Continuous growth and development: The keys to success in compliance
As part of a special Diligent-sponsored podcast series called “Compliance professionals adapting to change: Industries, regulations, and beyond,” I recently sat down with several folks from Diligent to look ahead at key issues we’ll see in 2024.
Throughout the series, I visited with industry experts, including Nicholas Latham, Renee Murphy, Jessica Czeczuga, Yee Chow and Alexander Cotoia. We covered various compliance-related topics, such as communication in regulated industries, managing conflicts of interest, ESG and mentorship.
For this fifth and final installment in our series, I spoke with Alexander Cotoia, Regulatory Compliance Manager at The Volkov Law Group, about professional development and mentorship for compliance professionals.
The importance of continuous development
Continuous professional development is crucial for compliance professionals, especially those in leadership positions. In a dynamic regulatory environment with expanding responsibilities, staying up to date is essential. Compliance professionals must not only understand domestic laws, but also international regulations, such as the EU's Corporate Sustainability Directive (CSRD). This extraterritorial impact of legislation emphasizes the need for continuous education to address these developments.
Mentorship plays a vital role in the professional growth of compliance professionals. Often, the focus is on the development of hard skills, but soft skills like communication, collaboration and relationship-building are equally important. Compliance professionals need to be able to speak the language of different stakeholders within the corporate world, such as CFOs or CISOs. Obtaining a working vocabulary in a corporate context is crucial for effective collaboration and building positive rapport with operational functions.
Fortunately, there are numerous resources available for continuous professional development. Platforms like LinkedIn, Coursera, and Harvard Business School online offer courses that focus on soft skills, negotiation, building relationships, and strategic planning. These courses provide compliance professionals with the necessary tools to excel in their roles. Taking courses outside the realm of compliance, such as business fundamentals, can also enhance their understanding of critical business concepts.
Thought leadership is another valuable tool for continuous learning and professional growth. Writing blogs and articles not only showcases expertise but also forces compliance professionals to learn and digest new information. Engaging in thought leadership allows compliance professionals to stay informed, expand their knowledge, and contribute to the compliance community. It also opens doors for networking and potential collaboration opportunities.
Balancing hard and soft skills
The compliance profession offers a challenging yet rewarding career path. It provides opportunities for professional and financial growth. For students considering a career in compliance, mentorship and continuous learning are essential. Starting in compliance can lay a solid foundation for future success.
Balancing the tradeoffs involved in continuous professional development for compliance professionals can be challenging. It requires the right mix of hard and soft skills, staying updated on regulatory changes, and actively engaging in thought leadership. Compliance professionals must consider the impact of their decisions on their own professional growth and the organizations they serve.
Continuous professional development is crucial for compliance professionals, particularly those in leadership roles. The dynamic regulatory environment and expanding responsibilities necessitate a deep understanding of current domestic and international laws.
Developing soft skills, obtaining a working vocabulary in a corporate context, and engaging in thought leadership are essential for success in the compliance profession. Mentorship and continuous learning are emphasized as critical elements for professional growth. Compliance professionals must strive to find the right balance and make informed decisions that benefit their careers and the organizations they serve.
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