Pennell Hart: Women in Compliance

SO: For many people the route into compliance is nonlinear, can you tell us how you entered the profession and what motivated you to pursue this career path?

RL: It was certainly an evolution. I started off as a criminal defense lawyer at the Public Defender’s Office and then transitioned to private practice (white-collar criminal defense and civil litigation). My final stop before moving to compliance was serving as in house counsel, where I worked to establish a compliance program.

The exposure to the global corporate legal arena was eye opening. I saw a common thread in many cases, lack of proper counsel or none at all on foundational legal and regulatory matters.

Also, as a litigator you see the aftermath of poor decisions made at the corporate level - before a regulator steps in – wouldn’t it be nice to go back in time and stop these things from happening? Since I don’t have a DeLorean or Tardis handy, the next best thing to do is jump in the timeline and work together as a team with leadership and employees to make better decisions and really build a robust compliance program that isn’t just a box ticking exercise.

My work is extremely rewarding, and I am fortunate enough to work for an organization that has a well-established and respected ethics and compliance program and global team. Each day comes with a different opportunity to support the business. It is fast paced, multi-jurisdictional, and involves multiple investment streams and I love every minute of it.

SO: What do you think are the most important qualities for success in compliance, and how can people develop these traits?

RL: I believe there are several important qualities for success in compliance, the first is something that sounds cliché, but it is critical, integrity - you must possess high ethical standards and integrity, which are essential for gaining the trust of management, employees, and external stakeholders.

Second, paying attention to detail – compliance professionals must be meticulous and detail-oriented when reviewing regulations, policies, and procedures to ensure compliance with laws and regulations. This quality is also helpful when conducting compliance investigations and third-party due diligence.

Third, analytical skills – you must have advanced problem-solving and analytical skills to identify and mitigate potential risks to the organization.

Fourth, communication skills – effective communication is essential to ensure that compliance requirements are clearly understood and implemented throughout the organization. You also need to be able to communicate that you are there to help and have genuine concern for the business.

Fifth, adaptability – compliance professionals should be adaptable to changes in regulations, policies and procedures, and be able to respond quickly and effectively to new challenges and emerging risks. This is also helpful when your business pivots their strategy – you must be agile and learn to adapt to a change.

Last but certainly not least, make sure you are a team player. This is an important trait because it helps foster collaboration and innovation within the team and wider organization.

To develop these traits, individuals can take various steps such as, attending training sessions, conferences, obtaining compliance certifications, staying up to date on regulatory changes and trends, networking with other compliance professionals, and continually seeking feedback to improve their skills. 

SO: How do you engage with your workforce to inspire an ethics and compliance culture?

RL: Let me take a step back with this question, as this assumes one is fortunate enough to have leadership support and employee engagement. If you don’t have buy-in and support from the organization you serve, then you will have quite the uphill battle in being able to inspire a healthy compliance culture there. Once you have that only then can you evolve to the next steps with your corporate compliance culture.

I am fortunate enough to work for a global organization that has a healthy corporate culture and puts ethics and compliance at the top of the hierarchy of importance in the organization, which really helps me do my job.

Some strategies used to engage the workforce to inspire an ethics and compliance culture are:

1.      Promote transparency: You have to encourage open communication and transparency within the workplace. When employees feel they can speak openly and honestly, they are more likely to raise concerns about potential ethical and or regulatory issues. 

2.      Provide training: Provide regular training sessions to educate employees about ethical behavior, compliance policies, and the consequences of non-compliance. This training can help employees understand how their actions impact the company and its reputation.  

3.      Leadership engagement: Engage with your leadership and make sure you are also part of the leadership team. Leaders who model ethical behavior and hold themselves and their teams accountable for their actions inspire others to do the same. 

4.      Encourage reporting: Create a reporting mechanism that allows employees to report concerns anonymously. This can help identify potential issues before they become serious problems. 

5.      Recognize and reward ethical behavior: Acknowledge employees who demonstrate ethical behavior and compliance. This can motivate others to follow their example and create a positive culture of compliance.

SO: For all those fresh-faced female graduates who are considering a compliance career, what advice do you have for them and what steps should they take to get started?

RL: First, if you don’t have a mentor, seek one out. Don’t be shy. If you don’t know where to start on this quest, just go to LinkedIn and find companies with stellar reputations and reach out to their respective ethics and compliance teams.

Second, read, read, and read. You must be a lifelong learner to stay on top of your compliance game. Make sure you understand the regulatory landscape of the jurisdictions you intend to work in. It is also important to understand the actual business itself. You need to be able to issue spot and escalate matters – these skills will come with familiarity with your business and the laws, rules, and regulations that are applicable to it.

Finally, grow your network. Join professional organizations, obtain compliance certifications, and attend various trainings and conferences. You can not only network but also learn more about best international practice to help build your knowledge base and skill set in compliance.

There is no single formula for initiating a career in compliance, however, if you work hard and surround yourself with the right people and knowledge, I think you will see it pay off. 

SO: Tell me something about yourself that has nothing to do with compliance.

RL: I am a proud mother to a lovely 10 year old boy and two Mini-Schnauzers.