Crafting the vision for the Compliance function is pivotal in guiding both the existing team and potential new members toward a more comprehensive and purposeful direction. It’s not just about setting expectations; it’s defining the team’s identity within the company’s overarching structure and building a sustainable compliance culture and community. This becomes the signature of your function, a clear trademark that resonates within and beyond the team. Once identity is established, integrating it into the recruitment process, team dynamics, and throughout the company is crucial. Things to consider when building your compliance team:
Resource Allocation
With the right budget and tools, a compliance team can thrive. In the current climate, navigating this area is challenging, and having the right leadership, influencing skills and coaches (mentors) will prove resourceful. Resources may fall short when budgets are stressed. Delegating work and upskilling team members will be crucial. Prioritise activities based on risk and communicate, showcasing how a well-resourced function mirrors the company’s commitment to ethics and compliance.
Diverse Expertise
A stellar compliance team requires a blend of expertise, from business-specific regulations to a broader understanding of global dynamics across the business. Technical prowess must now be coupled with soft skills like communication and innovation. Investing in both the current team’s development and attracting external skills is key; there’s always room to learn and grow.
Collaboration and Communication
Forge alliances across departments—finance, audit, legal, risk management, HR—to fortify the business and its people. The imperative task at hand involves breaking down silos. Develop a communication strategy integral to your governance framework, recognising that inclusive information sharing is vital for achieving success.
Continuous Learning and Development
Ongoing training is the bedrock of a robust team. Prioritise upskilling those willing to learn, covering regulatory changes, best practices, and even emotional intelligence. Encourage involvement in designing training sessions, fostering collaboration and knowledge sharing as a team.
Delegation and Empowerment
Empower your team by delegating complex tasks and projects. This communicates trust and a desire for their development. Tailor responsibilities to team strengths and personalities, ensuring a strategic alignment benefiting both sides. An independent and empowered compliance team bolsters governance and culture, maintaining its critical role within the company.
This roadmap, culled from a recruitment lens, emphasises the essence of a purpose-driven team, a team poised to uphold ethical standards while fostering growth and cohesion within the company’s culture enabling growth and retention.
If you are concerned about how the current market may affect your position, or to discuss how we can support your hiring processes in the current market, please get in touch with Director, William McCoppin, at william.mccoppin@coopman.uk
