In 2021, firms around the world need compliance officers with skills that enable them for the high-demanding job of handling compliance. Compliance officers of today need to be versatile and adaptable to changes of any kind. The pandemic has taught us that firms that have high adaptability are more likely to succeed under adverse conditions than other firms.
Let’s take a look at various skills that a compliance officer must-have for a company to maintain their legal compliance as well as their ethical integrity:
1. Risk assessment
Risk assessment is a soft skill that must be present in the skillset of every compliance officer. It is a skill that comes in handy in many different jobs. A flight coordinator, for example, needs to analyse the situation carefully for any possible risks before guiding a plane to land safely on the runway.
In a similar fashion, a compliance officer needs to consider all the potential risk factors before making critical decisions for the company. Not properly adhering to various regulations can have dire consequences for a company. That is why a compliance officer needs to assess potential risks to make sure that the company does not have to face those consequences.
2. Eager to work with modern technology and artificial intelligence
There is no doubt that AI and modern technology is here to stay and only get more and more incorporated into business tasks. A compliance officer should especially not shy away from working with technology and AI. Check out What Compliance Officers need to know about Coding and Algorithmic Trading.
Seeing the current situation in the world, it has become imperative for compliance officers to embrace technology and Artificial Intelligence in their daily business tasks.
3. Attention to detail
Another soft skill that a compliance officer must possess is attention to detail. This is so because overlooking a small error can be catastrophic for a company when it comes to legal and regulatory compliance.
Ensuring that all legal and regulatory compliances are met requires someone who actually cares about it and thus, will sweat over the small stuff.
4. Industry Knowledge
A compliance officer should have expertise in all matters related to compliance, which includes industry knowledge. They should be aware of the latest updates in legal and regulatory requirements along with the various financial crimes that are in trend. This will enable them to protect the firms they are working for, from breaching laws or being susceptible to financial fraud.
Communication is one of the key aspects to succeed in most professions. Compliance officers also must be adept in written and verbal communication skills. They are needed to collaborate with all of their colleagues and are needed to share relevant information with them in order to maintain proper compliance. Hence, it is essential for any compliance officer to have communication skills.
6. Problem-solving skills
It is highly unlikely that a compliance officer will not come across any problems in their day to day professional tasks. That is why it is important for them to possess problem-solving skills. Managing compliance is filled with risks and a great compliance officer will know how to tackle them in the best possible way by using their problem-solving ability.
Practical problem solving requires two kinds of thinking: creative and analytical thinking. So, compliance officers must be capable of using these faculties when solving problems.
Maintaining legal, statutory, and regulatory compliance is one of the most essential tasks for the smooth functioning of any organization. Without proper compliance, a firm can lose a lot of money in the form of penalties and fines and may even have to deal with lawsuits. Therefore, a compliance officer must be highly skilled in the areas mentioned above so the firm can focus on developing its business rather than fussing about compliance.