The Areas of Compliance
Professional compliance ultimately falls under 2 main areas:
1. Regulatory Compliance (Legal)
2. Corporate Compliance (Business)
Read on for further information on the two main areas.
Regulatory/Legal Compliance:
Regulatory or legal compliance concerns the industry that a company or professional is operating within. There are laws, rules and regulations that govern each industry and companies must adhere to their respective industry standards in order to be complaint. For example, there is no standard regulation for law firms in the U.S. However, U.S lawyers are regulated by their respective state supreme courts, and governed by The American Bar Association's Rules of Professional Conduct.
Corporate/Business Compliance:
Additionally, businesses have their own corporate compliance programs to ensure internal compliance to industry standards. A law firm's corporate compliance program, for example, is guided by the firm's policies and procedures which can cover the following areas:
Data & Cyber Security
Anti-Bribery & Corruption
Conflicts of Interest
Business Continuity
Social Responsibility
Diversity and Inclusion
And other subject matters
The field of compliance is great for analytical problem-solvers and skilled communicators. I recommend the field for both professional and personal growth.