Businesses are under immense pressure from clients, the public and regulatory bodies to maintain ethical standards in their day-to-day operations. Legal and compliance professionals are an essential component of law adherence, as they work to ensure that their organisations are always compliant.
Career Options For These Professionals
Most industries require a legal and compliance professional. In some cases, some firms will have a whole team or department dedicated to regulatory compliance. Let’s take a look at a few of the industries that offer career opportunities for these professionals.
Financial Services
Finance is one of the most heavily-regulated industries globally, and offers plenty of opportunities for compliance professionals. These include compliance officers, risk management specialists and anti-money laundering analysts for investment banks and firms.
Insurance companies also need to follow strict laws especially with underwriting, claims processing and the protection of customer data. The key roles in this industry are usually claims compliance specialists or compliance managers.
Healthcare Industry
Hospitals and other healthcare providers have stringent regulations as they manage the health and well-being of patients. They are expected to maintain patient confidentiality and health information, billing practices and medical ethics when caring for patients.
The main roles for legal and compliance professionals in this industry are privacy officers, medical ethics advisors and healthcare compliance offers.
Technology
Tech companies face a lot of regulatory scrutiny especially when it comes to people’s privacy of data, intellectual property rights and cybersecurity. Legal and compliance professionals have the responsibility of ensuring that companies are compliant with the relevant laws such as the General Data Protection Regulation (GDPR) in Europe.
For professionals who want to pursue careers in this industry, the main roles offered are technology risk managers, intellectual property attorneys, data privacy offers and cybersecurity compliance specialists.
Manufacturing
Companies that manufacture products, especially in large volumes, have to comply with workplace safety, environmental regulations as well as health and safety for consumers who purchase and use their products. Legal and compliance professionals have the responsibility to manage the risks around product recalls and international trade.
The key roles in this industry are environmental compliance offers, trade compliance specialists and product liability attorneys.