Tracey Calvert reflects on what is needed for harmony between a compliance team and the wider firm.
Compliance has been one of the major areas of growth within the legal profession in recent years, particularly throughout the covid-19 pandemic. Firms now hire compliance specialists to provide support to their compliance officers, the owners and employees in the firm. However, simply having a compliance team is not enough. The function and the role-holders need to be effective.
In order to be effective, a firm’s compliance team must complement the business in which it operates. This, in turn, requires everyone in the business to work in a supportive manner with the compliance team rather than fighting against them or not involving them in decision-making. Easy for me to say! How is this achieved in practice?
My r...