Across industries today, different government regulations help ensure that businesses operate legally and ethically to protect employees and consumers. To adhere to these government and legal standards, companies work tirelessly to establish policies and procedures (P&P).
But carefully outlining P&Ps is only one side of the coin. Someone has to steward team members in following P&Ps and guarantee that the business is always compliant. In most companies, this responsibility lies mainly in the Compliance Manager.
Who is a Compliance Manager?
A compliance manager is someone who works diligently to maintain the company's legal and ethical integrity by becoming the subject matter expert in all things legal and regulatory that affects their business. A compliance manager's time is spent identifying potential risks and remediating those risks. They also keep abreast of regulatory changes that may impact how their company operates and provides feedback and possible oversight of learning and development for employees to stay compliant.
Skills that Makes Them Successful On-the-Job
With the intricateness of compliance work, compliance managers must possess a particular combination of skills to thrive at the role. What are these skills then that a compliance manager needs to manage their team and responsibilities successfully?
In a gist, interpersonal skill is the ability to work well with others. A compliance manager cannot work in a silo; building relationships with different people across departments are instrumental in enforcing organizational compliance. Negotiation and persuasion, which are part of interpersonal skills, are essential as well to initiate, monitor, and maintain change effectively.
The majority of compliance managers lead a team of direct reports. Without leadership skills, a compliance manager will have difficulty developing team talent, inspiring teamwork, and resolving conflict. In addition to this, leadership skills are also necessary when representing the organization and meeting other leaders for compliance matters.
Apart from identifying what laws and regulations impact the business the most, compliance managers need to have a good judgment on what technology is useful in data reporting and analysis. They must have a knack for providing rational feedback to ensure that the technology fulfills their compliance monitoring needs.
It's not enough to only know the laws and regulations; the best compliance managers should be able to identify the downstream effects of new or revised guidelines quickly. Compliance managers need to map out possible business situations after introducing new rules or amendments. To do that, they must be familiar with how the business operates and how one move affects another.
Government laws and regulations are complex to maneuver, so a highly skilled compliance manager is necessary to drive the whole business to the safe road. Having a well-rounded compliance manager who has interpersonal, leadership, technical, and business acumen can help ensure that your company will avoid potential risks and not commit any breaches. Looking for candidates with the right skills as a Compliance Manager? Infinity Consulting Solutions is committed to fulfilling your needs. Contact us today to get started!