Resources (EEOC)• Overseen by Office of General Counsel

• No master list of compliance requirements, and lack of resources/FTE to centrally monitor University compliance requirements

• ERM and Internal Audit operating independently of the compliance function


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Increasing volume, pace and complexity of compliance regulations

• Department of Education (DOE), on average amends or clarifies rules at a rate of more than one document per day

• DOE Office of Civil Rights title IX investigations• Safety of student and minors on campus• Financial conflict of interests (Institutional & Principal Investigators)• Enhanced scrutiny on accreditation (i.e. AMCs)• Expanding global footprint of Colleges and Universities

• Local laws and ordinances; including those over taxes, employment, and safety• Foreign Corrupt Practices Act and Export Controls

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Increased scrutiny by the Board of Directors is driving changes• Changes in board structure, i.e. Audit, Risk, and Compliance Committee• Incorporating compliance assessments into all Committees• Creation of University Wide Compliance Steering Committees, comprised of

faculty and administration officials

In turn University’s are forming dedicated Compliance Functions • Decentralized functions• Hybrid functions • Centralized functions• Reporting relationships (options include a Chief Compliance Officer reporting

directly to the Board, or a compliance function reporting to CAE, CFO, or General Counsel)


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Polling question 5

What is the size of your compliance function?

a) 1-5

b) 6-10

c) 11-20

d) 20 or more

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Polling question 6

Does your Organization have a centralized, decentralized, or hybrid structure?

a) Centralized

b) Decentralized

c) Hybrid

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Evolving Your Compliance Function’s Offer to Millennials

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Decision Influences for Millennials

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When hiring for compliance openings, managers need to formulate an optimal sales pitch for candidates. The first step is understanding what the candidates want. According to a 2011 PwC survey, millennials want opportunities for development and career progression.


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The Compliance Sales Pitch

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Organization Name: XYZ UniversityOrganization/Function

Values • Excellence• Integrity• Respect for Individuals• Improvement• Partnership

Culture Collaborative, flexible, open culture

Vision/Mission To facilitate compliance across the University’s academic and administrative units.

Formal Benefits

Tuition Remission, 401K Matching, Health Benefits, Vacation/PersonalDays, Access to Technology, Wellness Benefits

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Traditionally, hiring sales pitches focused on tangible benefits like retirement plans, vacation days, tuition remission, and healthcare plans.

Additional Focus On:

Stability

Compensation

9-to-5 workday

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The Compliance Sales Pitch

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Advancement• Compliance is a fast-growing area of business driven by complex business

environments (e.g., globalization, technological innovations, changing laws and regulations)

• Compliance activities tend to be cross-functional, inter-departmental in nature providing in depth insight into business operations

• Compliance is a function that is relevant to every industry and skills are transferrable.

Difference• The difference you make in this organization isn’t based only on your formal role,

its based on how you choose to add value to the organization. • The University offers a variety of ways to make a difference at both the macro- and

micro-levels through affinity groups, volunteer opportunities, everyday interactions with students and University staff.

• While administrative functions don’t always interact with students, they do play a part in the student’s college and graduate experience at the University.

Interests• Compliance may not be your life-long dream, but it provides a great foundation to

find and/or follow your interests. • We encourage employees to leverage tuition remission benefits to take those

classes that interest them and develop those skills that will get them to their next stepping stone.

• For global organizations, Compliance roles tend to come with the opportunity for travel and other unique experiences.


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Polling question 7

What is the number one selling point that attracted you to your current compliance role?

a) Salary/Promotion

b) Tuition Remission

c) Work/Life Balance

d) Functional Role and Responsibilities

e) Organization’s Reputation

f) Other

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Recruiting Millennials

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Recruiting Millennials

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Benefits Risks

Quick learners Require training

Cost efficient Limited experience

Less baggage Generational differences

Tech savvy Differing expectations

Fire in the belly More opportunistic

Perspective Patience (lack thereof)

There are both benefits and risks to hiring millennials. Both should be considered when developing a recruitment plan for various openings.


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Recruiting Opportunities

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Internal

External

University Compliance functions can leverage both internal and external resources for recruitment

Recruiting firms

University Job Site

CareerFairs

Career Center

ProfessorOutreach

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Polling question 8

When recruiting for a compliance role, what types of resources (organizations, events, websites) do you leverage the most?

a) Internal Resources

b) External Resources

c) Mixed Resources

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Generation Z

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Aged 6-19, or born after 1995 through 2010

Approximately 60M large/26% of the U.S. population

Almost too early to apply generalizations but some facts include: Have always known an

uncertain world growing up in a post 9/11 environment,

Grew up with cell phones & social media,

And came of age in a period of slow economic growth

Who’s Next? Generation Z

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Early predictions/analysis show an emphasis placed on work/life balance (40%) and job security (40%) - (Universum Survey)

An avoidance of significant debt to attend College

Values an entrepreneurial spirit, especially in the age of rapid internet/app based success

Concerned about culture/personality fit, development opportunities and fulfilling career goals

Who’s Next? Generation Z

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Closing Remarks

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Thank you

Jessica WassermanAssistant Compliance Officer, Office of Compliance and Risk ManagementNew York University

285 Mercer Street, 5th FloorNew York, NY 10003Office: 212-992-8348Mobile: 917-536-5315 Email: [email protected]

John PowersManager, Risk AssurancePricewaterhouseCoopers LLP

One North Wacker DriveChicago, IL 60606Office: (312) 298-5058 Mobile: (608) 628-4162Email: [email protected]

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