Compliance within the financial services sector is a key function which underpins the integrity and upholds the values of all organizations within this industry. Scott Tominaga is someone who has spent his career in this area and he has played a key role in creating new industry standards when it comes to compliance. We were fortunate enough to watch up with Scott recently at a fintech event, and we were keen to find out more about financial compliance and how someone can get into that industry, as well as what skills and characteristics would be required. If this is an area of finance which interests you, here is what you will need to have in order to break in.
The first personality trait really should go without saying and that is integrity, the critical attribute which you will need if you wish to get into this industry. The whole point of compliance is that banks and financial institutions are doing everything by the rule of law and that is why the people who are ensuring that this takes place must be those with the highest standards and the strongest scruples.
The devil as they say is in the detail and this is never more true than when you are ensuring compliance. If you are conducting an audit or something of that ilk you will be charged with going through multiple documents, searching through fine print and looking for any irregularities or mistakes which have been made. Compliance is very much about the fine print and this is why you will have to be someone who is dedicated to the details.
Love of Finance
Working within compliance is very much about the sector as opposed to having customer relations or the like. This is why you have to be absolutely committed to the world of finance because that is exactly where you are going to be working and operating. Compliance is very much a purist job and that is why you will have to really care about both finance and financial integrity.
It is not just the details which you need to keep an eye out for here, you must also understand process and why it is important, and have an analytical way of thinking in order to find irregularities or to question certain behaviors. This will not only help you in making sure that the banks and financial institutions that you are working with maintain their compliance, but it will also help you moving forward in helping those same businesses with new ways of working to guarantee compliance.
This is one of the most important jobs within the financial sector and it is certainly a position for someone with a real love of finance and someone who has an ethical and morally based work attitude and mindset. Do you think that you have what it takes to work in compliance? What skills do you think makes you the best suited?