Alternative Careers: How To Transition Into Compliance?

Working as part of a compliance team is a challenging position and has a great deal of responsibility but is also a rewarding area of work. In order to do this role, you must maintain a high level of integrity and serve as an example for other employees. The role ensures the company is following best practices and is protecting employees and consumers. If you are organised, adaptable with an analytical mindset and a keen eye for detail, this could be the job for you!

If this field sounds interesting to you, read on to learn about compliance, how you can transition into it as well as what qualifications you’ll need to be competitive in the employment market.

What is compliance?

The responsibilities of a compliance practitioner will vary by company and job description; however their overall duty is to identify and manage regulatory risk. The objective is to ensure the organisation has systems of internal control that adequately measure and manage the risks it faces. Their responsibility is to provide compliance services that effectively support business areas so they comply with relevant laws and regulations and internal procedures.

Key functions include: identify risks, taking preventative measures by designing and implementing controls, monitor and report on the effectiveness of controls, resolve compliance difficulties and advise the business on rules and controls.

Why should you consider working in compliance?

It is a great entry point. New rules and regulations have made compliance a priority for many companies and according to Morgan McKinley salary survey 2016, due to talent shortages professionals from non-traditional backgrounds have been considered. It is a more high profile position where you engage with the broader business and proactively be involved in control frameworks, decision making, training and product design. It is also a great opportunity to interact with more thought leaders and the work is always changing so it stays fresh.

What qualifications will I need? GRC training in Australia

As a registered training organisation (RTO), the GRC Institute (GRCI) offers two nationally accredited qualifications in governance, risk and compliance – mutually recognised in Europe, the Americas and throughout Asia via our international alliances and IFCA. GRCI training is available for participants located in Melbourne, Brisbane and Sydney. We offer everything from an introductory course, for those new to the profession all the way up to our graduate level certification course designed specifically for senior compliance, risk, and governance professionals who seek to develop their skills further as they progress in their respective careers.

Now that I have the qualifications – what do I do?

  • Attend networking events
  • Develop other beneficial ‘soft skills’ such as public speaking or communications skills
  • Join a mentoring program
  • Start following the headlines

About the GRC Institute

The GRC Institute (GRCI) is the preeminent not-for-profit member association servicing compliance and risk professionals across Asia Pacific since 1996. GRCI represents and provides professional support and recognition to over 2,000 practitioners and more than 100 organisations from a diverse range of industry sectors including: Banking & Financial Services, Retail, Government Departments, IT/Software and Healthcare. We support members through education, accreditation, networking events, advocacy programs to Government and regulators, awards, - recognising the professionalism and thought leadership of our members - as well as a rich source of online resources such as the GRC Professional Magazine and Compliance & Regulatory Journal.

For further information about the course, please see here or contact us on +61 (02) 9290 1788.