Very few people can choose the right career path without any trouble. For most of us, making this all-important decision involves traversing through many peaks and valleys and asking a million questions.
To be able to do something day after day, you should not only love it but also have the right aptitude for it. Luckily, you don’t have to restrict your choice to a few options.
Thanks to the economy and technology, there are a whole lot of possibilities that you can explore today. One such possible career choice that may excite you is that in compliance.
A few years ago, it wasn’t a popular option as it was more about rubber stamping and working in the backgrounds. However, today the department has taken center stage in the corporate world.
If you have been mulling a career in compliance, the below questions can help you make the right decision. The information shared here will also help you understand what does a chief compliance officer do.
Do You Want To Make A Difference?
As a compliance professional, you will be required to work on some of the most critical projects.
Some of the job responsibilities may look menial, but many junior lawyers realize – just a few months into their role – there’s more to compliance than meets the eye.
Your organization will need your expertise to avoid any accidental breaches of the law. As a compliance professional, you will have to act as a guide.
You will have to steer the organization in the right direction by ensuring that there are no wrong-doings. By ensuring ethical compliance, you will also play a significant role in preventing nefarious activities.
With your subject matter expertise, you can prevent fraudulent activities, inappropriate investments, and regulatory action. You will be working at the forefront, along with the most senior members of your organization.
You may even have to present your work to them and advise them on taking the right steps.
In a nutshell, you will have to ensure that you set high business standards that align with the company’s objectives.
Do You Want An Interesting Job?
Does the thought of a mundane, routine job make you uncomfortable? Are you looking for a job option that will always keep you relevant and will be exciting at the same time?
If yes, compliance may be the right option for you.
Firstly, the regulatory environment is continuously evolving. For instance, new rules and regulations are regularly introduced on Wall Street.
You will have to keep up with the changes to ensure that your organization stays compliant at all times. Moreover, it is a job where there is no limit to the scope.
You can advance to a role where you will have to identify, track, and reveal millions of dollars that make their way into illegal channels. It will be nothing short of a detective on the run to find a criminal.
Do You Want To Contribute Meaningfully To Your Organization?
When you work in the compliance department, the other teams have no choice but to listen to you. It is because compliance is not an option. There is a hefty price at stake.
Compliance officers are essentially risk officers who evaluate new projects and advise their businesses to reduce the risk. Other teams will come to you before they embark on a new journey.
They will seek your opinion from a regulatory standpoint. They will try to understand if their new business may have any compliance-related ramifications.
Do You Want Job Security?
Compliance departments may not be revenue-generating but are integral to the successful running of any organization.
Since understanding the regulatory environment requires a specific skill set, you will never go out of demand. The companies that come under the direct jurisdiction of such governing bodies will always need compliance professionals.
Due to this reason, your job will always be safe. Besides, knowledgeable compliance professionals are always in high demand. It means you can also enjoy a lucrative pay package in this career.
Do You Want To Start Your Business Later In Life?
Compliance is a complex field. Companies often find it tough to interpret the laws that govern their businesses. They are always trying to find a path that optimizes their business without flouting the prescribed norms.
In such scenarios, the role of compliance professionals becomes all the more important. Organizations depend on them to stay compliant with the legal systems and prevent any non-accidental compliance.
In light of a continuously changing regulatory system, their role becomes all the more crucial.
Several seasoned compliance experts choose to follow an independent path. As the skills are highly transferable across industries, they can cater to a wider client base.
If you dream of going independent later in your life, compliance may be the right field for you.
Regulations will never go away, and every company, regardless of its business stage, will need your expertise.
Do You Want To Get A Good Entry Point Into A Large Organization?
You don’t have to worry if you do not have a finance background and still want to make a career in compliance.
Several companies would still consider you for a junior role n compliance. From that point on, your growth will be in your own hands.
A role in compliance is the perfect entry point that will give you an understanding of how an industry or business works. You can subsequently move to other companies to expand your knowledge base.
As you climb higher up the ladder, companies will prefer professionals who bring a wealth of expertise into their system. All chief compliance officer jobs require the person to have spent significant time in this field.
Thus, making an entry into the corporate world with this role may take you places later in your life.
With a career in compliance, you can enjoy a stable and well-paying job. As you enrich your skills and gather more experience, you can rise higher in your job to a respectable position.