Being Humble When Doing Compliance

I'd like to tell you why I believe it is important to be humble while doing FinTech compliance and what it actually means. 

The idea to talk about this subject came to me when some people I distantly knew reached out to me and told me they were about to be let go and asked me if I knew if someone was still hiring. We discussed the circumstances of their departure and there was one common theme:

"My management will regret firing me... they don't know what they are doing... they will get into so much trouble without me... I am glad I will not be around to clean up this mess..." 

I've been there, so I totally understand the frustration and the natural instinct of a resilient person to believe that everything happens for a reason and that it is all for the better (which is actually a very constructive attitude).

But...

With all the compassion I have and all my readiness to make introductions and referrals to help people find new positions, I feel like one particular conclusion here is not fully accurate.

In most cases, I know the management of these companies and my prediction would be that their businesses will survive... they may not thrive, and they may do stupid things, but the absence of the compliance department will not automatically lead to these companies going under, in my opinion. Simply because the founders and CEOs will likely respect many basic governance principles, such as:

• do not steal from customers and do not allow others to steal from you;
• do not lie in official situations and do not make false statements towards customers;
• do not run away with other people's money...

If you follow these rules without any other compliance knowledge, your business can already survive for quite some time. And this is precisely why I believe that compliance must be humble.

Being humble does not mean becoming a doormat or letting others boss you around. It also does not mean that you and your contribution are not valuable.

To me, being humble simply means that you acknowledge that in business there are always forces and priorities that are more important than the priorities of your own department. It means never trying to win resources or being "right" at the expense of the overall company's success.

In a way, it is similar to wise relationship advice – treat others as you want to be treated by them. Because karma is a bi***. 

Another way how I can describe compliance wisdom and compliance "humbleness" is a traffic metaphor. If you drive strictly according to the rules and expect everyone to obey the rules, and do not make adjustments to take into account human nature, time of the year, weather conditions, and other soft factors, you may end up being "right" but your car may be damaged and you could be stuck in lengthy accident formalities that could be completely avoided.

The same is true for compliance: what do you want more – to be right or to safely get to your final destination?

Hope you see how it makes sense.

Prefer to listen to this content on a podcast instead of reading it? – Click here and tune in!