Smart New Year’s Resolutions Every Compliance Professional Should Make

Smart New Year’s Resolutions Every Compliance Professional Should Make

2019 is here! Traditionally, January is a month for new starts. While you may already have made your personal New Year’s resolutions (eat less, exercise more often, read more books, etc.), if you have not yet made any professional resolutions, here is a handy list that can help you and your team work smarter.

  1. I will always be ready for change

Because of the regulator’s penchant for introducing new regulations and making changes to existing requirements, a key quality for any Compliance professional and regulated entity is the ability to handle change. Compliance professionals must ensure that the organization they work for readily embraces a culture of change, flexibility and adaptability, and that all related departments and colleagues are able to quickly fall in line with new regulations and directives.

  1. I will always follow and be up to date with the regulator’s activities

It is a fact that regulators across Europe and around the world rarely stand still; new directives, consultations, reviews, Q&As and proposed changes to policy are announced on a regular basis. If you are proactive and always aware of what’s happening in the field of Compliance, then you will ensure that your organization provides useful feedback to the regulators on suggested changes and your firm will be well prepared when new regulations are implemented. Luckily, you can find pertinent information and stay updated from the regulator’s website, industry events and relevant news portals.

  1. I will make sure that a culture of Compliance is embedded across my firm

In today’s environment, Compliance is a vital aspect of a firm’s operations and not just something that simply gets ticked off at the end of a certain period. Firms should be able to ensure Compliance with regulations on their own and minimise the need for regulator interventions. Making sure a culture of Compliance and integrity runs through your firm is not easy. However, it is probably one of the most important things you can achieve as a professional in this field.

  1. I will explore new and innovative approaches

A common misconception is that being compliant means being dull and unimaginative. This is not true. Regulations are designed to provide a general framework for firms. It’s up to the firm to adopt new and innovative approaches and be inventive within the boundaries set by the regulations. An example of innovation supported by a regulator is the FCA’s regulatory sandbox, which was created to give firms the chance to test new service delivery methods and products in a risk-reduced environment.

  1. I will prioritize everything

You need to make sure that both you and your team are effective. Most Compliance professionals are always too busy and have little time on their hands. Deadlines, reporting obligations, upcoming updates and pressure from management are part of the daily routine. As a Compliance professional, you need to always have a plan, and prioritize, prioritize, prioritize. As Stephen Covey wrote: “Begin with the END in mind!

  1. I will work closer with the Marketing team

In many cases, Compliance and Marketing are perceived as being opposites divisions, each with different goals and agendas. In reality, both have the same main goal: to promote the firm in the most effective and compliant way possible. Working with Marketing at the early stages of the financial promotion production process can make a notable difference to step-changes, the speed of approval, and the amount of work your team will need to do to make materials compliant.

  1. I will not steer away from social media

Social media can be a bit scary for Compliance teams. These platforms are open to everyone, highly responsive and changing all the time. They have the potential to cause problems for your firm. However, social media has become a crucial component of the marketing strategy for almost all firms. Making sure your social media approach is compliant, as well as compelling, is essential if Compliance teams are to sleep well at night.

  1. I will live by my mandate

Clarify your mandate and role once and for all. The first step to a robust Compliance programme that works is a strong Compliance office with a clear mandate. The engine that drives a modern and effective Compliance programme is an unambigious, independent Compliance mandate that is embraced by everyone, from the Board to the back office.

  1. I will equip my employees with the right skills and knowledge

Determining your top Compliance risks and implementing training accordingly is a sensible approach for your Compliance programme. Having well-informed employees that are trained and updated on all relevant regulations and practices is a must for any firm. It is also important to support employees that seek to gain additional skills and qualifications, which can subsequently help them become more effective in their daily roles.

  1. I will network with other likeminded professionals

Supporting the profession is very important for both you and other Compliance professionals. Joining relevant Compliance associations such as the ACAMS can provide you with a forum for discussion and meeting other professionals. You will also attain access to information, updates and knowledge that can help both you and your team.

2019 will be another challenging year for Compliance. By setting a few goals at the start of the year, you can ensure that you rise to the challenges coming your way.

Should you need any support in training your employees or need to identify the most relevant and beneficial programmes for you, feel free to contact us at EIMF at 22274470 or at