The Isle of Man is a great place to work, but there are currently some challenges in retaining and recruiting compliance professionals. Businesses are increasingly finding it hard to employ skilled compliance professionals amidst a limited talent pool when skills requirements and job responsibilities are expanding.
And as a director in an Isle of Man regulated business, this poses a real challenge for you. Your business needs skilled compliance professionals to protect its reputation and continued success.
In this blog, we discuss some reasons behind this, and offer some practical solutions to overcome this issue.
If you’re looking to dive straight into our 5 solutions, click here.
#1 – The demand for compliance pros is high but the supply low
The compliance function within businesses has become increasingly important in recent years. With the passage of new regulations and the growing complexity of the global economy, businesses must ensure that they are compliant with both local and international laws and regulations.
As a result, there is a growing demand for compliance professionals who can help organisations navigate this complex landscape.
With a limited talent pool for compliance professionals in the Isle of Man many businesses are struggling to find qualified candidates.
#2 – It is hard to find individuals with the right mix of skills
The skills required for compliance jobs are constantly changing, making it difficult for even experienced professionals to keep up with the latest developments.
Compliance professionals are expected to have a solid understanding of regulatory guidelines, as well as be flexible, assertive, and creative to enable them to carry out their responsibilities. And increasingly today, their role also demands strong digital and analytical skills to keep up with the fast-changing business and regulatory landscape.
#3 – Stakes are high but the compliance officers are underappreciated
Compliance professionals have a lot riding on their shoulders. With new laws and regulations being introduced in the Isle of Man and jurisdictions all over the world, compliance is becoming increasingly important – and complex.
At the same time, enforcement of compliance is getting stricter, with heavier fines for violations. In some cases, compliance investigations can lead to criminal charges against organisations or individuals – or both.
It’s no wonder compliance professionals are feeling the pressure! This and the inability to adequately measure and reward compliance professionals for their performance, often makes for an unattractive role.
Now let’s look at some ways we can overcome this recruitment dilemma in the Isle of Man.
Solution 1: Rewarding compliance officers adequately to retain them
By providing compliance officers with competitive salaries and bonuses, businesses can encourage them to stay with the business and continue to provide invaluable compliance services.
In addition, businesses should offer compliance officers opportunities for career growth and development. By investing in compliance talent, businesses can ensure that they have the resources they need to stay compliant with regulations.
Solution 2: Regular training to keep compliance officers up to date with regulations
Compliance officers who are not properly trained can easily fall behind and make errors that could put their business at risk. Furthermore, compliance officers who are not kept up to date on the latest compliance regulations may find it difficult to retain their current position.
The impact on their mental health can be significant.
To avoid these potential problems, compliance officers should receive regular training that covers the most recent compliance changes. This training can be in the form of in-person or online courses, seminars, or even on-the-job training. By investing in compliance training, businesses can ensure that they have the compliance talent they need to stay ahead of the curve.
Solution 3: Providing the right tools and resources so they can carry out their jobs effectively
Compliance departments or functions are often understaffed and overworked. This can lead to high turnover rates as compliance professionals become frustrated or burnt out and leave their jobs.
To retain compliance talent, it is essential to provide them with the right tools and facilities. This includes adequate staffing levels, appropriate budgeting, access to secure databases and compliance information, and dedicated space for compliance activities. By investing in compliance talent, organisations can reduce turnover rates, improve compliance functions, and protect themselves from regulatory penalties.
Solution 4: Outsourcing compliance support is a cost-effective solution to meet compliance needs
Engaging a compliance consultant, such as Impact Professional Services, is a flexible and cost-effective way for businesses to meet compliance needs.
Impact Professional Services are expert regulation compliance consultants in the Isle of Man, who are supporting businesses in this ever-changing compliance landscape. We can identify gaps in compliance and build a plan to mitigate risk.
We offer a range of services that will allow business owners to focus on their core business while they manage all aspects of compliance for them.
Solution 5: Encouraging a positive compliance culture in the business
Compliance is a business-wide responsibility. Leaders of the business need to support the compliance team to create and maintain a positive compliance culture throughout the business.
This includes setting the tone at the top by modelling compliance-related values and behaviours, promoting open communication, and encouraging employees to report compliance concerns.
Additionally, senior management should ensure that the compliance team has adequate resources and authority to effectively discharge their responsibilities.
If you would like to find out more, here’s how you can get in touch:
- Tel: 01624 820601
- Email: [email protected]
- Book your complimentary compliance consultation straight into the diary here.
