The five essential skills that every compliance officer must have

May 12, 2017

We interviewed Lyubomir Modev, Compliance Officer for the EMEA region at Ingram Micro, about compliance trends, challenges and must have skills for compliance officers.

Izgi: What are the essential skills a compliance officer must have?

Lyubomir: A compliance officer needs to be a very well-rounded professional and there are many attributes that the best in the profession must have. Technical knowledge and business acumen are among them. Apart from that, here are five essential skills that every compliance officer must have to add maximum value for their organization:

“The best compliance officers are team players, who network and connect, and who are recognized for their informal leadership and influence across their entire organization.”

Izgi: What does the future in compliance look like?

Lyubomir: I believe that the compliance profession will be moving more towards ethics and data analytics. In the future, I see the compliance program management, training and communication putting more emphasis on behaviour models, values and ethical leadership. On the other end, from a more technical perspective, I think Big Data and AI will allow to use more data analysis to detect and prevent compliance risks, including on softer risk areas – conflict of interest, for example. These are trends that are already here, but I believe they will have an increasing impact on the compliance profession in the very near future.

Izgi: What have been the main challenges for you as a first-time compliance officer?

Lyubomir: The compliance officer must be a trusted partner who enables the business and at the same time the one who hits the breaks when that is required to protect the company from financial or reputational damage. Achieving that balance and constantly maintaining it is probably the most difficult element of our job.