CAREER OPPORTUNITIES IN CORPORATE LEGAL COMPLIANCE
With the ever-tightening regulatory regimes worldwide, the demand for skilled Compliance Professionals in the corporate sector has gone up drastically. Corporates have moved from an era of “Chalta hai, we will manage” attitude to a proactive structured predictive compliance mechanism which requires legal expertise.
Compliance is a broad term meaning adherence to all applicable laws, rules and regulations. Compliance ensures that an organization has the processes and internal controls to meet the requirements imposed by regulators, governmental bodies, industry mandates or internal policies.
With the Companies Act, 2013, Directors need to report that they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.
Any mid-sized and large sized company needs to comply with a plethora of laws – labour, environment, commercial and corporate. The Board needs to monitor and certify compliances with all of these, translating into thousands of compliances across the company.
While the Companies are willing to comply with the laws of land and avoid the severe consequences of non-compliance, it faces challenges, i.e. – there being too many complex laws, lack of awareness on all applicable compliances, difficulty in compiling an exhaustive and organized compliance database, deadlines being missed, tracking legal updates and reminders for compliance.
As a result, companies are replacing their informal compliance frameworks with organised, structured and documented compliance frameworks. This change in the compliance industry has evolved with the use of technology and compliance management tools that help the Board monitor compliance and the risk associated with non-compliances.
The evolving compliance industry though technologically geared up is however facing a skill shortage where law graduates are not equipped with the right skills to convert their theoretical knowledge of laws into real-time implementation of Acts and Rules into compliances.
Educational Qualification for a Compliance Professional:
- Law graduate
- A certified course on Compliance would add value to the resume conveying a deep understanding of the nuances of the compliance industry, such as the Lexschool Certified Compliance Professional Course (refer – www.lexschool.in)
Skill-set for a Compliance Professional:
- Ability to read and comprehend various Acts with Rules, Regulations and Notifications
- Ability to pull out corporate specific compliances from laws
- Ability to comprehend its frequency, task specifications and consequences of non-compliances
- Understanding of legal environment in which the Companies operates
- Fluency in communication with other departments across the company or clients, if working in a consultancy
Scope of work for a Compliance Professional:
- Private Sector : In-house compliance teams are created within the legal department of every mid and large sized company which implements, monitors and reports compliances across the organisation covering its manufacturing plants, corporate offices and every branch office.
- Compliance Consultancies and Law Firms: There are several compliance consultancies pan-India that offer compliance tools and audits to clients in every segment of the industry. Law firms have also entered the domain of corporate compliances and provide their expertise to corporates on the same.
- Public Sector : In the public sector, compliance jobs are notified at the central, state, and local government levels.
Advantages of being a Compliance Professional:
- The Compliance industry is the fastest growing industry in the legal sector. As a result, being a trained compliance professional provides one an edge over other law graduates.
- Being a Compliance professional, one is exposed and gains expertise not only to all the laws of the land applicable to corporates but also exposes one to the entire business processes and procedures.
- A corporate job provides security and saves one from the hassles of rushing to the Courts, endless hours of wait and pressures of building practice.
- The Chief Compliance Officer plays a critical role and is heard at with seriousness at the Board Meeting, casting a great responsibility on their shoulders
- Owing to less skilled resources, the compliance professionals are much sought after, increasing their employability and also climb up the ladder faster compared to other law graduates.
- If a compliance professional is working in a consultancy, they are exposed to different companies across various industries and geographies increasing their exposure and expertise to all laws.
Disadvantages of being a Compliance Professional:
- The job of a compliance professional in the same company may become repetitive if the individual does not grow beyond the specific job assigned and explore different facets of compliances by expanding their horizon to fraud, corruption etc.
- If working for a consultancy, one has to be on a constant go and travel extensively to the client sites – which can be an advantage as well as a disadvantage!
About Lexschool Certified Compliance Professional (LCCP) Course
The LCCP course is a 32 hours online course specially designed by experts from the compliance industry for law graduates to gain practical in-depth knowledge of legal compliances.
After completing this course, law graduates can:
Identify laws and compliances applicable to any company
Capture compliances from legislations and prepare compliance
- Design, develop and implement robust compliance program
The LCCP Course makes you ready in complete sense to begin your journey as a Compliance Professional.
For more details visit – www.lexschool.in