Compliance can be a hard sector to break into and you need to ensure that this is the right sector for you. This sector has a lot of challenges and comes with high-pressure decisions.
Before you apply for a compliance job take a look at Huntswood. You will need to consider a number of factors and tips to ensure that a career in compliance is the right decision.
Do You Have the Right Skills?
The first factor that you have to consider when applying for these roles is whether or not you have the right skill set for the job. It is important to note that different employers will be expecting different skills. However, there are certain skills that employers will always look for in their compliance staff.
These key skills will be attention to detail, integrity and analytical skills. You will also need to have customer-facing skills along with high levels of numeracy. Of the customer-facing skills, diplomacy is the one that you are going to be using most often, but assertiveness is also important.
Do You Know the Company?
When you think about applying to a company, you need to know more about them in advance. There is a chance that you will be asked about why you have chosen the company or what you know about them when you go to an interview. The more you know about the company, the better you will look in the interview and your responses will be better.
When you research the company, you need to look at their history as well as their current key projects. You should also consider where the company is heading in the future. You might also want to look at the company’s competitors so that you can mention them when it is appropriate.
Do You Have the Professional Know-How?
If you are sending in your first application for a job in compliance, it is unlikely that you will have the job experience some companies want. This does not mean that you do not have the understanding or knowledge of the sector that is needed. It is important that you look for new information and changes in the industry before you apply. This will help you show that you know what you are doing even if you do not have the practical job experience.
Do You Know the Legal Facts?
If you want to get a job in compliance, you need to have an understanding of the workings of the Prudential Regulation Authority and the Financial Conduct Authority. Your job in compliance will be reliant on the standards that have been set out by these authorities. This is why you need to know about the latest regulations and any changes that have been put forward.
A lot of this understanding will develop once you have the job. However, learning while you are looking for a job is not a bad thing. When you do not have an understanding of the regulations and legalities of the industry you want to work in, it could be harder to find a job.
Are You Able to Judge the Risks?
Risk management is the basis of compliance. This means that you need to have confidence in your knowledge and experience in order to make the right judgments. As a compliance officer, you need to help companies mitigate the compliance risks that they fact while understanding what these are.
You also need to know about fail-safes and how to put them into place. You should try to mitigate every risk the company could face before it becomes a serious issue.