“Your business will grow to the level of problems you are willing to handle,” so if you want your business to thrive, start getting comfortable with solving bigger and more complex problems!  

Tune into this third and final segment of the Rise of the Business-Like CCO for a deep dive into the five stages of business (and what each stage means for compliance) and to have all your questions about hiring (from my rule of thumb to avoid the trap of overhiring to why you should think carefully before hiring part-time interns) answered!

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Today’s episode:

• [01:56] An overview of what you can expect to learn from this episode. 
• [03:26] How to ensure that your compliance organization is improving. 
• [05:29] A common fear experienced by compliance officers (and why this fear is problematic). 
• [07:50] A new perspective on dealing with problems as a compliance officer. 
• [09:04] Why Coinbase was recently sued by the SEC and how they have managed the situation. 
• [12:53] Basic business principles that all companies should uphold. 
• [14:41] Understanding the problem of conditional performance. 
• [16:56] Why I recommend the “be, do, have” approach to problem-solving. 
• [19:15] Comparing the operations side of compliance to the project management side of compliance. 
• [21:48] Advice on the types of roles you should and shouldn’t be hiring for if you are the founder of a small startup. 
• [25:28] My rule of thumb is to avoid the trap of overhiring. 
• [26:45] Common hiring mistakes made by startup founders. 
• [28:27] Requirements that need to be fulfilled by an authorized compliance officer. 
• [30:15] Why I am weary of hiring part-time compliance interns in the FinTech space. 
• [32:52] When to hire your first compliance employee. 
• [34:44] The importance of understanding the five stages of business (in relation to compliance). 
• [35:26] The Age of Innocence: characteristics of stage one.
• [36:07] Throw money at the problem once: characteristics of stage two.
• [39:16] The Stone Age: characteristics of stage three.
• [40:52] Firefighting: characteristics of stage four.
• [45:48] Factors that determine how well new hires fare in a startup. 
• [47:35] Leverage: characteristics of stage five.
• [49:51] Final words of wisdom and encouragement for compliance officers. 

Show links:

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