Exploring the Career Path in Compliance: A Guide for New Entrants

Title: The Role of Compliance in Financial Services: More Than Just Following Rules

In the world of financial services, compliance is often seen as a technical role focused on ensuring firms adhere to regulations. However, those working in compliance say it is much more than that.

According to Progeny director of risk Darren Mead, compliance is about achieving good outcomes for clients and providing consultation to guide the future path of advice. Association of Professional Compliance Consultants (APCC) chair Julie Ampadu likens compliance professionals to “Jiminy Cricket on an advice firm’s shoulder,” guiding firms in the right direction.

Contrary to popular belief, compliance is not just about telling firms what they cannot do. Compliance professionals enable businesses to align with regulatory expectations, helping them grow and succeed. The role requires a mix of legal, business, and people skills, making it a varied and flexible career choice.

There are various opportunities in compliance, ranging from supervisory roles to risk oversight positions. While there is no formal career path into compliance, professionals often start in financial services and transition into compliance roles. The industry is in need of better-defined pathways and qualifications to attract more talent.

Overall, a career in compliance requires strong organizational skills, attention to detail, problem-solving abilities, and effective communication. It is a growing field with increasing regulation, offering diverse roles and opportunities for career advancement.

As the importance of compliance continues to rise in the financial services sector, there is a need to raise awareness of the career opportunities available and provide clearer pathways for aspiring compliance professionals.