I am sure most of you have heard those words uttered in reference to your firm's compliance person. It seems that everything you want to do, he or she shoots it down immediately.
"Hey, I want to advertise with a local TV station…" said the friendly salesperson.
"NO!" shouts the evil compliance guy, with an echo that rings throughout the firm.
You can't seem to catch a break with these people. With so much negativity surrounding compliance, it is mind-boggling why anyone would want to be known as the Evil Compliance Guy.
Where the Stigma Comes From
When I started in compliance, I was eager to take on various tasks and wear the hat. I wanted to help people, provide guidance, and be the oil that keeps the firm running. A few days into my position, I was made aware that compliance was not a welcome presence in certain departments. Either due to previous interactions or simply the stigma that followed the department, no one wanted to be seen being friendly with Compliance. The department was quickly labeled unwelcome, and it was difficult interacting with different personnel. That was when I knew my idea of compliance was not shared by many.
Several individuals do see the value of compliance. But that value goes out the door when a project is rejected, or an advertisement or sales piece is questioned for the tenth time with no resolution in sight — unless you're willing to gut the core of your sales strategy from the material.
From Police to Teacher
With battle scars to prove it, I fought through the various labels attached to compliance and won many people over.
Honestly, the level of respect that the Compliance Department deserves is monumental. However, that respect is not going to arrive on its own just yet. The department needs to step up to the plate and stop approaching its daunting tasks the same way it always has. Instead of being reactive, become proactive. Go from being the police to being the teacher.
Our mindset shapes our surroundings. With this in mind, I began approaching the challenges facing the department as a teacher — one who is willing to provide education and help the firm and its representatives achieve their end goals. After all, it is the sales department that brings in the revenue.
Day by day, my role within the department changed, as did my interactions with the sales force. Some embraced the shift; some couldn't shake the old label. But at the end of the day, the sales department has to recognize one fundamental truth: it is the Compliance Department that helps you keep that money.