Where your compliance function physically sits in your office is really important.
Are they tucked away in a corner or are they actively engaging with people across your organisation? Do they act like they’re part of the business or are they excluded from important discussions?
To make a real and positive impact your compliance function needs to be central. Everything that comes in and everything that goes out of your organisation needs to pass through compliance, but that will be a huge challenge if your compliance team isn’t in everyone’s eye line.
At one firm I worked with the compliance team used to sit on the second floor, tucked away in the far corner of the office. The team kept to themselves to themselves, for the most part because it was easier than dealing with the perception that compliance was the ‘business prevention unit’.
As a result, risks weren’t identified early and important issues weren’t managed well. This meant that the entire firm operated in constant fire-fighting mode.
After some lengthy discussion the compliance team steeled themselves to become more visible and were relocated to the centre of the office and they started to approach people in every part of the firm. They found it really tough at first because no one wanted to engage, but they held out and learned how to communicate in a way that helped others to see that in representing ‘compliance’, they were a positive force.
A few weeks after our project ended, I received a call from one of the compliance team. They were really excited to tell me that someone from another department had approached them to ask a compliance question. They told me it was the “first time ever” that this had happened.
In compliance, good communication and strong personal relationships make all the difference. When compliance teams take the time to connect with others across the business they change how compliance is perceived across the firm. And when that happens, people start reaching out with questions before problems arise. The result? A win-win for everyone.
Just how visible and approachable is your compliance team and what could you do to improve the perception of compliance across your business?