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?

?AV: Like many other compliance professionals, I was also a lawyer and when I moved to the region, my first employer in the region, approached me for a newly created role of “regulatory compliance officer.” Being a newly created role, they wanted someone with a legal background who was ready to work on developing an internal control framework in compliance with the external laws and regulations.

Building up a regulatory compliance function was challenging and exciting at the same time. As a lawyer, entering the compliance world felt ideal, since it was an excellent opportunity to combine my legal knowledge with the goal of building a compliance framework for the company.

SO: What are some of the common misconceptions about compliance, and how do you work to dispel them?

AV: Some of the common misconceptions about compliance are:

Compliance delays business: There is a belief that compliance creates an additional bottleneck for business transactions, and they don’t consider the opportunities which are profitable for the business but it’s the opposite, as compliance provides the safeguard wherein the business can perform their job with confidence and efficiency along with the least risk exposure.

?Compliance is a checklist: People often think that compliance officer’s job is limited to a checklist wherein they only tick box the same checkpoints for all business transactions. But each transaction will be unique, and the compliance risk analysis / due diligence would vary for each of them. It’s never a “one size fits all” situation.

?Compliance officers are bad cops: Employees often see the compliance function as a bad cop or a function responsible for finding mistakes. But compliance is a business support function, and we are not bad cops. We are here to help people and organizations minimize their risk exposure and ensure that business is done in the best complied way.

Awareness is the most important pillar of an effective compliance program, and we can dispel these misconceptions by raising compliance awareness. As a compliance officer, I believe it is important to be persistent, as building an effective compliance culture can be a long process. We have to deal with different levels of employees, so we make the transfer of knowledge as easy as possible. I ?have always tried to incorporate the compliance message into various leadership initiatives, as in many cases, the employees listen to leadership and “tone at the top” is the most important principle of compliance.

Compliance tasks are inherently very rigorous, but I always strive to create an environment of open communication, so that employees can reach out when they are in doubt. Adding a human touch to compliance is always helpful.?

I subsequently transitioned to specialization in compliance and corporate governance, along with my corporate in-house practice. Over the years, I have been grateful for the continued value my employers place on compliance as a key component of their business. The beauty of compliance is that you engage with all levels of employees in an organization, and I love the role of guiding them to do the right thing the right way.

SO: How has the compliance market changed since you have been based in the UAE market and what do you think has driven this change??

NA: Until a couple of years ago, compliance was understood as a mandatory function for the financial sector and for the non-financial sector, it was meant to be compliance with applicable laws and regulations. Over time, corporations understood the importance of compliance, and today, "being compliant" refers to more than merely abiding by regulations and avoiding repercussions, rather its intricately linked with broader principles of ethics and integrity which is a key ingredient of the organization’s culture. The UAE is one of the fastest growing economies in the GCC market. As compliance takes on more significance at a global scale, regulations and compliance standards adopted in one or more regions of the world may have an impact on markets elsewhere, since those laws will inevitably filter down to the regional level and UAE is no exception.

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SO: Pennell Hart plan to gather some solid data on this over the next few months so the facts remain to be seen, but do you feel women are well presented at leadership level in compliance in the region? If so, what are some of the key skills and experiences that women bring into the field of compliance, and how do you see diversity impacting the industry??If no, how can this be addressed?

AV: Definitely, at least in the past couple of years we are noticing more women taking up compliance leadership roles in the region and I can proudly say that my organization has a higher number of female compliance officers than males. Having said that, I don’t see any different / additional challenges faced by a female compliance professional compared to a male compliance officer. Also, the growing importance of diversity and inclusion is accelerating the number of women in leadership roles.

To be a successful compliance officer or trusted advisor, you need to wear multiple hats for e.g., of an advisor, coach, networker, peer etc and soft skills are critical for this. I feel woman compliance officers often have excellent soft skills.

Being a woman, we all have the quality of resilience and in compliance we often have to deal with unprecedented situations or challenges and being resilient helps to create in effective compliance response mechanism. Lastly, compliance is an evolving function, and the trait of adaptability often helps in being a successful compliance leader.

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

?AV: I am a mother of a 9-year-old boy and during my leisure time I engage in storytelling sessions for different audiences.