The changing role of compliance officers
Recent years have brought about a serious of changes within the financial markets, following on from the banking crisis.
The economic problems experienced around the world have brought about the improvement of existing regulations and a change in the role of compliance officers.
A deluge of new regulations has changed the way professionals in compliance positions operate, which has increased the amount of time they spend reading up on the latest consultation changes, providing feedback on proposed changes, all of which takes place to very tight deadlines put in place by regulators.
Updating systems and procedures is the next step for those in compliance jobs and encouraging stakeholders to spend money and increase headcount, which can be a tough ask in today’s stretched financial climate.
Essentially the role has become a delicate balancing act between business interests, increasing cost pressure, due diligence monitoring, surveillance and increased regulatory demands.
As well as the growing professional burden, it can also be the case that the personal burden is increased, as any misconduct that is revealed within a business can result in the blame being laid at the door of the compliance officer.
While it may seem difficult, there are some positives to take out of the changes in the nature of the role. An increased focus on new regulations, means that professionals within the compliance industry are being given greater responsibility and power to make significant and long-lasting changes, providing a great sense of achievement and job satisfaction.
This is leading to the increase in the budgets for compliance teams to spend on resources to make sure that the systems and processes in place within a business meet the strict requirements of new regulations and rules.
With high profile cases ongoing where compliance and risk management may have been a secondary thought, these issues are becoming more important for senior management as they look to deal with the complex nature of the industry.
Therefore taking compliance and risk management jobs within a business now will allow professionals to be part of a firm that regains the trust of the public and investors.