leaving law
Wednesday
13/02/2008
13:50
Compliance

A word from leavinglaw

Historically Compliance has been viewed as the "business prevention unit", and amongst longer standing members of the finance community, this may still be the case. However, with events such as N2, 9/11, MIFID, the Compliance department is now seen as helping business rather than being a hindrance. The principal function is to interpret regulatory and legal requirements and work with the Business to ensure conformity. A good Compliance officer works with the Business to find solutions, rather than saying "no" automatically. This means that Compliance officers have to be able to understand legal and regulatory requirements and how these can work in practice, acting as a consultant to the Business. As well as understanding internal policy and process, this requires an knowledge of domestic and international rules and regulation that affect business and its operations.

There are in fact many roles in Compliance.There is business facing Compliance (e.g. Equities, Private Banking) who provide specific advice to the Business on their activities. There are other general Compliance functions such as the Money Laundering Reporting Officer, Control Room compliance etc.

Most people have fallen into Compliance (ex regulators, lawyers, accountants) but it is now seen as a career in itself. There are specific business school courses dedicated to Compliance, providing recognised qualifications. Graduates now leave University wanting to be Compliance officers, however most people will have prior experience, e.g. legal. It provides a diverse role that is never the same each day, access to the most senior people in the organisation, and good visibility. Whilst the salaries will never rival those of Investment Bankers they are very good and with a shortage of good officers in the market place, they continue to be driven up.


Made the move

leavinglaw would be delighted to hear from any lawyers who have made this move

 

Whilst every care has been taken to ensure the accuracy of this information at the time of posting, the information is intended as guidance only. It should not be considered as professional or legal advice.

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