Legal professions in the UK have always been considered a springboard into diverse professions for their training in analytical skills, problem-solving, and risk assessment. One of the rapidly growing fields that seek legal expertise is regulatory compliance, with several industries such as finance, healthcare and technology in particular being heavily regulated. The similarities between the two areas make the move quite easy; however, there are certain procedures and techniques which facilitate the processes of change.
Regulatory Compliance- What Is It?
Compliance is the process of making sure that a company acts within the accepted legal and professional standards. Compliance practitioners manage these requirements, prepare and implement compliance programs, such as internal controlling and auditing, and implement policies to minimise the risk of compliance breaches.
Why Legal Professionals Are Well-Suited for Compliance
Compliance positions are very suitable for legal professionals because they understand the law and the legal processes involved as well as ethical practices. Lawyers, solicitors, and barristers undergo education that equips them with the ability to comprehend complicated legal documents, which is a critical requirement in compliance jobs. Their eye for detail helps them track legal compliance and risks so that problems are eliminated even before they occur. More so, their excellent problem-solving skills mean that they can articulate policies and where necessary, simplify and summarise complex rules and regulations. Legal education also instils a strong sense of professionalism, which is crucial in helping a business operate within the legal and customary boundaries of the industry.
Steps to Transition into Regulatory Compliance
Typically, legal professionals possess several skill sets that can be used in various industries, however, such individuals may require enhanced skills for them to adjust. The following are critical steps to ease the transition:
1. Acquire a Good Comprehension of the Compliance Environment
The first step for any legal professional is to gain knowledge of the available legal policies within a particular industry. Regardless if it pertains to the service industry, hospital and the health sector, or privacy- having knowledge of the barriers and needs of that certain industry is very important.
Find out about key regulatory authorities and structures in the UK, including:
- The Financial Services Authority (FSA) for businesses that deal in financial services.
- General Data Protection Regulation (GDPR) for data privacy.
- Medicines and Healthcare Products Regulatory Agency (MHRA) for healthcare compliance.
2. Go for Compliance-Specific Degrees or Certifications
Law as a degree is very well placed, but one can also add some compliance certifications which will build up the weight of the profile. Some of the popular compliance assurance certifications in the UK are:
- International Compliance Association (ICA) qualifications – It allows providing compliance certification along with Anti-Money Laundering (AML) and Governance, Risk and Compliance (GRC) diplomas.
- Certified Regulatory Compliance Manager (CRCM) – This is an International certification that cuts across geographical boundaries and is important to people in financial services.
These certifications will not only earn you credibility but will certainly equip you with practical insight into available compliance developments and standards.
3. Network and Keep Up with Regulatory Changes
Staying current with regulatory developments and building a strong network is essential:
- Join professional bodies such as the International Compliance Association (ICA) or the Chartered Institute for Securities & Investment (CISI).
- Attend seminars, webinars, and workshops on regulatory compliance.
- Actively engage with professionals in the compliance field via networking platforms like LinkedIn and at industry events.
4. Gain Industry-Specific Experience
Practical experience in a target industry is key. Ways to gain this include:
- Internships, shadowing, or temporary roles within compliance departments of relevant companies.
- Providing regulatory advice or offering pro bono work for small businesses, particularly in areas like GDPR or financial regulation.
- Using existing legal expertise in related areas, such as contract law or litigation, to gain exposure to compliance matters.
5. Leverage Your Transferable Skills as a Legal Professional
Highlight and apply your existing legal skills in a compliance context:
- Research and policy drafting – Compliance requires interpreting laws, drafting internal policies, and applying legal frameworks.
- Risk assessment – Legal professionals are well-versed in identifying and managing risks, a crucial aspect of compliance.
- Due diligence and advisory work – Experience advising on regulations and conducting due diligence transfers easily into compliance roles.