Compliance roles are becoming more prevalent across all UK industries. With the increase in regulatory obligations in all sectors of a business, many are looking for people skilled with compliance knowledge and legal practice.
What is Compliance?
Compliance can be defined as the practice of ensuring that a company operates not only within its client’s requirements but also by company policy and relevant laws and regulations. Some common tasks of a compliance official include:
- Supervise and issue legal instructions to ensure that businesses are compliant
- Controlling and regulating legislation breach risks
- Conduct employee training in line with compliance standards
What Fields Are Compliance Officers Needed?
Compliance officers are required across a range of different fields, as the need to keep within regulatory standards is increasingly important for businesses. Some fields that require compliance officials include finance, healthcare and technology.
Why Are Law Graduates Suited to Compliance Roles?
Law graduates are well-suited for compliance roles because they are trained to think critically, understand legal concepts, and have the ability to navigate through stringent policies. A law graduate’s education on legal structures and risk management makes them appropriate for making decisions to ensure that businesses are complying with regulations.
What Does a Career in Compliance Look Like?
Compliance positions differ based on the particular sector and even the size of the company. Typical positions include the following:
Compliance Officer
A Compliance Officer makes sure the business complies with all applicable laws and regulations while dealing with clients. They are tasked with designing and implementing internal policies, conducting compliance audits, and training staff. They also conduct risk management assessments and provide feedback for mitigation planning so that there is no breach in compliance.
KYC Officer
A KYC also known as a Know Your Client officer verifies client identities and also does risk assessments, and ensures compliance. Their role is to prevent crimes such as money laundering. Their jobs often involve customer identification and verification, risk assessment, monitoring, compliance, documentation, and reporting.
Risk Manager
A risk manager works to detect, estimate, and reduce risks of non-compliance or financial problems. It is their responsibility to work with other departments to develop and track the success of risk management plans. It often involves data gathering, risk estimating, and preparing relevant documents.
Anti-Money Laundering
An Anti-money laundering (AML) specialist position is centred mainly on the mitigation of financial crimes including money laundering and other forms of fraudulent activities. They make sure that the processes adopted by the business are in line with established money laundering controls. These professionals track and flag transactions that seem abnormal, and then submit reports to the designated authority. AML Specialists’ work is very important for the protection of the financial system’s integrity.
Data Protection Officer
Data Protection Officers ensure compliance with GDPR and other data privacy norms. They ensure that the company takes appropriate measures regarding a person’s data. Their duties consist of preparing privacy impact reports, providing advice on data policies, and serving as a communication liaison for regulators.
How To Shift From Studying Law to Compliance Work
To successfully shift from studying law to compliance work, ensure you are well-educated in a specific sector, have extra certifications and invest your time in internships or work experiences. Here we outline this in more detail:
Familiarise Yourself with the Field
You can begin by exploring the compliance area, concentrating on its departments that relate to your interests and abilities. You may discover different avenues such as legal issues relating to finances, data protection or company law. By understanding what is required of you, and what is available in the market helps you choose the right career.
Obtain Additional Certifications
While a law degree is a good foundation, adding more certifications makes your expertise in compliance stand out. You may consider:
- ICA (International Compliance Association) certifications, and;
- Policy developing AML (Anti-Money Laundering) training
These credentials together with degrees enhance your CV and increase employability.
Internships and Work Experience
It is vital to acquire practical experience while moving into the compliance realm. Internships or junior positions are readily available in compliance offices or within relevant regulators. These positions allow you to gain insights about the real work of compliance, which can also be invaluable for networking.