5 must-have skills that will prepare you for unexpected challenges

“If there’s one thing that is certain in business it is uncertainty”Stephen Covey

The world we live in is changing rapidly, and the past two decades have been a turning point for compliance. Compliance requirements have been effective in assisting business operations and safeguarding stakeholder confidence. Compliance professionals play a key role in ensuring adherence to regulatory requirements; hence, preparing for the future is even more crucial from a compliance standpoint.

What is future-proofing?

Future-proofing refers to the process of anticipating needs and developing controls to reduce vulnerability to unexpected future occurrences.

How does it relate to compliance professionals?

The compliance function has taken on several risk-control responsibilities after the financial crisis of 2008, making it essential that the compliance officer review focus areas and develop a rational and cohesive approach to compliance. Therefore, it is critical to continue to invest in the skill set required in compliance functions, a vital ingredient for the growth and continued relevance of compliance professionals.

Top compliance challenges in 2020 and beyond: Top essential skills for compliance professionals to be future-ready:

We cannot predict the future, but we can surely be prepared to face unforeseen challenges. Keeping in mind the next-generation workforce and the dynamic business environment, we list below the skills required for compliance professionals to be future-ready.

Generalist compliance professionals are those with a good understanding of a variety of compliance functions but expert in none. They generally operate horizontally, meaning that they get involved in various projects involving multiple skill sets.

Specialist compliance professionals operate vertically, or in an “I” shaped manner, meaning that they have significant experience in and knowledge about a specific area. They are often referred to as subject-matter experts, able to provide substantial input on a company’s compliance services.

What will happen if the generalist and specialist roles are merged?

We would arrive at a “T” shape, the horizontal line representing the generalist professional and the vertical the specialist professional. This would not only broaden the scope of the activities a professional could undertake, but also enhance the professional’s knowledge. It would not, therefore, be wrong to say that this is the shape skills will take in the future.

The way forward

Given the uncertainty of the future and the complexity of their roles today, it is vital that compliance professionals continue to refresh their knowledge and skills. The next generation of compliance can be built only if skills are up-scaled. The three major takeaways from this blog:

Originally published at https://www.acuitykp.com.


Bloomberg: https://internationalbanker.com/technology/the-cost-of-compliance/






About the Author

Preeti Rai, Senior Associate, Compliance Operations, has overall 4 years of experience in compliance & banking operations, having worked for various firms including State Street Global Advisors and Northern Trust her expertise spans across Compliance, Policy monitoring and Risk surveillance. At Acuity she is responsible for monitoring Code of Ethics for a client. Preeti has completed her Masters in Commerce from Christ University, Bengaluru



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Acuity Knowledge Partners

We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/