Marktkennis
Compliance is a broad term that refers to the extent to which a person or organization operates in accordance with applicable laws and regulations, as well as the internal rules and policies an organization has committed itself to follow. These internal and external frameworks can range from financial regulations to anti-corruption and anti-money laundering rules, and trade sanctions lists. Topics such as corporate compliance—gaining importance since the Tabaksblat Code—and competition law also fall under the umbrella of compliance. Think also of fraud and risk.
In many organizations, the compliance officer is immediately involved when violations or fraud occur, which means incident management is often part of their role as well. In short, compliance covers a wide range of subjects and requires a tailored approach when it comes to recruiting the right compliance professionals.
Compliance and Responsible Business Conduct
Compliance and ethics are closely related, especially when compliance is interpreted as “responsible business conduct.” That’s why many organizations place compliance alongside or under the umbrella of ethics. This makes perfect sense: in an organization where business is conducted responsibly, there is no bribery, no fraud, no undue influence through money, and operations are conducted in accordance with applicable rules.
Because the principle of “we all do business responsibly” must ultimately become part of an organization’s culture and DNA, it is vital that compliance professionals possess not only technical and regulatory knowledge, but also the right soft skills and people skills. A good compliance professional must be able to communicate and train others in how to align with these values.
Embedding compliance into the culture and DNA of an organization means understanding that the implementation of a compliance framework is not the end goal—it’s only the beginning. It is an ongoing process that requires continuous repetition, training, and evaluation of what it means to do business responsibly together.
The compliance professional is not the one who “does” compliance; it is the business and the organization that must act compliantly. This continuous process requires professional guidance, making the compliance professional a strong compliance program manager as well.
People Skills
Since it’s clear that a compliance professional must have both strong technical knowledge and the right personal attributes, Compliance People places great importance on selecting the right person for your organization. With 25 years of experience, Compliance People has the people insight to do this well. To us, the person behind the professional is just as important as their content expertise.
Key Competencies of a Strong Compliance Professional
- Integrity and trustworthiness
- Inspiring presence
- Strong communication skills, both with the business and policymakers
- Ability to clearly explain and convey the importance of compliance and regulation
- An ambassador for embedding “responsible business conduct” into the culture and DNA
- Persistent and repetitive in guiding the continuous process
- Process facilitator for both structuring compliance programs and managing incidents
- Critical yet diplomatic, with business sensitivity
- Confident and assertive enough to challenge in a commercial environment
- Trusted across the organization due to personality, knowledge, and competence
- Flexible without being overly accommodating
- Ultimately, the compliance manager is the moral and ethical compass—the “parent” of the organization’s conscience
