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

  • Technical skills: Technical skills such as automation, analytics, and artificial intelligence can help compliance professionals augment their judgment and insight to strengthen the effectiveness and efficiency of the compliance system. By implementing technical skills and developing a strong compliance culture, professionals can provide predictive insights and strategic counsel to leaders.
  • T-shaped skills: The T-shape theory was originally derived from the world of technology. In most organisations, compliance professionals are categorised into two areas, based on factors such as company size, individual experience, and expertise:
  • Critical thinking: This is a facet that current and future compliance structures demand. Exercising critical thinking in compliance duties would sharpen professional skills and enhance the quality of the outcome.
  • Soft skills: A compliance team’s soft skills are fundamental when assessing a company’s compliance strength. Compliance initiatives can succeed only if the professionals have soft skills strong enough to ensure implementation.
  • Continuous learning: Compliance professionals need to learn new skills to perceive matters in a new light and take the next step. Flexible, on-demand and continuous learning can help professionals deliver cutting-edge performance.
  • Cost vs risk: The compliance industry costs around USD270bn a year, and banks have spent over USD321bn on enforcement actions, fines, and settlements since 2008 , according to a Bloomberg article. This shows that risk is evolving and that to remain risk stewards, companies need to continue to develop, strengthen and implement controls to detect non-compliance.
  • Collaboration vs separation: Growth of a company’s business is integral to the careers of all its employees. Compliance, being the second line of defence, is generally walled off from business units. Compliance service providers need to start collaborating with their company’s business, partnering them in decision making, rather than being part of workflow that mandates it. Doing so would maximise effectiveness and assist in risk mitigation.
  • Benjamin Franklin said, “An investment in knowledge always pays the best interest”. This statement stands true to this day. Reading and understanding regulatory requirements is important, and translating practical concepts into an ongoing control framework is the key to adding value. Hence, compliance professionals need to enhance their knowledge of their company’s business to create a value-driven high-support environment.

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Acuity Knowledge Partners

Acuity Knowledge Partners

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