The financial-reform bill passed by the Senate last month would require all hedge fund advisers with assets of more than $100 million to designate a chief compliance officer to collect and report data to the Securities and Exchange Commission. The CCO would oversee risk-mitigation policies, strategies and training, and "may be the most important figure aside from the CEO" for heavily regulated industries, author Chris DePippo, a compliance and risk-management expert, wrote in a recent report. As demand for CCOs grows, recruiters are rushing to find qualified candidates, analysts said.

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