Should I choose a career in Compliance?
June 1, 2021Independent Reviews
July 18, 2021
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The important role Compliance plays, although vital, is a space in which professionals have been known to experience significant and ever-increasing challenges on an ongoing basis. Some common drawbacks include:
Companies not seeing the importance of hiring a Compliance Officer as mandated by statutory bodies. In some circumstances employers are not prepared to pay the fees associated due to a lack of knowledge and not understanding the significance of this service.
Companies not adhering to the rules and regulations introduced by Compliance Professionals. Businesses are given a blueprint to follow and from time-to-time employees contravene the blueprint given. When these breaches occur and are not rectified within a timely manner, it can create an issue when identified by the independent audit reviewer.
Employers not filing documents by the stipulated deadline to the relevant authorities for example the Financial Services Commission (FSC), can add pressure to their Compliance Officers. A laissez-faire organizational culture can prohibit officers from achieving their goals efficiently.
Compliance Professionals must stay updated with the AML, governance and other standards in order to alleviate the threat of criminal and unethical activities. This responsibility is not an easy undertaking, and it requires a professional who is thorough and alert to prevent establishments from incurring fines or receiving a negative reputation.
The innovation of new technology requires new monitoring systems and security mechanisms. The ever-changing nature of technology and its complexity require Compliance Professionals to assess new risks and to revise the AML framework. The understanding of these new technologies requires a level of research and can lead to a high workload demand depending on the sector.
Despite of the challenges identified above, Wiltshire Consultancy International is up to the task to ensure your organization is operating effectively. Email us today at [email protected]
