Core Compliance Skills

In our last week’s Financial Compliance Services session Steve Brett and Kate Jones explored the key skills that are needed in compliance and how to use them in different situations and circumstances.

Kate briefly, spoke about the three line defence model, and that compliance is expected to sit in the second line of defence in this model, however in a lot of cases compliance is often found in the front /first line in a small business. This was also verified by a poll that took place during the session, which showed that most of the organisations sit at the second line of the defence model.

So, how should a compliance team be seen?

Kate, gave an in-depth insight as to how a compliance team should operate in a firm. A compliance department typically has five areas of responsibility – Advisory, Support, Monitoring and Reporting, and Training. A compliance department identifies risks that a firm faces and advises on how to avoid or address them. It implements controls to protect the firm from those risks, both from a regulatory point of view as well as a reputational point of view.  A compliance team is seen as a partner to the business, helping it navigate through the quagmire of regulation. It is a voice of common sense. It is important that compliance is able to speak and communicate with the business in a way they understand and can relate to.

Kate, continued to speak about how a compliance team can achieve this through compliance soft skills. Here are some of the key skills mentioned:

  • Confidence – in your abilities to do a good job. Confidence in yourself to be able to challenge, explain and have a constructive conversation on compliance matters
  • Friendly & open approach – able to build a rapport with people, gain their trust and confidence
  • Communication skills – being able to engage with people and translate regulations into ‘laypersons’  language
  • Problem solving – Compliance is ultimately the bridge between the required regulations and the operation of the business and therefore it is down to compliance to suggests smart ways to implement changes that allows a business to operate in a way that meets the regulations.

Not everyone will be a good fit for a compliance role, it is a very demanding, technical role that needs really strong soft skills. Therefore it is important to have a passion for making sure the business you work for follows the law.

Working in compliance it is also important that the staff have the correct compliance training. Therefore, we at E3 can help you roll out compliance training with ease and in accordance to your business. If you would like further information on our training or would like to be in on the bi-weekly financial compliance calls, please email us at 

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